Ikea is closing its first big UK store February 4, 2020 Ikea is preparing to close its Coventry store this year, which will be the first time it has shuttered a large site in the UK since its launch in the country 33 years ago. More than 350 jobs are at risk following the decision, which Ikea said was due to the “changing behaviour of customers [...]
Ocado retains crown as Britain’s fastest-growing supermarket February 4, 2020 Ocado has retained its position as Britain’s fastest growing supermarket, with the online grocer achieving its quickest growth in the North of England. Ocado’s overall sales grew 11.2 per cent year-on-year during the quarter, with its market share rising 0.2 percentage points, according to data from Kantar. While over half of the grocer’s sales come [...]
Combined Just Eat and Takeaway.com shares start trading February 3, 2020 The combined shares of Just Eat and Takeaway.com began trading this morning, despite a competition watchdog probe into the merger. Just Eat’s shares were suspended this morning and the merged company Just Eat Takeaway.com began trading on the London Stock Exchange under the ticker Jet. However, a full integration of the two takeaway platforms is [...]
Mike Ashley’s Sports Direct bags stake in designer brand Mulberry February 3, 2020 Sports Direct owner Mike Ashley has snapped up a stake in British luxury handbag company Mulberry, as the billionaire businessman seeks to rebrand his company as a premium retailer. Sports Direct, which has recently been rebranded as Frasers Group, has taken a 12.5 per cent stake in the designer brand. The deal signals a further [...]
Retail CEO turnover spikes in challenging year for sector February 3, 2020 Retail chief executive turnover reached a seven-year high in 2019 as the sector faced one of the toughest 12 months on record. The rate of chief executive churn increased 25 per cent on the previous year as the retail industry struggled with low consumer confidence, Brexit uncertainty, changing shopping habits and rising overheads. The latest [...]
New Tesco boss’s start date delayed until October February 3, 2020 The start date of Tesco’s new boss Ken Murphy has been pushed back as he is forced to see out a non-compete agreement. The supermarket giant announced in October last year that chief executive Dave Lewis will step down this summer, and will be succeeded by Walgreens Boots Alliance veteran Murphy. However, the grocer said [...]
Hostel chain Safestay reports strong start to 2020 February 3, 2020 Boutique hostel brand Safestay said it had “momentum” going into this year after sales surged in 2019 following its portfolio expansion. Total revenue increased 25 per cent to £18.3m last year as the hostel chain opened eight new venues, taking its total portfolio to 21 sites and more than 5,100 beds. Like-for-like revenue was up [...]
Amazon ‘launches search’ for new London office space February 3, 2020 Amazon is said to be on the hunt for new office space in London as the e-commerce giant doubles down on its commitment to the capital after Brexit. The tech firm has called in advisers at Cushman & Wakefield to find a building with roughly 200,000 square feet (sq ft) of office space, the Times [...]
Payments company Worldline to buy rival Ingenico in €7.8bn deal February 3, 2020 Worldline has agreed to buy French rival Ingenico, creating a new global payments player in a rapidly-consolidating industry in a €7.8bn (£6.6bn) deal. The two companies said the deal would create a new European leader in the sector and the world’s fourth largest payment services provider, which would provide services to nearly one million merchants [...]
Imperial Brands picks Stefan Bomhard as new chief executive February 3, 2020 UK tobacco firm Imperial Brands has named Stefan Bomhard, the boss of car dealership Inchcape, as its new chief executive. Bomhard will replace Alison Cooper, whose departure was announced in October and who today stepped down with immediate effect. The new chief executive’s main task will be to boost profits following weak full-year results amid [...]