Bounce owner raises $20m for US expansion November 24, 2019 Social Entertainment Ventures (SEV), the owner of Bounce, Flight Club and Puttshack, has raised $20m to drive the expansion of its leisure brands across the US. The company will accelerate the roll-out of Flight Club, a darts bar concept, across the US, with its second venue set to open in Boston next month. Read more: [...]
Concerns mount over councils buying struggling retail properties November 24, 2019 The Treasury has attempted to guide local authorities away from a strategy of buying struggling retail properties over fears that the investments could force councils into bankruptcy. The rate at which local councils are able to borrow to invest was raised by one percentage point last week, as concerns mount over borrowing levels. Read more: [...]
Sir Richard Branson to make a third bid for the National Lottery November 24, 2019 Sir Richard Branson will make a third attempt to wrest control of the National Lottery from incumbent Camelot, almost twenty years on from the last of his past efforts. The decision to enter the running to displace the Canadian company as the lottery operator reignites a rivalry that in the past led to a High [...]
Shoe retailer Clarks calls in consultants amid store closure fears November 24, 2019 Struggling footwear retailer Clarks has called in management consultants to conduct a review of the business. The family-owned business, which this month reported an £82.9m loss after tax for last year, has reportedly hired McKinsey & Co as it plots a restructuring plan amid fears of store closures. Read more: Taking the shine off: Clarks [...]
Marks & Spencer hires ex-Tesco exec to fix struggling clothing division November 22, 2019 Marks & Spencer has named a new clothing boss to replace its ousted former head of the struggling division. Tesco’s former F&F clothing chief Richard Price will join as M&S’s new managing director of clothing home after Jill McDonald left the role in July. Read more: Poor clothing sales knock M&S’s half-year profit lower Marks [...]
Wetherspoons shareholders back Tim Martin after corporate governance row November 21, 2019 Outspoken JD Wetherspoon boss Tim Martin has emerged victorious from his clash with a proxy adviser after shareholders voted overwhelmingly in his support. More than 98 per cent of investors voted to re-elect Martin, who founded the company in 1979, as executive chairman at the budget pub chain’s annual general meeting today. Read more: Wetherspoons [...]
Retail landlord New River REIT swings to a loss on weak investor sentiment November 21, 2019 Property landlord New River REIT swung to a loss in the first half of the year as its portfolio valuation sank due to weak investor sentiment in the retail sector. The FTSE-250 real estate investment trust, which focuses on retail and leisure properties, reported a loss of £21.3m from a profit of £2.7m last year. [...]
Footwear retailer Office’s chief executive quits after one year November 21, 2019 The chief executive of high street footwear retailer Office has stepped down after just a year in the role. Lorenzo Moretti has resigned after joining the company in December last year from his role as Sonos vice president of global retail. Read more: Office set to close up to half its 100 UK stores He [...]
From Greggs to Franco Manca: Britain’s favourite restaurants revealed November 21, 2019 A breakdown of Britain’s favourite restaurants by region is indicative of the greater cultural divide within the country. Even the difference in outer and inner London is telling. Read more: On a roll: Greggs upgrades profit forecast as sales increase A YouGov poll showed Inner London’s favourite restaurant is the trendy Mexican chain Wahaca, while [...]
Naked Wines boss heads for the exit November 21, 2019 Naked Wines surprised the City this morning after revealing the departure of its boss ahead of a major strategic shift in the business. Rowan Gormley is stepping down as chief executive once the disposal of the group’s Majestic brand is complete and the crucial Christmas trading season is over. Read more: Naked Wines sells wine [...]