Lidl brings hourly pay rate in line with living wage November 19, 2019 More than 19,000 Lidl employees across the UK are set to get a pay rise as the supermarket brings its hourly rate in line with the living wage. Entry-level pay will rise from £9 to £9.30 per hour in stores outside of London and from £10.55 to £10.75 per hour within the M25 to meet [...]
Moss Bros appoints ex-Ted Baker finance chief as CFO November 19, 2019 Suit retailer Moss Bros has appointed former Ted Baker interim chief financial officer Bill Adams as its new finance chief. Adams, who was interim finance chief at Ted Baker before Rachel Osborne joined the company last week, will takeover from Tony Bennett in February. Previously, Adams was finance director at Argos and Homebase. Read more: [...]
Pub operator Ei Group reports earnings drop ahead of Stonegate deal November 19, 2019 Ei Group, the pub operator being bought by Slug and Lettuce owner Stonegate, reported that earnings dropped this year after the disposal of 354 venues. The figures Revenue was up 4.17 per cent from £695m to £724m, in the 12 months to 30 September. Read more: Competition watchdog to examine £1.3bn tie-up between Stonegate and [...]
Fox tries to trademark “OK, Boomer” for a new television show November 19, 2019 Fox has become the latest firm to attempt to trademark the phrase “OK, Boomer”, a way of mocking older generations for being out of touch. The US network filed an application for its use for a television show on 11 November, which was shared on Twitter by American trademark attorney Joshua Gerben. Read more: Trump [...]
Major UK high street chains close 6,000 stores in 2019 November 19, 2019 Major UK high street chains have closed almost 6,000 stores so far this year as the retail industry continues to struggle with high rents, business rates and slumping sales. Retailers with 10 or more stores have shuttered 5,834 branches between 1 January and 30 September, an increase of 77 per cent on last year. Read [...]
Storage firm Big Yellow’s profit jumps on higher revaluation gain November 19, 2019 Big Yellow’s pre-tax profit jumped over 50 per cent in the first half thanks to a higher revaluation gain, as the self storage firm reported increased revenue despite the “less than helpful” economic and political environment. The figures For the six months ending 30 September Big Yellow’s profit before tax increased 56 per cent to [...]
AO World closes loss-making operations in the Netherlands November 19, 2019 Online white goods retailer AO World has announced the closure of its business in the Netherlands, as the group reported an operating loss of £10.6m for the first half. Chief executive John Roberts said the closure of the retailer’s Dutch operations was part of its “relentless focus to accelerate profitability in Europe” and would allow [...]
Cosmetics giant Coty takes $600m stake in Kylie Jenner’s beauty business November 18, 2019 Cosmetics giant Coty, which owns Rimmel London and Bourjois, has taken a $600m (£462.7m) majority stake in reality TV star Kylie Jenner’s beauty brand. Coty will take responsibility for the development of new Kylie Cosmetics and Kylie Skin products, and act as a licensee for skincare, fragrances and nail products. Read more: Debate: Is Kylie [...]
Luxury jewellers Boodles reports profits ‘back on track’ November 18, 2019 Luxury jewellery retailer Boodles reported sales growth following a strong Christmas trading period last year and a 220th anniversary collaboration with Swiss watchmaker Patek Philippe. The family-owned jewellers reported turnover of £77.1m for the year ended 28 February, up 8.9 per cent from £70.8m in 2018. Read more: Diamond in a rough year: Petra sell [...]
Gourmet Burger Kitchen widens losses after £16m restructuring hit November 18, 2019 Casual dining chain Gourmet Burger Kitchen (GBK) suffered widening losses last year after taking a £15.7m hit on its restaurant closure programme. The burger restaurant completed a company voluntary arrangement (CVA) during the period, which saw it shutter 24 sites, contributing to a pre-tax loss of £24.3m in the year ended 24 February, compared to [...]