Thomas Cook lives on in name only as Fosun pays £11m for brand November 1, 2019 The Thomas Cook brand will live on, it was confirmed today, as Hong Kong-listed Fosun Tourism Group announced they had bought the brand for £11m. The move, which was widely expected, will see Fosun also acquire subsidiary brands such as boutique hotel chain Casa Cook and beach hotel concept Cook’s Club. Read more: Fosun set [...]
Tesco investigates technical issues affecting Monzo card payments November 1, 2019 Supermarket giant Tesco is investigating a technical issue affecting customers with Monzo debit cards after cardholders complained they were being charged twice for transactions. Monzo customers have complained on Twitter about issues using their cards in Tesco, prompting the supermarket chain to put up signs at some of its stores saying it could not accept [...]
Former Sainsbury’s boss: Halve business rates and raise VAT to save high street November 1, 2019 Jasper King, the former head of supermarket giant Sainsbury’s, has called for business rates to be halved and VAT increased to help high street retailers compete with their online rivals. Speaking to BBC Radio 4’s Today Programme, King said it was unfair that bricks and mortar retailers were forced to pay the rates when their [...]
Fosun set to buy up Thomas Cook name October 31, 2019 Chinese investment conglomerate Fosun looks set to snap up the Thomas Cook brand along with the intellectual property assets of the failed travel company. Read more: Thomas Cook bosses point finger at government as MPs slam high pay Fosun is the frontrunner to purchase the Thomas Cook assets, having pulled ahead of rivals such as [...]
All Saints back in black after non-retail boost October 31, 2019 Fashion retailer All Saints returned to profit in its latest full-year results after increasing focus on its wholesale and licensing businesses. Operating profit in the 12 months to 2 February was £3.6m, up from a loss of £6.2m the previous year. Read more: All Saints profits hit by retail storm The east London-based company reported [...]
Carpetright mulls cut-price £15m takeover bid from largest shareholder October 31, 2019 Embattled retailer Carpetright is in last ditch rescue talks with its biggest investor. The flooring specialist is mulling a £15.2m offer from its largest shareholder, Meditor, amid fears that it will not be able to pay off its debt pile. Read more: Retail stockpiling soars on Brexit uncertainty The takeover offer of 5p a share [...]
Government’s smoke-free aim threatened by ‘moral panic’ over vaping October 30, 2019 The health of an entire generation of young Brits could be under threat if the UK falls victim to a “moral panic” over vaping, a new report has warned. Free market think tank the Adam Smith Institute (ASI) today urged the government to take a more liberal approach to e-cigarettes if it wants to achieve [...]
Mike Ashley hits out at competition watchdog over JD Sports probe October 30, 2019 Retail tycoon Mike Ashley has slammed the UK’s competition watchdog for its investigation into the merger between JD Sports and Footasylum, saying it has overstated Sports Direct’s share of the market. The Competition and Markets Authority (CMA) is investigating whether JD Sports’ £90m takeover of Footasylum could result in higher prices and reduced competition in [...]
Next sales beat guidance, but store performance worries investors October 30, 2019 Next sales beat guidance in the retailer’s third quarter with a two per cent rise, it revealed today. However, retail sales dropped 6.3 per cent in the three months to the end of October, saved by a 9.7 per cent increase in online revenue. Read more: Next defies retail gloom with rise in profits Warm [...]
Two Sainsbury’s executives to step down in boardroom shake up October 29, 2019 The new chairman of Sainsbury’s is planning a major boardroom reshuffle as the UK’s third-biggest supermarket tries to move on from the collapse of its planned £15bn merger with Asda. Read more: Sainsbury’s heir to the thrown quits to join media powerhouse WPP Google’s Europe operations chief Matt Brittin and ex-Marks and Spencer executive Jean [...]