Lok’nStore profits soar amid rising demand for storage units October 29, 2018 Self-storage manager Lok'nStore posted a surge in pre-tax profits during the last 12 months on the back of rising occupancy growth. Profits before tax rose from £4m to £5.3m in the year to the end of July, marking a 34 per cent rise compared with the previous year. Revenues jumped 6.6 per cent to £17.8m, [...]
Retailers, don’t blame poor sales on the weatherman October 29, 2018 In the longstanding narrative of the “death of the high street”, analysts point in all directions to identify the causes of changes in customer spend in any given period. And, in true British fashion, one problem that is given a lot of attention is the weather. The weather is somehow both the cause and the [...]
Floored: Victoria shares plummet 18 per cent as profit projections slip October 29, 2018 Flooring company group Victoria suffered an 18 per cent drop in its shares this morning after revealing that profit margins would be lower than market expectations. First-half revenue had risen “in a challenging market” by more than three per cent in the six months to the end of September when compared with the same period [...]
The comeback kid: HMV tops Amazon in UK physical sales October 29, 2018 British entertainment retailer HMV has staged a comeback in the face of Amazon’s increased dominance to become the largest physical music retailer in the UK. In the 12 weeks to 23 September, HMV experienced market share growth for the second consecutive quarter to a total of 28 per cent, according to data published today by [...]
Restaurant profits plummet by 80 per cent as overfed chains struggle to fill tables October 29, 2018 Britain’s top restaurants have seen their profits devastated in the past year after several dealt with branch closures and the casual dining sector struggled to attract customers. Pre-tax profits at the UK’s top 100 restaurants fell by 80 percent to £37m, down from £194m twelve months ago, according to data compiled by accountancy network UHY [...]
Pret A Manger agrees payout with US staff who claim they were short changed October 28, 2018 Pret A Manger will pay almost $1m (£779,000) to US workers who claim they were underpaid while working for the company. The sandwich chain has been accused of rounding down the hours that staff at its New York outlets were reimbursed for. It is the second time the UK-based firm has been hit by accusations [...]
It was just banter says Sir Philip Green on sexual harassment allegations October 28, 2018 Under-fire Topshop boss Sir Philip Green dismissed sexual harassment and bullying claims as “banter” over the weekend. Last week in the House of Lords Peter Hain named Green as the tycoon at the centre of a series of sexual harassment claims which the courts had prevented the media from reporting. Speaking to the Mail on [...]
Arcadia concessions to be hit by Debenhams store cuts in latest blow to Sir Philip Green October 28, 2018 Hundreds of Arcadia concession stores are under threat after Debenhams revealed proposals to close 50 branches as part of a cost-cutting bid, in another blow for retail tycoon Sir Philip Green. It comes after Topshop boss Green was named in parliament by Lord Peter Hain as the businessman that blocked The Telegraph reporting on allegations of sexual harassment and [...]
Chancellor Philip Hammond to announce £1.5bn boost to struggling UK high streets October 27, 2018 The Chancellor Philip Hammond is set to unveil a £1.5bn boost to the UK's struggling high streets in his Budget on Monday. In his speech Hammond is expected to announce £900m of immediate business rates relief on top of a £650m fund to “transform” high streets up and down the country. Around 500,000 small retailers [...]
Asda considers up to 2,500 job cuts as CMA probes Sainsbury’s merger October 26, 2018 Asda has said that it will begin consultations with staff over changes that could lead to a reported loss of up to 2,500 jobs next year. The news, first reported by the Press Association, comes as the Competition and Markets Authority (CMA) conducts a second stage investigation into the proposed takeover of the supermarket by [...]
