More than one thousand McColl’s jobs at risk under Morrisons’ plans November 1, 2022 Morrisons has announced that around 1,300 McColl’s workers are facing redundancy, as it prepares to shutter some loss-making stores. The supermarket, which rescued the ailing McColl’s from collapse earlier this year, has set out its plans for the convenience store business. Some 132 stores have been identified as having “no realistic prospect of achieving a [...]
Simpson’s Tavern closes: Campaign launched to save City institution after landlord changes the locks November 1, 2022 Simpson’s Tavern has stood two hundred yards from the Royal Exchange since 1757 – but rent arrears as a result of the pandemic look set to see the historic Square Mile institution closed for good. The doors were locked last month by the landlord, a Bermudan operation called Tavor Holdings, who was demanding back payment [...]
Ocado shares soar after partnership with South Korea’s Lotte Shopping November 1, 2022 Ocado shares surged by more than a third on Tuesday morning after the retailer inked a partnership deal with South Korea’s Lotte Shopping. The London-listed tech firm said it had agreed plans for the development of a national fulfilment network, pushing shares up as much as 36 per cent by midday. Lotte Group is one [...]
Value of West End landlords’ assets dented by economic volatility November 1, 2022 West End landlords Shaftesbury and Capital & Counties Properties have had the valuations of their portfolios dented by economic turbulence in the last few months. The London-listed Shaftesbury, soon to be merged with neighbour Capital & Counties, posted an update about its first summer of trading not disrupted by Covid measures since 2019. Its portfolio [...]
Made.com to call in administrators as furniture firm’s 700 staff left in lurch November 1, 2022 Made.com has announced the appointment of administrators after cash-strapped consumers have pulled back on big ticket spending. The London-listed furniture firm said on Tuesday that it’s board has resolved to file notice of an intention to appoint administrators at PricewaterhouseCoopers (PWC). The company had been seeking out rescue cash but interested suitors were unable to [...]
Franco Manca pizzas debut across UK supermarkets November 1, 2022 Franco Manca pizzas will now be available to buy in supermarkets across the UK, allowing Brits to take home and cook their favourites.
Rentokil revenue swells after agreeing $8bn takeover of rival Terminix November 1, 2022 Rentokil has shared a revenue boost of 10 per cent, in its first update since it inked a $8bn takeover for rival Terminix. In a third quarter update, the pest control firm said its organic revenue had increased 10.4 per cent to £900.9m. It cited price increases as a boost to sales, despite disruption from [...]
Retailers gear up to win battle for Christmas online shopping rush November 1, 2022 Retail giants are battling to entice cash-strapped consumers with a slew of online discounts and sales this year. Spending is expected to slip by up to half on Black Friday this year, against a backdrop of a cost of living crisis, Wunderman Thompson research has forecast. Online retailers are set to benefit from the crunch, [...]
Londoners’ anxiety skyrockets 57 per cent due to rising bills, going out less November 1, 2022 Almost sixty per cent of Londoners are increasingly anxious about rising energy bills, with millions eating less healthily and staying in more to save cash. The human impact of the cost of living crisis continues to deepen, with new figures exposing a deep generational dive between young professionals and over-65s. The data, published by Personal [...]
Homeware retailers ‘draw short straw’ in economic crunch as Made.com nears collapse October 31, 2022 Homeware retailers are facing a turbulent 2023 as mounting operational costs and hesitant consumer sentiment piles the pressure on the sector. It comes as Made.com was still teetering on the brink of collapse on Monday after customers have pulled back from spending on pricier items like furniture. Last week, the ailing sofa seller said it [...]
