The Works warns of cost of living impact on Christmas sales August 8, 2022 Stationery chain The Works has slashed its guidance for the 2023 financial year and warned about consumer spending amid the Christmas spending period. The London-listed company, which sells discount books, toys and art supplies, said the general market outlook had “deteriorated” since the start of the calendar year, pointing to “low consumer confidence and rising [...]
UK hotel prices through the roof as demand for rooms soars with daily rates and occupancy skyrocketing August 8, 2022 A surge in demand for hotel rooms across the UK is increasingly pushing up daily rates for rooms. As a result, most hotel businesses see their revenues skyrocketing. Occupancy levels in the UK rose 10 per cent from the first quarter of this year to 80 per cent in the second quarter, BNP Paribas Real [...]
Joules confirms talks with Next about retail giant acquiring £15m minority stake August 8, 2022 Joules has confirmed weekend speculation that Next is set to acquire a minority stake in the lifestyle retailer for around £15m. Sky News reported at the weekend that the high street staple had been in talks with Joules for several weeks over a deal. Now, Joules has confirmed these discussions are taking place, with talks [...]
Apple asks Taiwan suppliers to label products as ‘Made in China’ August 8, 2022 Apple yesterday asked Taiwan-based suppliers to use the ‘made in China’ label, as the firm reportedly wants products to comply with Bejing rule in a bid to avoid disruption from Chinese customs inspections. According to Nikkei, the company wants manufacturers on the island to label components bound for China as made in “Chinese Taipei” or [...]
Workers give Amazon until Wednesday to present improved offer after Tilbury strike August 7, 2022 Workers have given Amazon until Wednesday to present an improved pay offer after staff walked out last week over salaries, City PM understands. Around 450 workers at the Tilbury warehouse went on strike on Wednesday night and Thursday after Amazon responded to demands for a pay increase with a 35p per hour raise. Members of [...]
Vue cuts valuation to £650m after July’s restructuring deal August 7, 2022 Vue International has cut its valuation to £650m following a £1bn restructuring deal announced last month. The UK-headquartered cinema chain said in July it was considering a £1bn takeover from lenders which would see its former majority shareholders ousted, the Sunday Times reported. As part of the takeover, the cinema chain also negotiated its exit [...]
Next poised to snap up major stake in fashion firm Joules August 6, 2022 Retail giant Next is in talks to snap up a major stake in London-listed fashion firm Joules, according to reports today.
Asda and Deliveroo partner up for rapid grocery delivery roll-out August 5, 2022 Asda and Deliveroo have announced a partnership for the rapid delivery of groceries, with a roll-out launching in 15 stores. Wakefield, Leeds and Manchester are among the first cities for the roll-out, with 2,400 products available from the Asda range that can be ordered via Deliveroo. Asda plans to launch 300 stores on the Deliveroo [...]
Alibaba posts flat revenue growth after ‘relatively slow’ spring August 4, 2022 E-commerce group Alibaba has posted flat revenue growth for the first time. The Hong-Kong based firm said sales in Chinese commerce dropped one per cent compared to the past year while revenue from its cloud business saw revenue up 16 per cent. The group’s revenue hit 205.56bn yuan ($30bn) in the April to June period, [...]
Sofa seller ScS cautions cost-of-living pressures have slowed orders down August 4, 2022 ScS has warned that cost-of-living pressures have already driven down orders although the sofa business still lifted its profit expectations for the rest of the year. The furniture retailer reported a 3.9 per cent increase in orders in the year to 30 July, compared with the previous year. The company said a stronger than expected [...]
