Warnings of a profit crisis for retailers as margins shrink in the past decade June 14, 2022 Retail profit margins will plunge to 5.1 per cent in 2022, the lowest level in a decade. Excluding the initial impact of the Covid 19 pandemic and related shop closures, profit margins will drop to the lowest level in a decade, down from 8.3 per cent in 2021. Some 57 per cent of UK consumers [...]
Theo Paphitis: Dragons’ Den star says the high street is going nowhere and neither is he June 14, 2022 Theo Paphitis is not in any hurry to hang up his boots. After decades running the show at companies from lingerie to stationery firms, one might be mistaken for thinking the Dragons’ Den star, retail titan and former Millwall chairman may be mulling a change of pace. However, Paphitis tells City PM he has “a [...]
A struggle to get credit: Bank lending to hospitality nosedives following end of Covid loans CBILS and BBLS June 14, 2022 Outstanding bank lending to small businesses in the hospitality sector has fallen by more than £1.4bn since the end of CBILS and BBLS loans schemes. According to new data shared with City PM, bank lending dropped to £14.6bn in April 2022, down from £16.08 billion in March 2021. With the cost of living crisis eating [...]
16,000 British Airways staff consulted on strike action as firm hopes to avoid ‘disappointing’ move June 14, 2022 British Airways has said possible strike action by 16,000 of its workers is “disappointing” as it seeks to avert summer travel disruption. The UK’s flagship airline is facing further chaos and delays if industrial action goes ahead, following a consultative ballot held by Unite. 97 per cent of those asked backed possible strikes over pay [...]
Nights out: Revolution Bars on track for earnings ahead of market expectations June 14, 2022 Revolution Bars has said it is confident of posting earnings slightly ahead of market expectations after strong trading over the Jubilee bank holiday. The bar operator, which owns brands such as Revolucion de Cuba and Revolution, said it had seen a “continued strong performance” across its sites. “Whilst not being immune to the widely reported [...]
‘Shambles’ Home Office still keeping tens of thousands waiting for passports to be issued, says Yvette Cooper June 14, 2022 Chaos surrounding the processing of passport applications is continuing with tens of thousands still reportedly waiting for one to be issued – putting their summer holidays at risk. Home office figures showed there were now under 3,300 civil servants working full time on the issue, down from almost 4,000 over the last couple of years. [...]
Battle of the brands: Lidl accuses Tesco of copying logo in High Court dispute June 13, 2022 Lidl has accused rival Tesco of copying its logo to “ride on the coattails of Lidl’s reputation as a discounter.” The claim was made by the German supermarket chain during a High Court dispute, in which Lidl said the logo for Tesco’s Clubcard Prices was too similar to its own – a yellow circle with [...]
Delivery kitchen operator Peckwater Brands raises £15m in funding round led by pub giant Stonegate June 13, 2022 Delivery kitchen operator Peckwater Brands has clinched £15m in a Series A funding round, which was led by the country’s largest pub company. The funding round was led by Stonegate Group, with the pub chain taking a minority stake in the firm, for an undisclosed sum. Peckwater Brands helps restaurant chains build virtual brands that [...]
Dragons’ Den star Hilary Devey dies aged 65: Heartfelt tributes recall her ‘grit and warmth’ June 13, 2022 Dragon’s Den stars have paid heartfelt tribute to former businesswoman Hilary Devey following her death aged 65. The Bolton-born entrepreneur was praised for bringing ‘grit and warmth’ into the Den, which gives budding entrepreneurs investment into their fledgling ideas. Devey, who made her millions as CEO and Chairman of freight distribution firm Pall-Ex Group, joined [...]
Thirty American candy shops on Oxford Street probed over tax dodging claims June 13, 2022 Dozens of American-candy shops on Oxford Street are being probed over claims they failed to pay £7.9m in business rates. Westminster City Council said on Monday that it had seized counterfeit and illegal goods amounting to a £474,000 sum over the past six months. The council told the BBC that the 30 shops under investigation [...]
