Competition watchdog launches first phase of Morrisons takeover probe January 27, 2022 The Competition and Markets Authority (CMA) launched the first phase of its probe into the takeover of Morrisons by a US private equity giant today. The £7bn deal, which was completed in October, saw Clayton, Dubilier & Rice Holdings (CD&R) remove Morrisons from the London Stock Exchange. The move prompted the CMA to order the [...]
LVMH reports record fashion and leather goods revenue January 27, 2022 Big spenders helped boost LVMH revenue to €64.2bn last year as economies recovered from the Covid pandemic. The luxury goods firm posted revenue of €64.2bn on Thursday evening, up 44 per cent compared to 2020 and up 20 per cent compared to 2019. Fashion and leather goods hit record levels, with organic revenue growth of [...]
Corbin & King ‘under siege’ from investor Minor International January 27, 2022 The founder of the restaurant chain behind the Wolseley has reassured customers the business is in “rude financial health” after it was plunged into administration this week. Administrators from FRP were appointed for Corbin & King earlier this week, although the chain’s restaurants have continued to trade. Founder Jeremy King has now hit back once [...]
LayBuy accelerates UK growth after revenues surge January 27, 2022 Buy now pay later (BNPL) firm LayBuy says it is accelerating its UK expansion plans after reporting a 70 per cent jump in revenues.
Diageo sales leap as Guinness maker warns ‘near-term volatility to remain’ January 27, 2022 Guinness maker Diageo toasted to the reopening of hospitality as it reported a leap in half-year sales. In an update on Thursday, the drinks giant reported net sales of £8.0bn, up 15.8 per cent. Its operating profit hit £2.7bn, a jump of 22.5 per cent. Bosses thanked a resilient demand from drinkers at home as [...]
Dr Martens’ shares dip after wholesale business hit by Covid side effects January 27, 2022 Boot maker Dr Martens’ shares slumped almost 15 per cent on Thursday morning after it said its revenue growth had slowed. Shares dipped after the retailer outlined a decline in its wholesale business while it has prioritised stock for ecommerce and retail stores. The share price has dropped almost 35 per cent in the past [...]
Fuller’s hopeful the return of City workers will help pub sales hit pre-Covid levels January 27, 2022 Pub operator Fuller’s said it hopes its City pubs will see a boost to trade thanks to workers’ “strong desire” to get back to the office. In a trading update for the 43 weeks to 22 January 2022, the pub operator said it had been impacted by Omicron measures last month. As corporate Christmas parties [...]
Soft drink maker Britvic posts boosted revenue amid warnings of inflation ‘across business’ January 27, 2022 Soft drink maker Britvic has reported soaring quarterly revenue even as hospitality venues were impacted by a return of Covid measures last month. The FTSE-250 firm posted total revenue hit £373.9m on a constant currency basis, up 16.5 per cent compared to the October to December period in the previous financial year. Total revenue rose [...]
Average nightclub business in £230k worth of debt as sector calls for support January 26, 2022 The average nightclub business is burdened by debt topping £230k thanks to the pandemic, with sector bosses calling for more support. Clubs are no longer required to ask revellers to show their NHS Covid Pass on entry, however the sector has said a full Covid recovery was far away. The Night Time Industries Association (NTIA) [...]
