AB Inbev boss Carlos Brito to step down after 15 years at the helm May 6, 2021 AB Inbev chief executive Carlos Brito is stepping down after 15 years in the top job, marking the end of an era for the brewing giant. Brito, who has worked at the company for 32 years, is credited with transforming the company from a regional Brazilian brewery into the world’s largest beer maker. He will [...]
‘Light at the end of the tunnel’ for Superdry after reporting return to growth May 6, 2021 Superdry sees “light at the end of the tunnel” after reporting a return to revenue growth in the fourth quarter, boosted by its ecommerce division. In a trading statement Superdry said it had been “substantially impacted” by the pandemic with group revenue for the full year down 21 per cent year-on-year to £556.6m. However the [...]
Shopper numbers surge as stores reopen but retail footfall lags behind pre-pandemic levels May 6, 2021 The number of shoppers visiting UK retail destinations surged last month as non-essential stores were able to reopen for the first time in months. However, despite the spike caused by the lifting of lockdown restrictions, retail footfall in April remained 32.7 per cent lower than pre-pandemic levels in 2019. It was an improvement from the [...]
More than 400,000 SME jobs needed to return to pre-pre-pandemic jobs trajectory May 5, 2021 Around 410,000 small business jobs need to be created by the end of this year to return to the pre-pandemic jobs trajectory, according to new data by Xero, shared with City PM this evening. With small businesses employing over half of the UK workforce, a strong sector recovery will be needed to achieve significant employment growth. [...]
Issa brothers offer to sell 27 petrol stations to resolve Asda takeover competition dispute May 5, 2021 The Issa brothers, the billionaire businessmen who recently bought Asda, have agreed to sell 27 of their EG Group petrol stations to resolve a competition dispute related to the takeover. Last month the Competition and Markets Authority launched an investigation into the Issa brothers and TDR Capital’s takeover of the supermarket, saying the deal raises [...]
Debenhams announces final store closures after 240 years on the UK high street May 5, 2021 Debenhams has announced that its remaining shops will close for good next week, meaning the department store chain will disappear from the high street after more than 200 years in business. It announced its final 49 stores will be open to customers for the last time on either 12 or 15 May. The retailer previously [...]
‘Freedom day’: Pub bosses wipe down the bar for a 21 June return May 5, 2021 The UK’s pub bosses are wiping the bar down for a June return, coined “freedom day”, urging prime minister Boris Johnson to stick to his roadmap for the easing of restrictions. JD Wetherspoon, Greene King, Slug & Lettuce owner Stonegate and Young’s have all expressed their intentions for a 21 June return of bar service, [...]
Future of high streets look bleak as the end of Covid-19 rent debt relief nears May 5, 2021 The future of UK high streets appears bleak today, as 71 per cent of high street businesses expect further job losses without government or landlord support, according to commercial restructuring specialists Cedar Dean. As the end of the rent moratorium approaches, 80 per cent of high street tenants still face ‘unproductive’ discussions with their landlords. [...]
Tesco, M&S and John Lewis among UK retail giants to threaten Brazil boycott over Amazon deforestation May 5, 2021 UK retail giants including Tesco, Marks & Spencer and John Lewis have threatened to boycott Brazillian agricultural commodities over the deforestation of the Amazon. In an open letter published today the retailers said they will take action if Brazil’s government passes a law expanding property rights for squatters on public land. Campaigners have warned that [...]
Boohoo sales and profits surge after fast fashion retailer ups loungewear and activewear offering during pandemic May 5, 2021 Fast fashion retailer Boohoo reported a spike in sales and profit last year after refocusing its product offering on loungewear and activewear during the coronavirus pandemic. The e-commerce giant announced this morning that revenue surged 41 per cent in the year ended 28 February 2021, with sales jumping from £1.23bn to £1.75bn. Profit before tax [...]
