Louis Vuitton owner LVMH sees revenue fall after tough year January 26, 2021 Luxury product group LVMH saw revenue decline 17 per cent in 2020, after the coronavirus pandemic caused serious disruption to the business. The business recorded revenues of 44.7bn euros in 2020, down 17 per cent on 2019, and profit from recurring operations at the business, which also owns brands Moet and Hennessy, declined by just [...]
Topshop owner Arcadia collapsed with debts of hundreds of millions of pounds January 26, 2021 Troubled retailer Arcadia collapsed with gross liabilities of more than £550m, according to documents prepared by Deloitte, Arcadia’s administrator. Reports prepared at the end of November 2020 revealed Topshop – Arcadia’s flagship brand – and Topman failed with gross liabilities of more than £550m, the Telegraph revealed. Discount brand Outfit owed £80m. The Telegraph [...]
Restaurants warn of closures amid talk of lockdown extention January 26, 2021 Restaurant and bar owners say they are “devastated” by the news lockdown restrictions could be in place until July, with many saying they will struggle to remain open if they are not able to serve customers soon. Pied a Terre’s David Moore said restaurants were already “running on empty” and warned of another wave of [...]
City restaurants among those honoured in 2021 Michelin guide January 26, 2021 Restaurants around the City were celebrated in this year’s Michelin honours list, despite many being closed for most of the year. Da Terra in Bethnal Green and Restaurant Story in Bermondsey, headed up by Rafael Cagali and Tom Sellers respectively, were both awarded two Michelin stars, giving workers even more reason to return to the [...]
‘No plans’ to extend VAT cut for hospitality, Treasury minister says January 26, 2021 The government has “no plans” to extend the VAT cut for hospitality, tourism and leisure firms, despite industry calls for the tax break to continue while the sector is under coronavirus restrictions. Rishi Sunak last year reduced VAT for hospitality firms from 20 per cent to five per cent as part of emergency coronavirus measures. [...]
Martha Stewart’s got the munchies: Lifestyle guru selling CBD oil treats for pets January 26, 2021 Lifestyle guru Martha Stewart today launched a line of cannabis-infused oil drops and soft-baked chews for dogs
Irn Bru owner AG Barr to beat revenue expectations despite Covid restrictions January 26, 2021 Irn Bru owner AG Barr said full-year revenue is expected to be ahead of guidance, which was revised down in June due to the coronavirus pandemic. AG Barr announced this morning that revenue for the financial year ended 24 January will come in at around £227m, down from £255.7m the previous year but slightly higher [...]
JD Sports mulls equity raise to fund acquisition spree January 26, 2021 JD Sports has confirmed it is considering tapping shareholders for extra cash to fund acquisitions, following reports that it is mulling a £400m equity raise. The retailer announced this morning that it is “exploring additional funding options” which could involve an equity placing. It said it is seeking to increase its “flexibility to invest in [...]
Cruise operator Saga in talks with lenders as debt mounts January 26, 2021 Over 50s holiday and insurance provider Saga revealed this morning that it is in talks with lenders about its debt levels as restrictions on travel during the pandemic continue to have a negative impact on its business. Saga it has “significant liquidity and headroom to the current covenants in short term bank facilities”, but it [...]
PZ Cussons washes pre-pandemic struggles away as soap sales boost profits January 26, 2021 A surge in hand washing products helped PZ Cussons shine as pandemic-led demands boosted its first-half profits. The consumer group’s focus brands grew revenue by 21.9 per cent as overall growth reached 14.6 per cent across the world. Carex led the way with £313m of sales, a 10 per cent increase on the previous year, [...]
