Office provider IWG takes further £160m hit on coronavirus crisis January 20, 2021 The impact of the coronavirus pandemic is expected to be prolonged for IWG, with the business forced to make further provision for up to £160m for network rationalisation. The office landlord announced in a market update this morning it was taking “further prudent actions” to reduce costs for the business, as it expected its recovery [...]
Burberry sales fall slightly as business weathers pandemic January 20, 2021 Store sales fell at Burberry during the third quarter of 2021, as the coronavirus lockdown forced the closure of 62 stores – 15 per cent of its store network. In an update this morning the business said its collections had resonated with consumers, and so despite Covid restrictions it achieved “a high single-digit full-price-sales [...]
WH Smith expects £20m monthly cash burn as restrictions continue January 20, 2021 WH Smith expects a monthly cash burn of £15m to £20m from January to March 2021, assuming Covid-19 restrictions stay as they are. Trading at the book and stationary chain was ahead of plan toward the end of 2020, so the business had some £340m of available cash and facilities at the end of December [...]
Wetherspoon taps investors for £94m as pub chain circles central London acquisitions January 19, 2021 JD Wetherspoon will tap investors for almost £94m as the pub chain is seeking to bolster its balance sheet and swoop on potential central London expansion opportunities. The FTSE 250 firm announced this afternoon that it will launch an equity placing for the second time during the pandemic, which is expected to raise gross proceeds [...]
Ex-Greene King boss raises £200m to invest in struggling pub companies January 19, 2021 The former boss of Greene King Rooney Anand has secured £200m in investment to pump into the UK’s struggling pubs sector. Anand, who stepped down as chief executive of Greene King in 2019 after 15 years with the chain, is planning to make a number of acquisitions in the coming months, Sky News reported. The [...]
More than 700 high street jobs axed as Arcadia closes 31 stores January 19, 2021 Administrators to Sir Philip Green’s collapsed retail empire Arcadia are planning to close a further 31 stores by the end of this month, resulting in more than 700 job losses. The majority of the branches set to close are Outfit stores, which sold a range of Arcadia brands including Dorothy Perkins and Miss Selfridge. City [...]
Pubs left in the dark again as government fails to deliver thousands of lifeline grants January 19, 2021 The British Beer and Pub Association has today revealed that 3 in 4 wet-led pubs have still not received the Christmas grant promised to them by Boris Johnson. The Prime Minister personally announced the £1,000 one-off payment at the start of December to help drink-driven pubs that were forced to close during Christmas. However, as [...]
Deliveroo appoints Next boss Simon Wolfson to board January 19, 2021 Deliveroo has appointed Next chief executive Lord Simon Wolfson to its board as a non-executive director. Wolfson, who has led the high street fashion chain since 2001, took up the role this week. It comes as the food delivery platform gears up for what could be the largest initial public offering of the year. Deliveroo [...]
Hammerson receives less than half its rent as retailers grapple with Covid January 19, 2021 Hammerson received less than half of the rents due for the first quarter of 2021, as retailers struggled in the face of coronavirus restrictions across the UK and most of Europe. At a group level, 41 per cent of Q1 2021 rent due has been received by Hammerson, with the UK collecting 41 per cent, [...]
AO World revenue surges on demand for electrical goods over Christmas January 19, 2021 AO World reported significant revenue growth in the third quarter after strong demand for electrical goods in the run-up to Christmas. The online electrical retailer reported UK revenue growth of 67.2 per cent to £457.3m, while German sales jumped 77.4 per cent to €73.6m. The company, which sells washing machines, fridges, TVs and laptops, has [...]
