Wanted: A minister for hospitality December 22, 2020 The hospitality industry — which provided work to more than 3.2m people before the pandemic struck — has been hit harder than virtually any other sector by Covid-19. But while the latest ONS figures show that a staggering 78 per cent of businesses in the accommodation and food services industry have been impacted, there is [...]
D&D owner: Tax supermarkets to bail out bars and restaurants December 21, 2020 In his second City PM column, D&D London CEO and cofounder Des Gunewardena reflects on the “horror show” of the last week, asks the government to consider a Covid-tax to help struggling restaurants, and offers his empty venues up as Covid vaccination stations. We have had some bad weeks during this pandemic, but last week [...]
Coronavirus helps Deliveroo take home profits in 2020 December 21, 2020 Deliveroo has recorded profits for six months in 2020, with coronavirus helping the business turn the tide on last year’s losses. The last 12 months have marked a year of growth for the food delivery app, following a couple of years of investment that saw losses at the business run into the hundreds of millions. [...]
Retailers feel Tier 4 pain as footfall drops 40 per cent December 21, 2020 Retail footfall plunged by 40 per cent in the areas of England put under Tier 4 restrictions such as London, laying bare the impact of the restrictions on shop-owners during the crucial Christmas period. Prime Minister Boris Johnson on Saturday announced London and parts of the south and south east of England would go into [...]
Sainsbury’s warns of gaps on shelves if Dover chaos is not sorted December 21, 2020 Sainsbury’s has warned that gaps will start to appear on shelves within days if transport ties are not quickly restored with mainland Europe. The transport of freight across the English Channel has been disrupted after France suspended travel links with Britain yesterday to try to curb a new faster spreading strain of Covid-19. The supermarket [...]
Mike Ashley’s Frasers Group withdraws income guidance on Tier 4 news December 21, 2020 Frasers Group has withdrawn its published guidance of a 20 per cent to 30 per cent underling improvement in EBITDA in the wake of the latest coronavirus restrictions. Due to the closure of almost all stores in London and the southeast during the year’s peak retail trading period, Frasers Group said it was withdrawing the [...]
Boohoo appoints new auditor following factory working conditions scandal December 21, 2020 Boohoo has appointed PKF Littlejohn as its auditor, after PwC quit earlier this year in the wake of allegations of poor factory conditions in the fashion group’s supply chain in Leicester. Deloitte, KPMG, BDO and Grant Thornton each ruled themselves out of the race to replace PwC, with PKF ultimately winning the bid. PKF will [...]
Arcadia empire begins to splinter as Aussies pick off Evans December 21, 2020 City Chic Collective, an Australian retail company, has picked up the Evans brand from stricken high street giant Arcadia. The antipodean firm has brought Evans’ brand and wholesale business, though UK stores are not part of the deal. The deal is thought to be worth around £23m. Read more: Where did it all go wrong [...]
Nike to score sales increase on digital fitness demand in lockdown December 18, 2020 Sportswear giant, Nike are expected to report a 2.2 per cent increase in second-quarter sales profiting from the change in consumer habits during the pandemic.
Government urged to increase support for retail firms after EU State Aid rule changes December 18, 2020 The government has been urged to increase the financial support available to retail and hospitality businesses after the European Commission confirmed that the UK is able to apply a revised state aid framework. The EU said earlier this week that the UK can implement the revised Covid-19 State Aid Temporary Framework, which increased the limit [...]
