Ocado to make $300m in acquisitions as digital grocer bumps forecasts November 2, 2020 Digital grocer Ocado has announced two acquisitions worth nearly $300m (£232m) and bumped up its full year earnings forecast, it announced this morning. The retail darling said that it had continued to see strong sales growth during the third quarter as people stuck to digital shopping amid to the coronavirus pandemic. Shares in Ocado rose [...]
GVC warns that new lockdown could cost it £43m November 2, 2020 Gambling giant GVC has warned that it will lose £43m if all of its betting shops have to close due to the new coronavirus lockdown. The Ladbrokes and Coral owner said that its forecasts took into account new government support schemes. Under the new restrictions announced on Saturday, GVC will have to close all its [...]
Primark warns of £375m sales hit due to second lockdown November 2, 2020 The owner of Primark has warned it will suffer a sales hit of £375m as it prepares to shutter stores across England due to new lockdown measures. In a market update this morning, Associated British Foods (ABF) said 19 per cent of its selling space is currently closed due to Covid-19 restrictions in the Republic [...]
Gousto becomes latest UK tech ‘unicorn’ after lockdown surge November 2, 2020 Recipe box firm Gousto has become the UK’s latest tech “unicorn” after raising £25m in a new funding round. The new investment, which came from existing partners Perwyn and BGF, means that the company is now achieved a valuation of over $1bn. It is the fourth tech firm to gain the mantle this year. Gousto, [...]
West End braces to lose £2bn in Christmas sales due to new lockdown November 2, 2020 Retailers in London’ shopping district are set to lose up to £2bn in sales across the eight-week period up to Christmas, new data released today has found. According to the New West End Company, only 9m people will visit the West End in the festive season due to the new month-long lockdown. Previously the group, [...]
Retail tycoon Mike Ashley ‘furious’ after being ‘frozen out’ of Debenhams sale November 1, 2020 Retail mogul Mike Ashley is reportedly “furious” about being “frozen out” of an auction for collapsed department store Debenhams. The Sunday Times reported that lawyers for the tycoon have spent the last week complaining to Lazards and law firm Freshfields that Ashley’s Frasers Group had been given “woefully inadequate” information on the sale. Last week [...]
Sainsbury’s mulls sale of banking division October 31, 2020 The new Sainsbury’s boss is reportedly planning a sale of the supermarket’s banking arm as the impact of near-zero interest rates hit. The supermarket launched the bank in 1997 and now boasts more than 2m customers across a range of products including mortgages, home insurance and credit cards. But medium-sized banks are facing pressure as [...]
John Lewis hints at Christmas advert as retailer launches £5m charity initiative October 31, 2020 John Lewis has hinted at the content of its highly anticipated Christmas advert as it launched a charity campaign to feed more than 100,000 families over the festive period. The department store chain, which also owns Waitrose, will kick start an appeal in November to raise £5m for Fareshare and Home-Start to provide food, support [...]
Nightclub owner Deltic puts itself up for sale as cash dries up October 30, 2020 The UK’s largest nightclub owner Deltic Group has put itself up for sale after months of closure due to the Covid-19 crisis has driven it to the brink of collapse. Deltic, which owns brands including Pryzm and Atik, has begun a sale process while it considers other options, including a company voluntary arrangement, in a [...]
Sainsbury’s launches partnership with Deliveroo October 30, 2020 Sainsbury’s has launched a trial with Deliveroo in the latest partnership for the delivery app, which has seen demand for groceries soar during the coronavirus pandemic. The supermarket will offer the on-demand delivery service from its North End Crescent convenience story in Hammersmith, before expanding the trial to a further nine branches across the UK [...]
