JD Sports appeals CMA block on £90m Footasylum buyout June 19, 2020 JD Sports is to appeal a decision by the competition regulator to block its £90m buyout of Footasylum. The Competition and Markets Authority (CMA) decided to put a halt to the deal last month, ruling that it would lead to a “substantially” lessening of competition nationally. However, JD Sports said the probe had relied on [...]
Government extends anti-eviction measures for businesses June 19, 2020 Commercial landlords will be unable to evict struggling companies until the end of September, after the government extended anti-eviction measures. The move comes as part of the government’s support package for companies hit by the coronavirus pandemic. The suspension of the forfeiture of evictions will come as a relief in particular to pubs, cafes and [...]
UK retail sales start to rebound in May following record drop June 19, 2020 UK retail sales began to rebound in May, exceeding expectations by rising 12 per cent month-on-month following a record plunge in April, with the proportion spent online hitting a record high. With fuel excluded, retail sales climbed 10.2 per cent month-on-month, data from the Office for National Statistics (ONS) showed. The reading had been expected [...]
With some flexible thinking, the government can help SMEs reopen for business June 18, 2020 As shop doors opened once again this week and queues began to build, we caught a glimpse of what the coming months will be like for “non-essential” shops. Already, it is clear that while Brexit might mean Brexit, reopening certainly does not mean reopening for many businesses across the UK. As the next phase begins, [...]
Now hiring: DPD bets big on online delivery market with 6,000 new workers and £200m spending spree June 18, 2020 Delivery giant DPD is hiring 6,000 new workers in order to keep up with demand from “the biggest boom in online retailing in the UK’s history” as a result of the coronavirus lockdown. The firm said it would also put £200m extra cash into its network, as part of an “unprecedented investment in our infrastructure [...]
Tesco sells Polish business for £165m due to ‘market challenges’ June 18, 2020 Tesco has announced it will sell its struggling Polish operation for 819m zlotys (£164.6m), as the British supermarket giant seeks to streamline its presence across Central Europe. In a statement this morning, the big four supermarket chain said it will sell Tesco Polska’s 301 stores and associated distribution centres to Salling Group A/S, subject to [...]
Superdry pulls out of mainland China store venture with expected £6m write off June 18, 2020 Superdry has announced it will take back control of its branded franchise stores in China, effectively pulling its business out of the country for now at a £6m writedown. The clothing retailer said it has reached “an amicable agreement” with local partner Trendy International to exit their joint venture, leaving Superdry “free to determine how [...]
Lloyd’s of London and Greene King apologise for slavery links June 18, 2020 Lloyd’s of London insurance market has issued an apology for its role in the 18th and 19th century transatlantic slave trade, calling it “an appalling and shameful” era. The insurer will fund charities and organisations created to promote opportunities for black and ethnic minority groups. Pub chain Greene King also formally apologised, and committed to [...]
Exclusive: Government review delays announcement that pubs can reopen June 17, 2020 Downing Street’s plan to announce earlier this week that pubs and restaurants could open on 4 July was delayed by a government review, putting hundreds of thousands of jobs at risk. City PM understands that Covid-19 operating guidelines for England’s hospitality sector have been drawn up by the government and are ready to distribute. However, the [...]
New boss for Hugo Boss as fashion house drafts in former Tommy Hilfiger CEO June 17, 2020 Hugo Boss has announced that former Tommy Hilfiger chief Daniel Grieder will be its new chief executive. Grieder, 58, will take up the post in June next year, after a decades-long career at Tommy Hilfiger. It comes after outgoing CEO Mark Langer announced that he was stepping down in March. Langer will leave post at [...]
