Asda sales jump but grocer warns over consumer confidence slump May 19, 2020 Asda reported a jump in sales in the first quarter of the year, but warned that customers are increasingly concerned about the economic impact of the coronavirus pandemic. The supermarket, which is owned by US retail giant Walmart, said like-for-like sales excluding fuel were up 3.5 per cent due to a surge in stockpiling at [...]
Oh FCUK: French Connection scrambles to secure funding as cash reserves dwindle May 19, 2020 Embattled retailer French Connection warned this morning that it could run out of cash within months due to the coronavirus crisis if it fails to secure extra funds. French Connection, which abandoned hopes of a sale in January and instead announced a turnaround plan, said it is in talks with “a number of potential funding [...]
Topps Tiles swings to a loss and announces plan to reopen all stores next month May 19, 2020 Topps Tiles has outlined plans to reopen all of its stores by the end of next month, as the retailer announced it swung to a loss in the first half of the year. The tile retailer reported a loss before tax of £4m in the 26 weeks to 28 March, compared to a profit of [...]
N Brown shares soar as retailer secures £50m coronavirus loan May 19, 2020 Shares in N Brown soared more than 10 per cent this morning as the plus-size clothing retailer said it has secured £50m through the government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS). The firm, which owns Simply Be and Jacamo, also said that trading had improved over the last six weeks since the “sudden and [...]
Catering giant Compass Group to raise £2bn to shore up finances during coronavirus crisis May 19, 2020 Catering giant Compass Group has launched a £2bn share offer this morning as it seeks to raise extra cash to strengthen its balance sheet during the coronavirus crisis. Compass, which is the world’s largest caterer, also scrapped its outlook for 2020, saying the coronavirus pandemic has had a “profound impact” on the company. Many of [...]
Imperial Brands cuts dividend by one third as it anticipates coronavirus hit May 19, 2020 Imperial Brands has cut its dividend by a third as it seeks to save cash during the coronavirus pandemic. The cigarette maker reported lower-than-expected revenue for the first half of the year, and said it anticipates the impact from the coronavirus would be more pronounced in the second half of the year. The figures Reported [...]
Shakespeare’s Globe at risk of collapse due to coronavirus crisis May 18, 2020 Shakespeare’s Globe has warned that unless it receives emergency funding it will collapse due to the “devastating” financial impact of the Covid-19 crisis. The London theatre, which has been closed since 20 March, told MPs it had run out of cash and was “critically vulnerable” in the wake of the pandemic. It said it would [...]
Coronavirus: 6,000 jobs at risk as Cafe Rouge and Bella Italia owner faces collapse May 18, 2020 The owner of restaurant chains including Cafe Rouge and Bella Italia has filed notice of intent to appoint administrators, putting 6,000 jobs at risk. Casual Dining Group, which also runs the Las Iguanas chain, said the move will give it 10 working days’ respite as it weighs up potential restructuring options. Earlier today the company [...]
UK pubs call for social distancing to be reduced to one metre May 18, 2020 The UK pub industry has called on the government to allow venues to reopen with one metre social distancing measures in place, rather than the two metres currently required. The government said that some hospitality venues, including pubs, could reopen from 4 July at the earliest, with social distancing measures. The current government advice is [...]
Just Eat slams watchdog’s approval of Amazon’s £442m investment in Deliveroo May 18, 2020 Just Eat has slammed the competition watchdog’s “U-turn” decision to give the go-ahead to Amazon’s £442m investment in Deliveroo during the coronavirus crisis. The delivery platform, which was bought by Dutch firm Takeaway.com earlier this year, said it was “concerned by the very sudden U-turn in the Competition and Market Authority’s decision making”. The CMA [...]
