UK retail sales suffer record decline as online surge fails to offset impact of closed shops May 13, 2020 A sharp rise in online shopping failed to offset plummeting UK retail sales last month, which suffered a record decline in April due to the coronavirus lockdown. Total sales plunged 19.1 per cent in April, against an increase of 2.4 per cent last year, which is the worst decline since records began in 1995. Over [...]
Suits you: TM Lewin bought by private equity firm SCP May 12, 2020 British menswear brand TM Lewin has today been acquired by SCP Private Equity via special purpose vehicle Torque Brands. TM Lewin, which was established in 1898, was sold to SCP for an undisclosed amount by Bain Capital Credit which acquired the shirt-and-tie retailer in 2015. SCP has acquired the business as a going concern, taking [...]
McDonald’s set to reopen all drive-thrus by June May 12, 2020 McDonald’s has announced it will open 30 more restaurants this month as it aims to reopen all of its drive-thru sites by June. The fast food giant said it will open 30 drive-thru restaurants in the UK and Ireland from 20 May, and plans to open all sites by early June. The company has not [...]
Hollywood Bowl secures government coronavirus interruption loan May 12, 2020 Hollywood Bowl has secured a £10m loan through the government’s Coronavirus Large Business Interruption Loan Scheme. The bowling alley operator said the loan will be provided by Lloyds Bank. It replaces a £10m revolving credit facility extension to its £35m banking facility, which was announced at the beginning of April. Hollywood Bowl, which has closed [...]
Angling Direct accelerates online sales growth and eyes reopening physical stores May 12, 2020 Angling Direct has reiterated its guidance after “encouraging” levels of trading across the firm’s online stores amid the coronavirus outbreak. Online sales in April were up 24 per cent year-on-year with a “further acceleration of these trends experienced in May 2020 to date.” Additionally, the retailer said investment in Angling Direct’s French, German and Dutch [...]
Coronavirus lockdown: Kingfisher sales plunge due to store closures May 12, 2020 B&Q owner Kingfisher reported plummeting sales in the first quarter due to coronavirus lockdown measures, but said trading was beginning to bounce back after stores reopened. The DIY retailer said first quarter like-for-like sales were down 24.8 per cent to £2.2bn due to the impact of coronavirus. Online growth increased fourfold from mid-March as Kingfisher [...]
Morrisons retail sales surge in lockdown but fuel demand drops May 12, 2020 Morrisons retail sales jumped in the first quarter of the year due to coronavirus stockpiling, however a drop in demand for fuel hurt overall sales. Like-for-like retail sales jumped 5.1 per cent in the 14 weeks to 10 May, driven by a 10.8 per cent surge in sales between weeks 12 and 14 of the [...]
Starbucks to reopen stores for takeaway and drive-thru this week May 11, 2020 Starbucks will begin a phased reopening of drive-thru and takeaway-only stores with social distancing measures in place this week. The coffee shop giant said stores will begin reopening from Thursday after the government eased the lockdown restrictions to allow more traffic on the roads. Starbucks said it will offer a “near complete” drinks menu and [...]
High street suffers biggest ever decline in footfall as Brits obey lockdown May 11, 2020 The UK high street suffered its greatest ever decline in footfall last month as Brits steered clear of shops during the coronavirus lockdown. Retailers were hit with an “unprecedented” 80 per cent plunge in footfall in April, with high streets and shopping centres the worst affected. Retail parks were the most resilient thanks to the [...]
UK retailers warn government coronavirus aid not enough to prevent ‘imminent collapse’ May 11, 2020 UK retailers have warned that its financial aid package for businesses during the coronavirus crisis will not prevent the “imminent collapse” of many firms. In a letter to the chancellor Rishi Sunak and small business minister Paul Scully, the British Retail Consortium said the crisis “facing parts of the retail sector…must be addressed urgently ahead [...]
