Consumer spending bounces in January but high street woes continue February 11, 2020 Brits ramped up their spending in January after a thrifty December, according to new data, in the latest sign that the UK economy may have bounced back at the start of 2020. Consumer spending grew 3.9 per cent in January, data from payment provider Barclaycard showed today, up from the one per cent growth witnessed [...]
Wilkinson Sword owner Edgewell abandons $1.4bn Harry’s merger February 10, 2020 Razor maker Edgewell – the owner of Wilkinson Sword – has abandoned plans for a $1.37bn merger with rival firm Harry’s following opposition from the US Federal Trade Commission (FTC). Earlier this month, the FTC filed a lawsuit to block the deal, saying it could hurt competition in the US. Privately owned Harry’s will pursue [...]
Competition watchdog tells Viagogo and Stubhub to pause merger February 10, 2020 The UK’s competition watchdog has told ticket resale websites Viagogo and Ebay’s Stubhub to pause any integration of the two businesses while it probes their $4.1bn (£3.2bn) merger. In an enforcement order published today, the Competition and Markets Authority (CMA) banned the two firms from taking any action which might “lead to the integration of [...]
The local councils embarking on a shopping centre spending spree February 10, 2020 Bin collections, parking restrictions and filling ever-more-terrifying potholes are what most people associate with local councils. To that list, we might now add retail property speculators. Last year, Councils across the UK doubled down on recent trends and spent some £232.35m buying struggling shopping centres, accounting for some 36 per cent of all shopping centre [...]
Angling Direct chief executive steps down after 17 years February 10, 2020 The boss of Angling Direct, the UK’s largest fishing supplies retailer has stood down with immediate effect, having led the company for 17 years. Darren Bailey, who joined the firm in 2003, will remain on the board as a non-executive director. He has been replaced by fellow board member Andy Torrance. “Both myself and the [...]
Intu shares jump as it confirms talks over £1bn emergency cash raise February 10, 2020 Retail landlord Intu this morning confirmed that it was in talks with a number of investors over its £1bn emergency cash call. The property giant said that it was in “constructive discussions” with shareholders including the Peel Group and Link Real Estate Investment Trust (Link REIT) regarding a proposed equity raise alongside the firm’s full [...]
Stop clinging to the last century and let the high street evolve February 10, 2020 Every January, without fail, the hand-wringing begins. After predictably poor Christmas retail results, everyone wants to know: are we seeing the death of the high street? The gloom doesn’t stop. Last week, the boss of John Lewis was the latest to lament the retail landscape, warning of potential store closures and job losses. Why are [...]
UK consumers abandon high street for retail parks and shopping centres February 10, 2020 Consumers abandoned the high street in favour of retail parks and shopping centres last month, as landlords’ investments start to pay off. Footfall fell 0.5 per cent in the five weeks to 25 January compared to a drop of 0.7 per cent last year, driven by a 1.4 per cent jump in retail park visitors. [...]
UK insolvencies spike as construction firms struggle February 10, 2020 The number of UK firms falling into administration jumped last year, driven by companies in the building and construction industry. In total, 1,403 firms entered administration last year compared to 1,341 in 2018 – a rise of just under five per cent. Building and construction firms were the hardest hit by challenging trading conditions last [...]
Link REIT set to back Intu’s £1bn emergency cash call February 9, 2020 Hong Kong’s Link Real Estate Investment Trust is reportedly in talks with retail landlord Intu to back its £1bn emergency cash call. The property giant is nearing a deal with the Trafford Centre owner about becoming a “cornerstone” investor in the fundraise later this month, The Times reported. Peel Group, which owns a 27.3 per [...]
