Retail park sold in £50m deal for online warehousing space January 6, 2020 A retail park owned by M&G’s shuttered property fund has been bought for more than £50m to be converted into warehouses. The deal indicates the growing dominance of online retail which requires large amounts of warehouse space to service customers. The 128,000 sq ft Ravenside retail park in Edmonton north London was reportedly acquired by [...]
Chilango CVA: Creditors back rescue plan for struggling burrito chain January 6, 2020 Chilango’s creditors and shareholders have backed a rescue package to keep the struggling Mexican restaurant chain afloat, paving the way for the company to slash rents and exit some leases. Chilango launched a company voluntary arrangement (CVA) in early December, which was first reported by City PM, in a bid to avoid administration. Read more: [...]
Glimmers of hope for Pandora after shares jump as firm meets forecast January 6, 2020 Shares in Danish jeweller Pandora leapt 11 per cent today after the firm confirmed that it would meet its 2019 sales and profit guidance. In a trading update, the company said it expected like-for-like sales to fall four per cent in the fourth quarter and eight per cent for the whole of 2019. Read more: [...]
Brewdog opens first alcohol-free bar as dry January kicks off January 6, 2020 As millions of people give up alcohol for “dry January”, independent brewery Brewdog is set to give them a helping hand by opening its first ever alcohol-free bar today. The so-called AF bar, which is located on Old Street, offers 15 taps of draft alcohol-free craft beer – perfect for those who may have overindulged [...]
Aldi Christmas revenue tops £1bn but growth slows January 6, 2020 German discount retailer Aldi said today that its Christmas sales increased 7.9 per cent year-on-year to break £1bn for the first time. The supermarket chain said its sales in the four weeks ended Christmas eve were driven by strong growth in beers, wines and spirits, its premium Specially Selected range and fresh meat. Total beers, [...]
Burger King launches plant-based Whopper – but it isn’t vegan or vegetarian January 6, 2020 Burger King is launching a plant-based version of its Whopper in the UK, but vegans and vegetarians won’t be able to enjoy the new burger. The Rebel Whopper, which is made from soy, is not suitable for those avoiding meat because it is cooked on the same grill as the fast food chain’s beef burgers. [...]
UK hotel insolvencies hit five-year high in 2019 January 6, 2020 UK hotel insolvencies hit their highest levels in five years in 2019, rising 60 per cent year on year to hit 144. According to accountants UHY Hacker Young, the slowing UK economy is to blame for the rise, as businesses have been forced to cut back on conferences and corporate away days, a key source [...]
Compass chairman Paul Walsh set to step down this year January 5, 2020 Paul Walsh, the chairman of FTSE 100 catering company Compass, is due to step down within the next twelve months. The firm, which is the world’s largest catering company, will announce the decision on Monday as it prepares to begin the search for Walsh’s successor. Read more: Compass group shares sink as business catering unit [...]
HMV and Debenhams to shut stores as high street makes difficult start to the year January 5, 2020 HMV and Debenhams have confirmed that they will close stores in a challenging start to the year for UK high streets. Music store HMV said that it would shut three stores at the end of January, new new tenants set to take up the leases immediately. Read more: High street sees slight increase in December [...]
UK High Street sees slight increase in December sales January 4, 2020 UK shops saw a marginal increase in December sales year-on-year driven by widespread discounting, a new survey revealed on Saturday. Sales in British shops were up 0.7 per cent for the month compared with 2018, according to the accountancy and business advisory firm BDO’s monthly High Street Sales Tracker. Read more: Next raises forecast after [...]
