Ofcom to ban firms from selling ‘locked’ mobile phones December 17, 2019 Communications regulator Ofcom has proposed a new set of plans which would prevent phone companies from selling ‘locked’ handsets. BT/EE, Tesco Mobile and Vodafone still sell mobile phones that cannot be used on other networks without being unlocked first, which can cost £10. Read more: MPs say hands-free phones should be banned while driving The [...]
Ocado set to be crowned the FTSE’s most valuable tech giant December 17, 2019 Analysts have said Ocado has the vision to become the “Microsoft of Retail tomorrow” and transition into the FTSE’s most valuable tech giant. Once finalised, the decision by the Competition and Markets Authority (CMA) to de-designate Ocado as a retailer in August will make it the largest listed tech company in the UK by valuation. [...]
Sotheby’s wine business toasts record-breaking year December 17, 2019 Sotheby’s Wine toasted sales of more than $100m (£75.9m) for the second consecutive year in 2019, following a string of record-breaking auctions, as wealthy investors seek alternative asset classes. The auctioneer reported total auction sales of $118m in 2019, an increase of 20 per cent, in a year that saw Sotheby’s in London record its [...]
Department store chain Beales hoists for sale sign December 17, 2019 Department store chain Beales has put itself up for sale in a bid to secure a sustainable future for the company in a challenging retail environment. The Bournemouth-based company has appointed KPMG to conduct a strategic review of the firm, including assessing a potential sale. Read more: Debenhams strengthens board as department store implements rescue [...]
In a spin: Whirlpool recalls 500,000 washing machines over fire danger December 17, 2019 Half a million Whirlpool washing machines must be recalled from British homes over a fire risk, the company admitted today. A door locking system fault with Whirlpool’s Hotpoint and Indesit branded machines creates a fire risk as a result of overheating, the firm said. Read more: MPs blast Whirlpool over its safety attitude The affected [...]
Book closes on bargain retailer amid fierce competition December 17, 2019 The Book People, one of the UK’s largest booksellers, has been forced into administration in the run up to Christmas. PwC has been appointed to manage the insolvency process, Sky News reported. Read more: Amazon’s Deliveroo investment raises competition concerns, watchdog finds The accountancy firm was handling an auction for the bookseller, as its private [...]
Unilever shares slip on warning full-year sales growth will miss expectations December 17, 2019 Unilever has warned this morning that it will miss sales growth expectations this year due to challenging trading environments in some of its largest markets. The consumer goods giant’s share price fell more than five per cent after it said full-year underlying sales growth is expected to be below three per cent, and warned that [...]
Ted Baker shares dip as long-serving director exits December 17, 2019 Ted Baker’s share price dipped this morning after the retailer announced a long-serving board member will step down just a week after the firm’s chief executive and chairman quit. Shares slumped more than five per cent after the embattled fashion brand announced that non-executive director Ron Stewart has left with immediate effect after nine years. [...]
Why high street discounts are a dangerous drug December 17, 2019 Retailers love to brag about breaking records, but one they won’t be cheering this Christmas is the prediction that price cuts could potentially top 50 per cent for the first time ever. Amid a fierce fight to woo last-minute shoppers into their stores, high street chains are once again turning to a festive sales bonanza [...]
Franco Manca expansion slices owner’s profits in half December 16, 2019 Franco Manca owner Fulham Shore today revealed that profits halved in the six months ending in September despite higher revenue as it continues to expand. The restaurant chain owner saw profit before tax sliced in half from £1.5m last year to just £743,000 in its latest half-year as it poured money into opening six new [...]
