Ted Baker shares slide as retailer warns on profits in ‘difficult trading conditions’ June 11, 2019 Ted Baker’s share price plunged 25 per cent this morning after the fashion retailer warned on profits amid “extremely difficult trading conditions”. The company said underlying profit before tax for the year ending 25 January 2020 is likely to be between £50m to £60m, compared to a company compiled consensus of £70.9m. Read more: Ted [...]
Ramen chain Tonkotsu eyes expansion with YFM backing June 11, 2019 Ramen restaurant Tonkotsu has received £5m of funding from investment firm YFM Equity Partners as it eyes expansion. YFM will take a minority stake in the Japanese-inspired restaurant chain as it expands its presence in London. Read more: Gordon Ramsay’s restaurant empire returns to profit The group will open restaurants in Peckham and Shoreditch this [...]
Ocado pumps £17m into vertical farming joint venture June 10, 2019 Online grocer Ocado has invested £17m in the emerging vertical farming industry as it looks to bolster its technology offering. Vertical farming involves the production of food in indoor facilities, where crops are grown on a series of levels in a controlled environment. Read more: Ocado set to cut 400 jobs as it looks to [...]
High street retailers take hit from drop in footfall June 10, 2019 High streets, retail parks and shopping centres all suffered a year-on-year drop in footfall last month, according to new figures which underline the tough trading conditions facing bricks and mortar firms. The number of shoppers plunged by 3.5 per cent in May, compared with a drop of 0.4 per cent during the same month last [...]
Beyond Meat shares surge a day after debut results June 7, 2019 Shares of plant-based burger startup Beyond Meat surged 27 per cent in pre-trading, a day after it debuted its earnings as a listed company. The company estimates that it will double its sales this year as consumer interest in plant-based meat alternatives peaked in the first three months of the year. Shares rose to $131.50 [...]
Sir Philip Green offers landlords cash to save Arcadia rescue plan June 7, 2019 Sir Philip Green has offered landlords £10m a year of his family’s cash to offset the impact of rent cuts in a bid to secure their backing to rescue his retail empire. Landlords had been asked to slash rental costs by 30 per cent to 70 per cent across 194 of Arcadia’s 566 UK and [...]
Barnes & Noble bought by Waterstones owner Elliott for $476m June 7, 2019 US bookseller Barnes and Noble will be taken private by hedge fund Elliott Management in a $475.8m deal. The price of $6.50 per share represents a premium of 42 per cent on Wednesday’s price, a day before reports of a potential deal emerged. Read more: Waterstones acquires Foyles bookshops as it squares up to [...]
Fashion app Depop grabs $62m from Airbnb and Uber investor June 7, 2019 British fashion marketplace app Depop has today closed a series C funding round at $62m (£48.8m), led by US venture capital stalwart General Atlantic. Existing investors HZ Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures and Tempocap also participated in the round, alongside Klarna founder Sebastian Siemiatkowski. Depop said it will use the funding to expand [...]
Wren Kitchens to create 1,200 new jobs June 6, 2019 Wren Kitchens plans to create 1,200 new jobs as it seeks to expand its manufacturing workforce. The company is seeking approval to build a new £120m manufacturing facility in the Humber. The new factory, which will be the company’s fourth in the region, is set to be built on a 180-acre site behind company’s headquarters [...]
Ofcom boss Sharon White chosen as next John Lewis chair June 6, 2019 Ofcom boss Sharon White is set to replace Sir Charlie Mayfield as the next chair of John Lewis, taking on the role as the retailer battles to recover from a recent plunge in profits and tough trading conditions on the high street. White, who is currently chief executive of the UK’s communications regulator, is set [...]
