SFO publishes terms of deferred prosecution agreement with Tesco after reporting restrictions lifted January 23, 2019 The Serious Fraud Office (SFO) has published the full terms of the Deferred Prosecution Agreement (DPA) it agreed with Tesco following the 2014 accounting scandal. Reporting restrictions around the DPA – a voluntary agreement which allows companies to forego prosecution by fulfilling certain requirements – were lifted when former Tesco director Carl Rogberg was acquitted today. [...]
John Lewis to close historic Knight & Lee department store in Southsea January 23, 2019 John Lewis today said it is shutting its historic Knight & Lee department store in Southsea in the chain’s first closure for more than a decade. The department store said it will close Knight & Lee, which at 35,000 square feet (sq ft) is its smallest outlet, in July this year. Read more: John Lewis enjoys [...]
Patisserie Valerie shareholders consider legal action after company collapses January 23, 2019 Patisserie Valerie shareholders are planning to take legal action against the company after the high street chain collapsed into administration last night. Fundamental Asset Management co-founder Chris Boxhall told City PM that there is an “appetite” for action among investors after Patisserie Valerie chairman Luke Johnson failed to secure a cash lifeline from banks yesterday [...]
Pub group Marston’s scales back expansion plans as it looks to slash debts January 23, 2019 Marston's today said it will limit its expansion plans in a bid to reduce its £1.4bn debt pile amid continued economic uncertainty. In a trading update Marston’s said like-for-like sales rose 1.4 per cent in the 16-week period to 19 January, boosted by strong trading over the Christmas fortnight. Read more: Pub chain Marston's raises a [...]
Joules sees half-year sales rise thanks to strong online trading January 23, 2019 Fashion retailer Joules today reported a double-digit rise in profits for the half year, boosted by strong online trading. Joules said pre-tax profits for the 26 weeks to 25 November were up 14.7 per cent on the same period last year to £10.7m. Read more: Joules shines amid retail gloom as it prepares for Brexit Total [...]
Charges dropped against former Tesco executive Carl Rogberg in fraud trial January 23, 2019 The case against the third defendant in the Tesco fraud trial Carl Rogberg has been dropped today. Tesco executive Rogberg, 52, a former finance director at the supermarket giant, was charged with fraud, alongside fellow executives Chris Bush and John Scouler after a hole was found in Tesco’s accounts in 2014, wiping £1.5bn from its [...]
Hotel Chocolat tastes success after sales surge over Christmas season January 23, 2019 Hotel Chocolat enjoyed a boom in sales over the festive season, as buyers flocked to the luxury sweet maker in spite of a swathe of challenges facing much of Britain’s retail industry. Total sales for the 13 weeks to the end of December jumped by 15 per cent compared with the same period last year, [...]
Young’s buys rival pub chain Redcomb in £34m deal as it expands in the south east January 23, 2019 Young’s today said it has bought pub chain Redcomb Pubs in a cash-free deal worth £34m. The pub operator said it has acquired Redcomb, which owns 15 pubs in London and the south east, as it looks to expand its presence in the area. Read more: Young's pubs boss Patrick Dardis: "Smithfields is the new Covent [...]
Burberry keeps momentum from China despite trade war fears January 23, 2019 Fashion house Burberry bucked current concerns over a trade war between China and the US today, as Asian demand for its luxury clothing held up over the festive shopping season. The blue-chip firm, which has been embarking on a major turnaround plan to revive its fortunes for more than a year, said that comparable store sales [...]
Surge in travel sales gives WH Smith Christmas treat despite high street slump January 23, 2019 WH Smith posted a rise in sales over the crucial Christmas trading season, after the retailer benefited from a rise in travel sales as it continues to move its focus from high streets to airports and train stations. The figures Total sales were up six per cent in the 20 weeks to 19 January. In [...]
