Analysts say Frasers ‘was right’ about Mulberry as it faces long road to recovery November 19, 2024 Analysts have painted a grim picture for the future of British luxury fashion brand Mulberry, which announced its half-year results this morning. It implied job cuts with talk of “streamlining” the business, and told markets that retail sales and revenue dropped 17 per cent and 19 per cent, respectively. Its share price fell 10 per [...]
Cyber attack dents profit at Arnold Clark as sales near £5bn November 19, 2024 Sales at car dealership giant Arnold Clark edged closer to the £5bn mark but the aftermath of a cyber attack and rising costs contributing to a significant cut to its profit. The Glasgow-headquartered group has reported a revenue of £4.96bn for 2023, newly-filed accounts with Companies House have revealed. The latest total comes after Arnold [...]
Why a 24 per cent drop in insolvencies is not all it seems November 19, 2024 At first glance, the Government’s new figures on insolvencies appear cheery, with the number of companies going bust over the last year down 24 per cent, from 2,293 to 1,747. But analysts have suggested figures may have more to do with falling interest rates than the general health of the economy, in addition to warning [...]
Retailers ‘right’ to warn of Budget job cuts, says Bank of England governor November 19, 2024 The governor of the Bank of England, Andrew Bailey, has said a group of retailers were “right” to warn of sweeping job cuts as a result of Labour’s punishing £40bn tax raid at the Budget. A group of Britain’s biggest supermarkets and retail chains, including Tesco, M&S, Boots and B&Q, wrote to the Chancellor Rachel [...]
Retail bosses warn of £7bn cost burden after Budget November 19, 2024 UK retail bosses have written to the Chancellor to warn of the wide-ranging damage from the Autumn Budget on their sector, including “inevitable” job losses and price rises. In a letter coordinated by the British Retail Consortium (BRC), 79 signatories, including bluechip retailers Tesco, Next, and Greggs, said they had “significant concerns” about the impact [...]
Huel: Record sales as profit triples at brand backed by celebrities November 18, 2024 Huel, which counts the likes of Idris Elba, Steven Bartlett and Jonathan Ross among its investors, has reported record sales as a profit almost tripled during its latest financial year. The Hertfordshire-headquartered company, which is known for its vitamin-enriched food items, has reported a revenue of £214m for the 12 months to 31 July, 2024, up from the £184.5m [...]
Go Outdoors: Brand owned by FTSE 100 giant JD Sports slumps to a loss November 18, 2024 Go Outdoors, which is owned by FTSE 100 giant JD Sports, has slumped into the red thanks to a “disproportionate” rise in costs. The business, which also operates the Go Outdoors Express, Taylor’s and Fishing Republic brands, has reported a pre-tax loss of £1.4m for the year to 3 February, 2024. The loss comes after [...]
Boohoo completes fundraising as it struggles to return to growth November 18, 2024 Boohoo has raised just under £40m in a bid to turn itself around amid its public fight with the boardroom demands of an activist shareholder, Mike Ashley’s Frasers. This morning, the company said it had conditionally raised total proceeds of approximately £39.3m. This includes £400,000 from a retail offer and £38.9m from an investor subscription. [...]
Evri serves up record deliveries as online shopping soars November 18, 2024 Evri delivered 730m parcels in the 12 months to March, a 14.9 per cent year-on-year rise that helped profit more than double.
Labour’s assault on the private sector will come back to haunt them November 18, 2024 The weekend’s papers groaned under the weight of business leaders’ concerns and complaints about the Labour’s government’s recent Budget and wider policy agenda. “They don’t understand business” ran an FT article, drawing on a host of quotes from alarmed chief executives. “Honeymoon’s over for business chiefs…” was the warning in a similar Sunday Times article. [...]
