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Major new plans could bring big changes to popular New Mersey Shopping Park

2025-09-26 11:37:23

Significant changes could be on the horizon for a well-known Liverpool retail park. The New Mersey Shopping Park, a mainstay in Speke since its establishment in 2018 as part of a multi-million pound development, houses major retailers, eateries and leisure facilities such as Cineworld, Nando's and JD Sports. A request has been lodged with Liverpool City Council to modify previously approved planning permission concerning some of the park's buildings. The proposals, put forward by Speke Unit Trust - the owner of the shopping park - pertain to the eastern terrace and involve a revised layout of existing and approved floorspace. The plans are designed to accommodate the needs of two current businesses - B&Q and Marks and Spencer (M&S). B&Q has stated that its current site on the retail park no longer aligns with its business model requirements, and the proposed changes would divide the unit it occupies to create a smaller shop site. M&S, which currently operates a separate food hall unit, is set to relocate to a larger premises comprising part of the existing B&Q unit and an extension onto part of the current B&Q garden centre. This move will enable M&S to house its food, clothing and home offerings under one roof, reports the Liverpool Echo. Currently, M&S employs 44 individuals at its existing Foodhall outlet. The proposed store would provide employment for a total of 162 people in a combination of full-time and part-time roles. If given the green light, the plans would involve a partial demolition of the current B&Q garden centre to make way for new pedestrian and vehicle entrances associated with M&S.

Eden Project to axe 80 jobs amid 'considerable economic challenges'

2025-10-10 19:30:24

The Eden Project, one of Cornwall's most popular tourist and environmental attractions, is cutting up to 80 jobs. The losses represent around a 20% reduction in its current workforce of 400, equating to one in five roles. It is the second round of job cuts announced by the Bodelva attraction, which has been operating at a loss, in less than two years. In May 2023, Eden Project revealed that 20 positions were at risk, although efforts were made to minimise job losses through voluntary redundancies. At the time, management attributed the proposed redundancies to the impact of the cost-of-living crisis on visitor numbers and revenues over the preceding year, as well as organisational restructuring aimed at creating more efficient ways of working to support future growth plans. The attraction, known for its tropical and Mediterranean biomes, environmental initiatives, and Eden Session music events, has once again confirmed job cuts due to "considerable economic challenges". A decline in tourism, reduced visitor numbers, and escalating operational costs have been cited as reasons for the decision. A spokesperson for the Eden Project told our sister site CornwallLive: "The Eden Project is initiating proactive measures to ensure the long term economic stability of the organisation. We have explored every option and will create a new structure as a result of considerable economic challenges. This will involve reducing our payroll by an estimated 20 per cent, equivalent to around 80 redundancies, including 19 who have elected to leave voluntarily through voluntary redundancy or retirement. "A number of factors including the contraction of the visitor economy across the south west as well as significantly increased costs to businesses have made this process necessary. This process will set us on a path to continue our vital work as an environmental charity and a thriving visitor destination for our second quarter century and beyond." "The Eden Project will now begin a consultation period lasting at least 45 days. Affected team members will be supported by the Members Assembly, the Eden Project's staff representative body, and every effort will be made to minimise the number of job losses, with alternative roles or retraining offered where possible." As highlighted by BusinessLive, this announcement arrives as the charity reported a £1.5m loss for its latest financial year, despite a rise in visitor numbers, with over 604,000 guests in the year ending March 31, 2024, up from just over 551,000 the previous 12 months. Turnover increased from £23.2m to £24.2m due to the rise in visitor numbers. However, this growth was not enough to prevent pre-tax losses from nearly doubling, from £868,000 to £1.5m, as revealed in recently filed accounts at Companies House. This news comes as the Eden Project is expected to open a new location in Morecambe, Lancashire, between 2027 and 2028. At the end of January 2022, Lancashire City Council granted planning permission for the £125m project. Initially expected to open in 2024, the project has faced several delays but is anticipated to create over 400 direct jobs and support a further 1,500 employment opportunities in the region. The Eden Project North will be situated on the site of the former Bubbles leisure complex, near the Winter Gardens and Midland Hotel. When the development was approved by the local authority, it was estimated that the project would inject £200m annually into the local economy. In a statement approved by its board, Eden commented on its financial loss, stating: "During this financial year, we emerged from the aftershocks of Russia invading Ukraine and the knock on effect on global energy prices, to a period of receding inflation and lowering interest rates. "However, consumer confidence is still negative, but significantly improved over its all time low in October 2022. All of these factors impacted the trading results of Eden Project Limited during 2023/24. "Given the challenging conditions from last year and ongoing macro-economic uncertainty, we will continue to diligently control our resources but invest back into our principal asset, the Eden Project site, where necessary."

Tesco, M&S, Kingfisher and more warn of 'perfect storm' in retail as 300,000 jobs at risk

2025-09-18 06:03:20

A group of leading retailers has issued a stark warning to the Treasury, stating that hundreds of thousands of jobs in the retail sector are under threat due to unsustainable cost increases this year. This is the latest in a series of warnings from the retail industry about the impending damage to jobs and investment on the British high street, as reported by City AM. The Retail Jobs Alliance (RJA), which includes Tesco, Marks & Spencer and B&Q-owner Kingfisher, has warned that retailers are facing "a perfect storm" of additional costs from April. They predict that a higher national insurance bill, a new recycling tax and increased business rates will result in the loss of 300,000 jobs by 2030. Stuart Machin, Chief Executive of M&S, stated over the weekend that "retail is being raided like a piggy bank and it’s unacceptable". He added that "The blunt truth is... the budget means UK retail will get smaller," and called for immediate action to stimulate growth. Shadow Business Secretary Andrew Griffith commented: "Retailers are often the canary in the coalmine of the state of the economy. For major high street names to issue this stark warning shows that no one’s economic future is safe. Although Labour’s cabinet has no real experience of business, surely, they must heed the warnings and change course now." The retail sector has been grappling with a series of challenges since the 2008 financial crisis, including the rise of online shopping, lingering effects of Covid-19, and high taxes, according to the Centre for Retail Research (CRR). Approximately 85,000 shops have shuttered since 2018. Even by early 2023, customer footfall was down 10% compared to 2019 levels, with the decline more pronounced in major cities. Britons have shifted their spending towards experiences such as dining out, city breaks, gym memberships, and streaming service subscriptions, leaving less disposable income for in-store purchases. Analysts and businesses alike have warned that recent budget changes will exacerbate these issues, with an already hefty tax bill set to increase by £4.5bn, as per the British Retail Consortium (BRC). The BRC attributes £2bn of this increase to the new packaging levy and £2.33bn to higher national insurance contributions (NICs). Retail businesses, which heavily rely on part-time workers and operate on slim margins of three to five per cent, are expected to be particularly hard hit by the changes to employer NICs. Peel Hunt has projected that retail firms within their coverage will experience an average pretax profit drop of 7.5 per cent due to the Budget's tax increase, with some firms being more severely impacted than others. "Retail and hospitality are among the most exposed sectors to [budget] cost pressures," stated Tim Black, associate director at Frontier Economics. He added: "In low-margin, highly competitive markets, there’s limited room to absorb higher costs – instead they’ll ultimately need to be passed on through higher prices, or cutbacks made to jobs – as a large group of retailers warned the Chancellor in November." High street companies have long criticised business rates, essentially council taxes for shops, describing them as "antiquated". This is because only high street stores pay this tax while online stores pay a lower tax on warehouses. In Labour's first Autumn budget, changes to business rates were announced: relief on the tax, previously at 75 per cent, will decrease to 40 per cent this April. The tax is also set to rise in 2026. Business rates are determined by a shop's 'rateable value', which is the annual rent the commercial property could have been leased for on the open market. The next adjustment to business rates, scheduled for 1 April 2026, will be based on rental values as of 1 April 2024. The government has announced plans to introduce two permanently lower tax rates for retail, hospitality, and leisure properties with rateable values under £500,000 – a bracket that currently includes around 1,900 superstores – starting from 2026. However, the specifics of this reform remain unpublished. With changes to rateable values, a greater number of stores are expected to hit the £500,000 threshold. The Retail Jobs Alliance (RJA) is urging the UK government to "remove shops from the higher rate business rates multiplier," according to a spokesperson. The group emphasises that such a move would benefit 'anchor stores' on high streets, which are key in attracting shoppers. "This change would provide much-needed relief for at-risk stores, enabling them to reinvest in their businesses, retain staff, and grow their footprint on the high street."

Ritz Hotel's financial woes deepen with £75m losses since 2019, despite Qatari ownership

2025-10-07 02:26:31

London's prestigious Ritz hotel has accumulated losses exceeding £75m since it last reported a profit, recent disclosures have shown. The opulent establishment recorded a pre-tax loss of £10m for 2023, according to accounts submitted over five months late to Companies House, as reported by City AM. This loss follows a deficit of £16.5m in 2022, £32m in 2021, and £27.3m in 2020, with the hotel's last pre-tax profit being £2.4m in 2019. The belatedly filed accounts for 2023 also indicate that The Ritz's turnover remained unchanged at £36m for the year. The hotel is now due to submit its 2024 accounts by the end of September. However, timely submissions to Companies House have not been made since June 2022. The five-star establishment was purchased by Qatari businessman Abdulhadi Mana Al-Hajri from the billionaire Barclay brothers for an estimated £700m in March 2020. Despite ongoing financial setbacks, The Ritz distributed dividends totalling £255,000 during the year. In a statement approved by the board, it was noted: "The level of business and financial position of The Ritz Hotel for 2023 was in line with the expectations." "It is the company’s intention to continue to increase its revenues by expanding its existing client base." "The extensive development project that started in 2020 continued throughout the year." "The future development of the project also includes the complete refurbishment of the existing building including guest rooms and suites and food and beverage outlets." In August 2024, City AM revealed that Claridge’s Hotel experienced a surge in sales exceeding 20% in 2023, buoyed by a "strong" recovery post-Covid-19 and the fruition of a significant expansion project. The prestigious five-star establishment in London announced a turnover of £119.3m for the financial year, a substantial increase from £98.1m in 2022. Additionally, the hotel's pre-tax profit soared from £2.2m to £7.2m. Conversely, in the same period, City AM reported on the challenges faced by The Savoy Hotel amid heightened competition within London’s luxury hotel sector, with its pre-tax losses expanding during 2023. The iconic hotel disclosed a loss of £17.9m for the financial year, following a pre-tax loss of £12m in 2022.

Human rights group threatens FCA with legal action over Shein's potential London IPO

2025-09-24 02:37:50

The Financial Conduct Authority (FCA) has been threatened with legal action by a human rights group if it approves the plans of Shein, a Chinese-founded online retailer, to float on the London Stock Exchange. Shein, which is reportedly planning to float in the City later this year, has faced criticism from campaigners and lawmakers over its supply chain practices, as reported by City AM. The company has previously been accused of using forced labour in some of its third-party manufacturing facilities, including in the Xinjiang region where the Chinese government is alleged to be persecuting the Uyghur Muslim minority. Stop Uyghur Genocide, which expressed its concerns over Shein’s supply chain to the FCA last June, has now warned the regulator of potential legal action if it allows the company’s flotation plans to proceed. Lawyers for the campaign group stated in a letter to FCA executives that Shein’s listing would be "irreconcilable with the FCA’s statutory duty of integrity, its principles and standards as well as the protection of investors". This same group recently submitted a dossier of evidence alleging supply chain abuses to a Select Committee prior to an appearance by Shein’s senior lawyer earlier this month. The dossier is reported to show "clear, identifiable links between cotton production in the Uyghur region and forced labour". The group also highlighted publicly available evidence which it claims connects Shein’s supply chains to cotton produced in the Uyghur region. Shein's senior lawyer, Yinan Zhu, faced harsh criticism from MPs at the Select Committee, who accused the retailer of behaviour that "bordered on contempt" after she repeatedly declined to answer questions. Today, it was revealed that the group has escalated its pressure on the FCA by issuing a pre-action protocol letter through law firm Leigh Day, detailing the High Court challenge it intends to launch if the FCA approves an IPO prospectus of Shein. The Good Law Project has also entered the legal battle, offering financial assistance for legal costs to the campaign group. Ricardo Gama, a lawyer at Leigh Day, stated that "our client believes that the FCA has a duty to make sure that the London Stock Exchange isn’t used as a way to raise capital for companies which have a high risk of financial crime." He added: "The FCA has previously issued guidance saying that companies which produce cannabis-based products will not be allowed to list in London, because possession of cannabis is still an offence in the UK. It would be surprising, and unlawful, if the FCA decided to take a less robust approach to allegations of forced labour."

Pandora boasts 'outstanding year' as US drives double-digit growth for jeweller

2025-09-17 22:18:34

Danish jewellery brand Pandora has celebrated an "outstanding year" despite ongoing global market uncertainties. The company reported a 13% organic growth for the financial year 2024, surpassing its previously upgraded guidance of 11% to 12%. This growth included a 7% like-for-like sales increase and a 5% network expansion, with the opening of 236 new stores in 2024, according to Pandora, as reported by City AM. Both revenue and earnings before interest and tax (EBIT) saw a 13% rise, reaching DKK 31.7bn (£3.54bn) and DKK 8bn (£0.89bn), respectively. Sales in the US, which represent just over 30% of Pandora's total sales, grew by 9% in the fourth quarter. Europe, accounting for another third, experienced flat growth, while combined sales in other regions saw an 11% increase. Alexander Lacik, CEO of Pandora, expressed satisfaction with the company's performance: "We are pleased with how we ended 2024, particularly given the challenging macroeconomic backdrop and a competitive holiday period." He added, "Execution of our Phoenix strategy continued to drive the brand forward throughout the entire year. In 2025, we target another year of solid and profitable growth and we have all actions lined up to continue the strong development." Pandora, a company that exclusively uses recycled silver and gold, has initiated the construction of a new DKK 1.1bn (£112m) crafting facility in Vietnam. The firm anticipates that this will enhance its crafting capacity by approximately 50%, generate 7,000 jobs, and produce up to 60 million pieces of jewellery annually. Over the past year, Pandora's share price has seen an increase of just over 35% and 4.6% in the previous month.

John Lewis 'misses Christmas sales targets' as middle-class shoppers flock to M&S

2025-10-05 18:28:41

John Lewis has reportedly experienced a shortfall in sales during the crucial Christmas trading period, as middle-class consumers increasingly turn to retailers such as Marks and Spencer. The Daily Telegraph reports that Waitrose also failed to meet its sales targets. The John Lewis Partnership (JLP) attributed this to "lower consumer confidence and weaker than expected market confidence" during the month leading up to 21 December, as well as the fact that this trading period did not coincide with the pre-Christmas shopping rush, as reported by City AM. Despite this, the company stated it had outperformed competitors and staff should be "proud of our performance". In contrast, M&S reported an increase in sales over the same period. Earlier this year, Marks and Spencer announced group sales had risen by 5.6 per cent over the 13 weeks to 28 December, with food sales increasing by 8.9 per cent. However, clothing and home sales struggled, rising just one per cent. Nevertheless, the retailer noted it had seen some of its busiest trading days ever during this period. The disappointing festive trading results for John Lewis will be viewed as a setback to its significant turnaround efforts, which began under the leadership of Tesco veteran Jason Tarry as chair, who took over during a tumultuous period under previous chair Dame Sharon White. The high street giant reduced its workforce by 153 roles last September and made a multimillion-pound investment in technology and significant internal store changes. John Lewis has reinstated its famous "never knowingly undersold" price promise, a commitment previously set aside by White. The high-street stalwart has disclosed a pre-tax profit of £56 million for the last year, indicating a significant £290 million upturn from the previous year.

Watches of Switzerland optimistic about US market growth post-Trump tax cuts

2025-09-21 05:09:36

Watches of Switzerland has conveyed a positive outlook for the luxury market in Europe, while highlighting sustained progress in the US, indicative of the global luxury sector's slow emergence from a two-year slump. According to the watch retailer, the once-stressed luxury market is now showing signs of stability, despite persistent pressures such as decreasing disposable income and evolving consumer tastes, as reported by City AM. Amidst the cost-of-living crunch, there is a notable trend of European shoppers, particularly those from Generation Z, gravitating towards pre-owned luxury items over new ones. This shift, coupled with a reduced pace in China, has caused a substantial retraction in the luxury marketplace. However, Watches of Switzerland, Britain's leading luxury watch retailer, reported that demand for premier luxury brands remained "strong" during the third quarter, with further acceleration observed in the American market. The company acknowledged that the increase in its Q2 revenue by 24% to £355m was primarily propelled by its performance in the US sector. The tax reductions enacted under former US President Trump, aimed at high earners, are largely anticipated to benefit luxury names with stakes in the American market. Sharing an optimistic business update that will undoubtedly encourage luxury investors still elated by favourable outcomes from industry peers Richemont and Burberry recently, Watches of Switzerland projects an upward turn. Anticipating a recovery phase, RBC analysts have described the latest financial figures as "reassuring", assigning the stock with an 'Outperform' rating. Despite this positive assessment, they recognized that the watch industry remains caught in a cyclical downturn for the present time. Just prior to the festive season, experts had anticipated a revival in the luxury domain, forecasting a revenue increase of five to six per cent by 2025. "Whilst luxury has generally been a tough sector [in the second half of 2023 and in 2024]... the setup is improving," remarked RBC analysts Piral Dadhania and Richard Chamberlain. Nevertheless, the popularity of pre-owned items is expected to persist. Watches of Switzerland referenced the "encouraging performance" of its second-hand business operations within their report.

Aldi to create 1,600 new jobs in UK after 'best ever' Christmas sales

2025-09-20 15:48:58

Aldi, the discount supermarket chain, is set to create 1,600 new jobs this year as it expands its UK store footprint, even as its competitors cut jobs. This announcement starkly contrasts with the news of Sainsbury’s cutting 3,000 jobs and minor staff reductions at Tesco and Morrisons, as reported by City AM. All three supermarkets have cited cost-saving measures as the reason for the cuts, but only Sainsbury’s has mentioned the impact of the higher national insurance bill announced in the budget. Aldi UK's HR Director, Kelly Stokes, stated that the company was "committed to creating rewarding careers and offering market-leading pay for all our store colleagues... this year promises to be an exciting year as we bring even more Aldi stores to local communities across Britain." The news follows Aldi’s Christmas results, which were its " This follows Aldi’s "best ever" Christmas results, with sales growing 3.4 per cent YoY, seasonal offerings increasing by 10 per cent, and its premium range seeing a 12 per cent jump compared to 2023. Giles Hurley, Aldi UK’s CEO, attributed the success to "drop[ping] hundreds of prices last year" as part of an "ongoing mission to make outstanding quality, affordable food accessible to everyone". The supermarket also retained its title as the UK’s cheapest supermarket for the fourth consecutive year in 2024, charging an average of £100.29 for a shopping list of 56 branded and own-label groceries in December. Aldi's market share has seen a year-on-year increase of 4.2 per cent, taking it to over 10 per cent of the market, according to Kantar. This puts the supermarket chain on track to surpass Asda as the UK's third-largest by 2028. New stores are set to open in the coming weeks in locations such as March in Cambridgeshire, Moston in Greater Manchester and Lytham in Lancashire, contributing to Aldi's ongoing expansion in the UK. Furthermore, Aldi recently announced a pay rise for Store Assistants from March 2025, with hourly rates set to increase to at least £12.71, and £14.00 within the M25.

Dragons' Den success for Devon coffee company after pitching on hit BBC show

2025-10-02 13:19:31

A Devon entrepreneur who appeared on hit BBC show Dragons’ Den has secured investment for his coffee company after a successful pitch. Will Little, who owns family-run Little’s Coffee, was looking for £80,000 for 2% of his Cullompton-based business and received four offers from the dragons. The second-generation business owner finally agreed a deal with investor Steven Bartlett for 5% of his company - for the full amount of money. Mr Little almost turned down the opportunity to feature on the programme, but changed his mind after realising Dragons' Den had become "a really credible TV show for challenger brands". “We’re a self-funded family business, so my natural reaction was to say no to Dragons’ Den when I was approached by the BBC," he said. "[But] having the backing, and mentorship, of a Dragon seemed like an opportunity I’d be silly to pass up. “It’s hard to explain how intense, surreal, and nerve-wracking the whole experience is. Nothing can prepare you for the moment you step into the Den and face the Dragons. It’s not every day you get to meet the people you grew up watching on television. Overall, the experience was actually amazing. Scary, but amazing.” Little’s Coffee was founded in 1990 by Mr Little's parents - Henry and Leila Little - who dreamed up the idea of making flavoured coffee after being inspired while travelling around California. The company, which has a 30-strong team in Devon, is now run by Mr Will Little and his wife, Caro. As well as instant and ground coffee, the business manufactures its own Nespresso-compatible coffee capsules pods in the UK. Little’s products are stocked in more than 1,600 retail outlets across Britain, including Tesco and Waitrose, and exported to 25 countries. The business also said it was the first instant coffee in UK supermarkets to go 100% plastic free, using UK-made glass jars and aluminium lids. Mr Little added: “Little’s is a challenger brand on a big mission to get people drinking better coffee. In the UK we drink nearly 100 million cups of coffee every day. However, the way people drink coffee is changing. “While high street coffee shops are exploding with a huge selection of flavour trends and innovative drinks, the same options just aren’t there for the coffee we drink at home. Little’s is here to show that just doesn’t need to be the case. Little’s is here to show you that you can have the coffee shop experience at home for a fraction of the cost.”

Caffe Nero owner reports record sales as popular menu items fly off the shelves

2025-10-05 21:55:45

Nero Group, the parent company of coffee chain Caffè Nero, has reported a significant surge in sales for the first half of its current financial year. The company achieved record-breaking sales of £310 million for the six months ending November 2024, representing an 8% like-for-like increase and 13.6% overall growth, as reported by City AM. In the UK, Caffè Nero's sales reached £185.4 million, a notable 11.4% rise, while sales in Turkey and Sweden saw increases of 12% and 9% respectively. With a global presence of approximately 1,120 stores across 11 countries and a workforce of 11,000 employees, Nero Group's impressive performance is a testament to its continued success. The results precede the publication of Caffè Nero's full-year results, expected by the end of the month, which follow the company's previous financial year performance of £450.4 million in revenue and £7.3 million in pre-tax profit, alongside the creation of over 1,000 new jobs. This positive news contrasts with rival Costa Coffee's reported pre-tax loss of £9.6 million in 2023, despite a revenue increase of over £100 million. Founded in 1997 by Gerry Ford, Caffè Nero was listed on the London Stock Exchange in 2001 before transitioning to a private company in 2007. Ford, who serves as the company's CEO, expressed optimism about the results, stating, "The first half was very encouraging." "Our success is a reflection of the hard work and outstanding service from our store teams and the real momentum we’ve built through menu innovation." "I was particularly encouraged by our cinnamon bun, which sold over quarter of a million units after its launch in Q2, and the famous maritozzi bun, which took the country by storm and sold close to half a million units in the first half of the year."

Gucci design chief Sabato de Sarno leaves as Kering targets turnaround

2025-10-13 07:13:38

Kering has announced the departure of Gucci's creative director Sabato de Sarno, who joined the fashion house in 2023 to succeed Alessandro Michele. Despite his efforts to revitalise the brand with a more pared-back approach, de Sarno's designs did not resonate with consumers, particularly during a period of broader luxury market challenges, as reported by City AM. This has led to a significant drop in Gucci's financial performance, with pre-tax profits halving to £4.8m in 2023 from £9m in 2022, and turnover decreasing from £206.3m to £184.6m. Kering's share price has also seen a nearly 40% decline over the past year. Analysts at RPC, Piral Dadhania and Richard Chamberlain, remarked that de Sarno's exit "does not come as a full surprise" and is seen as "the necessary next step to reignite brand momentum and for Gucci to recover some of the lost market share." Meanwhile, Jelena Sokolova, senior equity analyst at Morningstar, noted that "Brand momentum improvements typically surface by the fifth or sixth quarter of a creative leadership change, but this hasn’t been the case for Gucci," casting doubt on a potential rebound for the brand in 2025. Russ Mould, Investment Director at AJ Bell, cautioned that "normally, a change in a strategically important director after a bad patch would be applauded by the market... The fact Kering’s share price fell on the news implies that investors don’t believe there is a simple solution to the company’s problems." Market analysts have relayed concerns about the feasibility of a swift creative revival, outlining the lengthy process required to not only identify a successor to Sarno but also to allow the new creative strategy to make an impact. "While this shift presents an opportunity, the process of appointing a new creative leader and seeing tangible results is prolonged," commented Sokolova.

Elon Musk says 2025 will be a 'pivotal year for Tesla' despite profit plunge

2025-09-19 04:19:25

Tesla, the electric vehicle (EV) behemoth, has reported a sharp decline in profit for 2024, with net income plummeting over 70% to $2.3bn (£1.83bn). The company's profit stood at $2.3bn (£1.84bn) for the final quarter of the year, as reported by City AM. Despite an uptick in sales, which saw a 2% increase in the fourth quarter to $25.7bn (£20.63bn) from $25.2bn (£20.23bn) in 2023, Elon Musk's group experienced a drop in profit. Annual sales marginally increased from $96.8bn (£77.71bn) in 2023 to $97.7bn (£78.43bn). Dan Coatsworth of AJ Bell commented on Musk's political engagements, saying: "Elon Musk might want to stop spending all his time at the White House looking to elevate his status on the political stage, judging by the disappointing results from Tesla." Coatsworth also remarked on the potential special treatment Musk may have received and the irony of it given the inefficiencies appearing within his business empire. Tesla's profit and revenue were bolstered by $692m in sales of regulatory credits to other automakers. Nonetheless, Tesla's stock rallied in after-hours trading despite the lukewarm results. Susannah Streeter from Hargreaves Lansdown observed: "The market’s quick recovery suggests investors are looking past the miss, amid expectations for a new affordable model being launched onto the market." Elon Musk himself was optimistic about the future, stating: "2025 is going to be a pivotal year for Tesla".

Billionaire's hotel empire to open 40 new hotels in the UK and support 1,000 jobs

2025-09-29 14:04:39

OYO, the hospitality chain established by Indian tycoon Ritesh Agarwal, has disclosed its strategy to inject £50 million into the UK market over the forthcoming three years, a move that is set to bolster 1,000 jobs. The announcement follows the group's ambitious plan to launch 40 new hotels across the UK by the close of 2024, as reported by City AM. OYO emphasised that its investment will concentrate on 'premium' hotels to draw more international visitors and noted it is in "advanced stage discussions" with several prominent hotel chains and property firms. Puneet Yadav, country head for OYO UK, commented: "OYO entered the UK market in 2018, leveraging a model that had already proven successful in other global markets. " He added, "Over the years, we have grown our portfolio to over 200 properties across 65 cities, establishing a strong foothold in the region." Yadav further explained, "While we continue to cater to the budget segment, we are now focused on expanding through leasehold agreements and management contracts with premium properties." He also revealed plans to bring some of OYO's popular European brands to the UK, aiming to diversify their offerings and adapt to changing consumer demands. Currently, OYO boasts a network of over 200 hotels, predominantly within the budget category, spread over 65 cities in the UK, with a particular focus on London, Manchester, Birmingham, Cardiff, and Brighton. Investment Minister, Baroness Poppy Gustafsson, commented: "Our mission is to create a strong, stable and pro-business economy, with the UK remaining one of the best destinations in the world for investment."

Liverpool brewery and bar Carnival Brewing Company up for sale after administration

2025-09-25 19:58:00

A Liverpool bar and brewery has gone into administration- and its assets will now be sold at auction. Carnival Brewing Company on King Edward Industrial Estate near Liverpool city centre, appointed administrators Paul Stanley and Jason Dean Greenhalgh from Begbies Traynor on January 29. Established in 2017, the company was known for crafting a diverse selection of beers sold across Merseyside pubs and bars. It had a staff of three, and was known for teaming up with musicians and labels to create unique limited edition brews. Its weekend taproom drew beer lovers but efforts to secure a sale for the business fell through, leading it into administration. Items for auction include Carnival's canning line, reports the Liverpool Echo. Paul Stanley, partner at Begbies Traynor and joint administrator, said: "Many small, independent businesses are facing difficulties at the moment and despite establishing a number of trade and individual customers in a competitive industry Carnival has been unable to find a buyer and has been placed into administration. "We are working closely with creditors and directors to support on next steps. This includes seeking buyers for the assets of Carnival via an auction which will be held on 26 February." Several breweries in the region have recently shut down as the persistent cost of living crisis continues to severely impact the hospitality sector. Speke's Big Bog Brewing Company closed after falling into administration in March 2024, and the acclaimed Chapter Brewery, located in Sutton Weaver, also ceased operations in 2024.

An optician ‘as cool as an Apple store’: Specscart opens concept venue as it plans 2025 growth

2025-10-12 06:08:07

Greater Manchester opticians chain Specscart has opened a new store it says is “as cool as an Apple store” as it plans expansion in 2025 including a push into the USA. Specscart was founded by Sid Sethi after he was frustrated at the cost and slow pace of other opticians’ services when he broke his own glasses. The company now has three stores across Greater Manchester and Mr Sethi says sale last year grew to more than £3m. Now the company has opened a concept store in its home town of Bury that it says is “as cool as an Apple store, browsable as a Waterstones and quirky as an independent boutique”. The Union Street store is four times the size of the company’s existing Bury store, with twice as many eye test rooms. It promotes every pair of glasses in the 1,000-plus Specscart collection, and shoppers can order straight from their smartphones. Specscart says it is set for a year of growth, with a new website set to launch, its optical lab now able to operate until midnight to meet demand, and with expansion to the US planned. Specscart’s workforce grew from 18 to 21 during 2024 with another two hirings in the pipeline for 2025. It also has 20-plus employees in production units in China and IT operations in India. The store’s £100,000 transformation also showcases the history of the Union Street building, with original features including decorative ceiling plasterwork retained and with a mural installed about the history of the building. Specscart founder and managing director Sid Sethi said: “Our new store looks nothing like the clinical, old-fashioned and quasi-medical opticians of yesterday. We want people coming in for a browse, a try on and a chat just like they’d do in Zara, Gym Shark or JD Sports. “If you wear glasses, they are on your face for most of your waking hours – and they are one of the first things that people notice about you – so we want customers coming in to store and trying loads of different pairs on like they might with trainers in the Nike store. “We’re already seeing shoppers popping in, trying out some new frames and taking the obligatory selfie in our 9ft tall mirrors – and that’s exactly what we want to see. Shopping for glasses should be all about fun, fashion and creating the perfect look for you and not just about sight correction.” Specscart's success mean Mr Sethi last year won a spot on Forbes coveted 30 Under 30 List. He told the Manchester Evening News that the Forbes honour was like "winning the lottery, an Oscar and the Premier League all in one day", and added: "It might be my name on the list, but Specscart wouldn’t be flourishing as it is now without the dedication and hard work of everyone who works here - from back-office staff and our lab technicians to our tech team and sales assistants. This is a well-earned pat on the back for all of them too."

Kitchen giant Magnet plans premium push to claw back from £160m loss

2025-10-11 21:48:10

Nobia Holdings UK, the group behind kitchen manufacturer Magnet, is banking on its expansion into the premium market to help it return to profitability after suffering another significant loss and cutting hundreds of jobs. The company has been restructuring in recent years, having not posted a pre-tax profit since 2019, as reported by City AM. However, this transformation plan has resulted in hundreds of job losses. Recently filed accounts for Magnet at Companies House provide an updated snapshot of the brand's efforts to get back into the black. The business reported a pre-tax loss of £54.5m for 2023, following a loss of £68.9m in 2022. This latest pre-tax loss means that Magnet has accumulated a pre-tax loss of over £160m since its last pre-tax profit of £18.2m in 2019. The accounts also reveal a decrease in turnover from £424.3m to £356.8m over the year, and a reduction in headcount from 2,671 to 2,292 employees. Nobia Holdings UK is a subsidiary of Swedish firm Nobia AB, a Nasdaq Stockholm-listed company that took control of Magnet in 2001 in a deal worth £123m. Nobia Holdings UK's results for 2024 are expected to be filed with Companies House by the end of September this year. In the latest financial statements, UK executive vice president George Dymond commented: "The fiscal year 2023 continued to be a challenging economic environment with inflation, direct materials and energy prices still at relatively high levels." "This impacted consumer confidence and consequently volumes." "To ensure stability and improved profitability, the management team took action and in the first half of 2023 the decision was taken to exit some of our lower performing projects business contracts as well as a cost reduction programme which resulted in a number of redundancies across the UK business." "An announcement was also made regarding the closure of two factories with a net book value of £4.8m in the first half of 2023." "The cost reduction program cost £3.4m and returned annual savings of £13.4m." "A sale of the Dewsbury factory was also completed in September 2023 with a profit on disposal of £9.5m generated." "Further activities have also been undertaken in 2024, including the announcement of the consolidation of manufacturing capability in our Halifax site into Darlington and the closure of 26 loss making stores." Dymond added: "We remain confident in the efficiency of our strategic initiatives, which involve focussing on our core competencies and a targeted expansion via other distribution channels into the mass premium market." "Our expectation is that this approach will lead to strong returns, profitable growth and ensure a consistent cash flow trajectory from next year and beyond." The financial outlook for Magnet was detailed following a City AM report in October 2024, which highlighted that Wren Kitchens, a competitor, saw profits plummet to the lowest point since 2017 as sales dropped from an all-time high and the company cut 1,000 jobs. West Retail Group, based in Yorkshire, recorded a pre-tax profit of £35.1m for 2023, a significant decrease from the previous year's £75.8m.

Welsh retail sector boosted with a surge in footfall in January

2025-10-14 05:02:16

Welsh retail footfall in January was significantly up on a year earlier in a welcomed boost to the retail sector, although the outlook remains challenging. New figures from the Welsh Retail Consortium shows that footfall last month was up 8.5% on the previous year. This was the highest of any UK nation, with England up 7.4%, Northern Ireland, 3.5% and Scotland 1%. For the UK as a whole the rise was 6.6%. Compared to the regions of England, it was only higher than in Wales in the south east of England (9.4%) and the west Midlands (10%). As expected, with the run up to Christmas, footfall in Wales in January was down (2.6%) on December. Welsh shopping centre footfall was up 8.6% in January, compared to the previous year, while retail park footfall increased 9.8%. Of the UK core cities, Cardiff had the third highest rise in footfall on a year earlier in January, up 9.1%. It was only higher in Manchester (up 10.3%) and Birmingham (up 14.3%). The lowest rise was Leeds at 1%. Footfall is based on shoppers entering a retail store on the high street, shopping centres and retail parks. Head of the Welsh Retail Consortium, Sara Jones, said: "After a dismal end to the golden shopping quarter, January saw Welsh footfall outperform other UK regions and nations with a jump in shopper numbers of 11 % compared to the previous month (year-on-year in December was down 2.6%). Cash conscious consumers were undoubtedly keen to make the most of the fantastic offers and discounts available in the January sales, with retailers looking to recoup the losses from the drab December trading period. “Whilst 2025 has started on a more positive note for the industry in terms of footfall, the fact is retail sales in January remain considerably less than in the golden quarter leading up to Christmas and customers remain cautious dampened by a pessimistic outlook on the economy. Alongside the impact of the UK Government’s recent tax policies on the labour market and payroll costs, it remains a nervous time for the sector which is running on wafer thin margins. "With additional regulatory cost pressures in the mix, alongside April’s business rates hike, Welsh retailers will be hopeful that January’s uptick in footfall can be sustained in the coming months, helping to shoulder some of the pressure they are under.” TOTAL FOOTFALL BY NATION AND REGION GROWTH RANK NATION AND REGION Jan-25 Dec-24 1 West Midlands 10.0% -1.1% 2 South East England 9.4% -1.1% 3 Wales 8.5% -2.6% 3 East of England 8.5% -3.4% 5 South West England 7.9% -4.8% 6 North West England 7.7% -1.4% 7 England 7.4% -2.1% 8 North East England 6.8% -3.3% 9 London 6.7% -1.2% 10 East Midlands 6.4% -2.7% 11 Northern Ireland 3.5% -5.8% 12 Yorkshire and the Humber 3.3% -2.9% 13 Scotland 1.0% -1.5% TOTAL FOOTFALL BY CITY GROWTH RANK CITY Jan-25 Dec-24 1 Birmingham 14.3% 4.8% 2 Manchester 10.3% -3.0% 3 Cardiff 9.1% -3.5% 4 London 6.7% -1.2% 4 Nottingham 6.7% -3.3% 6 Bristol 6.2% -7.5% 7 Belfast 4.8% -7.2% 8 Liverpool 3.2% -3.8% 9 Edinburgh 2.8% -1.1% 10 Glasgow 1.9% 0.2% 11 Leeds 1.0% -3.0% Andy Sumpter, retail consultant for Sensormatic Solutions, which carried out the research said: After a dreary December, retailers will welcome January’s footfall jump. The uptick was boosted by a very strong Week 1, helped in part by New Year’s Day falling on a Wednesday, which may have prompted ambient store traffic as consumers bolted on additional days of leave, as well as retailers extending post-Christmas discounting well into January. Not even the significant disruption from Storm Eowyn was enough to dampen overall footfall performance.

Media giant Future plc on track despite UK advertising woes, boosts US digital revenue

2025-10-10 09:20:32

Publisher Future plc has reported that it is trading according to market expectations for the first four months of its financial year, despite challenges in the UK advertising sector. The Bath-headquartered media group, known for its various specialist titles in tech, gaming and lifestyle, communicated to the markets this morning that its consumer business has continued the positive momentum from 2024, showing sustained audience engagement and an increase in digital advertising revenue, as reported by City AM. However, the UK's advertising scene remains frail, mirroring broader market difficulties that have influenced the sector, leading to redundancies and the shutdown of certain publications. Future, which manages titles such as Marie Claire and Country Life, highlighted these advertisement trials alongside growth in US digital advertising and e-commerce as influencing factors. Chief Executive Jon Steinberg commented: "We are pleased with the start to the new financial year. While we remain mindful of the macroeconomic backdrop, we are confident about delivering a performance in line with market expectations". The company stays on course to meet market expectations, even after recording an adjusted operating profit of £217.8 million for the full year. The group's price comparison service, Go.compare, experienced a deceleration following a robust 2024, seeing a drop in consumers switching car insurance providers. On a more positive note, the firm broadened into home insurance, which has exhibited growth as well. This trading statement comes on the heels of the recent revelation that Kevin Li Ying will assume the role of Chief Executive Officer in March 2025. With two decades of experience at the firm, he has been instrumental in evolving the company from its traditional print roots to a modern digital presence.

Mulberry 'neglected to connect' with UK shoppers, says boss

2025-10-12 08:02:41

Struggling Somerset bag maker Mulberry has “neglected to connect” with British customers in recent years and plans to sell more in the UK, rather than China, to make the company profitable again. Chief executive Andrea Baldo told the PA news agency the company had “lost so much business” in Britain in recent years that there was “a huge space” for the company to grow. Founded in 1971, Chilcompton-based Mulberry is most famous for its luxury leather handbags. But it has seen profits nosedive of late, partly as a result of waning appetite for luxury goods among Chinese consumers, previously a key market for the fashion company. Mr Baldo said the company would focus less on China and close 12 stores across its Asian estate while aiming to open more shops in UK cities in future. It will also re-enter the wholesale and outlet sales markets, including by striking new deals to sell its items at John Lewis and Flannels. Mulberry has no presence in Birmingham or Liverpool, he said, and it will look to expand in those cities in future. The UK expansion comes after retailers such as Marks & Spencer have warned that rising company taxes and falling consumer sentiment could hit their home market. While Mr Baldo admitted those factors are “a challenge”, he added: “With the right product, distribution and communication, we are able to take advantage (of the UK market) no matter where the economic conditions are.” Mr Baldo, who joined last year from luxury brand Ganni, wants the company to focus on its “Britishness” and “cultural relevance” and simplify the business to counter plunging profits. He laid out plans to cut costs by a quarter compared with the last financial year, following a period of “suboptimal” performance. Mr Baldo also said Mulberry will look to expand in the US. The company made nearly one-fifth less in revenue over the key Christmas period than the previous year, blaming a “challenging” business environment. That was even worse in Asia, where sales slumped by 28% compared with the festive period in 2023. In Europe and the US, by contrast, sales grew 11% year-on-year. Mr Baldo said: “We need to get back to where we came from and return to the spirit of Mulberry.” He added that for the company to succeed “the business model needs to be simplified". Mulberry already announced plans to slash roughly 85 jobs, about one quarter of its workforce, before Christmas. The turnaround plan comes after loss-making Burberry also said it would focus more on its British history to make more sales. Meanwhile, Mulberry has also hired a new finance head, Billie O’Connor, a former Marks & Spencer and Selfridges executive. Mr Baldo added: “Billie has a wealth of experience working in the consumer retail space and has spent time leading finance teams through turnarounds.”

Famous Grouse whisky sale to billionaire's empire on the rocks as watchdog steps in

2025-10-15 14:51:36

The whisky industry is abuzz as The Famous Grouse, a renowned brand previously owned by Edrington's 1887 Company, has been sold to William Grant & Sons, one of the UK's wealthiest entities. This transaction, which took place in September last year for an undisclosed amount, is now under the scrutiny of the Competition and Markets Authority (CMA), as reported by City AM. Scottish billionaire Glenn Gordon, who owns William Grant & Sons, has thus expanded his portfolio, which already boasts esteemed whisky names like The Balvenie and Glenfiddich, as well as Hendrick’s gin. The acquisition also included the Naked Malt brand, while Edrington retains ownership of Macallan, Highland Park, and Glenrothes. In a statement from September 2024, Edrington chief executive Scott McCroskie explained the rationale behind the sale: "This decision is driven by our strategy to focus on our core strengths and the growth opportunities in the ultra-premium spirits category." He added, "We consider this the right moment for Edrington to exit the blended Scotch category and focus on our core portfolio of ultra-premium spirit brands." McCroskie praised The Famous Grouse for its consistent performance and expressed confidence in its continued success within the William Grant & Sons collection, saying, "The Famous Grouse is a well-loved brand that has consistently performed in its category during the time it has been part of Edrington, and Naked Malt has grown its reputation." A spokesperson for William Grant & Sons also commented on the acquisition, stating, "Having been around for over 125 years, The Famous Grouse has a rich history and would be a significant addition to our portfolio." "The brand has potential for innovation and international growth in a number of markets, and we’re excited about what the future holds." This comes as sales success graces the new owner of The Famous Grouse. According to a City AM report from October last year, sales have rocketed to just shy of £2bn, with profits crossing the £500m threshold during 2023. William Grant & Sons recorded a substantial increase in turnover, reaching £1.96bn for the latest financial year up from the previous £1.72bn in 2022. The figures filed with Companies House also reveal a significant leap in pre-tax profit from £397.5m to £554m over the same term. The esteemed portfolio of William Grant & Sons includes brands like Glenfiddich and Hendricks gin, alongside Monkey Shoulder, Sailor Jerry and Drambuie. For the year ending on 31 March, 2024, Edrington reported revenues ascending to £1.33bn from £1.27bn, while its pre-tax profit modestly climbed from £405.1m to £406.9m. In the interim, the CMA has slated a decision on whether to escalate the ongoing probe into a formal investigation for 27 March, calling for comments from interested parties by 12 February. This inquiry emerges as the fresh chair of the competition authority commits to expedite decision-making processes and enhance the agency's expertise, amidst a backdrop of sustained critique.

Almost Famous closing all sites: 'The current economic climate has proven too challenging for us to overcome'

2025-09-27 11:09:05

Pioneering burger restaurant group Almost Famous is closing all its sites - with owner Beau Myers saying the "current economic climate" and "lingering debt" have made it impossible to go on. Launched originally in 2012 in Manchester's Northern Quarter, Almost Famous became an immediate trailblazer for the "dirty burger" phenomenon, with long lines of eager customers. The Withington location was closed last year, and with today's announcement, the Northern Quarter location along with the Great Northern site will cease operations. The venues in Liverpool 's Parr Street, and in Leeds city centre, are also set to close. Mr Myers said: "It is with broken hearts that today, 27th January 2025, we announce the closure of all Almost Famous venues across Manchester, Liverpool and Leeds. "The current economic climate has proven too challenging for us to overcome, with lingering debt from Covid and rising costs across every aspect of the business. Despite our best efforts, we are no longer able to continue." "For over 13 years, we've had the privilege of working alongside some of the most talented and passionate people in hospitality. We will do everything we can to support you during this transition. "If anyone in the hospitality industry has job opportunities, we kindly ask you to reach out to us at famous.reachout@gmail.com – helping our team find new roles is our top priority right now." The group recently launched Super Awesome Deluxe in the Northern Quarter and introduced the underground bar Ego Death, both of which will continue to operate, reports the Manchester Evening News. Almost Famous' original location in High Street oepned in 2012 in what the Manchester Evening News called "a blaze of self-generated hype, with five star reviews, a salacious social media campaign, cheeky marketing and a 'no reservations' policy that meant punters were left queuing out of the door". That restaurant moved around the corner to Edge Street in 2012. Their expansion included branches in Leeds and Liverpool but last September, the closure of the Withington location hinted at challenges ahead. Mr Myers acknowledged that the site wasn't busy enough and was 'dragging' them down.

Emma Bridgewater faces job cuts and deepening losses in challenging financial year

2025-10-15 12:06:09

Emma Bridgewater, a pottery brand founded by its namesake designer, has cut jobs as it sank further into financial difficulties in its most recent fiscal year. The Stoke-on-Trent-based business, supported by BGF, reported a pre-tax loss of £4.4m for the 12 months ending April 27, 2024, as reported by City AM. This follows a pre-tax loss of £1.3m in the previous 12 months. According to newly filed accounts with Companies House, Emma Bridgewater reduced its workforce from 469 to 409 during the year, while its turnover decreased from £37.7m to £31.5m. The last time the company reported a pre-tax profit was £1.1m in the 12 months ending April 2022, with sales at £33m. Emma Bridgewater attributed the 16% decline in turnover primarily to reduced sales in e-commerce and wholesale channels, partially offset by growth in physical retail stores. The company stated: "In response to these trading conditions, the company implemented operational restructuring including workforce optimisation and reduced production schedules to better align with demand patterns." "The directors have implemented comprehensive measures to strengthen performance and position the business for future sustainable, profitable growth." "Current performance for the first eight months of FY25 is aligned with management expectations and represents a significant improvement on FY24." BGF has bolstered the company's financial position with an additional investment of £2.2m in May 2024, following its initial support in 2020 with an £8m cash injection.

London's Black Sheep Coffee to open in Bristol

2025-09-18 20:58:01

A London-headquartered coffee shop chain is opening a new site in Clifton in Bristol. Black Sheep Coffee, which has branches across the UK, has agreed to take commercial space at 60 Queens Road on a 15-year lease. The 2,724 sq ft unit is split across the ground floor and basement, and was previously occupied by Vodafone. Urban Creation, the building's landlord, completed a major renovation of the upper floors of 60 Queens Road in 2022, transforming them into luxury student apartments. The company, advised by Savills, completed a freehold purchase of the entirety of the building in 2024. Black Sheep Coffee was founded in 2013 by Gabriel Shohet and Eirik Holth, who started out with a stall in Camden in London. The brand offers a range of specialty coffees, including the signature Robusta, Love Berries, Blue Volcano, Rebel Decaf, and seasonal blends. “We’re thrilled to welcome Black Sheep Coffee to 60 Queens Road,” said Jonathan Brecknell, founder of Urban Creation. “Their brand aligns perfectly with our vision for the area, and we’re excited to see the positive impact they’ll have on the local community.” Urban Creation was advised by Savills on the deal. Rob Palmer, director in Savills Retail team, added: “Queens Road is one of Bristol's busiest retail locations, known for its vibrant mix of shops, cafes, and restaurants. "The arrival of Black Sheep Coffee reflects the ongoing demand for premium retail spaces in key urban areas. This letting will not only enhance the commercial landscape but also provide a high-quality amenity for the local community.”

Mulberry launches 'Back to the Mulberry Spirit' strategy to revive brand amid falling sales

2025-09-19 01:58:33

British luxury brand Mulberry has announced a recovery strategy in an attempt to reverse its recent downturn. This follows a 17% drop in its share price over the past month and a decline of more than 30% over the past year. The company's revenue for the final quarter of the year decreased by 18.3% year on year, fuelled by a 20% fall in UK retail sales and a 27.9% slump in Asia Pacific retail sales, as reported by City AM. Last year, Mulberry was the subject of two successive takeover attempts by Mike Ashley’s Frasers, but the luxury firm rejected both bids as undervalued and the offer was subsequently dropped due to governance issues. However, Frasers' worry that the brand was "going the same way as Debenhams" was echoed by analysts. Russ Mould, investment director at AJ Bell, agreed with the implication that Mulberry "was in a mess." Acknowledging its "sub-optimal" performance, Mulberry introduced a new strategy, "Back to the Mulberry Spirit". The brand outlined three main objectives: simplification, brand refresh, and customer connection. These goals encompass a focus on the UK and US markets rather than China, enhanced customer personalisation and in-store experience, and a new creative team. "Our new strategy sets out our commitment to turnaround this business and return to sustainable profitability," said chief executive Andrea Baldo. "We need to get back to where we came from and return to the spirit of Mulberry." "For Mulberry to succeed, the business model needs to be simplified – including re-prioritising the UK and taking a channel agnostic approach – while also ensuring we lead with creativity to reignite brand desirability and deepen connections with our customers," he added. Billie O’Connor, soon to join Mulberry as its new CFO, expressed confidence in the company’s strategy stating, the turnaround plan is "clear" with "ambition for the future".

'Hotel Chester' plans for former Mecca Bingo site updated and get go-ahead

2025-10-14 18:30:56

Revised proposals for converting Chester's old Mecca Bingo Hall into a new 146-bedroom hotel have been approved. The majority of the existing structure will be demolished to accommodate the seven-storey 'Hotel Chester' project, located next to St Oswald’s Way, which is anticipated to bring about 80 permanent jobs once open. The hotel is set to feature serviced office space within its landmark mock-Tudor front at Brookdale Place. Developer TAG, leading the initiative, has forecast over 100 construction jobs during the building phase. Cheshire West and Chester Council had previously given planning permission for the endeavour last summer, despite facing some opposition. However, last month saw TAG submit an application for a 'non-material amendment', aimed at reducing the overall footprint of the building. In her report recommending approval, case officer Lyndsay Shinner indicated that the proposed revisions were "prompted by the future operator's requirement to provide a minimum of five per cent accessible room allocations". Shinner also noted: "All the rooms have been reduced marginally in size to allow for additional accessible rooms to be created on each floor." The blueprint for the construction has been modestly scaled down, with room dimensions tweaked to meet specific requirements. This alteration not only improves the main entrance by offering more spacious circulation areas but also enhances vehicle access, reports Cheshire Live. Despite the smaller overall size, the updated plan manages to incorporate an additional two rooms (bringing the total to 146) without affecting the building's exterior or design features. The report says: "Collectively and individually, the proposed changes are not deemed to be significant changes that would have a material impact in terms of the original scheme. The proposed changes would not conflict with the description of development on the decision notice." In December 2023, TAG's director Luke Averill said: "Designs for Hotel Chester have been inspired by the city's history and reflect Cheshire West and Chester Council's ambition to support the growth of the area's visitor and business economy. Rejuvenation in this part of Chester is much-needed and we believe Hotel Chester will act as a catalyst for exactly this. "Guests staying at the hotel will create additional demand for local shops, restaurants, bars and other attractions, which we estimate could boost the local economy by £2.3m every year." The site, formerly Mecca Bingo, has a rich history dating back to 1931 when it was The Gaumont cinema, later becoming a bowling alley in the 1960s and a bingo hall in 1970, before its closure in February 2023.

Vodafone Business offers great customer perks and is crowned best network

2025-10-12 16:19:06

You can enjoy a host of amazing extras for free if you sign up for a business account with Vodafone. At the Mobile News Awards last year, Vodafone Business was crowned the 'Best Network for Business', marking the second consecutive year that the company has taken home the accolade. And for good reason. The company's business SIM only plans give customers a range of great benefits including 5G at no extra cost and more than 50 roam-free destinations. These excellent perks and the fact customers benefit from coverage across 99% of the UK have seen 550,000 business customers across the country sign up with Vodafone Business. Right now Vodafone is helping more than 3.8million businesses thrive. Vodafone Business customers also benefit from free support, guidance and solutions through the company, so they are in the best position possible to make their start-up dreams become a reality, expand their customer base, take an established firm to the next level or achieve any other business goal they may have. More than 300,000 businesses have taken advantage of this offer, while over a million SME businesses have upskilled their digital capabilities thanks to Vodafone’s business support services, including V-Hub. In another sign of its quality, Vodafone was judged to provide the best overall broadband in a survey launched by the Telegraph. Readers praised the speed of the broadband they receive, as well as its price. Through Vodafone Business, you can also choose from a selection of competitively priced hardware. Choose the right phones and devices to keep your employees connected, both in and out of the office. Now is the time to discover Vodafone Business's full range of phones, iPad, tablets, data dongles and more – each with plans that are designed for business use. To get the new year off to a great start, Vodafone has a range of great deals for business customers. There are plenty of other SIM only deals for Vodafone Business customers online now, including the Unlimited Max Xtra Global Roam + Entertainment package which also delivers 500 international minutes to EU countries and 24 months free membership to Youtube Premium or Amazon Prime. For those who work at home, having reliable and fast broadband that you can trust is key. Luckily Vodafone Business has many great offers, including a 24 month Fibre broadband package with download speeds of up to 900 Mbps from £23 a month until 1 April 2025. The price will increase to £25.50 from 1 April 2025 and £28 from 1 April 2026.. Alternatively you might be tempted by the Business Broadband Pro II, a set-up that is equipped with a Super WiFI 6E Booster. It can connect over 150 devices and has 4G Broadband back-up, so everyone can work together seamlessly. A spokesperson for Vodafone Business said: "We are proud to work with businesses of all sizes by allowing them to have the tools they need to succeed so that they can focus on what matters most, growing their business." There are a few terms and conditions to keep in mind. All pricing set out above excludes 20% VAT. For Broadband offers, minimum term agreement and credit/eligibility checks apply. For terms, see vodafone.co.uk/terms.

Zuber Issa vows to grow a new 'retail powerhouse' after EG On The Move completes deal for almost 100 sites

2025-10-04 00:25:43

Zuber Issa’s petrol forecourts business EG On The Move has completed the acquisition of almost 100 sites from service station operator Applegreens – and vowed to grow into a “retail powerhouse”. Blackburn-based EG On The Move has completed a deal for the Applegreen UK network comprising 98 sites with around 40 foodservice concessions. The acquisition means EG On The Move will have 151 petrol forecourt stations and another 209 foodservice concessions. The group said: “Together, the integrated network will create a retail powerhouse in the independent petrol forecourt sector, offering customers an unparalleled combination of choice and convenience”. EG On The Move has also acquired the Applegreen fuel card business. The group says it will also continue investing in its EV charging network. As part of this transaction, EG On The Move have also acquired the Applegreen fuel card business and this will further enable the business to strengthens its position in providing tailored fuel solutions to commercial and fleet customers whilst leveraging the synergies of its existing network as well. The 1,142 staff members working at the 98 Applegreens sites will transfer to EG On The Move, meaning the combined group will have some 4,500 staff. Zuber Issa, CEO, EG On The Move said “We look forward to integrating the Applegreen UK business into EG On The Move. This acquisition is a natural fit, and enables EG On The Move to continue to redefine convenience retail and mobility for our customers, with a strong focus on quality, innovation, and sustainability.” He added: “Customers and stakeholders can expect a seamless transition. Updates on site facilities, retail initiatives, and brand partnerships will be shared in the coming months. Our network is poised to deliver enhanced customer experiences that reflect the growing welfare and retail demands of those who travel for work, social reasons or live in the surrounding area.” John Diviney, COO Applegreen Europe and CEO at Welcome Break said: “Following completion of this transaction, Applegreen remains committed to the UK market through our majority stake in Motorway Services Area (MSA) operator Welcome Break, and our growing EV charging business. Welcome Break employs more than 6,000 people throughout the UK, where it operates 59 sites, including 34 MSAs, and 31 hotels.“ “We have a strong pipeline of new MSAs to develop, and recently opened our new £55 million state-of-the-art location at Junction 33 of the M1 at Rotherham.” EG On The Move were advised by Cleary Gottlieb, Freeths, Rabobank, PWC, Alvarez & Marsal. Zuber Issa last year sold his 22.5% stake in Asda, which he had led with his brother Mohsin.

Builders merchant MKM opening four new sites, creating 74 jobs

2025-10-12 06:25:30

Builders merchant MKM is opening four new sites in the South West of England and Wales. The independent firm, which sells building materials and supplies to traders and the public, said the new outlets in Plymouth, Bridgend, Bangor, and Cheltenham would create 74 jobs. The branches are opening throughout February and include kitchen and bathroom showrooms, and landscaping displays. The outlets will stock a range of national brands and will also be giving out free hot drinks to customers. The Plymouth branch, which opened on Monday (February 3), is the first new builders’ merchant in the city for more than two decades. The outlet is being headed up by directors Mike Kerslake and Simon Channings, and has a 16,000-square-foot drive-thru timber facility. The branch has already pledged support for Plymouth Argyle Community Trust as its charity partner, alongside grassroots teams including Parkway FC and Tamar Saracens. Mr Channings said: “Plymouth has been ready for a fresh approach to builders’ merchants, and we’re delivering just that. Whether you’re a trade professional or tackling a DIY project, we’re here to support you.” MKM Bridgend will open on February 10, creating 18 jobs. The branch is being led by Shaun Cox and Jonathan Thomas, and has agreed partnerships with Prostate Cymru, Sandville and The OddBalls Foundation. Mr Cox said: “We’re not just here to sell materials; we’re here to build relationships, support local initiatives, and set the benchmark for customer service in Bridgend.” Meanwhile, MKM Bangor is opening on February 17 and MKM Cheltenham on February 24. The Gloucestershire branch is the first MKM store to achieve a BREEAM Excellent rating, with its solar panels, air-source heat pumps, electric vehicle chargers, and LED lighting. Jamie Cole, who will lead the Cheltenham branch alongside Dave McCombie, said: “We want to bring back the feel-good factor to the building trade, offering a level of service that national merchants have lost touch with. Cheltenham deserves a merchant that truly cares about its customers and community.”

Dunelm announces CEO's departure, highlights robust half-year financial growth

2025-10-13 01:25:12

Dunelm's CEO, Nick Wilkinson, has announced his decision to step down after seven years at the helm, during which he led the company through strategic changes, digitalisation, and the pandemic. Wilkinson will remain with the FTSE-listed firm until a successor is appointed. Dunelm has seen consistent sales growth over recent years, thanks to its personalised, relatively low-cost homewares that have proven popular with consumers, as reported by City AM. Alison Brittain, Chair of Dunelm, praised Wilkinson as a "tremendous leader for Dunelm", adding that he had successfully guided the group through the global pandemic, driven a significant shift in the digital offer, established strategic capabilities across the business including in tech and data, and maintained the unique, entrepreneurial culture which makes Dunelm so special. She added: "Nick will continue to lead the business over the coming months as we transition to a new CEO, maintaining a focus on delivering long-term, sustainable growth for all stakeholders." Wilkinson commented: "It feels like I’m approaching the right time to step away from full-time executive life [but] I’ve never been more confident in the opportunities ahead for this special brand. There remains lots to do, and much to learn, as Dunelm continues to grow and develop." The retailer also announced strong results for the 26 weeks ended 28 December, with a 2.4 per cent increase in sales. Dunelm has reported a rise in its market share in homewares to 7.8%, marking a year-on-year increase of 0.3%, alongside a customer base growth of 4.3%. The retailer's pre-tax profit edged up by 0.2% to £123.1m, while diluted earnings per share increased by 0.9% to 44.6p. CEO Wilkinson commented on the company’s resilience: "Our performance over the first half reflects the growing attraction of the Dunelm offer for a wide range of customers, and the quality and resilience of our business model." He further noted the company's success despite retail challenges: "Amidst a challenging backdrop for retail, those attributes have helped us deliver increased sales, a strong gross margin, and both customer and market share growth." Wilkinson has expressed his support for the Government’s higher living wage initiative, advocating that an increase is beneficial for the overall economy. Nonetheless, Dunelm is faced with various inflationary pressures, including a new packaging tax and a rise in employer’s national insurance contributions, mitigation efforts for which have led to only partial offsets through productivity improvements.

Popeyes and Wingstop announce plans to open dozens of new UK restaurants

2025-10-03 00:14:26

Fast-expanding chains Wingstop and Popeyes have both unveiled ambitious plans to broaden their reach across the UK, generating thousands of job opportunities. Popeyes has detailed plans to nearly double its UK presence by launching over 45 new restaurants, as reported by City AM. This expansion will bolster its footprint in cities such as Birmingham, Leeds, and Bristol, while also growing further in Manchester, Liverpool, London, and Scotland. The company anticipates creating approximately 2,500 jobs and aims for sales exceeding £200m in 2025. Financial accounts released in October 2024 for the fiscal year 2023 showed a revenue increase from £15m to £58.1m. The firm has now reported that its sales soared to over £118m in 2024 with the opening of 33 new locations. Tom Crowley, CEO of Popeyes UK, stated: "2025 is set to be another incredibly exciting year for Popeyes UK®, building on the significant successes our team generated in 2024 as we ended the year with an annual sales run rate of £150m." He added: "I would like to take this opportunity to thank the whole Popeyes team for their continued hard work and dedication throughout what was an incredibly busy year which saw us become the UK’s fastest growing QSR brand." He concluded: "Our ambitious roll-out strategy – which will see us open, on average, close to one new site per week in the coming 12 months – will mean that we can bring joy to even more customers across the country, from breakfast through to late night." "At the same time, we are looking forward to welcoming around 2,500 new team members in the year ahead to support our expansion plans, all the while continuing our clear focus on exciting menu and technology innovation. Underpinned by the proven global appeal of the Popeyes brand and our highly acclaimed customer proposition, the growth potential of the business is significant, and we have a medium-term target to scale to more than 350 sites, establishing Popeyes UK as one of the largest QSR [quick service restaurant] operators in the UK market." Concurrently, Wingstop, another popular chicken chain in the UK, has unveiled its ambitious plan to launch at least 20 new outlets this year, generating hundreds of job opportunities. This announcement comes a month after Wingstop's UK division was acquired by a US private equity firm for over £400m. Wingstop UK plans to open at least 10 new locations in the first half of the year, including dine-in restaurants in Swansea, Newcastle, Lakeside shopping centre in Essex, Streatham in south London and Cardigan Fields in Leeds. Additionally, a new delivery kitchen will be opened in Brighton. Currently, Wingstop operates 57 sites across the UK, employing more than 2,500 people, following an aggressive expansion strategy. Last year, the company opened 18 new locations, including its largest site at Westfield Stratford in east London. Chris Sherriff, Chief Executive of Wingstop UK, expressed his enthusiasm for the company's trajectory: "2024 has been a landmark year for Wingstop UK, marked by record site openings, a new flagship location and industry accolades." He continued, "This year we are poised for even greater growth, with plans to expand into new regions and create hundreds of jobs." Sherriff also extended gratitude towards the staff: "Thank you to the brilliant work of all our employees, who drive us to keep growing, whilst providing a personalised and authentic experience to wing-lovers up and down the country." He concluded with optimism, "There is huge momentum and we can’t wait to bring our flavours to more areas across the UK." In December, City AM reported that Wingstop had significantly increased its sales amidst its ongoing expansion in the UK, creating numerous job opportunities and returning to profitability. The restaurant chain, famed for its buffalo wings, disclosed a turnover of £84.6m for the 12 months leading up to 31 March, 2024, as per documents filed at Companies House.

Jollyes to lower 3,000 prices as it opens new stores in challenge to Pets at Home

2025-10-05 02:16:35

Pet superstore chain Jollyes has unveiled plans to slash thousands of prices and launch new stores across the UK. The retailer, a significant competitor to Pets at Home, also announced a series of new benefits for its employees in an effort to attract fresh talent, as reported by City AM. This announcement comes nearly a year after TDR Capital, the private equity backer of Asda, pub group Stonegate and David Lloyd Leisure, acquired a majority stake in Jollyes. At that time, Jollyes stated that the deal would enable it to accelerate its store expansion as it aims to compete with London-listed rival Pets at Home. Jollyes now plans to reduce more than 3,000 prices to levels previously only available to loyalty card holders. The company said this move covers over two thirds of all the 4,500 ‘core’ items it typically stocks in a store. Jollyes is expected to file its accounts for its latest financial year, the 12 months to 31 May, 2024, by the end of February. However, the business confirmed that it achieved its biggest-ever trading day in its history on 23 December, 2024. Jollyes served more than 42,000 customers and its like-for-like sales increased by six per cent in the four weeks leading up to Christmas Eve. Total growth for the same four-week period was 13 per cent, which the retailer attributed to the opening of 14 new stores in 2024. Jollyes also confirmed plans to open new stores in Pontefract, West Yorkshire, and Chichester, West Sussex, in March. They will be followed by new shops in Swansea, Glamorgan, and Chesterfield, Derbyshire. An existing location is also being relocated to a new site in Perth. Chief executive Joe Wykes said: "We understand how much joy a pet brings to families, but we also know the cost of that commitment is high, especially at a time when household budgets are under pressure from energy bills and mortgage payments." "That’s why we’re simplifying our prices so customers won’t need to be a member to get the value that pet parents demand." "Being relentless in lowering prices to deliver on our promise to be the best value pet store in town is at the heart of our DNA and the promise we make to our customers."

Morrisons reports significant sales boost with More card surge and major debt reduction

2025-10-06 12:32:51

Morrisons, the supermarket behemoth, has seen a surge in sales during its most recent financial year, thanks to an increase in market share and growth in its loyalty card scheme. The company, headquartered in Yorkshire, reported a revenue of £15.2bn for the 12 months ending 27 October, 2024, a rise from the previous year's £14.7bn, as reported by City AM. Group like-for-like sales also saw an uptick, moving from 1.8 per cent to 4.1 per cent. Morrisons revealed that its underlying EBITDA [earnings before interest, taxes, depreciation and amortisation] climbed from £751m to £835m. Sales associated with its More Card soared by 68 per cent, and the company managed to reduce its debt by 40 per cent from its peak. Rami Baitiéh, Chief Executive, described the past year as one of "This has been a year of urgent reinvigoration and positive progress for Morrisons. " for Morrisons. He noted: "Customer transactions increased, market share grew from Q2 and we saw positive switching from our competitors." He further added: "The improvements across the business have resulted in better availability in our stores, sharper prices, more effective promotions and a strong and growing loyalty scheme." Baitiéh highlighted the impact of these operational advancements on the company's financial performance, stating: "This operational progress is now starting to be reflected in our financial performance, with full year like-for-like sales up 4.1 per cent and EBITDA up by 11.2 per cent." He concluded by emphasising the strong finish to the year, saying: "We ended the year particularly strongly with Q4 like-for-like sales up 4.9 per cent – the strongest like-for-like quarter for almost four years. ". "The More Card is firmly established as a customer favourite after a stunning year with linked sales growing from 47 per cent just 18 months ago to 76 per cent today." "We have introduced a rolling programme of around 2,500 deeply discounted More Card prices and points are now awarded on every product." "In the two-week Christmas period around 3.5 million Morrisons Fivers were redeemed by customers." "I want to thank everyone at Morrisons for their commitment and energy every day and for playing their part in the significantly improved performance that we are reporting today. " "Supermarkets, convenience, online, wholesale and Myton Food Group all contributed to the improving picture, helping us serve our customers better." The results come after it was confirmed last week that Morrisons had joined Sainsbury’s and Asda in making major job cuts. Jo Goff, Chief Financial Officer, added: "A year of broad based operational progress has helped to deliver a significantly strengthened Morrisons." "We delivered a further £150m of progress on our working capital programme in the year, taking the total since the start of the programme to £450m, and have achieved £312m in our cost saving programme in the year. " "Our capital allocation framework remains to firstly invest in our estate and proposition, second to reduce debt and leverage and third to invest prudently in growth."

UK hospitality sector reels from Labour's budget despite global economic shifts

2025-10-01 20:53:42

The high-stakes drama of a global trade war vies for attention alongside Keir Starmer’s EU reset, looming interest rate decisions and Nigel Farage’s lead in the opinion polls. News is fast-paced, and the focus quickly shifts. Politicians are often the first to want to 'draw a line under it' and move forward; whether the 'it' refers to Starmer's potential breach of 2020 lockdown rules or his government's disastrous October budget, as reported by City AM. Thankfully, politicians don't have the final say on when a story loses its relevance. For this reason, we spotlight on our front page today an issue that once dominated discussions before being overshadowed by newer or bigger news; the crisis facing the UK’s hospitality industry. According to industry body UKHospitality, the sector employs 3.5 million people and contributes nearly £100bn to the UK economy, including over £50bn in tax receipts. These figures represent some massive companies, both private and listed, numerous family-run groups and tens of thousands of smaller, independent operators. However, they all face the same hurdles; tight margins, inflation-driven cost increases, overheads, high labour costs and – collectively – a large number of relatively low-paid staff. These factors make it a challenging sector even in the best of times, and these are not the best of times. The industry has strongly opposed the tax and labour cost changes announced in the Budget, but their concerns seem to have been ignored. From April, nearly 800,000 hospitality workers will be subject to employer national insurance contributions, adding an estimated £1bn burden on the sector. This has led to job cuts, recruitment freezes, reduced opening hours, cancelled investments, or even permanent closures for some establishments. Manchester-based hospitality entrepreneur Sacha Lord expressed his concerns in a poignant letter to Rachel Reeves, stating, "this is not just about businesses, it’s about jobs, livelihoods, and communities, and time is running out." The industry has proposed measures to the Treasury to mitigate the NICs changes' impact, yet there seems to be little response. Despite the Chancellor claiming that growth is her "number one mission" and justifying the distressing tax changes as necessary for public finances, the hospitality sector remains unconvinced, as do I.

The Range announces new store openings following Homebase acquisition

2025-10-08 19:56:46

The owner of The Range is planning to open a string of new stores in former Homebase outlets around the UK. CDS Superstores, parent company of the Plymouth-based retailer, acquired 70 outlets when the DIY chain fell into administration last year. The new-style Range branches will all have Homebase-branded garden centres and a number will have kitchen sections under the DIY brand. The outlets will also allow dogs inside, CDS said, provided they are kept on a lead. A total of nine locations have already been announced by the retailer with another three opening on Friday (February 7) in Penge, in South East London; Woking in Surrey; and Leighton Buzzard in Bedfordshire. Alex Simpkin, chief executive of CDS Superstores, said: "We’re fully committed to retaining the best of Homebase’s heritage while introducing the broader product range and value that customers expect from us as The Range. “While those Homebase stores acquired by CDS will continue to trade throughout the transition period, we’re focused on ensuring a seamless transfer of these locations into our new store format, with twelve launches confirmed for this year already." CDS, which was founded by billionaire British businessman Chris Dawson, is planning to roll out up to 10 new superstores a month, with a goal of transforming up to 70 Homebase locations in this new format and securing up to 1,600 jobs throughout 2025. The business said it had "prioritised" retaining and transferring team members from the acquired Homebase locations. The company has also acquired the rights to all Homebase's branding and has relaunched its website for online shopping. The acquisition of Homebase came a year after CDS bought the rights to the Wilko brand following its collapse. The company has since reopened a number of the budget chain's outlets and is planning to roll out more in 2025. Pollokshaws, Glasgow Christchurch, Bournemouth Kings Heath, Birmingham Newton Abbot, Devon Felixstowe, East Suffolk Blyth, Northumberland Stroud, Gloucestershire Putney Road, Leicester Blandford Forum, Dorset Penge, London Woking, Surrey

Rachel Reeves' Budget has scared off UK retail traders, survey finds

2025-10-12 10:22:26

A new survey indicates that retail traders are shying away from the UK market following Chancellor Rachel Reeves' recent Budget. The study by Graniteshares revealed that over a quarter of retail investors (26%) have reduced their stake in the UK after the Budget announcement, as reported by City AM. Moreover, out of the 1,000 British retail investors surveyed last month, one in five stated they are likely to decrease their investment in UK markets by 2025. "Economic news in the UK has been relatively downbeat over the past six months and last year’s Budget has been criticised by businesses," according to Catarina Donat Marques, head of European retail strategy at Graniteshares. The October Budget introduced by Reeves incorporated new taxes amounting to £40bn, including an increase in capital gains tax, leading to a substantial decline in business confidence. The strength of the US dollar is another significant factor deterring retail investors from UK stocks – 27% are being put off due to this reason. Following speculation about the Budget since late September 2024, there's been a noticeable drop in the value of the pound from $1.34 to just $1.24 today. In the long term, the sentiment among retail traders towards UK markets remains bleak, with 61% expressing disappointment with the performance of UK markets over the past three years and 24% admitting to diverting their investments elsewhere as a consequence. In the previous year, the FTSE 100 saw a modest growth of only 5.7 per cent, in stark contrast to the S&P 500's impressive return of 23.3 per cent. This disparity, largely due to the dominance of the US-based 'Magnificent Seven', has prompted a significant number of UK retail investors to turn their attention to American investments. Indeed, approximately 23 per cent of UK retail traders have reported a decrease in the proportion of their investment portfolio dedicated to British stocks and funds over the past three years. However, despite this trend, a third of these investors estimate an increase in their UK investments.

Fevertree shares soar after 'transformational' deal with Molson Coors

2025-10-04 00:59:22

Fevertree's stock has surged by over 20% following the announcement of a partnership with Molson Coors, the owner of popular beer brands Coors and Carling. The deal stipulates that Molson Coors will exclusively manage sales, distribution, and production of the Fevertree brand in the US market, as reported by City AM. Analysts have unanimously praised the agreement, anticipating mutual benefits as both companies diversify into new markets. As part of the arrangement, Molson Coors will also acquire an 8.5% stake in Fevertree, with the proceeds from this transaction being returned to shareholders through a £71m share buyback programme. Fever-Tree CEO Tim Warrillow hailed the deal as "transformational" for the Fever-Tree brand in the US, stating, "As the Fever-Tree brand has grown in the US, so has the opportunity ahead of us, reflecting the increasing number of categories and occasions that our products are relevant to,". Michelle St. Jacques, Chief Commercial Officer at Molson Coors, echoed these sentiments, describing Fevertree as the "perfect fit" for their non-alcoholic beverage portfolio. Analysts at Jeffries noted that "Fevertree... will benefit from a significant uplift in scale and execution capability in its largest market, whilst also de-risking the supply chain and driving higher quality of earnings," They further labelled the deal as a game-changer for Fevertree's potential earnings power. Panmure Liberum also lauded the deal as "transformational," viewing Molson Coors as "a long-term backer and a potential eventual acquirer"

Shein to slash IPO valuation by $16bn as it faces new trade barriers

2025-09-26 13:20:02

Fast fashion behemoth Shein is reportedly considering lowering the target valuation for its anticipated London IPO as it faces new trade barriers in the US and mounting political scrutiny in the UK. The Chinese-founded retailer, which is expected to go public in London later this year, could be impacted by harsh new trade policies from the White House that aim to eliminate a "de minimis" exemption for small packages entering the US, one of Shein's largest markets, as reported by City AM. This policy change is likely to increase costs and affect the firm's profit margins. Company executives are now thought to be contemplating a reduction in the company's target valuation to approximately $50bn for the initial public offering, which is about $16bn less than its most recent valuation in a 2023 private funding round, as per Reuters, quoting sources familiar with the matter. The removal of the de minimis tax break by Donald Trump has added to the pressure on Shein, following months of outrage from advocacy groups over its intention to list on the London Stock Exchange. Shein has faced persistent accusations of utilising forced labour within its supply chain and procuring cotton from Xinjiang, where the Chinese government is alleged to have oppressed the Uyghur minority. Legislators in Westminster have raised concerns about whether the City of London should welcome the listing of such a company given its controversial human rights record. Susannah Streeter, head of money and markets at Hargreaves Lansdown, commented on the recent developments surrounding Shein's planned London listing: "Shein’s planned London listing was already mired in controversy and now it’s hit by fresh tariff turmoil, becoming ensnared in clampdowns on e-commerce giants." She further added, "This looks set to be a big bump in the road for Shein’s controversial planned listing on the London Stock Exchange. If Shein can’t compete so easily on price in major markets like the US and the EU, it’ll be a much harder sell, particularly given it also faces claims of environmental recklessness and poor working conditions in its supply chains." Last year, Reuters reported that Shein had confidentially filed papers with Britain’s Financial Conduct Authority (FCA) in early June. However, the regulator has yet to approve the plans, taking longer than typically expected in its deliberations.

Vertu Motors to reduce workforce and close showrooms on Sundays, citing Budget measures

2025-09-23 06:07:37

Car dealership group Vertu Motors has warned it will reduce its workforce and close most of its showrooms on Sundays, saying minimum wage and National Insurance rises will add £10m costs. The Gateshead-based business, which has nearly 200 sites in the UK, has lowered adjusted pre-tax profit expectations for the year the end of February, saying it will now be significantly below £34.5m estimates, which were down from £37.8m the previous year. Along with subdued demand, Vertu also blamed the Zero Emissions Vehicle (ZEV) Mandate for causing disruption to the market and that its ramping up to 28% for 2025 is likely to lead to more discounting on new cars which will squeeze margins further. But at the same time as announcing the £10m cuts, it also said it would spend £12m on share buyback scheme for investors. Vertu said that October last year heralded a "significant deterioration" in profitability from new vehicle sales, despite outperforming the market on battery electric vehicle sales and like-for-like retail volumes. Lower new retail volumes and pressure on manufacturer earnings were said to have led to reduced support for retailers. The measures introduced in the autumn Budget and coming into force from April are expected to impact the group in year to the end of February 2026. It said wage inflation would likely be passed through in areas, such as car valeting and cleaning costs. The number of jobs being axed at the 7,700-strong group is thought to be minimal, with reductions mainly coming from not replacing staff who leave. Vertu typically sees about 15% to 20% of its workforce leave each year due to natural staff turnover. Despite the headwinds, Vertu simultaneously announced it was launching a £12m share buyback - its largest to date. The action came as Vertu's board decided the group's shares were mispriced and trading at a discount to its own assessment of value. Robert Forrester, chief executive officer at Vertu, said: "The group's high margin aftersales business is performing strongly. However, the Government's ZEV Mandate is causing severe disruption to the UK new car market, and the consumer environment is subdued. Despite these headwinds, the Vertu team is delivering, as seen by our significant market share gains in BEV new cars in the final quarter of the year. We now have award winning BEV dealerships with Citroen, MINI and VW. The Government and the industry need to get together to address the root cause of the issues to allow the automotive sector in the UK to return to its traditional role of stimulating economic growth, which is a catalyst for employment. Vertu's strong balance sheet, underpinned by over £320m of freehold and long leasehold property, is a comfort to our colleagues, manufacturer partners and shareholders in these times. "We have returned over £94m to our shareholders since January 2011 in dividends and share buybacks and I am delighted that the board has authorised our largest share buyback to date, with £12m allocated to a buyback programme over the period to February 28, 2026."

Guinness maker warns on impact of Donald Trump's tariffs as it posts recovery

2025-09-19 21:59:10

Beverage behemoth Diageo has issued a warning about the potential impact of Donald Trump’s tariffs on its business, which exceeded analysts’ expectations this year following a significant downturn last year. The company's CEO, Debra Crew, stated that US tariffs, "whilst anticipated", could "impact [our] building momentum," and added that these levies have made it difficult for the company to forecast sales, as reported by City AM. Trump has vowed to impose 25 per cent tariffs on neighbouring Canada and Mexico – although he has since agreed to delay this for 30 days – and has already enforced a 10 per cent tariff on China. This is particularly relevant for Diageo, one of Mexico’s largest whiskey operators, which manufactures both Don Julio and Casamigos tequila in Mexico for sale in the US. Crew noted that Diageo has "anticipated and planned for a number of potential scenarios regarding tariffs" and "are taking a number of actions to mitigate the impact and disruption to our business that tariffs may cause". She further stated: "We will also continue to engage with the US administration on the broader impact that this will have on everyone supporting the US hospitality industry, including consumers, employees, distributors, restaurants, bars and other retail outlets." On Radio 4’s Today show, AJ Bell investment director Russ Mould commented that Diageo’s are "looking at these tariffs very nervously." He added: "The problem for the market is that they just don’t quite know what to expect". Charlie Huggins, manager of the quality shares portfolio at Wealth Club, commented on the market's current state: "The scale and breadth of Diageo’s portfolio means it is capable of meeting this challenge head on. It also has scope to accelerate productivity initiatives, which will now become even more important." He added, "However, with Diageo’s CEO, Debra Crew, under mounting pressure to turn things around, the last thing she needed was more uncertainty. Trump’s tariffs cloud the outlook and are a major kick in the teeth for shareholders." Jeffries analysts rated the stock a ‘Buy’ but similarly warned on the effect of tariffs. . The reported operating profit fell five per cent in the first half of the 2025 financial year, from $3.3bn (£2.66bn) in the first half of last year to $3.15bn (£2.54bn). Reported net sales fell one per cent to $10.9bn, from $10.96bn last year. Organic sales rose one per cent, above analysts’ expectations of 0.5 per cent. Earnings per share dropped 12 per cent to 87.1p. Diageo will pay an interim dividend of 40.5p on February 28. Despite the contraction, this is an improvement in Diageo’s performance – profit fell nearly five per cent last year after sales in Latin America slumped. Sales of Scotch and rum, in particular, slowed down. "Our fiscal 25 first half results marked a return to growth, delivering organic net sales growth of one per cent despite a challenging industry backdrop as consumers continue to navigate through inflationary pressures," stated Chief executive Debra Crew. "Growth in four of our five regions was supported by market share gains... we remain confident of favourable long-term industry fundamentals and more importantly in our ability to outperform the market," she added. Diageo reported that its Guinness brand experienced double-digit growth for an eighth consecutive half. At the end of January, rumours circulated that Diageo was planning to sell its Guinness division for up to £8bn, along with its 34 per cent stake in champagne producer Moet Hennessy. However, Diageo dismissed these claims, stating it had "no intention" to sell either brand. Guinness has been a significant contributor to the company's success, with 18 per cent growth last year bolstered by social media success and the younger generations’ rediscovery of the drink.

UK retail footfall sees first January increase since 2016 as shoppers delay Christmas spending

2025-10-08 09:32:29

For the first time since 2016, retail footfall in January saw a year-on-year increase, likely due to UK consumers delaying their festive spending to take advantage of discounted goods in the new year sales. According to data from MRI Software, footfall across all UK retail destinations rose by 1.4 per cent in January 2025 compared to the same period in 2024, as reported by City AM. Shopping centres led the way with a 1.8 per cent increase in footfall, followed by a 1.4 per cent rise in retail parks and a 1.1 per cent increase on high streets. This marks the largest year-on-year increase, excluding lockdown periods, since January 2016 when footfall increased by 1.2 per cent. However, this increase may not be as positive for the retail sector as it appears. Recent data from advisory firm BDO indicates that while in-store sales grew by 3.2 per cent in January, mirroring MRI's data, there was a heavy reliance on discounted purchases. The weak growth leading up to Christmas, coupled with higher spending and footfall in January, suggests that UK consumers may have been waiting for January discounts, according to Sophie Michael, head of retail and wholesale at BDO. "January trading... requires heavy encouragement through discounting; this delayed spending will no doubt have a significant impact on already-thin margins," said Michael. She added: "The sector has been challenged for some time by the impact of significant cost increases, which will continue to mount throughout the year, particularly post the implementation of the changes in the budget this April." MRI similarly indicated that with February approaching, the effects of the Autumn Budget are "likely to start being felt by both consumers and retailers alike". Retailers are facing notably increased costs this Spring due to a combination of higher business rates, elevated wage taxes, and the introduction of a new packaging tax.

New food and drink shop to open at retail park – though council warns of traffic concerns

2025-09-17 22:46:09

Plans for a new store at Blackpool Retail Park have been approved by planners. The scheme involves the construction of a new unit on land previously utilised as part of a garden centre by a former Homebase store, located just off Squires Gate Lane. While the potential tenant remains undisclosed, it is expected to be an operator selling bulky goods, food and drinks from the 929 square metre space. Since Homebase vacated several years ago, the units have been occupied by Currys electrical store and Bensons for Beds, neither of which use the outdoor area. Despite concerns raised by the council highways officer about increased traffic potentially generated in that part of the retail park, planners approved the application using their delegated powers. A consultation document acknowledges that while "the traffic generation of this proposal is not large in the context of the whole site", there are worries that the access "between Halfords and Morrisons has very limited capacity at peak times." The officer warns that "This will lead to the access to the east of the retail park being increasingly well used". This entrance already serves an Aldi store on the retail park, which also houses Pets At Home, Hobbycraft, and TKMaxx. Planners also evaluated the impact of the development on existing retailers, including those in the town centre and other shopping areas, concluding that the scheme would be sustainable, reports Lancs Live. The decision notice reads: "Economically, the proposal would generate some local employment opportunities during the construction and operational phases, presenting some economic benefits, without having significant adverse impact on existing centres or undermine the council's strategies and proposals for regenerating its centres." In recent developments, Blackpool Retail Park welcomed JD Sports and Hobbycraft last year, adding to its roster of outlets which includes Currys, Bensons for Beds, Pets at Home, Dunelm, Poundland, TK Maxx, Food Warehouse, Halfords, Costa, and Aldi.

North East set to host trial for Amazon drone deliveries

2025-10-11 21:46:33

Tech giant Amazon is stepping up plans to launch its drone delivery service in the UK through a trial in a north East town. The global online retailer is advancing with planning applications to Darlington's local council while simultaneously seeking approval from the Civil Aviation Authority (CAA) for its Prime Air drone-delivery service. Having already taken off at two locations in the US, Prime Air uses a fleet of drones to whisk packages to customers within an hour. Beyond seeking official permissions, Amazon plans to reach out to Darlington's residents, addressing questions and sourcing feedback about the novel service. The move is also set to create a number of jobs, with Amazon confirming a recruitment drive will start once approvals have been granted. An Amazon spokesperson said: "We are ready and excited to make drone delivery a reality for our UK customers. We have built safe and reliable drone delivery services elsewhere in the world in close partnership with regulators and the communities we serve, and we are working to do the same in the UK. "We are announcing that Prime Air is taking steps to start planning for initial flights from our fulfilment centre in Darlington. "While there is still much work to do, this is an exciting step forward. A planning application will be lodged with the local authority which will seek permission to build our flight operations facilities at the site, along with applying for authorisation from the Civil Aviation Authority to fly a drone in the airspace. "Once those agreements are in place, we will be able to begin hiring team members to launch drone delivery. Amazon has announced that the service will be optional within its catchment area, and eligible customers will have the chance to opt-in via their existing Amazon account. The firm did not provide a specific timeline for the service's launch. Amazon added: "We have nothing more to share (on timeframe) at this time, but we will engage with the community to answer questions and collect feedback as we seek to offer this new option for delivery."

WH Smith revenue rises as travel sales soar ahead of high street exit

2025-10-12 06:31:44

WH Smith has reported a four per cent increase in revenue for the first half of the financial year, largely due to growth in its travel stores as it plans to withdraw from the high street. The company's total travel revenue saw a six per cent like-for-like rise in the 21 weeks leading up to January 25, while high street revenue fell by three per cent, as reported by City AM. Earlier this week, WH Smith confirmed that they are considering selling their high street business. "Over the past decade, WH Smith has become a focused global travel retailer. The group’s travel business has over 1,200 stores across 32 countries, and three-quarters of the Group’s revenue and 85 per cent of its trading profit comes from the travel business," the firm stated in a London Stock Exchange announcement yesterday. This news was well received by the market, with the company's share price increasing by 10 per cent in the last five days. Robinhood UK lead analyst Dan Lane commented on the figures: "Today’s figures show we haven’t warmed any more to the town centre stores... WH Smith needs to run its travel store winners and cut the lagging high street arm loose." WH Smith noted that travel sales "remain particularly strong in air" where revenue has been growing faster than passenger numbers, up nine per cent compared to the same period last year. Chief executive Carl Cowling said: "The Group has had a good start to the financial year, and we continue to see strong momentum across our core Travel business." "Our UK Travel business has delivered another excellent performance across all channels, as we continue to make good progress with the rollout of our one-stop-shop for travel essentials format." "In North America, we have seen a notable shift in like-for-like revenue growth, up 3 per cent, as a result of the actions we have taken to enhance our ranges and introduce new categories. We now have a new store pipeline of circa 60 stores in North America." "The Group is in a strong position, and while there is some economic uncertainty, we are confident of another year of good growth in 2025."

Support your local venue – brewing industry joins forces to launch beer to help bars and pubs through costs crisis

2025-09-18 12:41:25

The North's bars and venues are under huge pressure as the costs crisis goes on – now a group of leaders from the beer industry has joined forces again to launch an ale to give those venues a February boost. It’s been a brutal time for the hospitality industry as costs keep rising, hitting customers and venues alike. Just this week we reported that Liverpool’s Carnival Brewing Company had gone into administration with its assets being put up for sale. Last year, David Beattie, senior client director at Continuous, teamed up with Manchester's Track Brewing Co and a group of key brewing suppliers to launch Fusion, billed as “a pale ale brewed by the community for the community”. Supporters were urged to visit their local bars and pubs to try the beer for themselves. The beer was such a success that Continuous and Track, alongside Yakima Chief Hops, yeast and fermentation specialists White Labs Copenhagen, and Norfolk-based malt suppliers Crisp Malt, have brought it back this year – in cans as well as on keg. The can says: “We know it’s no magic wand but craft beer is built on connection and community and we are honoured to be a part of it.” David Beattie said the February launch date was chosen because pubs and bars need a boost in the early part of the year after Dry January and when customers are still “tightening their belts” amid the cost-of-living crisis. At last night's launch in the Buyers Club in Liverpool, he said: “Something like this to drive footfall in February, to really kickstart February and start that bounceback ahead of hopefully a prosperous year for them, is absolutely critical. They need to start February with real momentum. “We had 100+ venues serving Fusion last year ,and made 60 hectolitres of beer. The reaction was absolutely incredible. We were blown away by the sales last year and the appetite for everyone to be involved this year, so we've increased the batch size from 60 hectolitres to 100 hectolitres, which is equivalent to about 17,500 pints. “It’s available in kegs and cans this year, which is brilliant, so we can support more independent venues. But it's just brilliant to see it progress. It's brilliant to see the excitement build around the project from all the partners, from all the venues that took part, the interest from new venues and the interest from consumers who tried it last year and were wondering when we were going to launch it this year.” Hospitality firms already battling high costs, and whose customers have less money to spend, remain worried about the impact of the upcoming changes to National Insurance contributions. Just yesterday, UKHospitality chief executive Kate Nicholls welcomed the latest interest rate cut but said: “If the Government really wants hospitality businesses to help deliver its growth agenda, it should delay the changes to employer NICs. “After the sector was the biggest contributor to economic growth in November, these tax changes will slam the brake on the sector’s growth potential and instead force businesses to cut investment, cut jobs and increase prices.” David said the message from Fusion was simple – support your local venue. He said: “There are about 39/40 venues shutting per week, which sounds like such a dry figure to people when you're talking to them. People only really notice when it's their pub, or their local bar, or their favourite place, or the place they had their first date or they meet up with their friends, that shuts. “It's really only then that people take notice. Which is a real shame, because if you don't go and support these places, and you don't drink there and stay for the extra round, and invite your mates or suggest it as somewhere to meet up with friends, these venues do go. Which is absolutely criminal. If you care about these venues, go out and support them.”

Crew Clothing to open 20 new stores across the UK in 2025 after strong Christmas sales

2025-10-02 16:47:02

Crew Clothing is setting its sights on significant growth, with plans to unveil at least 20 new stores across the UK this year. Following an impressive expansion in 2024 that saw the fashion retailer introduce 15 new locations—including a notable new store in Paddington, bringing Crew back to the heart of London—the brand is looking to extend its footprint further, as reported by City AM. This announcement aligns with the company's festive season triumph, as Crew Clothing's total Christmas sales soared by 45%, bolstered by a whopping 70% spike in online revenue. Additionally, in-store sales jumped by 22% and third-party revenues climbed by 34%. The fourth quarter also brought auspicious tidings for the retailer, reporting a 17% rise in total like-for-like sales and topping off with record-breaking Black Friday figures following a 23% increase. Cementing its status as a stalwart supporter of the British high street, Crew Clothing expressed: "Crew Clothing remains committed in driving every aspect of the omnichannel model which continues to yield consistent positive results." With its product range diversification leading to an upsurge in interest from new shoppers throughout 2024, Crew has nevertheless managed to retain a dedicated cohort of repeat customers. Assertive about their enduring support for the high street, the statement detailed: "Crew Clothing is a long-standing champion of the British high street and continues to invest in its retail portfolio." Coupled with this year's aggressive expansion strategy, the company highlighted its recent growth, noting: "The brand opened 15 new stores in 2024, with momentum set to continue in 2025 with the opening of at least 20 new stores in the new year." "Stores in Kendal and Keswick are confirmed alongside a number of exciting new refits. The expansion further solidifies the brand as a key player in the retail sector." "With strong results, a clear growth strategy, and unwavering support for British retail and sports, Crew Clothing is well-positioned for further success in 2025." The update follows a City AM report from July last year that revealed Crew Clothing hit a record pre-tax profit of £15.5m in 2023, soaring from £11m the previous year.

Ryanair slashes passenger forecasts due to never-ending Boeing delays

2025-09-22 06:50:05

Ryanair has been forced to cut its passenger forecasts due to ongoing delivery delays from troubled US aircraft manufacturer, Boeing. The budget airline no longer anticipates that Boeing will deliver enough planes to meet its 2026 target of 210 million passengers. "Boeing delays have forced us to revise our full-year traffic target to 206 million, just three per cent growth," Ryanair CEO Michael O’Leary announced. He expressed hope that the remaining 29 Gamechangers in their 210 order book would be delivered before March 2027, allowing them to recover this delayed traffic growth, as reported by City AM. Despite these setbacks, Ryanair reported a significant increase in third quarter post-tax profit from €15m to €149m (£125.3m), exceeding analyst expectations. Revenue rose by 10 per cent to €2.7bn, driven by a nine per cent increase in traffic to 45 million. The load factor, a measure of occupied seats per flight, was 92 per cent. While Europe’s largest airline by passenger numbers continues to benefit from strong travel demand in Europe, it has been particularly impacted by the troubles at Boeing over the last year. Ryanair is Boeing’s biggest customer and placed a massive £31bn order for around 300 Boeing 737 Max 10 jets in May 2023. However, it warned on Monday that fourth quarter trading would be "very challenging," largely because of a late Easter, which falls at the end of April this year. "At this stage, we are cautiously guiding full-year profit after tax in a range of €1.55bn to €1.61bn.," O’Leary said.

Wickes reports revenue growth and share price surge amidst challenging market conditions

2025-10-03 20:15:08

Wickes has announced a rise in revenue for the second half of the year, fuelled by smaller retail purchases and reduced losses in its installation segment. The company's shares surged over 10 per cent in early trading. Revenue at the home improvement firm increased by 1.8 per cent in the six months ending December 28, reaching £738.9m, as reported by City AM. This was propelled by growth in its retail segment, with revenue climbing three per cent year on year to £579.1m "despite challenging market conditions". Wickes attributed the sales increase to volume growth, noting a deflation of around two per cent in the second half of the year. The company also reported that TradePro sales, a retail membership programme for tradespeople in the UK, rose 14 per cent year on year, while active TradePro members grew by 19 per cent year on year to 581,000. In Wickes' second key segment, design and installation, revenue dropped 2.5 per cent to £159.7m. Wickes has been grappling with demand for larger-ticket items like installations, with revenue down 17 per cent in the first half of the year. "While the market environment for larger ticket purchases remains challenging and the outlook uncertain, the changes we [have] made to the business enabled ordered sales to move into year-on-year growth in the fourth quarter," Wickes stated. Wickes' new store in Leamington Spa, which opened in October, marked its fourth new store for the year. The company also refitted two additional stores. Chief Executive David Wood stated: "Wickes’ differentiated model continues to deliver. We’ve grown sales and volumes in Retail, and TradePro had yet another period of double-digit sales growth, as local tradespeople continue to choose us to save them time and money." He added: "Meanwhile, measures we took to improve our offer in Design & Installation have enabled us to return to ordered sales growth."

Plymouth restaurant shuts its doors leaving owner broke

2025-09-27 13:42:33

A business owner is heartbroken after his Plymouth-based bagel and pizza restaurant succumbed to financial pressures. Brandon Hargrave now lives in a van after Koala Karlous was forced to shut down due to escalating costs. The entrepreneur launched his business from a van at Cornwall's Fistral Beach in 2019, later expanding to Plymouth, Falmouth and Cornwall Services near St Austell. He also had a pop-up in London's affluent South Kensington. However, all locations have ceased operations, resulting in the loss of employment for 50 individuals. "It's awful," said the 31-year-old, who is also a musician. "It's been a horrible few months. This was our dream, I put my music on hold to start this five years ago with a van on a beach. Now we are totally shattered, we're still dealing with it. It's extremely sad." Mr Hargrave attributes the downfall to the UK's economic situation and predicts a challenging future for many food businesses in 2025. He said: "It was the economic climate: rising costs, taxes, and everything. It became insolvent very quickly. "We did everything we could, we ran events day and night, and did yoga sessions. We put all our energy into it, worked 90-hour weeks, worked around the clock seven days a week. Me and my partner Daisy Peacock haven't stopped for five years.", reports Plymouth Live. "But it became extremely difficult to keep going. It's happening to almost everyone, the small companies. We did everything we could to avoid closing but there was no way around it." Mr Hargrave launched Koala Karlous from a repurposed 120ft shipping container at Mount Batten Pier in July 2023, taking over the former Seawings seafood restaurant site. Initially, the business enjoyed success, offering wood-fired pizzas, bagels, and specialty coffee. But the businessman soon discovered the outlet's popularity was heavily weather-dependent. He recalled: "It was really good on sunny days but very quiet on rainy days. It's a challenge if you are losing money and not earning." Ultimately, the business closed all its locations by the end of 2024, shutting down its website. This week, Mr Hargrave's company, Koaka Karlous, appointed liquidators and passed a resolution for voluntary liquidation. Mr Hargrave has since relocated to Devon, where he resides with his partner in a van, focusing on his music career. He reflected: "It's where we were five years ago. We have come full circle." The couple had invested all their savings, time, and energy into sustaining Koala Karlous, but unfortunately, it wasn't enough. Mr Hargrave acknowledged: "We put all our money in and lost it." Despite having a music career and setting aside funds for other ventures, he said: "I put a lot into Koala Karlous and lost all of it." Mr Hargrave expects more closures, expressing concern about the year ahead: "This year will be difficult for a lot of businesses." "If I was to do it again I would have kept it small, as an owner-operator, without other locations and outlays. It's the owner-operators that will survive, the smaller the better, unless you have significant funding. It's also hard to say what will work. I thought I knew but clearly I didn't. "Now we are trying to get back on our feet. We're still in Devon, we're a bit broke, we don't have anything and are living out of a van now because we lost everything. "We are just trying to figure out how to survive. But we have our arms and legs and are still breathing. I went through some hard stuff when my brother passed away, it puts life into perspective. So, as long as you have your health."

Jack Wills slashes jobs and closes stores as fashion brand's profits tumble

2025-09-15 22:19:55

Fashion brand Jack Wills, part of Mike Ashley’s Frasers Group, has seen a continued fall in profit as job cuts were made and stores closed during its latest financial year. The company's workforce was reduced from 233 to 135 in the 12 months leading up to 28 April, 2024, while the number of operational stores dropped from 32 to 24, as reported by City AM. Consequently, Jack Wills' pre-tax profit fell from £10.1m to £4.9m over the same period. Recently filed accounts with Companies House also reveal that the brand's revenue decreased from £28.4m to £19.1m. Jack Wills was bought out of administration by the owner of Sports Direct and House of Fraser in 2019. In May 2024, City AM reported a drop in Jack Wills' revenue from £34.3m in the year to 30 April, 2023, and a pre-tax profit of £10.1m, while the number of stores was cut from 52 and the headcount from 304. A statement approved by the board read: "During FY24, we have continued to see the progress of the elevation strategy." "The elevation of our multi-channel retail proposition remains a key strategic objective." "To this end, we are improving the customer experience at every step of the journey." "We aim to deliver an unrivalled range, availability and quality of products – both third party brands and group branded products." "The elevation strategy continues to enhance and improve our stores and all our digital operations, our product offering and our marketing channels." "This is vital to strengthen our relationships with our key third party brand partners, to deliver benefits for consumers and to drive the company’s long-term profitability."