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Ryanair slashes passenger forecasts due to never-ending Boeing delays

2025-09-22 06:50:05 By

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.

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Retail & Consumer

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

2025-09-22 06:50:05

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."

Retail & Consumer

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

2025-09-22 06:50:05

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.

Retail & Consumer

Welsh retail sector boosted with a surge in footfall in January

2025-09-22 06:50:05

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.

Retail & Consumer

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

2025-09-22 06:50:05

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.

Retail & Consumer

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

2025-09-22 06:50:05

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."

Retail & Consumer

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

2025-09-22 06:50:05

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.

Retail & Consumer

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

2025-09-22 06:50:05

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.

Retail & Consumer

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

2025-09-22 06:50:05

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.

Retail & Consumer

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

2025-09-22 06:50:05

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.

Retail & Consumer

North East set to host trial for Amazon drone deliveries

2025-09-22 06:50:05

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."