Hospitality firms are bracing for the return of inflation hospitality October’s inflation figure has worried hospitality firms. While it is not too far above target – 2.3 per cent versus the sweet spot of two per cent – and one month does not constitute a trend, it has exacerbated concerns companies already had about the future of their industry. There are two reasons hospitality is [...]
Why a 24 per cent drop in insolvencies is not all it seems Retail At first glance, the Government’s new figures on insolvencies appear cheery, with the number of companies going bust over the last year down 24 per cent, from 2,293 to 1,747. But analysts have suggested figures may have more to do with falling interest rates than the general health of the economy, in addition to warning [...]
Ex-BDO senior manager handed 20-year ban for falsifying documents Business The audit watchdog has banned a former senior manager of accountancy giant BDO for 20 years after she was found to have been creating false documents
M&S set to buck retail trend and see a bumper golden quarter November 6, 2024 After reporting a set of results far ahead of analysts’ expectations for the third quarter, Marks and Spencer is set for a bumper Christmas period as its turnaround continues to bear fruit. Its food division is particularly well-placed to deliver, with sales already up more than seven per cent in the third quarter. M&S’ food [...]
Retail sales growth slumps in October as consumers remain cautious November 5, 2024 Retail sales growth dipped in October due to pre-election anxiety, the latest figures have shown. According to the British Retail Consortium (BRC)-KPMG sales monitor, retail sales in the UK increased by 0.6 per cent year over year in October, compared to 2.6 per cent growth in October 2023. Food sales nudged up 2.9 per cent [...]
Retailers prepare for ‘exceptionally tough’ golden quarter after Budget November 4, 2024 The golden quarter is off to a slow start and things are only set to get tougher for retailers over Christmas, according to fresh data. In-store sales grew by 1.7 per cent year on year in October, while total sales – both in-store and online – grew 4.1 per cent, according to BDO. Whilst the [...]
Wetherspoons and Pizza Pilgrims bosses call for business rates relief ahead of budget October 21, 2024 Hundreds of UK hospitality groups and pubs have called for permanent action on business rates relief ahead of the Autumn Budget. In an open letter to Rachel Reeves, the hospitality bosses called for permanent action with the extension and lowering of business rates relief for the sector. It included 170 signatures from various high street [...]
Payment fraud is becoming more sophisticated, creating new vulnerabilities for organisations October 17, 2024 Author: Tim Forster, Strategic Partner Manager, Financial Messaging at Finastra In the digital age, security is a top priority for corporates and financial institutions. As payments become increasingly more sophisticated, so too do fraud attempts, particularly as payments are increasingly operating in real-time. The operational characteristics of instant payments (fast, irrevocable, simultaneous clearing and settlement) [...]
Retailers pin hopes on bumper golden quarter with Black Friday, Cyber Monday and Christmas October 14, 2024 The final three months of the year, also known as the golden quarter, are make-or-break for retailers. Retail spending has consistently languished this year, or been propped up by margin-carving discounts, but pent-up demand is expected to give the sector a much-needed boost during the holidays, according to a panel of industry experts. Despite consumer [...]
Leeds landmark sold for almost £80m in city’s biggest deal for over five years October 8, 2024 A landmark building in the heart of Leeds’ financial district has been sold for almost £80m in the city’s largest office deal for more than five years. Ashtrom Properties UK has acquired Central Square, which is home to the likes of M&S, PwC an Sky, for £78m. Central Square comprises 217,249 sq ft of office [...]