New Look losses shrink despite dip in sales November 12, 2019 New Look narrowed its losses in the first half of the year, despite a decline in sales caused by the ongoing challenges facing the UK high street. The figures The retailer reported that its statutory loss before tax was £11.2m, compared to a loss of £41.9m in the first half of last year. Revenue fell [...]
Keith Wade: Is the world now heading for recession? March 13, 2020 As I returned to the UK last weekend, my taxi driver talked of panic-buying and impending food shortages. Having wondered if I had stepped off at the wrong airport, it subsequently became clear that his thinking was very close to that of the markets. On Monday (9 March), equities sold off and credit spreads widened [...]
Eve Sleep cancels Simba merger talks as it warns of revenue hit September 20, 2019 Eve Sleep has called off a potential merger with rival Simba Sleep as it said “now is not the right time” to make an acquisition. Eve, which overhauled its management team in March, has decided to focus on its own business recovery instead of the talks, which it confirmed were underway last month. Read more: [...]
VCs shun new startups as coronavirus slowdown hits investors April 29, 2020 Venture capitalists are prioritising their portfolio companies over new startups as they anticipate a slowdown in investment during the coronavirus pandemic. According to new research by Plexal and Beauhurst, investment since lockdown began grew 34 per cent to reach £663m. However, the drop in the number of deals, down 39 per cent, indicates investor confidence [...]
Bonmarche collapses due to ‘challenging trading conditions’ putting 3,000 jobs at risk October 19, 2019 Womenswear retailer Bonmarche has collapsed into administration putting 2,887 jobs at risk. The high street brand with a target demographic of women over 50 was placed into administration on Friday by directors following a “sustained period of challenging trading conditions and cash flow pressure”. Read more: WTO gives go-ahead for $7.5bn of US tariffs on EU [...]
CFOs hold increasingly pessimistic outlook amid backdrop of uncertainty November 14, 2019 Over a third of Europe’s finance chiefs feel gloomier about their companies’ prospects now than they did three months ago. According to accountancy group Deloitte, 36 per cent of Europe’s chief financial officers feel more pessimistic today than last quarter, underlining current concerns over the future of the global economy. Read more: UK businesses increasingly [...]
Dunelm shares slide despite strong profit growth September 4, 2019 Shares in Dunelm slumped this morning despite strong profit growth as the homeware retailer warned of a challenging year ahead. Dunelm shares were down as much as nine per cent after it reported cautious outlook for the year ahead as Brexit uncertainty weakens consumer confidence. The figures Profit before tax was up 23.4 per cent [...]
Revenue rises at cake-maker Finsbury Foods as it targets vegan market October 18, 2019 British cake-maker Finsbury Foods saw revenue grow in the year to June as the firm embraces new trends such as vegan and healthy products. Shares in the group rose 2.55 per cent soon after the bell, hitting 80.5p. The figures Finsbury Foods’s adjusted profit before tax fell 5.7 per cent to £16.8m in the 12 [...]
Coronavirus live: Social distancing needs to be in place for most of a year, say government advisers March 20, 2020 1.35pm: Social distancing measures need to be in place for “most of a year” Scientists advising the government have said social distancing measures need to be in place for “at least most of a year” to combat the coronavirus outbreak. In a press conference last night, Prime Minister Boris Johnson said the UK could “turn [...]
Guru or Svengali? Dominic Cummings is at risk of becoming the story, not the adviser January 31, 2020 Civil service reform does not usually make headline news — unless, it seems, it is proposed by Dominic Cummings. The Prime Minister’s adviser is on a mission to shake up Whitehall. He’s determined to change how it makes decisions and bring in “weirdos and misfits” with expertise in data science and IT. Classic Dom. He [...]