Mark Kleinman: What’s next for BT and the City’s ugliest row of 2023 July 13, 2023 Mark Kleinman, City editor of Sky News, writes fortnightly for City A.M. Germans could be on the line at Jansen-less BT Hanging-up time is fast-approaching for Philip Jansen, whose plan to step down as CEO of BT Group next year – revealed by me last weekend – was confirmed on Monday. Sources have told me [...]
Weekend Read: We may be about to find out what shape the recovery takes August 7, 2021 Since the first cases of Covid-19 began to disrupt the global economy, economists have not been shy of predictions. V-shaped, L-shaped, even hockey-stick recoveries have all been on the table. We may be about to find out who was right. While output growth and economic activity are still historically strong, in developed economies, those indicators [...]
AO World looks to raise £40m amid cash crunch fears July 6, 2022 British electrical retailer AO World revealed it is looking to raise £40m today to shore up its balance sheet just days after its share price plunged amid fears over its cash reserves. It was revealed earlier this week that a third-party credit insurer serving some of the firm’s suppliers had slashed its cover in light [...]
Etsy accused of not paying enough UK tax, forking out £128,000 after pocketing £160m in sales June 20, 2022 Online marketplace Etsy has become the latest US retailer to be accused of not paying enough tax in the UK, having forked out just £128,000 as it pocketed £160m in sales. Etsy would have been liable to pay some £7m in corporation tax, had it booked all sales made in the UK at its [...]
Zara owner Inditex warns of challenges ahead after shutting Russian shops March 16, 2022 Zara owner Inditex has reported sales surpassing pre-Covid levels but warned of looming challenges after severing ties with Russia. The world’s largest fashion retailer said Russia was a major market, after it shut its 503 shops and suspended online sales in the country amid its war in Ukraine. Russia and Ukraine accounted for five per [...]
Bottoms up: Naked Wines sales surge even as lockdown ends July 24, 2020 Online wine seller Naked Wines today said its sales surged 67 per cent in June compared with last year as orders continued to rise even after the easing of the coronavirus-triggered lockdown in Britain. The company also announced the departure of chairman John Walden, who has led the group through the sale of the Majestic [...]
Matalan suffers sales and profit drop in challenging retail environment January 20, 2020 Budget retailer Matalan suffered a drop in sales and profit at the end of last year as it fell victim to the challenges facing the UK high street. The clothing and homeware brand said total revenue dropped to £311.7m in the 13 weeks ended 30 November, from £315.6m the previous year, as consumer confidence and [...]
Private equity firm Lone Star quits race to buy Asda September 22, 2020 US private equity firm Lone Star Funds has abandoned the bidding war over British supermarket giant Asda, leaving rival asset manager Apollo as its likely suitor. The two private equity firms entered a showdown for the UK’s third-biggest grocery chain last month, after US owner Walmart opened bidding for a majority stake in Asda. The [...]
Online fashion retailer Sosandar beats expectations as sales soar January 20, 2020 Online fashion brand Sosandar said it expects full-year sales to beat market expectations following soaring growth at the end of last year, avoiding the gloom affecting many high street retailers. The Aim-listed retailer said investment in customer acquisition drove revenue up 136 per cent to £3.8m in the three months to 31 December, exceeding the [...]
Ted Baker steams ahead with UK expansion despite Omicron dent to sales February 23, 2022 Ted Baker is set to steam ahead with its UK expansion plans – with hopes of a least three new stores each year over the next three years – despite the Omicron-induced dent to sales. The retailer saw sales plunge 42 per cent during the Omicron surge, in comparison with the final quarter of 2019. [...]