Debenhams calls in top auditors to weigh up potential insolvency September 9, 2018 Embattled department store chain Debenhams has called in Big Four accountancy firm KPMG to help carry out desperate restructuring measures which could include a controversial insolvency process. Among the contingency options currently being weighed up by KPMG is a company voluntary arrangement (CVA), which is an insolvency option that can be used to close stores [...]
Sweet relief: Primark boosts revenue to alleviate owner ABF’s sugar woes September 10, 2018 Despite a gloomy outlook for retailers, Primark expects to increase revenue by 1.5 per cent to boost profits this financial year, offsetting a fall in sugar prices in Europe for owner Associated British Foods (ABF). Strong first and second half sales are expected to help the budget clothes brand to post the increase, with UK [...]
No-deal Brexit notices: Eurostar trains could stop running after March 2019 October 12, 2018 Eurostar services could stop running between the UK and France, as well as other destinations, in the event of a no-deal Brexit, the government warned today. Train services from the UK to destinations like Paris, Brussels, Amsterdam, Marseille and Rotterdam would be under threat if the UK crashes out of the EU without a deal, [...]
Supermarket body hits back at ‘impractical’ food stockpiling suggestion in event of no-deal Brexit | City A.M. July 28, 2018 The trade body acting for the UK’s major supermarkets has hit back at the government’s claim that food would need to be stockpiled in the event of a no-deal Brexit. The British Retail Consortium (BRC), which acts for the retail industry, criticised the suggestion by Brexit secretary Dominic Raab this week, saying on its website [...]
Retail giants to be hit by £190m business rate bill as industry fears ‘tipping point’ September 19, 2018 UK retailers are set to face a fresh tax bill worth hundreds of millions of pounds if today’s inflationary figures remain similar next month, with embattled high street businesses fearing another hefty levy could push the sector to its limits. The British Retail Consortium (BRC) predicts that the retail sector will be slapped with a £190m [...]
Retail giants to be hit by £190m business rate bill as industry fears ‘tipping point’ September 19, 2018 UK retailers are set to face a fresh tax bill worth hundreds of millions of pounds if today’s inflationary figures remain similar next month, with embattled high street businesses fearing another hefty levy could push the sector to its limits. The British Retail Consortium (BRC) predicts that the retail sector will be slapped with a £190m [...]
Retail round up: What’s happening on the high street? January 11, 2019 Not as bad as it could have been. That’s the general feeling about high street performance over Christmas after major retailers and the supermarkets published their festive figures this week. The British Retail Consortium says that 2018 was the worst Christmas for retails for 10 years but, as ever, the figures show there are winners [...]
Business groups give their verdict on EU rubber-stamped Brexit deal November 25, 2018 After 18 months of wrangling, Theresa May has finally won approval for her withdrawal deal from the EU's 27 leaders. When the Prime Minister announced last week that the withdrawal agreement had been approved by her Cabinet, many businesses welcomed the news, saying it afforded them more clarity after months of uncertainty. Here's what they had [...]
Asda has been forced to ration its fizzy drinks amid an ongoing UK-wide carbon dioxide shortage June 30, 2018 Supermarket chain Asda is limiting the amount of fizzy drinks its customers can buy, as the UK's carbon dioxide shortage worsens to near-crisis levels. The retailer has put a six-drink cap on shoppers buying bottles, cans or multipacks of fizzy drinks online, although the limit does not apply in-store. This includes all own-brand drinks, as [...]
Intu appoints ex-Crest Nicholson exec as new finance chief June 4, 2019 Troubled retail operator Intu has appointed ex-Crest Nicholson finance chief Robert Allen as its new chief financial officer. Allen, who left the FTSE 250 housebuilder in 2018 after two years, will join Intu on Monday. Read more: JP Morgan downgrades shopping centre landlord Intu Interim finance chief Barbara Gibbs will resume her director of finance [...]