Government renationalises East Coast rail franchise stripping it from Virgin East Coast owner Stagecoach May 16, 2018 The government today renationalised Britain’s East Coast railway, stripping Stagecoach of its loss-making franchise. Transport secretary Chris Grayling appointed an “operator of last resort” to replace Virgin Trains East Coast – a joint venture between Stagecoach and Virgin. The historic London and North Eastern Railway (LNER) livery will return. A new board and an independent [...]
John Lewis will cut staff bonus as profit comes under pressure January 12, 2017 The John Lewis Partnership has warned profit is "under pressure" due to falling shop prices, the growing dominance of online shopping, and cost pressures from the devaluation of sterling. The company, which shares its profits with staff through an annual bonus, said the difficulties the business is facing will mean the employee bonus will be "significantly lower" [...]
Hammerson shrugs off retail woes as it treads water on Intu takeover ahead of Klepierre deadline April 5, 2018 Shopping centre owner Hammerson today said it had a strong start to the year despite ongoing challenges for the high street. The firm also provided an update on its proposed takeover of Intu, saying it is holding off on shareholder documents as it awaits the next move from French firm Klepierre. Earlier this month, real [...]
John Lewis just sent John Lewis a huge #BustertheBoxer-themed thank you gift November 15, 2016 One of City A.M.'s favourite festive traditions is kicking back with a mince pie and scrolling through the tweets of Virgina computer science educator, father of four, social liberal, atheist and – crucially – "not a retail store", John Lewis. For it is at this time of year Lewis, whose Twitter handle is @JohnLewis, is [...]
Kevin Hollinrake accuses Treasury officials of ‘coordinated skullduggery’ over conflict-of-interest claims June 24, 2019 A prominent Tory MP involved in efforts to help small businesses caught in lending disputes has accused Treasury officials of undertaking a campaign of “coordinated skullduggery” to discredit him. Kevin Hollinrake, co-chair of the All-Party Parliamentary Group (APPG) on Fair Business Banking, said there had been a “deliberate and coordinated attempt” to undermine him over [...]
Shoppers flocked to St Pancras for luxury goods from John Lewis and Fortnum & Mason over Christmas January 30, 2017 St Pancras International scored an uplift in sales over the festive season, as shoppers flocked to the train station to stock up on Christmas gifts. Over the ten weeks from 29 October to 31 December, St Pancras scored a 6.2 per cent sales growth year-on-year. This compared to a growth of 1.7 per cent across [...]
The AA thinks pumped-up petrol prices may have diverted £1bn away from high street spending last year March 24, 2018 Higher petrol prices in 2017 cost drivers £1bn in money that may otherwise have been spent on the high street, according to new research from breakdown cover provider The AA. A rise of nearly 9p per litre in the average price of petrol last year siphoned off a huge chunk of consumers’ spending capacity, The [...]
John Lewis hits out at Labour MP over Christmas jingle December 20, 2016 The John Lewis Partnership has hit out at a campaigning Labour MP after she produced a Christmas jingle criticising the retailer for how it treats its staff. Labour MPs, led by Siobhain McDonagh, recently recorded a song – titled "National Living Rage" – to highlight how retailers are cutting staff benefits in response to the national living wage. Read more: [...]
Metro Bank profits halve and deposits fall in aftermath of £900m loans blunder May 1, 2019 Metro Bank profits halved in the first quarter and deposits fell as it battled the aftermath of a £900m loans blunder. The lender revealed it had lost of its largest customers due to "adverse sentiment" following the error, as deposits fell 3.6 per cent from the previous quarter. The challenger bank also reaffirmed that its £350m [...]
John Lewis sales bolstered by final Black Friday promotions December 6, 2016 John Lewis' sales over the past week received a boost from the final Black Friday promotions on offer. Sales for the week to 3 December increased 3.9 per cent year-on-year, the department store said, reaching £172.1m. Read more: Nespresso is teaming up with John Lewis to open two new boutiques Year-on-year, fashion and home sales [...]