Retail%26Consumer

New name for WH Smith shops revealed as High Street chain sold

2025-08-23 21:55:32

WH Smith has agreed to sell its UK high street chain to Hobbycraft owner Modella Capital in a deal valuing it at £76 million, and will be rebranded. The sale does not include the retailer’s travel locations, such as shops in airports and train stations – nor the WHSmith brand. All the approximately 480 stores and 5,000 staff working for the high street businesses will move under Modella Capital’s ownership as part of the deal. The estate – not including the travel locations – are set to rebrand as TGJones, the company revealed. Group chief executive Carl Cowling said: “As we continue to deliver on our strategic ambition to become the leading global travel retailer, this is a pivotal moment for WHSmith as we become a business exclusively focused on travel. As our travel business has grown, our UK high street business has become a much smaller part of the WHSmith Group. “High Street is a good business; it is profitable and cash generative with an experienced and high-performing management team. However, given our rapid international growth, now is the right time for a new owner to take the high street business forward and for the WHSmith leadership team to focus exclusively on our travel business. I wish the High Street team every success.” WHSmith was founded in 1792 by Henry Walton Smith and his wife Anna as a small news vendor in Little Grosvenor Street, London. After Henry's death, his son William Henry Smith took over, and the company became WHSmith & Son. By 1848, WHSmith opened its first railway bookstall at Euston Station, pioneering book retailing at train stations across the UK. The railway bookstalls made WHSmith a household name and expanded its presence nationwide. The company continued to grow, opening more high street stores and railway stalls. In 1929, WHSmith became a publicly traded company. WHSmith introduced the first-ever self-service bookshops in the 1970s. The company expanded internationally, opening stores in Europe, Canada, and the USA. In 2006, it split its high street and news distribution businesses, selling the wholesale division. The company acquired Funkypigeon.com, an online greeting card retailer, in 2010. It expanded internationally, opening stores in airports across the Middle East, Asia, and North America.

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Morrisons sales jump days after announcing 365 staff face redundancy

2025-08-19 03:32:06

Morrisons has announced a surge in sales to £4 billion in its latest quarter, just days after the supermarket revealed that hundreds of jobs are at risk. The grocery behemoth reported a 2.4% increase in sales for the quarter ending January 26 compared to the same period last year, while also raising its savings targets. The firm disclosed that it achieved £56 million in savings during this period and upped its long-term savings goal from £700 million to £1 billion. CEO Rami Baitieh acknowledged that Morrisons was operating in "a challenging environment" and that the revised savings target would "help us offset cost headwinds, invest for customers and remain competitive in a fast-changing market". Earlier this week, Morrisons declared that 365 jobs were under threat due to plans to shutter some of its cafes, convenience stores, florists and fresh food counters. The supermarket chain explained that the cost of running these services exceeded the revenue generated from customer spending. The planned closures will result in the shutdown of 52 cafes, all 18 market kitchens, 17 Morrisons Daily convenience stores, 13 florists, 35 meat counters, 35 fish counters and four pharmacies. According to Kantar's data, Morrisons is the UK's fifth largest supermarket and employs approximately 95,000 staff nationwide. Mr Baitieh praised the supermarket's swift advancement, attributing it to the dedication and customer-oriented approach of the staff across various sectors, saying: "has made exceptional progress in a very short time and that is entirely down to the hard work, positivity, talent and customer focus of the colleagues in our stores, in our food-making sites and in our operations across the country". This growth in sales has been achieved notwithstanding a significant cyber attack before Christmas, which continued to disrupt product availability well into January.

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AO World profits rise twice as fast as sales after 'obsession' with customer service

2025-08-10 13:20:53

AO World has seen its profits soar to more than double the pace of its sales, overshadowing its revenue growth. The online electrical retailer informed markets that it anticipates a retail revenue uptick of around 12% for the year concluding March 31, as reported by City AM. The company forecasts a like-for-like revenue climb of roughly seven per cent year on year to £1.1bn, indicative of "reductions in B2B and mobile as we focus on profitable growth," AO elaborated. "AO is back to being a highly efficient growth machine; we are reaping the rewards from the execution of our strategy and 25 years of unwavering obsession with amazing customer service," CEO John Roberts enthused. "We're carrying good momentum into the new financial year and are pleased to be guiding to another year of double-digit revenue growth in our B2C Retail business, and for profits to keep growing faster than sales." Back in November, during its semi-annual financial disclosure, AO announced a robust profit margin of 24.4%, attributing this success to cost-efficiencies gained through trimmed administration and warehousing expenses. "Our strong performance shows that our model is working," remarked Roberts. "We're cementing our position as the most trusted electrical retailer and are increasing our frequency and share of wallet with customers." Last November's acquisition of Musicmagpie by AO, at a mere £10m, is notably modest compared to its market value at the time of its IPO in 2021. The company anticipates that the post-acquisition performance of Musicmagpie will add approximately £30m in revenue with a "negligible loss" impacting the full-year financial outcomes. In conjunction with its trading update, AO has confirmed the promotion of Mark Higgins to the position of Chief Operating Officer, which will complement his current responsibilities as Chief Financial Officer. This change is said to be a reflection of "the way Mark and John have been running the business together for some time", according to the firm.

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Thatchers Cider secures future of West Country supply with huge new orchard

2025-08-05 03:55:11

The future of cider supply in the West Country has been secured into the 2030s following a significant effort to establish a new orchard in North Somerset. Thatchers Cider workers have spent around three years preparing around 10 acres of farmland near the company's base in Sandford. After three years of soil restoration, the large-scale planting operation has started, with each sapling carefully hand-planted from the back of a tractor trailer. The operation involves planting 30,000 new trees and is expected to take up to a week to complete. In addition to the trees, the Thatchers team plans to introduce a new hive with thousands of bees to aid in tree pollination. Two varieties of cider apple tree are being planted, as explained by Thatchers spokesperson Emma Russell. "It's a really exciting day for Somerset in general, and for cider drinkers," she said. "Thatchers Cider bought these fields about three years ago, they've spent that time making the soil super healthy and that means this morning we're planting 30,000 new trees in this new orchard," she added. The two varieties in question are Red Windsor and the renowned Katy variety, which is used in most of Thatchers' sweetest ciders and is a cider variety sold by Thatchers in its own right. "In about three years time we'll be able to harvest those and they'll go on to make delicious cider for everyone to enjoy," she said. "It's a great thing for British farming. It's a great thing for British apples. The new orchard, which will be larger than six football pitches, will also be home to bees and thousands of new cider makers, from the worms in the soil, to the birds and wildlife that will make it their home and help with tree health and pollination. "The orchard will sequester away tonnes of CO2 and lock it back into the ground."

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Morrisons to close 52 cafes and axe 365 jobs in huge shake-up

2025-08-21 00:27:25

Morrisons, the supermarket behemoth, has placed 365 jobs in jeopardy as it unveils plans to shutter over 50 of its cafes. The chain, headquartered in Yorkshire, announced that 52 of its cafes, 17 convenience stores and a multitude of meat and fish counters within its stores are earmarked for closure, as reported by City AM. The company stated that these closures form part of a comprehensive review of the business. In addition to the cafes and convenience stores, 13 florists, 35 meat counters, 35 fish counters, four pharmacies and all 18 Market Kitchens are set to be closed. As reported by City AM at the end of January, the Yorkshire-based chain posted revenues of £15.2bn for the year ending 27 October 2024, an increase from £14.7bn. The group's like-for-like sales also saw a rise from 1.8 per cent to 4.1 per cent. Morrisons CEO Rami Baitiéh commented: "The changes we are announcing today are a necessary part of our plans to renew and reinvigorate Morrisons and enable us to focus our investment into the areas that customers really value and that can play a full part in our growth." He added: "Morrisons Cafés are rightly famous for their great quality well-priced food, their place in the local community and their appealing mix of traditional favourites alongside exciting new dishes." "In most locations the Morrisons Café has a bright future, but a minority have specific local challenges and in those locations, regrettably, closure and re-allocation of the space is the only sensible option." "Market Street is a beacon of differentiation for Morrisons and we remain committed to it." "But as we modernise we are making some necessary changes to the areas of the model which are simply uneconomic. In some stores where we are closing counters or Cafés, we plan to work with third parties to provide a relevant specialist offer." "Although these changes are relatively small in the context of the overall scale of the Morrisons business, we do not take lightly the disruption and uncertainty they will cause to some of our colleagues." "We will of course take particular care to look after all of them well through the coming changes." This move comes on the heels of a report by City AM in January that Sainsbury's was planning to eliminate more than 3,000 roles as it prepares to shut down all its remaining in-store cafes. The major restructuring will reduce its current workforce, which stands at 148,000, by two per cent. The move will also render about 20 per cent of senior management roles at Sainsbury's redundant. This initiative is part of the supermarket giant's plans to concentrate on fewer, larger roles and to streamline its head office and management teams.

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Lush to open first ever UK hotel as it passes Trump's tariffs onto US customers

2025-08-20 01:31:44

Lush has announced aspirations to open a unique UK hotel as part of its latest business developments outlined amidst the backdrop of financial struggles and President Donald Trump's trade measures, despite sinking further into losses. Operating from its base in Dorset, the ethical cosmetics retailer provided minimal specifics in its annual accounts regarding the hotel venture but confirmed it is collaborating with a "British partner" on this new hospitality initiative, marking a novel endeavour beyond its current global network of approximately 870 retail outlets, as reported by City AM. In line with strategic shifts due to international economic pressures, Lush made the "sad decision" to shutter its Dusseldorf manufacturing site by 2024, opting to centralise North American production activities at its Toronto facility, consequently transferring operations previously based in Germany to its Poole factory in the UK. According to the recently filed company accounts, Lush cited the 25 per cent tariff imposed by President Trump on Canadian goods as the impetus for its decision to "pass this tax directly to our American customers". The firm also made it clear that there are no intentions to set up a manufacturing presence in the US. With an eye towards bolstering its global reach, Lush is actively seeking to establish new franchise opportunities in Italy and France and is engaging with fresh partnerships in India and Indonesia. Ambitious plans entail the launch of about 30 new shops across these areas over the next ten years. Moreover, the company is pursuing "a more imminent expansion" strategy in Turkey and nascent markets such as Panama and Cyprus. The recent disclosures by Lush, included within documents submitted to Companies House, shed light on the company's extensive job creation schemes, the anticipatory opening of a UK-based hotel, reactions to President Trump's tariffs on imports, and plans for international growth. The firm's turnover decreased from £708.1m to £647.5m in the 12 months leading up to 30 June, 2024, while its pre-tax loss expanded from £28m to £42.5m. In the previous year's accounts, Lush had stated that its partnership deals with the SpongeBob SquarePants and Barbie brands were contributing to sales growth. Lush's retail sales dropped from £576.2m to £548m over the year, while its digital sales declined from £107.3m to £101.3m. Manufacturing turnover remained largely unchanged at £24m. The company's average headcount increased from 13,034 to 13,614, while it operated 869 stores at the end of the year, up from 857. A statement signed off by the board said: "We began the year strongly, achieving total sales growth of 5.7 per cent in Q1." "Our latest cross-brand collaborations, including Barbie and SpongeBob, proved popular with customers and helped to drive increased shop footfall and online traffic." "However, Q2 delivered mixed results across our markets and we struggled to sustain the growth trajectory of the first quarter." "December, our most important trading month, saw sales decline by 2.2 per cent." "That said, there were many highlights to celebrate, including record-breaking sales days for nearly 100 stores and five countries (including the UK)." "We also recorded our highest ever daily revenue for a single store, with our incredible new Glasgow anchor taking over £100,000." "Following Christmas, shifts in the calendar for internal product launches and seasonal events such as Easter and Mother's Day caused some monthly fluctuations, however, overall sales remained broadly in line with last year." "Over the past two years, global political and economic challenges have driven unprecedented levels of cost inflation." "Understandably, the business has prioritised mitigating significant increases in raw materials, wages and energy costs." "More recently, our focus has shifted toward reigniting sales growth, and we are beginning to see positive signs." Lush reported that in the final month of its financial year, it saw a 3.2 per cent increase in combined retail and digital sales compared to the previous year.

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Rochdale-based Footasylum sees profits soar as sales hit £349m

2025-08-08 00:40:55

Footasylum has confirmed a near 200 per cent surge in profit as its sales climbed to almost £350m during its most recent financial year. The Rochdale-based retailer, backed by German asset management firm Aurelius Group, reported a pre-tax profit of £17.2m for the year ending 25 January, 2025, as reported by City AM. This is a significant increase from the pre-tax profit of £6m posted in the previous 12 months. Over the same period, the company's total revenue also rose from £319.5m to £349.5m. Store sales saw a three per cent increase to £172m due to new store openings, while online sales grew by six per cent to £143.6m. Footasylum has been owned by Aurelius Group since it was purchased from JD Sports in 2022. David Pujolar, CEO of Footasylum, commented: "We are pleased to report another year of record revenue and profit performance, demonstrating our resilience in a challenging market environment." "Our strategic initiatives and new organisational structure have proven effective and position us strongly for sustained growth." Pujolar also highlighted the success of their new store format, based on their Oxford Street blueprint, which he said has improved the Footasylum shopping experience and received positive feedback from consumers. He added: "Our focus on customer service remains a cornerstone of our approach, strengthening brand loyalty and generating valuable feedback that informs our business decisions." "Additionally, our successful expansion into the wholesale channel demonstrates our ability to identify, and respond to, consumer preferences and emerging trends." "This year has been transformative as we evolve from a traditional retailer into a multifaceted group with diverse channels and creativity." "We are excited to have formed strategic partnerships with global brands such as Nike, Adidas and New Balance." "These collaborations elevate our offering and reflect our commitment to delivering the best on-trend products to our consumers." "Our leading social media and digital presence has enabled us to connect with our consumers in unique and engaging ways, fostering loyalty and community around our brand."

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How Fenwick has shown its staying power amid the decline of department stores

2025-08-07 02:32:29

Since the collapse of BHS in 2016, the country has lost at least 80% of its main department stores. The staggering decline of this British institution has also seen high profile casualties in chains such as House of Fraser, Beales and Debenhams, not to mention regional independents. But others have managed to weather a difficult decade, despite the myriad challenges from Covid, to lacklustre consumer confidence and fierce online competition. This week historic, North East-born brand Fenwick has been in the news due to efforts to cut costs - with bosses stressing there are no plans to close stores. The family-run chain, which was a latecomer to the digital world in 2019, has been making behind-the-scenes changes linked to the hosting of its website. Despite acknowledging growth will come from online, and taking occasional criticism from retail pundits, the operator of eight stores across the country has also been pouring energy into its bricks and mortar estate - focusing significant investment in its flagship Northumberland Street store in Newcastle. That comes as bosses have identified that till sales will continue to dominate revenue “for the foreseeable future”. So concurrent with the wider sector’s decade of decline, Fenwick has been remaking its landmark Newcastle store. It started with the relaunch of its multimillion-pound foodhall in late 2015 - just months before BHS’ demise. The two-year project injected new life into the Northumberland Street site, encouraging shoppers to linger while they ate at one of the venue’s modern eateries - set up with significant involvement from prominent Newcastle restaurateur Terry Laybourne. The project also brought in enticing merchandising of premium food and drink brands - many from the North East - which made for ideal gift shopping. The move was a canny one for Fenwick, which foresaw a crescendo of dining out activity, albeit one that was later curtailed by Covid. It cemented the retailer’s place at the lead of the mid-market retail offer in the city and helped renew Geordies’ fondness for the store, which beforehand had begun to look dated. Mr Laybourne’s hand in the success has also been the precursor to a run of high-profile partnerships with other North East names in recent years, including the headline-grabbing silver service pop-up bistro run in collaboration with fellow high street stalwart Greggs. The tongue-in-cheek take on fine dining served the food-on-the-go firm’s festive bakes and sausage rolls to punters, with waiting staff revealing the pastry treats, plus accoutrements, from beneath silver cloches. The concept’s first outing in 2023 received such interest that it returned last year - though this time in the shape of a Greggs champagne bar where menu favourites were paired with expensive tipples. There has also been work with city cocktail bar Mother Mercy, which opened a venue on the store’s ground floor and has since expanded. Meanwhile, Northumberland Micheln star restaurant Hjem last year extended a well-received residency in which it offered a menu inspired by the respective Swedish and local background of its founders, chef Alex Nietosvuori and wife Ally. And this week is the opening of its latest collaboration, with South Shields’ fish and chips favourites Colman’s - who will serve cod and chips in the city centre store as well bringing in local independents Geordie Bangers and Great North Provisions to bring local provenance to its battered sausage and pie options. There has been more activity besides food too. Last year saw the launch of what it says is the largest beauty hall outside of London - exclusively bringing cosmetics names Hourglass, Charlotte Tilbury and Le Lab to the city. That came alongside the launch of an official Newcastle United retail concession in the store, following Fenwick securing exclusive rights to become the club’s official luxury retail store partner. This week celebratory messages adorn the store’s Blackett Street and Northumberland Street windows following Newcastle’s sensational cup final win at the weekend. And another historic Tyneside neighbour Barbour - with 130 years to its name vs Fenwick’s 143 years - teamed up with the retailer last autumn to launch the ‘Barbour Tea & Toasties’ cafe which is decorated with Barbour-style furnishings and occupies a scenic position overlooking Grey’s Monument. The pop-up is expected to run until the end of this month.

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Healthy ready meal business Field Doctor wins ‘significant seven-figure’ investment to grow into new markets

2025-08-26 21:28:27

A frozen meal delivery service that specialises in helping people with specific dietary requirements has secured a “significant seven-figure investment” that it says will help it to expand into B2B markets. Bath-based Field Doctor has raised capital from co-investors Perfect Redd – the investment arm of Ginsters owner Samworth Brothers – and the British Business Bank’s South West Investment Fund. It says the move will allow it to grow its existing business and to expand to serve foodservice businesses. Field Doctor was founded in 2021 to supply dietitian-designed meals for those with dietary requirements. It offers personalised meal plans that can help those with health conditions and those with diets including gluten-free, lower carb or high protein. Each meal is designed to be nutritionally balanced, and meals are approved for supply to the NHS. Martin Dewey, CEO & co-founder of Field Doctor, said: “ I’m very excited to close the funding in a tough market with great investors and focus now on making more people aware of our unique offer that really can improve our customers’ lives. We believe food can be the best medicine and, as awareness and understanding of this grows rapidly, we can help millions of people improve their or a loved one’s health and enjoy doing it.” Alex Brooks, CCO & co-founder of Field Doctor, said: “We’re on a mission to not only build a brand and business but also to make a difference to the health of the nation. We think about the consumer and the planet and we have ambitious development plans. “We’re delighted that Perfect Redd and the South West Investment Fund have backed those plans and that Sarah Wood, Samworth Brother’s technical director will be joining the board to help us achieve that.” Matt Browning, investment manager at The FSE Group – the appointed fund manager for the South West Investment Fund, added: “Field Doctor has established itself in an expanding market, offering an innovative solution for its audience. its award-winning products offer a unique take on both the ready meal and the healthy food sectors and provide an opportunity to diversify into foodservices markets. We are delighted to support this experienced team as they continue to grow the business."

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Unilever snaps up eco-friendly deodorant brand as it seeks to boost beauty business

2025-08-01 06:44:06

Unilever has officially announced its acquisition of refillable deodorant brand Wild, as part of its strategy to expand its footprint in the premium beauty and self-care market. The financial details of the transaction were not disclosed, but it is estimated that the deal values Wild at £230m, as reported by City AM. Wild was launched in 2019 by business partners Charlie Bowes-Lyon and Freddy Ward and experienced significant growth during the Covid-19 pandemic, achieving its first profitable year in 2023. "Joining Unilever marks an exciting new chapter for Wild," said co-founder Charlie Bowes-Lyon. He added: "Our mission to remove single-use plastic from the bathroom with desirable, innovative personal care products will be hugely strengthened by leveraging Unilever's expertise, scale and reach to further grow the brand and bring our vision to more consumers." Bowes-Lyon told The Times that he hopes Unilever can assist Wild in moving some production, particularly its aluminium casings, from China to Unilever-owned factories in America. The purchase of Wild aligns with Unilever's Growth Action Plan 2030, which aims to optimise its portfolio towards "premium and high growth spaces," according to the company. In March, new CEO Fernando Fernandez identified approximately €1bn (£840m) worth of brands in its Foods Europe division that "don't fit well" with the company's portfolio. "[Wild is] a perfect complement to our Personal Care portfolio," stated Fabian Garcia, president of Unilever Personal Care. Wild has primarily utilised digital advertising channels such as Instagram and TikTok to market its products. However, the news of Wild's acquisition has elicited mixed reactions from creators on these platforms. For instance, some Instagram creators have begun suggesting alternatives to Wild for consumers who prefer supporting smaller-scale brands. There are also apprehensions that Wild's environmental credentials may diminish, with many citing Unilever's history of plastic production. Dove, one of Unilever's brands, was criticised by Greenpeace last year for its use of plastic sachets, leading activists to blockade the entrance to Unilever's headquarters on 5th September.

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Popular Japanese restaurant in Bristol to reopen

2025-08-08 22:18:06

A Bristol sushi restaurant is set to open a new branch in the city this weekend. Niji, which previously had a site in the Galleries in Broadmead, has moved to the ground floor of Union Gate, at the corner of Union Street. The restaurant plans to open with a soft launch on Saturday (March 29), while upgrades are still underway at the new site. The eatery will operate for four days a week on limited hours, although later than its previous location at the top of the Galleries. The restaurant will be open from Thursday to Sunday, between 12pm and 9pm, except on Sundays when it will close an hour earlier. Due to the restricted operating hours initially, the owners advise customers to reserve tables in advance. A spokesperson from Niji said: "We are opening this Saturday. It will be a soft opening and limited business hours for now as upgrades are still in progress." On its Instagram page, Niji further urged: "Please make a reservation via our website as far as possible." They also expressed gratitude for the patience and support received over the past few months. The restaurant has unveiled its new menu, which will be available from the soft launch onwards. It offers a variety of sushi and fish options, poke bowls, curry rice, noodles and gyozas. The location has previously housed The Mana House, Atomic Diner, Steam and Bella Pizza. The Japanese eatery had garnered positive reviews, boasting a 4.9 out of five-star rating on Google prior to its closure from the shopping centre due to the impending demolition of the Galleries.

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Evoke shares plummet as William Hill owner's losses triple on restructuring costs

2025-08-06 07:10:52

Evoke shares plummeted by 17.3 per cent to 59.05p on Wednesday following the William Hill owner's announcement of an annual loss totalling £191.4m, a figure that significantly expanded from the previous year's figures, nearly tripling the loss reported for 2023 due to escalating restructuring and financial costs. Despite a revenue boost of three per cent reaching £1.75bn, and an uptick in adjusted EBITDA by four per cent, exceptional costs, particularly those linked to its withdrawal from the US customer market, pushed the group further into losses, as reported by City AM. The betting conglomerate cautioned that revenue growth for the first quarter would likely hover in the low single digits, not meeting its full-year goal of five to nine per cent. It pointed to strengthened responsible gambling regulations and diminished promotional impact as key reasons for this subdued increase. On a brighter note, Evoke has projected an adjusted EBITDA rise of £18-28m in the first fiscal quarter as a consequence of stringent cost control measures. Amidst adapting to regulatory cost inflations from employer national insurance and national living wage increases, Evoke disclosed plans to save an extra £25m for the current year as part of its strategic overhaul. Per Wilderström, the CEO, characterised 2024 as a "pivotal year" given the headway made in sustaining revenue growth against the backdrop of looming hurdles. He emphasized the necessity of honing new operational strategies and the reliance on a revitalized, dedicated leadership team to enact them, admitting: "We are under no illusions: this is a complete reset of this business." Despite the decline in share price, analysts at Peel Hunt pointed out that while first quarter revenue fell short of expectations, "EBITDA continues to make progress... comfortably on track of our FY25 forecast of £359m."

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The history of WH Smith as brand bids farewell to UK high street

2025-08-07 00:39:08

Historic retailer WH Smith has quit the UK high street after 233 years. The Swindon-headquartered books and stationery business has sold its 480 high street stores, which employ around 5,000 people, to Hobbycraft owner Modella Capital for £76m. WH Smith said the move would allow it to focus on its growing travel shops business. The WH Smith brand was not included in the sale to Modella and the high street shops will now be rebranded to TG Jones as a result. Henry Walton Smith and his wife Anna first established WH Smith in 1792 in Little Grosvenor Street in Mayfair as a news vendor. After their deaths, the business was taken over by youngest son William Henry Smith in 1812. He then renamed the business as WH Smith & Son in 1846 when his son, also called William Henry, joined him as a partner in the business. It was around this time that the business started to notably expand. It took advantage of the UK railway boom by opening its first railway news stand at Euston Station in 1848. Two years later the business opened its first depots in Birmingham, Manchester and Liverpool. As the group expanded nationally, it also expanded its business operations, launching a circulating library service and a publishing operation based in Cirencester, Gloucestershire. Meanwhile, the younger WH Smith served as a Conservative MP while running the business, before his death in 1891, where it was passed onto his widow, Viscountess Hambleden. The business continued to be passed down by the family and became a limited company in 1928, with all shares owned by the third Viscount. The company became a public limited business after his death in 1948, with staff and members of the public taking shares. Members of the family stayed on the board for the following decades before the final member of the Smith family left the board in 1996. From the 1970s to the 1990s, the business witnessed a particularly sharp expansion. During this period, the company dropped its WH Smith & Sons title in favour of just WH Smith and developed its well-known blue branding. The group also grew through a series of deals including the creation of the Do It All DIY chain and 1989 takeover of Waterstones book shops. It sold off Waterstones nine years later. Despite still being dominant in the UK high street, the company came under pressure in the 2000s and onwards as online retailers and supermarkets tapped more into the high street business’s core customer base. As part of a shake-up of its operations, it split up its retail and news distribution businesses with the demerger of Smiths News in 2006. It also struck a number of further deals, such as the takeovers of The Gadget Shop and Funky Pigeon in a bid to target growth areas. In more recent years, the group continued to expand its travel business of shops at train stations and airports. In 2018, it furthered this by snapping up travel tech retailer InMotion. While travel sales continued to surge, the company continued to flag a weaker performance across its traditional high street stores. Ultimately, the company confirmed in January that it was seeking to sell off the high street business following a strategic review.

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Pawnbroker Ramsdens upgrades profit expectations as high gold prices provide boost

2025-08-12 23:11:01

High street pawnbroker and jewellery seller Ramsdens has raised profit expectations on the back of strength in its precious metals purchasing business. The North East-based plc, which has a network of 169 stores across the country, says pre-tax profits for 2025 are now expected to be at least £13m, up from £11.4m last year. Analysts had expected pre-tax profits of about £12m but new strength in gold prices has helped the firm increase gross profits on its precious metals purchasing activity by 50% in the first half of the year. That comes after the Middlesbrough group launched a dedicated gold buying website last month, which it says will boost awareness of the service and attract new customers. Pawnbroking profits were also up 10% on the same period of 2024, with investments in the brand's website said to be attracting new customers. Meanwhile gross profit on jewellery retailing increased 15% - ahead of expectations - with bosses saying some old stock had been scrapped. Foreign currency exchange was in line with the previous year though a later Easter holiday period had deferred customer spending. During the first half, Ramsdens opened new stores in Grantham and Burton, with both said to be trading well. The firm closed a kiosk it had at Teesside Airport and merged two of its central Glasgow stores. Peter Kenyon, CEO of Ramsdens, said: “We are pleased to have delivered a strong performance during the first half of the year, underpinned by our diversified model as well as benefitting from investments made across our four operating segments, including the launch of new dedicated customer websites and services. This positive trading momentum, together with the continued benefit to the Group presented by the sustained high gold price, has led the Board to increase profit expectations for FY25. "We look forward to building on this positive performance throughout the second half of the financial year.”

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Retail sales fall as 'trade tensions' and 'autumn budget' hit high street

2025-08-22 10:24:54

Retail sales in the UK saw a decline in March, with expectations of further drops as low consumer confidence exacerbates a decade-long downturn in retail. According to the latest trading survey by the Confederation of British Industry (CBI), sales volumes "markedly" fell in the year to March, as reported by City AM. This represents the steepest drop since July of last year and marks six consecutive months of decline, including five straight months of double-digit decreases. "Firms across the retail and wholesale sectors reported that global trade tensions and the Autumn Budget are weighing on consumer and business confidence, which is leading to reduced demand," said Martin Sartorius, principal economist at the CBI. These disappointing results pose a challenge for Chancellor Rachel Reeves, who is set to present the Government's Spring Statement on March 26. Sartorius added: "Tomorrow's Spring Statement is likely to focus on the persistent challenges facing the UK economy, reinforcing the need for policies that boost businesses' confidence to invest." He suggested measures such as reforming business rates, backing the British Business Bank's Growth Guarantee Scheme, and adequately funding the Growth and Skills Levy could bolster business investment plans and propel the government's growth ambitions. The findings from the CBI align with a survey conducted by KPMG, which revealed that Britons plan to reduce spending on everyday items. The survey, which polled 3,000 consumers, also indicated an increasing number of people feeling financially insecure. Analysts at AJ Bell have pointed out the twelve-month low for FTSE350 retailers, citing concerns over weak consumer confidence and unfavourable weather conditions impacting revenue. They also noted that rising costs from national insurance contributions, wages, utilities, and raw materials could further erode profits. The Centre for Retail Research (CRR) suggests that these recent challenges are exacerbating an issue that originated with the financial crisis in 2008.

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B&Q owner Kingfisher faces sales dip amid tough French consumer market but remains optimistic

2025-08-21 15:37:58

Kingfisher, the parent company of B&Q and Screwfix, has announced a decline in sales, largely driven by a weak consumer market in France. The company reported a 1.5 per cent drop in sales to £12.78bn for the year ending January 31, as reported by City AM. This decrease was primarily due to a 6.2 per cent fall in sales in France, while the UK and Poland remained steady. The operating profit of the B&Q owner fell by 29.7 per cent to £407m, and pre-tax profit saw a decrease of 35.4 per cent to £307m. Basic earnings per share nearly halved from 18.2p to 10.1p, with the company's total dividend remaining unchanged at 12.4p. Despite making cost savings of £120m during the year, Kingfisher faces an annual cost inflation of £90m. This is due to the combined impact of higher wages, increased employers national insurance contributions and their French equivalent, as well as the UK government's packaging fees regulations (the Extended Producer Responsibility scheme). Despite these challenges, Chief Executive Thierry Garnier remains optimistic, stating that the company is "in its best operational shape for years." He added: "For the first time in over six years, we grew our market share in all key regions." He also noted that the company delivered profit and free cash flow in line with or ahead of initial guidance, demonstrating strong delivery against strategic objectives. Kingfisher has reported that 'big-ticket' categories finally saw sales growth in the fourth quarter in both the UK and Poland, after years of Brits avoiding home renovations. Wickes echoed this trend in its annual results. "Looking to the year ahead, the recent government budgets in the UK and France have raised costs for retailers and impacted consumer sentiment in the near term.

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Watches of Switzerland share price dips as Peel Hunt slashes target amid economic uncertainty

2025-08-01 21:04:50

City broker Peel Hunt has reduced its price target for Watches of Switzerland by 20%, attributing the decision to decreased spending and increased prices posing challenges for the retailer. The luxury watch company's target price was downgraded from 500p to 400p, as reported by City AM. As of midday on April 7, shares in the retailer were trading at 335p, marking a 2.8% drop on Monday and nearly a 20% decline since 'Liberation Day' on April 2. "With uncertainty so high, we are not attracted to the shares even after their fall," stated Peel Hunt. The broker cautioned that US watch prices could surge by 10 to 15%, spelling trouble for a sector already grappling with demand issues. "While there's not much price elasticity on Rolex and Patek products, other brands could see volumes impacted," the broker noted. Rolex and Patek Philippe watches account for approximately 60% of Watches of Switzerland's sales. The US market served as the company's primary growth driver in the second quarter, with revenue climbing 24% to £355m. "Our forecasts have most of the group's growth coming from the US. We will wait until the economic backdrop calms and see how the US consumer responds... but the risk is clearly to the downside," Peel Hunt commented. "The likelihood is that the US consumer, crucial to the growth story here, will remain nervous for some time," the broker added. Another concern is that many of the watches sold by these retailers are manufactured in Switzerland, which is subject to a 31 per cent tariff, although some products are sourced locally from American distributors. RBC analysts highlighted that the watch company has lower margins than its competitors, making it more challenging to respond to tariffs.

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B&Q owner sees profits plummet and warns over rising costs

2025-08-07 04:13:37

B&Q owner Kingfisher has revealed its yearly profit dropped by more than a third, as it cautioned over rising costs following government budgets in the UK and France. The company generated a statutory pre-tax profit of £307m for the year to the end of January, a 35% decline on last year. Sales edged 0.2% higher in the UK and Ireland, compared with the prior year, but were down 1.7% across the group. Kingfisher, which also owns Somerset-based Screwfix, cited a tougher market throughout the year with weaker consumer sentiment, particularly in France, affecting sales. Government budgets raising costs for retailers and impacting consumers which would affect the year ahead, it said. The company proposed a dividend for the year of 12.40p per share, made up of an interim dividend of 3.80p for the six months ended July 31, 2024, and a final dividend of 8.60p. Last month, the Retail Jobs Alliance (RJA), which includes Kingfisher as well as brands such as Tesco and M&S, said retailers would face "a perfect storm" of additional costs from April. The group also warned the hike to national insurance for employers, which comes into force next week, as well as rising business rates for larger high street outlets would result in the loss of 300,000 jobs by 2030. Stuart Machin, chief executive of M&S, said at the time that retail was "being raided like a piggy bank" and called for immediate action to stimulate growth. "The blunt truth is... the budget means UK retail will get smaller," he added.

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Asos and Boohoo to press on with US warehouse closures despite Trump tariffs

2025-08-14 19:28:23

Despite the imposition of President Donald Trump's tariffs, Asos has confirmed its plans to proceed with the closure of its distribution centre in Georgia, USA. The fast-fashion group had announced at the beginning of the year that it would be shutting down its US base as part of a strategy to enhance profitability and streamline operations, as reported by City AM. Consequently, US customers will now be served from Asos' automated UK fulfilment centre in Barnsley, alongside a "smaller, more flexible local US site." These plans were formulated prior to Trump introducing a 10 per cent tariff on UK exports to the US last week. In response to City AM, Asos affirmed that the Atlanta warehouse closure would continue in the second half of the year. Asos had projected a £10m to £20m boost to pre-tax earnings from 2026 in January, despite anticipating a £190m impairment this year. Following Trump's tariff announcement, Asos shares fell from 293p to 248p, but have begun to recover modestly today, gaining around two per cent. Boohoo has also decided not to reverse its US closures, having confirmed in September last year that it would cease supplying US customers from its Pennsylvania distribution centre. Orders will now be fulfilled from the fast-fashion retailer's automated distribution centre in Sheffield, significantly reducing costs and enabling the firm to market a broader range of products in the US. Boohoo has confirmed to City AM that it will not reverse its decision.

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Hays Travel smashes £3bn landmark and rewards staff with bonuses

2025-08-12 16:44:22

Sunderland independent travel agency Hays Travel is celebrating a milestone £3bn in Total Transaction Value (TTV) for the first time in its history, leading to it sharing the success with its staff. The holiday firm achieved the landmark figure, which represents the total gross value of all sales or transactions for travel services or products, a month ahead of the end of its financial year on April 30. This has triggered bonus payments for the workforce. The TTV is the sum of all revenue generated from travel-related bookings, including airline tickets, hotel reservations, car rentals, and other travel-related services. The new figure is £500m higher than the one reported by the Sunderland business in its last accounts. In recognition of their contribution to Hays Travel's success and their loyalty to the company, Dame Irene Hays announced in a video message that each employee will receive £100 for every year they have worked at Hays Travel. This means some long-serving staff members who have been with the firm for decades stand to receive more than £3,000. Earlier this year, Dame Irene dismissed reports of an economic downturn in the UK after witnessing a significant increase in business at the end of 2024 and the beginning of 2025. She noted that people are now willing to spend more on their holidays than in previous years, reports Chronicle Live. Dame Irene Hays, the owner and chair of Hays Travel, has expressed her pride in the company's adherence to its core principles over its 45-year history, attributing its success to the dedication of its staff. "Since Hays Travel began trading 45 years ago, we have always remained true to our vision and values, and our strategic priorities: our people, our customers, and the communities where we operate. As I have said many times, our success is down to our people, which is why achieving this £3bn milestone is an opportunity to demonstrate just how much their excellent work and unwavering loyalty are appreciated." Lenore Mason, who oversees recruitment and people services at Hays Travel, shared her personal journey with the company, highlighting the firm's commitment to its workforce and values. "This is my 37th year with Hays Travel - I feel so fortunate to work alongside brilliant people, for a company that values me and has continued to grow in the region where I grew up. Although Hays Travel has seen many changes over the years it has always been totally committed to its values and people. Today's news is exciting for everyone and just shows how much we are appreciated!" The travel agency, which recently inaugurated a new branch in Dalton Park, County Durham, has experienced substantial growth over the past six years, marked by significant increases in Total Transaction Value (TTV) and turnover, partly due to a series of strategic acquisitions. For the year ending on 30 April 2024, Hays Travel reported a TTV of £2.55 billion, representing a 17% rise from the previous year, with a group pre-tax profit standing at £73.4 million. The company's growth trajectory saw it reach £500 million in TTV in 2012, £1 billion in 2018, and £2 billion in 2024. In a remarkable growth story, Hays Travel experienced unprecedented expansion in October 2019 when it took over the operation of all 555 branches of the defunct Thomas Cook holiday firm. The company continued its acquisition spree by taking over the Explorer Franchise in 2021, followed by Just Go's 45 North West branches, and Travel House's 16 outlets in South Wales in 2023. In addition, it acquired three Holiday With Us branches in Lincolnshire, and 19 Miles Morgan Travel shops across the South West and South Wales in 2024. As a result, Hays Travel is now the UK's largest independent travel agent, boasting nearly 500 branches nationwide and employing around 4,500 staff. The family-run business prides itself on its commitment to nurturing talent, with more than 700 apprentices and graduates being trained this year alone. Each branch is also given £500 annually to invest in local initiatives.

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JD Sports faces share price downgrade amid Nike stock challenges

2025-08-17 08:22:59

Ahead of JD Sports' full-year results next month, London broker Peel Hunt has revised its forecast for the company due to short-term industry challenges. Peel Hunt has reduced its projected pre-tax profit and earnings per share for JD Sports by three per cent for the 2026 financial year, as reported by City AM. The downgrade is attributed to an excess of Nike stock, which "is likely to persist deep into JD's [next financial year]." JD's American revenue heavily relies on Nike footwear, but demand for the brand has waned over the past year. Shares in Nike fell to a five-year low last week after it reported a larger-than-anticipated drop in fourth-quarter revenue – marking its fourth consecutive quarter of declining sales. Nike has been grappling with a post-pandemic shift away from athleisure, as well as competition from emerging trainer brands Hoka and On. This has resulted in a significant surplus of 'Classic' footwear franchises: Air Force 1, Air Jordan 1, and Dunk. "Simply put, there is an awful lot of stock left to shift, and consequently, the whole industry margin structure is impacted," said analysts at Peel Hunt. "JD will not participate in heavy discounting, so while its gross margin should be robust, it is likely its Nike sales will suffer," they added. Since last September, JD Sports' share price has been on a consistent decline. Its value has dropped 52 per cent since mid-September. Currently, it stands at 72.4p, giving the retailer a market cap of £4.1bn. JD Sports continues to be a leading choice in the sector, according to Peel Hunt. The firm also highlighted that the decline in Nike product sales is unlikely to be offset by other goods due to low consumer confidence and spending. This has led to a general retreat from retail stocks, with many major brands suffering this year. High street sales growth has been notably weak post-pandemic and has yet to recover, which is particularly challenging for JD as its stores usually outperform its online channel. Earlier this year, the Pentland-owned company warned that profits would be lower than anticipated due to a "challenging and volatile market." However, despite the near-term challenges, the broker stated that JD Sports remains one of the top players in the footwear market. "In our view, JD will come out of these difficult industry times in a stronger position. It remains the big brands' partner of choice and continues to innovate both in-store and online."

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Co-op profit rockets ahead of supermarket 'trolley wars' as it reveals membership surge

2025-08-04 03:43:49

The Co-op has announced a significant surge in profit for 2024, just as the grocery sector braces for potential 'trolley wars.' The Manchester headquartered group's revenue remained largely steady year on year, with a slight increase of 0.2 per cent to £11.3bn, while its underlying profit saw a substantial rise of 35 per cent to £131m, as reported by City AM. Operating profit more than doubled from £66m to £151m, and profit before tax experienced an almost six-fold increase from £28m to £161m. The Co-op attributed this profit boost to increased operating profits and improved returns on Funeralcare plan investments. The Co-op operates across various sectors including food retail through convenience stores, wholesale via Nisa, funeral care, legal services, and insurance. The number of active Co-op members, who collectively own the business, grew by 22 per cent to 6.2m, up from 5.1m in 2023, and is "on track" to reach 8m by 2030. Co-op chair Debbie White said: "These results show that our strategy on delivering for our member owners whilst also delivering long term financial and operational progress is working." She added: "I'm particularly delighted we have increased our active membership by 22 per cent. "We continue to focus on long term profitable growth, creating more value for all our member owners and the communities they live in," White further stated. Last month, the Co-op invested over £70m to match Aldi's prices on 100 everyday essentials for its members. Co-op, the UK's seventh-largest supermarket as per Kantar data, has not seen an increase in market share in recent years. It took 5.3 percent of the market in the 12 weeks to March 24, 2025, down 0.1 per cent year on year, according to Kantar. But it has been growing in the convenience space - its share of the quick-food market has grown 0.6 per cent year on year, according to Circana. The retailer's strategy to slash prices is aimed at drawing cost-conscious customers amid a challenging economic climate where brand loyalty is low. Yet, with major supermarkets, including a rejuvenated Asda management, prepped to cut prices, industry analysts are cautioning that intense competition, or 'trolley wars,' may soon intensify within the grocery market. Co-op CEO Shirine Khoury-Haq expressed optimism despite the tough times: "While broader economic challenges remain, our businesses are delivering strongly against the market and I'm proud that we continue to provide support to our colleagues, members, and their communities through the continued cost of living challenges they face."

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Stonehenge: Major expansion at site as 'Neolithic classroom' and learning centre approved

2025-07-31 17:48:46

Major development plans have been greenlit at the Stonehenge visitor centre, with Wiltshire Council approving a planning application for new educational facilities. The application was submitted to the council by English Heritage in November 2023, seeking permission to erect two new buildings roughly 2.5 miles west of the Stonehenge Circle. As per the proposal, these plans form part of a broader investment strategy aimed at enhancing the visitor experience at Stonehenge. The first building is set to be a new learning centre located east of the Ancillary Building, next to the shuttle bus turnaround north of the visitor centre. The second building, as per the plans, will be a 'Neolithic structure' housing a 'Neolithic classroom', situated east of the visitor centre, close to the existing 'Neolithic village'. The learning centre, with a total floor area of 397 square metres, will feature a STEM lab and a learning studio linked to outdoor spaces. Meanwhile, the "Neolithic classroom" will draw inspiration from evidence of Neolithic communal buildings discovered at Durrington Walls, located in the north-eastern part of the World Heritage Site. The proposed area is set to offer an "immersive and authentic" experience, combining "costumed storytelling, object handling and hands-on activities" to give students a more profound appreciation of Neolithic life. The application from English Heritage stated: "Given its international status and cultural significance, English Heritage believes that Stonehenge should have a sector-leading education offer as befits this unique and special place – one that ensures that all education groups, both free and paying visits, have a world-class experience." Additionally, English Heritage emphasised the commitment to sustainability by ensuring the new construction aims for net zero carbon in its operation. Wiltshire Council's case officer report acknowledged the potential increase in traffic due to the new facilities but noted that it would likely be bus traffic, aligning with the council's policy to reduce private car travel. The report concluded: "It is concluded that the public benefits of the proposal would outweigh the limited harm to heritage assets in the planning balance and refusal on heritage and landscape grounds would not be justified." The council therefore approved the proposals.

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Virgin Wines reports profit boost and eyes up £100m revenue by 2029

2025-07-31 09:04:32

Virgin Wines has announced a rise in profit and new customer acquisitions, alongside a five-year growth strategy aimed at tripling its revenue to £100m by 2029. The firm also plans to initiate a share buyback programme to acquire up to 15% of its share capital, although it will not be introducing a dividend, as reported by City AM. The AIM-listed company reported this morning that its pre-tax profit increased by 20% to £1.3m in the six months ending December 27, with new customer acquisition growing by 29%. Earnings before interest, tax, depreciation and amortisation (EBITDA) at Virgin Wines remained steady at £1.6m. However, revenue saw a slight decrease from £34.3m in the first half of last year to £34.1m this year. Analysts at Panmure Liberum commented on the interim results: "Interims... contain no surprise and have delivered stable revenues, but the growth in new customers is the new news." They added: "If Virgin can grow the base the flywheel of profitability should kick in as the assets and infrastructure of the group get leveraged – this is certainly true of B2B sales and all eyes will be on the quality of the incremental customers the group start to acquire now." Cavendish analyst Nigel Parson stated: "The business is already picking up momentum after a period of consolidation helped by deep understanding of its target customer." "Surplus cash will be returned to shareholders through a share buyback programme... Investors with an eye for recovery stories should buy this 'en primeur' investment opportunity now, as we believe its share price could double or triple over this period." Virgin Wines has outlined its strategic growth blueprint concentrating on four core segments: customer acquisition, commercial partnerships, the Warehouse Wines scheme, and crafting a bespoke mobile application. The spirit of Warehouse Wines lies in its cost-effective approach that curates wines directly from the vineyards. Forecasting a bullish climb in revenue, they anticipate a leap to £100m within a five-year term. CEO Jay Wright commented on the development, saying: "This is an ambitious and transformational change in our business strategy and investment case, which we are excited to implement over the coming years."

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'How I launched a luxury British fashion brand': Jenine Baptiste on the power of creative freedom

2025-08-10 06:47:12

Luxury fashion brand Baptiste was launched in 2023 and is based in London. Jenine Baptiste, its founder, employs one member of staff, while also working with other specialists, including a pattern cutter and sample maker. Describe your business in a nutshell. Baptiste is a luxury British womenswear brand. I design visionary collections in limited series that reflect an elegant use of graphic features and deluxe textures. My work blends bold cuts, rich fabrics, and striking colours to create pieces with an assured spirit. Sustainability is embedded in my creative practice. What inspired you to launch? A mix of my love for textile design, a deep appreciation for craftsmanship, and a desire to create something that feels both luxurious and intentional. I wanted to design pieces that stand out in both their aesthetic and their values. How much cash did you use to set up? I started lean with £6,000, investing what I could from personal savings, mainly in materials and sampling. Where did you get your funding? Mostly self-funded, from savings and employment. The biggest lesson learnt? You have to be adaptable. The fashion industry moves fast, and you need to stay open to evolving strategies while keeping your creative vision intact. You also create your own opportunities. Most stressful moment? Preparing for my buyer meetings. The stakes are high, and you have to get every detail right - brand positioning, pricing, storytelling - it’s a lot, but it’s also exciting. The proudest moment? Seeing my pieces worn and appreciated by people who truly connect with them. Best thing about running your own company? The creative freedom. I get to shape every collection and build a brand that aligns with my values. Hardest thing about running your own company? Wearing multiple hats - designer, strategist, marketer, logistics manager. It’s a constant juggle. What should the government be doing to support businesses like yours? More funding opportunities and grants for independent designers, plus better support for fashion initiatives. Where do you seek guidance and advice? Through God, networks and mentors in the industry, and fellow creatives in my studio. What’s the best piece of business advice you were ever given? “Don’t wait for perfection—launch, learn, and refine as you go.” What’s the secret to success? A strong brand identity, resilience, and the ability to build genuine connections - whether with customers, buyers, or collaborators.

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Luscombe unveils rebrand to mark 50 years in business

2025-08-22 18:38:36

A well-known Devon soft drinks producer has unveiled a rebrand to mark 50 years in business. Luscombe said the changes would be made to all packaging, digital platforms, advertising and point-of-sale material next month. Founded in Devon in 1975, Luscombe has evolved from a small family cider producer into one of the UK’s most respected soft drinks brands. The business is based in a valley on Dartmoor in South Devon, where every drink is produced on site by blending organic fruit with Dartmoor spring water. Luscombe was the first drinks brand to gain organic accreditation from the Soil Association in the UK and has since gone on to be awarded a King’s Royal Warrant. Its product range now includes soft drinks, bubblies, juices, ginger beers, crushes and tonics which are sold around the globe. Mr David, who took over and grew the business from his father Julian, said: "Over the past 50 years, Luscombe has been defined by a passion for quality, craftsmanship and sustainability. When I took the reins, I wanted to build on my father’s legacy while creating something truly special. "Seeing Luscombe grow from a small farm-based operation to a multi-award-winning brand has been an incredible journey. Over the years, we have been honoured with Royal Warrants, more than 100 Great Taste Awards and received recognition for our commitment to organic farming and the environment. "It’s a privilege to see how far we have come and I couldn’t be prouder of the reputation we’ve built for exceptional soft drinks made with integrity and care." Scott Cooper, Luscombe’s newly appointed managing director, said the rebrand was a "natural evolution" of Luscombe’s story. "It captures the essence of what makes Luscombe special: our dedication to producing the highest quality soft drinks with a deep respect for nature and craftsmanship," he added. "It modernises our identity while ensuring that Luscombe remains instantly recognisable and trusted by our loyal customers. "As we look ahead, we’re focused on strengthening our position as a leader in the premium soft drinks market, expanding our reach and continuing to innovate while staying true to the values that have made Luscombe what it is today."

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Asos shares surge by more than 20 per cent after positive trading update

2025-08-04 18:03:25

Asos shares experienced a surge of over 20% this morning, following the release of an encouraging market update that exceeded expectations. The online retail giant informed investors of its anticipation for a "significant improvement in profitability" within the year, also noting a resurgence in full-price sales of its own brand, as reported by City AM. The announcement was met with a warm reception from investors, as evidenced by a more than 20% increase in Asos' share price within the first half-hour of trading. Russ Mould, Investment Director at AJ Bell, commented on the positive shift: "After a dreadful start to 2025 for the share price, Asos was primed for a relief rally if it could offer any sort of positive news." Mould further added, "Today's numbers represent an important first step on a long road to recovery, but the market will want to see some evidence eventually that metrics like active customers and orders are picking up when the company reports its first-half numbers in April to have real confidence in an Asos turnaround." Since the onset of the pandemic, Asos' share price has been on a consistent decline, shedding a staggering 94% of its value between July 2021 and March 2025. The company has grappled with a general downturn in e-commerce post-pandemic, a trend that has similarly impacted competitors such as boohoo and Pretty Little Thing. In the previous year, Asos reported a 16% drop in active customers, accompanied by a 4% decrease in purchase frequency and a 20% reduction in orders. "Improving profitability has been a key focus for the group, with successful efforts made to reduce inventory levels and allow Asos to operate from a more agile business model," stated Katie Cousins, an analyst at Shore Capital. Analysts at Peel Hunt commented that Asos appears to be "on track." "Nonetheless, with the shares down 30 per cent in the last month, there's some catching up to do this morning."

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Supermarket price wars escalate as Tesco leads amid rising grocery costs

2025-08-25 05:42:25

The latest data from market research firm Kantar reveals that despite discounts on everyday items, grocery prices were pushed up in March due to higher prices for premium products. Grocery price inflation saw a slight increase to 3.5 per cent over the four weeks to March 23 compared with the same period last year, as reported by City AM. Fraser McKevitt, head of retail and consumer insight at Kantar, noted: "With prices continuing to rise, supermarkets are mindful of the need to invest to attract shoppers through their doors." He added that promotional sales increased this month to 28.2 per cent of total grocery spending, marking the highest level seen in March for four years. According to Kantar, prices rose fastest for chocolate confectionery, spreads and chilled smoothies, while pet food and household paper products saw the most significant price drops. Some of these changes can be attributed to external environmental factors, such as a global cocoa shortage caused by high temperatures and diseases in cocoa-producing regions, which has led to rising chocolate prices. Research by Which? indicates that popular Easter eggs from big-name brands have seen price increases of up to 50 per cent, with some also decreasing in size. McKevitt further commented: "The rising cost of groceries ranks third on the list of concerns keeping consumers awake at night, just behind energy bills and the country's overall economic outlook." He pointed out that although the number of people reported as financially struggling has fallen from its recent peak, it still accounts for almost a quarter of the country. Financial instability may be a contributing factor to the increased savings observed among UK households, as indicated by ONS data. The saving ratio, which represents the proportion of disposable income that individuals opt to save, rose to 12 per cent in Q4, marking an increase from 8.3 per cent during the same period last year. Tesco continues to dominate the grocery market, with its market share expanding to 27.9 per cent in the 12 weeks leading up to March 23, as reported by Kantar. As the second largest employer in the country, following the NHS, Tesco has solidified its position as the leading grocer in the UK over the past decade. Discount retailers have also seen growth, with Aldi's market share increasing by 0.3 percentage points to 11 per cent year on year, and Lidl's rising by 0.4 percentage points to 9.1 per cent. Sainsbury's market share experienced a slight increase of 0.1 per cent, reaching 15.2 per cent. The success of these grocers can be partially attributed to the struggles faced by Asda, which saw its market share decline by 1.1 percentage points year on year. However, the supermarket landscape is set for a shake-up, as Asda's returning chair Allen Leighton recently revealed his recovery plan and 'war chest' for investing in price reductions. Susannah Streeter, head of money and markets at Hargreaves Lansdown, warned of potential "Trolley wars threaten to break out in the supermarket sector," in the supermarket sector. She noted that the supermarket chain is discontinuing non-essential services and reducing its convenience footprint in preparation for cost-cutting measures from competitors.

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New hope for Liverpool's landmark George Henry Lee building as owner vows to safeguard 'strategic asset'

2025-08-09 05:54:50

Liverpool's landmark George Henry Lee building could be set for a new lease of life as a new owner has taken on the site vowing to safeguard its future. Concerns arose in 2024 that a £25m scheme to rejuvenate the former department store in Liverpool city centre might fall through after the company behind the plans hit financial troubles. In October 2023, Landlab Developments Ltd obtained planning consent from Liverpool City Council to repurpose the Basnett Street site into a 175-room hotel and casino. A design and access statement for the planning application noted that although the site was once a "very grand" department store, the interior of the building was in poor condition. The statement detailed how the site had undergone what it termed "a number of ad-hoc alterations, piecemeal demolitions and extensions here and there." Additional features proposed for the hotel included a games bar, sports bar, karaoke booths, cinema screens and a gym, spread over nine floors. Expectations were high that the firm would deliver the venue, with 200 jobs set to be supported during the construction phase. However, Landlab entered receivership in May, putting the renovation plans at risk, reports the Liverpool Echo. May 2024 saw the insolvency specialists Antony Batty and Company stepping in as the official receiver for Landlab. The receivership ended in December when AssetStone, a London-based lender, stepped in to rescue the firm, assuming control of its assets, including the leasehold of the iconic former George Henry Lee building. AssetStone is now asset managing the building, as it works on plans for its future AssetStone's CEO, Richard Symonds, said: "I can confirm that AIEF AssetStone took control of the property after we became mortgagee in possession in December 2024. We are actively asset managing the building as we recognise its importance to Liverpool city from both a heritage perspective and as a strategic asset key to building a sustainable future for the city centre and we are working closely with the city on this project so as to avoid any further failed proposals in such an important location." George Henry Lee opened his shop in Basnett Street in 1853 and the small store grew into one of the top department stores in the North, with its own landmark home, It was bought by John Lewis in 1940. In the 1960s, it joined forces with its neighbouring store, Bon Marche, extending to Church Street. It was rebranded as John Lewis in 2002, and six years later the store moved to Liverpool ONE. The former Bon Marche premises was taken over by TK Maxx, while the original section of the George Henry Lee building was occupied by Rapid Hardware - which itself closed in 2017. AssetStone is currently formulating plans for the future of the building. The company told the ECHO that a shoe store will be the first new tenant on the ground floor, with an announcement regarding the opening date to follow in due course.

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JD Sports announce new partnership with UFC ahead of London Fight Night

2025-08-20 19:22:07

JD Sports, the renowned UK retailer and constituent of the FTSE 100 index, has entered into a collaboration with the Ultimate Fighting Championship (UFC), commencing with this weekend's London Fight Night. The Manchester-based company is now part of a European partnership that positions it as a prominent partner for UFC, despite having issued a profit warning earlier in January, as reported by City AM. JD Sports has adjusted its full-year profit before tax forecast to between £915 million and £935 million, a decrease from the previously projected range of £955 million to £1.035 billion. The mixed martial arts entity returns to the capital on Saturday for UFC Fight Night, featuring Leon Edwards versus Sean Brady at the O2 Arena in London. The event will showcase a main card with six bouts, including a women's strawweight fight between Molly McCann and Alexia Thainara, following a preliminary card consisting of seven matches. As part of the UFC partnership, JD will provide exclusive behind-the-scenes access both before and after events, with the sport retailer's branding to be prominently displayed on the Octagon. Neil Corrie, JD's Brand Director for EMEA, commented: "Our JD community has shown an incredible passion for UFC, and we are listening. This partnership marks the beginning of a series of events and content opportunities designed to create real connections between our consumers and the world of UFC. Together, we're taking the fan experience to the next level, moving Forever Forward." Anthony Joshua stands as the leading athlete for JD, which also maintains partnerships with football clubs such as Wolverhampton Wanderers and West Ham United, as well as the Kings League. Nicholas Smith, Senior Vice President of Global Partnerships for TKO [owned by Endeavor], expressed his enthusiasm about the new partnership: "We're thrilled to welcome JD as our official Lifestyle and Sportswear Retail partner in Europe. JD is a brand at the forefront of youth culture."

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Pizza Express lands £55m chunk of extra dough after refinancing deal

2025-07-31 02:14:52

Pizza Express has secured a significant financial uplift of £55m following a refinancing agreement that will substantially reduce its debt. The popular restaurant chain has successfully arranged a £55m par debt paydown, which will bring its debt level down to £280m, as reported by City AM. Additionally, as part of the refinancing strategy, shareholders including Bain Capital Special Situations are set to contribute £20m in equity to the firm's parent entity, Wheel Topco. The company has also confirmed "strong support" for extending the maturity of its senior secured notes from July 2026 to September 2029. More than 97% of existing bondholders have endorsed Pizza Express's refinancing deal, indicating widespread backing. The brand has reported a positive start to its financial year, with like-for-like sales up by 1.3% in the first two months compared to the same period in the previous year. In a statement, Pizza Express highlighted that it now possesses "a robust liquidity position on completion, supported by its strong track record of cash generation." CEO Paula MacKenzie expressed satisfaction with the company's performance at the beginning of the year and emphasised the significance of the refinancing: "We are pleased with our start to the year, and completing a landmark refinancing ends Q1 strongly." As Pizza Express approaches its 60th anniversary, MacKenzie reaffirmed the company's commitment to customer satisfaction: "This year we celebrate being 60 years young with Pizza Express fans up and down the country, and our focus remains unchanged as ever...delighting each and every one." The refinancing agreement arrives just over 18 months after the firm contemplated a takeover bid for The Restaurant Group, which encompasses Wagamama. However, a deal was not ultimately pursued.

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Torquay big wheel puts council in a spin over its future

2025-08-15 22:27:31

The contentious issue of whether the large wheel on Torquay seafront can continue operating will be presented to councillors again next week. The Mellors Riviera Wheel, next to the Princess Theatre, has been a fixture for over a decade. Its owners must apply for permission each summer season to erect it. Last year, planning officers at Torbay Council advised the planning committee to reject the application due to the perceived damage it inflicts on nearby 'heritage assets', including Princess Gardens with its fountain, paths, gardens and war memorial. This recommendation sparked an uproar, particularly from the local tourism sector which argued the observation wheel is a key attraction for visitors. A campaign was launched by locals to retain the wheel, with a local MP also voicing his support. Eventually the planning committee concluded that the wheel's global recognition, evidenced by thousands of social media photos and its central role in a recent Bollywood blockbuster, outweighed any potential harm. Now, Mellors is once again before the council, seeking approval for another four summers of the 45-metre wheel. This time, council officers are recommending approval. Last year, planning officers argued the harm had started to surpass the benefits of its presence, labelling it as 'alien and intrusive'. However, this year they have given their approval, and Mellors plans to invest £110,000 over the next four years to resurface paths in the neighbouring gardens, as a means of compensating for any damage caused by their wheel. The firm has already invested tens of thousands of pounds in park enhancements as part of the conditions set by previous planning permissions. A comprehensive report detailing the advantages and disadvantages of the wheel, which includes its own ticket office and catering unit, will be reviewed by members of the planning committee. While Torbay Heritage Trust is vehemently opposed to the project, Historic England has expressed 'strong concerns'. The council's principal historic environment officer believes a different location would be more suitable for the wheel. However, the English Riviera BID tourism company is strongly in favour of the wheel, and it also has the backing of the Torbay Neighbourhood Forum.

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Luxury brands Burberry and Watches of Switzerland see shares plummet after Trump tariffs

2025-08-28 11:46:40

Today witnessed a downturn in the share prices of luxury retailers Watches of Switzerland and Burberry following President Trump's announcement of new tariffs. Shares of Watches of Switzerland plunged by over 15 percent, while those of Burberry decreased by almost seven percent, as reported by City AM. Kathleen Brooks, research director at XTB, commented on the situation, saying, "Investors are still seeking out areas of safety, including utilities, real estate, healthcare and consumer staples." About one quarter of UK luxury exports head to North America, with most of that trade taking place with the US, as highlighted by Walpole, an industry association. Analysts from RBC predict a significant "elevated tariff impact" for Burberry due to its diverse sourcing mix — the varied combination of countries and suppliers that produce its merchandise. Burberry collaborates with an international network of suppliers, operating an outerwear factory in Italy and a scarf production facility in Scotland, with goods made in Italy being subject to a 20 percent US import duty. America represents approximately 20 percent of Burberry's sales, and was the only region showing sales growth in the brand’s most recent quarterly report—a crucial element for Burberry's rejuvenation strategy. On the other hand, Watches of Switzerland experienced a sharp fall in its share value partly because Swiss imports into the United States will face an additional tariff of 31 percent. Switzerland was highlighted by Trump as one of the major offenders in unfair trade practices with America. Last year, the US recorded a CHF 38.5bn (£33.9bn) trade deficit with the European country. RBC analysts also noted that the watch company has slimmer margins compared to its rivals, making it harder to react to tariffs. "[In response] companies can either raise prices, change country of origin (to the extent possible), renegotiate supplier terms... or absorb tariff costs."

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Ryan Giggs' restaurant closed owing nearly half a million pounds

2025-08-29 01:10:10

The restaurant owned by former Manchester United star Ryan Giggs, George's Dining Room and Bar in Worsley, Manchester, was confirmed to have an estimated deficiency of just over £478,000 to its creditors when it collapsed. The business behind the restaurant, which Giggs opened with friends Kelvin Gregory and Bernie Taylor in 2014, was placed into voluntary liquidation in February, as reported by City AM. A document recently filed with Companies House revealed that the company owed £389,454 to ordinary unsecured creditors, including HMRC and a Covid-era Bounce Back Loan. Other creditors include Natwest, British Gas and Carlsberg Marton's Brewing Company. Giggs himself is owed almost £100,000, Bernie Taylor nearly £13,000 and Kelvin Gregory more than £53,000. In early 2025, City AM reported further losses at the Stock Exchange Hotel in Manchester, co-owned by Giggs and Gary Neville, following the closure of Tom Kerridge's restaurant. The hotel reported a pre-tax loss of £2.5m for 2023, following a loss of £1.8m in the previous year. Revenue also dropped from £5.1m to £3.9m during this period. Tom Kerridge's Bull & Bear restaurant at the hotel closed its doors at the end of 2022 and its successor also ceased operations in July 2023 after only four months. Earlier, City AM had reported that another Manchester hotel owned by the same pair, Hotel Football, continued to operate at a loss despite recording a banner year.

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Historic tea firm Ringtons brews up solid sales despite inflation and rising costs

2025-08-05 17:57:06

Historic tea and biscuits favourite Ringtons has hailed a solid trading year with stabilising sales against a backdrop of rising costs and inflation. The Byker family firm, which is now in its 118th year of trading, imports and packages tea for major supermarkets, alongside its own brand of coffees, teas and sweet treats, which are sold online, in stores and through its traditional doorstep delivery service powered by a fleet of more than 250 vans and sales staff. Turnover rose 8.3% to £87.3m in the period ended June 28 2024, while operating profit increased 4.5% to £2.9m. Total Shareholder funders increased 1.8% to £33.7m and staff numbers remained steady at 560. Ringtons directors told BusinessLive they were satisfied with the company’s performance during the period, adding that retained profits continue to be invested in facility improvements. Chairman Nigel Smith, who had been in the business more than 50 years, officially retired at the beginning of the year, leading to his daughter Julia Thompson taking over as non-executive chair. Members of the fifth generation have now been in the business since July 2023, and Ms Thompson and director Colin Smith – one of the fourth-generation family members on the Ringtons board alongside his brother Simon – said they are starting to see the tangible impact of having the fifth generation in the business. New products have been launched, including ginger snap tea and functional teas – such as bedtime, defence and digest – and new biscuits including apple pie cookies, a successful new business which has led to customers signing up for regular doorstep deliveries. New packaging and branding has also been created after enlisting Chilli Agency in Leeds, with new designs on biscuits now including street scenes, the firm’s headquarters on Algernon Road, and the doorstep delivery staff themselves. Ms Thompson said: “What we especially like about the packaging is that we have now got our sales people on there, as they are absolutely the most important asset that we have. We’re trying to show their personality as well as the quality of the product. We also have street scenes which differ throughout the products, and they reflect our customers as well as making subtle references to our North East heritage.” Meanwhile, the company made charitable donations of £203,224 in the period. It also received 16 Great Taste stars, for products including gold tea, breakfast tea, and ginger snaps. “In terms of commodity costs, the big ones we are facing are chocolate – cocoa prices – which is well-publicised, and coffee which is due to supply shortages after a particularly poor series of crops around the world. Coffee prices are unprecedentedly high and will lead to significant rises on the High Street. We will be looking at price modelling around coffee as a result. Tea is more stable and the strength of the pound against the dollar is helping to a degree.” Ringtons has already made some price adjustments within its sweet treats range as a result of cocoa price increases. Ms Thompson added: “It’s a hard one because clearly we want to do what we can for customers, but we also won’t compromise on quality. We don’t put prices up lightly, and it is absolutely the last resort. We do everything we can to absorb and mitigate before we consider price rises.” Looking ahead, Colin Smith said the firm was prepared for incoming headwinds.

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Electrical giant Currys upgrades profit outlook as sales outperform

2025-08-07 14:03:03

Currys has reported a surge in sales, prompting the electronics retailer to raise its full-year profit forecast. The firm informed investors today that it now anticipates an adjusted pre-tax profit of about £160m, up from the previously projected range of £145m to £155m, as reported by City AM. Currys described 2025's sales performance as "robust," with sustained positive like-for-like sales growth in both the UK and Ireland, and the Nordics. With a presence across six countries through 715 stores, Currys experienced a rebound in sales growth in 2024, benefiting from an extensive multi-year turnaround strategy. For the year ending April 2024, Currys posted a pre-tax profit of £28m, a significant recovery from a pre-tax loss of £462m in the prior year. A pre-tax profit of £160m for the year to April 2025 would represent an almost sixfold increase on the previous year's figures. Panmure Liberum has named Currys as its top stock pick for 2025, citing its standout performance in a consumer market hampered by low growth. Analyst Wayne Brown highlighted the "potential for lower pension contributions, cash exceptionals and interest costs," along with improved margins in the Nordic regions, which had previously been underperforming, as factors that could draw new investment. During the pandemic, Curry's Nordic operations faced severe challenges, including aggressive discounting by competitors, leading to a nosedive in profits and the suspension of its dividend. However, since 2023, the Nordic division has been showing signs of a robust recovery. Following the release of these new figures, analysts at Panmure have revised their target price for Currys shares upwards from 170p to 180p. As of market close on April 2, the stock was valued at 88.95p. Panmure analysts commented: "Not only is positive earnings momentum a key theme, but there are so many FCF catalysts over the next few years, we are surprised the shares are not higher."

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Julian Charles rescued from brink of collapse after 'suffering economic headwinds'

2025-08-07 12:24:38

Luxury bedding and homewares company Julian Charles has been saved from administration following challenges with declining sales and rising taxes. Headquartered in Manchester, the firm's business and assets have now been acquired by Great Bedding Co Ltd in a transaction that ensures the continuation of 230 jobs out of its 251-strong workforce, securing over 25 trading sites in addition to various concession locations, as reported by City AM. Marco Piacquadio and Alan Coleman from FTS Recovery were appointed as administrators to facilitate the sale. Official records at Companies House show that the entity behind Julian Charles was in arrears of nearly £3.5 million upon entering administration. Established in Lancashire in 1947, Julian Charles boasts a network of 70 outlets within the UK, which includes 41 stand-alone shops alongside concessions such as those within Boundary Mill and assorted garden centres. Prior to this development, SKG Capital had been the proprietor of the brand since June 2020. City AM reported earlier in January 2024 that Julian Charles had registered a pre-tax loss of £978,580 for the annual period ending on 30 April 2023, which was a noticeable decline from a previously reported profit of £288,225. Despite the setbacks, the business saw a marginal turnover increase from £17.3 million to £17.6 million during the same fiscal year. At the conclusion of that financial year, the brand maintained operations across 73 trading sites, encompassing both stores and concessions. In a statement addressing the rescue, FTS Recovery mentioned: "In recent years the company has suffered a number of economic headwinds which have resulted in cash-flow difficulties and left it unable to meet all its current liabilities. "Besides a significant drop in turnover, the company is acutely aware of the impact of the escalating tax burden, particularly those announced in last October's budget, which directly affects its bottom line due to rising employment costs." Julian Charles faced a 'devastating combination of rising costs and declining consumer confidence.' Marco Piacquadio, director at FTS Recovery, commented: "As is typical when parachuted in, we were focused on seeking to rescue as many elements of the business as possible, always keeping the position of the employees, consumers and other creditors and stakeholders at the forefront of our minds." "This was a relatively complex transaction with significant scale and the ability to move quickly was key." "I am grateful to have achieved a really pleasing result given the circumstances and we wish the new owners and remaining staff and stakeholders the very best going forward." "I would also like to extend my gratitude to the wider professional advisers who assisted with the transaction." "Our legal team was spearheaded by Hayley Phelps of HCR Law, with substantial additional input required from HCR's property team given the number of sites involved." "Thanks also go to John Pye Auctioneers and Valuers, who conducted an extensive marketing process under the provisions of SIP 16, led by Gary Harper and his team."

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Primark boss steps down after 'behaviour towards woman'

2025-08-09 03:05:15

The boss of Primark has resigned after an allegation over his behaviour towards a woman “in a social environment”. Primark’s parent firm, Associated British Foods (ABF), said Paul Marchant has stepped down as chief executive of the high street fashion brand with immediate effect following an investigation into the incident. The company said Mr Marchant co-operated with the investigation, “acknowledged his error of judgment and accepts that his actions fell below the standards expected by ABF”. “He has made an apology to the individual concerned, the ABF Board and also to his Primark colleagues and others connected to the business,” it added. ABF stressed that it will continue to offer support to the individual who brought the incident to its attention. George Weston, chief executive of Primark parent firm Associated British Foods, said: “I am immensely disappointed. “At ABF, we believe that high standards of integrity are essential. Acting responsibly is the only way to build and manage a business over the long-term.

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Jolly's new owners promise store will be restored to 'former glory' – but roof repairs will take time

2025-08-29 06:08:07

The new tenants of Jolly's have pledged to restore the store to its "former glory", although there will be a year-long hiatus before the store can reopen as the council undertakes extensive repairs to the roof costing millions. The iconic Milsom Street store was shuttered by the Frasers Group last month, but now department store chain Morleys has declared it will be reviving the store, retaining its name and previous store manager. Morleys CEO Allan Winstanley told the Local Democracy Reporting Service: "Jolly's will be returned back to its former glory as a premium end branded department store." However, the store will remain closed for approximately a year while Bath and North East Somerset Council, which owns the building and acts as the store's landlord, carries out crucial restoration work on the roof. When questioned about the cost of the works, Mark Elliott, the council cabinet member for resources, admitted: "We honestly don't know yet. It will be millions of pounds. We honestly don't have a price yet." The extensive façade of Jolly's runs nearly 50 metres along Milsom Street, with the shop extending through to John Street under a complex network of old and new roofing. Mr Elliott noted that the bulk of the council's financial outlay would be on the roofing, while the interior refurbishments, including the new fit-out, will be mostly financed by Morleys. Morleys is expected to take custody of the building in February 2026, with plans to partially open the premises by March of the same year. The establishment is set to include a "heritage space" to highlight the historical significance of Jolly's as well as the vision for its refurbishment, culminating in a fully-fledged grand opening scheduled for October 2026. Council leader Kevin Guy said: "Milsom Street has always been a very special shopping destination and Morleys Stores is a fantastic fit for the area. Morleys' decision complements the investment the council is making in the Milsom Quarter." The revelation that Morleys would take over the site came weeks after Frasers shut down operations there, though the council said it had been in discussions with Morleys about the takeover for the past 18 months. Mr Guy said: "We have been working very hard because we knew House of Fraser was struggling." Morleys, established in 1927, boasts seven other department stores across London and one in Newbury. In the face of challenging economic conditions, Mr Winstanley confidently remarked: "We trade well." He added: "We are a community-based store chain. We are not reliant too much online; it's a smaller part of our business. We are actually a bricks and mortar classic retailer but we are very customer-focused and we are very service-focused as well. We provide high service which our brand partners appreciate." The origins of the iconic Bath shopping destination dates back to 1811 when James Jolly initiated his drapery business in Kent and branched out with a store in Bath by 1823. The department store, which had transformed into a House of Fraser outlet in 1971, closed this February. The new Jolly's will offer a "carefully curated selection" of fashion, beauty, and homeware. A "full service" beauty experience is on the cards, along with the promise of "exclusive names never before seen in Bath." Jess Merritt-John, who continues her role as manager under the new management, said there was a keen interest among former staff to rejoin the team, saying: "I have got a queue of people who are desperate to come back. "I think they feel very passionate about it being the best department store it could possibly be."

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Wetherspoons' dividend hike despite profits fall as pub giant warns on costs

2025-08-21 05:49:28

Despite a boost in sales, pub behemoth J D Wetherspoon has reported a drop in profits in its half-year results. Chairman Tim Martin has issued a warning about the potential impact of escalating labour costs and tax disparities on the pub industry, as reported by City AM. Like-for-like sales saw an increase of 4.8 per cent for the 26 weeks leading up to 26 January 2025, with total revenue rising by 3.9 per cent to £1.03bn. However, profit before tax, excluding exceptional items, fell to £32.9m, a decrease from £36.0m the previous year. Operating profit also experienced a decline, coming in at £64.8m compared to £67.7m in 2024. Earnings per share before separately disclosed items increased to 21.5p, from 20.3p the year prior. The pub group reinstated its interim dividend, paying out 4.0p per share. Over the course of the year, the company acquired 1.8m shares at a cost of £11.5m, including "stamp duty and fees, representing an average cost per share of 621p." On a statutory basis, pre-tax profit jumped 58.2 per cent to £41.3m, driven by a one-off gain on interest rate swaps. Six pubs were sold during the period, generating £3.9m in cash, while two new locations opened. The group also recognised a £2.2m loss on the disposal of the pubs. Chairman Tim Martin commented on the results, stating that rising costs pose a threat to the sector's stability. "Increases in national insurance and labour rates will result in company cost increases of approximately £60m per annum," he said. He added that this equates to roughly £1,500 per pub, per week. Martin highlighted that labour accounts for approximately 35% of pub sales, in stark contrast to the mere 11% for supermarkets, which intensifies the disparity in costs. He expressed concern that the combination of rising staff expenses and elevated VAT rates for pubs, as opposed to supermarkets, "will weigh heavily on the pub industry." Despite these challenges, Martin remained optimistic about the company's prospects, stating they anticipate a "reasonable outcome for the financial year, subject to our future sales performance." Wetherspoon has been actively expanding its franchising operations, with plans to open five new locations in the latter half of the year. Currently, three franchised establishments are successfully running in university and holiday park settings. The firm has made significant capital investments totalling £64.6m during this period, allocating over £40m to refurbish existing pubs and enhance IT systems.

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Pets at Home says profit fell in line with expectations and warns of struggles ahead

2025-08-24 03:47:48

Pets at Home has reported that its profit has fallen in line with expectations, according to its latest performance update. However, the company has also warned of potential challenges ahead, as reported by City AM. The group anticipates a pre-tax profit of £133m for the year, which aligns with previous forecasts. Despite a "challenging and volatile UK consumer backdrop", the company stated that trends in the final quarter of the year developed as expected across both its Retail and Vets divisions. The firm highlighted record numbers of Pets Club members and continued growth in its Vets business. It expects to conclude the full 2025 financial year in a net cash position, having returned approximately £85m to investors throughout the year. Over the past year, Pets at Home has completed its new digital platform and network optimisation. With the introduction of this new platform, the company now has two "major strategic programmes" aimed at facilitating business growth in the coming year. Looking ahead, the group expects current market conditions and consumer backdrop to persist into the new financial year. However, it predicts further profit growth following the "exceptional levels" achieved in the past two financial years. In its Retail division, the group expects to outperform the market as its investments in digital start to pay off. Nevertheless, the company anticipates an £18m hit due to increased employers' national insurance contributions. The firm has forecasted a dip in profit for the 2026 financial year to an estimated £115m to £125m, due to rising expenses. Shore Capital analyst David Hughes remarked: "The continued decline in the Retail arm is likely a cause for concern for investors, however the ongoing growth in the higher margin Vet business is encouraging and if the business does gain market share, it does have the potential to emerge stronger as and when the consumer does recover."

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Clintons returns to profit with £8m after major store closures and cutting 300 jobs

2025-08-21 11:30:07

Clintons has made a triumphant return to profitability after further store closures and the reduction of over 300 jobs. The renowned card retailer, which was acquired by Pillarbox Designs in March 2024, recorded a pre-tax profit of £8 million for the year ending 29 June, 2024, as highlighted in the latest accounts submitted to Companies House, as reported by City AM. This result marks a notable turnaround from Clintons' previous pre-tax loss of £5.3 million in the preceding 12 months and its substantial pre-tax loss of £16.9 million reported for the year concluding in November 2020. During the reported year, Clintons decreased its workforce from 1,757 to 1,415 employees as it continued to streamline its portfolio, cutting down the number of stores to around 170. The company's turnover also reduced, going from £96.5 million to £82.6 million. The Clintons board released a statement asserting: "Sales totalled £82.6m for the period and the directors feel this is a satisfactory performance, given the circumstances." Further detailing their strategy, the statement read: "The company has continued to close loss-making stores and the portfolio of retail stores is now down to approximately 170 stores." Tackling ongoing commercial challenges, the board noted: "Sales growth continues to be a challenge and the location of stores remains key to achieving this." Citing challenging high street conditions, they added: "The high street continues to be unpredictable and the company is seeing reduced footfall in the stores year on year." Looking ahead with a strategic focus, the statement concluded: "The company continues to monitor performance of the existing estate and to close the poor performing stores, which whilst impacting on turnover should improve profitability moving forwards." Clintons commented on their financial strategy, stating: "During the year the company entered into a restructuring plan that removed certain liabilities and reduced the level of business rates paid to March 2024." They noted the positive outcome of this move: "This had a significant impact on the profitability levels of the company for the year." The retailer also highlighted ongoing challenges: "Like many other retailers, the company continues to face significant cost pressure on wages given the increases in the national minimum wage."

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Michael Kors to cut prices as sales suffer huge hit amid cost-of-living crisis

2025-08-12 20:12:36

The UK subsidiary of the esteemed fashion label Michael Kors has disclosed its intentions to reduce prices following a considerable decline in sales. During the year ending 30 March, 2025, the division's revenue plummeted by 20 percent. This drop occurred amidst widespread store closures and as a consequence of the cost-of-living crisis, as reported by City AM. Michael Kors notably shuttered outlets in Newcastle, Milton Keynes, and Manchester, along with a concession in Harvey Nichols, London. Furthermore, the company announced an expected reduction in prices "in the foreseeable future" aiming to align more appropriately with consumer demands and to strategically address competition in the market. This information was incorporated into the financial accounts of Michael Kors for the fiscal year up to 30 March, 2024, which were submitted belatedly to Companies House. According to the recently filed accounts, the company saw a decrease in turnover from £77.1 million to £70.8 million over one year. However, its pre-tax profit surged from £40.4 million to £66.1 million within the same timeframe. In reference to that fiscal year, the company observed: "The overall result of the period reflects sustainability of the global 'Michael Kors' brand, where despite the level of competition and the current challenges in the economic environment affecting the UK retail sector, Michael Kors continues to be a profitable business." Michael Kors is part of Capri Holdings which also encompasses luxury brands Versace and Jimmy Choo. In August 2023, the conglomerate was snapped up by Tapestry, the American fashion powerhouse behind high-end brands such as Coach and Kate Spade, in a deal worth $8.5bn (£6.6bn). Fast forward to December 2024, Versace's UK division reported a year-on-year turnover of £19.1m for the 12 months ending 31 March 2024, marking a decrease from the previous £23.8m. Simultaneously, its pre-tax profit also took a hit, dwindling from £314,862 to a mere £112,895.

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B&Q parent firm's CEO sees pay slashed by almost £4m amid profit hit

2025-08-05 01:45:46

Thierry Garnier, the chief executive of Kingfisher, the group that owns B&Q and Screwfix, saw his pay cut by nearly £4m as the company's sales and profits suffered a significant blow in its latest financial year. Garnier received almost £2.3m for the 12 months ending 31 January, 2025, a decrease from the nearly £6m he earned the previous year, as reported by City AM. His pay package did not include the near-£4m 'delivering value incentive' bonus he was awarded the year before. However, his base salary rose from £875,500 to £911,900, and his annual bonus increased from £364,900 to £804,900. He also received £404,200 through a performance share plan. Last year, City AM reported that the bonuses of the CEO and CFO of B&Q's parent company were also reduced after Kingfisher's profit dropped by almost 40 per cent in its previous 12 months. The annual report follows a decline in sales for the parent company of B&Q and Screwfix for the year ending 31 January, 2025. Kingfisher reported a 1.5 per cent drop in sales to £12.78bn, largely due to a 6.2 per cent decrease in sales in France, while the UK and Poland remained stable. Operating profit at B&Q's parent company also fell 29.7 per cent to £407m, and its pre-tax profit was reduced by 35.4 per cent to £307m.

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Co-op Live reveals new expansion plans

2025-08-27 07:47:40

Co-op Live has proposed a new canalside development as part of the expanding Etihad Campus. The proposed space, located on the venue's south terrace, will feature a café, bar and kitchen, as well as a merchandise store. The plans unveiled today reveal that the area could also host around 600 people and function as an independent event space. Co-op Live's proposal includes daily access to the café and bar for residents and visitors, community and private hire use, and pre-event access for ticket holders. In line with the venue's commitment to accessibility, dedicated toilets, accessible and baby change areas, and an accessible lift are all included in the plans. Before submitting the planning application to Manchester City Council, Co-op Live is hosting an open exhibition on Thursday, 10 April 2025, to provide more information about the proposal. Visitors can access the venue's Co-op Backstage Club through Entrance G from 5pm until 8pm. The 23,500 capacity arena, located on the Etihad Campus in Manchester, represents a partnership between Oak View Group (OVG), City Football Group (CFG), Harry Styles, and Co-op. It opened to the public last May following several delays, reports the Manchester Evening News. Peter Kay was initially set to inaugurate the venue on April 23 of the previous year, but persistent issues with the space led to its opening being postponed until the next month. The venue's opening was further delayed due to an incident at a scheduled A Boogie Wit Da Hoodie concert when a part of the heating, ventilation and air conditioning (HVAC) system fell from the ceiling. The venue was eventually opened by Bury band Elbow on May 14, and has since hosted a series of high-profile gigs featuring artists such as Liam Gallagher, Eagles, Charli xcx, The Killers, and Sabrina Carpenter, among others. Currently, the venue hosts over 120 nights of entertainment annually in its arena space, which boasts an innovative 'Smart Bowl' design equipped with cutting-edge technology and top-notch acoustics.

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Potato chips giant McCain doubles profit to nearly £100m in just three years

2025-08-25 00:28:20

The UK division of potato giant McCain Foods has seen its profits soar to nearly £100m in its most recent financial year. The North Yorkshire-based UK branch of the Canadian behemoth reported a pre-tax profit of £98.7m for the 12 months ending on 30 June, 2024, as reported by City AM. This figure, disclosed in new accounts submitted to Companies House, is an increase from the previous year's pre-tax profit of £77.3m. This latest total indicates that McCain has almost doubled its pre-tax profit since June 2021. The newly released results also reveal that the company's revenue leapt from £712.5m to £799.1m during the same period. While McCain's UK revenue increased from £692.4m to £781.1m over the year, sales in the rest of Europe fell from £18.6m to £15.6m. However, in other parts of the world, revenue rose from £1.5m to £2.2m. A statement approved by the board read: "The business had to manage multiple challenges across the supply chain impacting costs and supply." It added: "Farmers faced weather-related challenges throughout the season due to wet weather as well as increased pressure from rising input costs including fuel and fertilisers." Despite these obstacles, the statement noted that sales growth was positive in both retail and food service sectors, and the business continued to support long-term agricultural sustainability through higher contract pricing in line with indexation and supplementing high energy costs for storage growers. "The company continued to make significant investments throughout the year in both capital, including the renewal of the Scarborough facility, and the brand, including media advertising." On its future strategy, McCain commented: "As a brand leader, the company believes it can continue to stimulate growth in a planet-friendly way, through innovation, quality and service and continues to invest in capacity to support this growth." "The company has a crisis management plan in place to respond to risks, including Covid-19 and the Russia-Ukraine crisis." An interim dividend of £8m was addressed for the fiscal year ending 30 June, 2024, but the board has not proposed a final dividend.

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'Depressing' statement from award-winning bakery explains reason behind price increase

2025-08-10 02:46:03

A Greater Manchester bakery that was recently named one of the best in the UK has shared a candid update about the challenges of running a business in the current financial climate with hospitality businesses under huge pressure. Long Boi's Bakehouse, which was credited with bringing "new life" to Levenshulme in The Good Food Guide's Britain's Best Bakeries 2025 list just last month, took to social media to explain the reason behind their recent price increases. The bakery revealed that the cost of ingredients has skyrocketed over the past five years, with chocolate prices rising by 232% and cheese by 255%. In a post on Instagram, the team wrote: "A few of the eagle eyed amongst you might've noticed that we upped all our prices in the bakery as of Tuesday, and just wanted to do a little post to a) publicly acknowledge that (don't want you all to think we're being sneaky) and b) explain why. "Tbh I don't think it'll be news to any of you that the cost of everything has gone WILD, but I thought I'd write up some actual examples of changes in ingredient prices since we opened - swipe for quite frankly a depressing AF read. "I actually can't believe chocolate was ever that cheap, what a time to be alive! ! ! "Basically, combine this with soaring energy prices, wanting to use only the best stuff in our bakes and making sure nine lovely staff are paid above Living Wage as standard (maybe the most important bit! ) - means that raising our prices slightly was the only way to keep on top of this balancing act. "Really hope you can all understand! Running a business is hella crazy right now, big love to all our fellow independents going through it." On the second slide of the social media post, reports the Manchester Evening News, the team revealed some of the stats behind running the bakery. For example, 10kg of butter has gone up from £39 in 2020 to £86.95 in 2025. As well as the steep dark chocolate increase of 232 percent and cheddar cheese skyrocketing from £17.08 for 6kg in 2020 to £60.48 this year, they shared how 16kg of strong flour was costing them £10.20 and is now £25.60, a 151 per cent increase. The neighbourhood bakery took over a disused site back in late 2020 and was brought to life by Pollen bakery alumnus Jenny Oakenfull. Manchester's Pollen was also named on The Good Food Guide list. Run by a team of solely women, the team at Long Boi's Bakehouse are dedicated to making food that is 'delicious, fun, interesting and exciting'. Ingredients are sourced from Organic North and R Noone and Son, while their flour comes from Wildfarmed who believe in the power of regenerative farming. Patrons and fellow bakers commented on the post to show their appreciation for the bakery's candidness about its economic challenges. One customer commented: "Thanks for sharing. Wild how small businesses have to announce and justify increases but Sainsbury's et al never do so." Another said: "Never seen trading conditions like this. Been baking for 18 years and in hospitality for 30. The latest NI contributions are the final nail." A fellow Sheffield bakery said: "We actually thought we were going mad when I said butter used to be under £40 - I had to check our old price lists to make sure I in fact wasn't going bonkers. "Hard to imagine how we've even come through these last 5 years. Lots of flat whites. "Love the transparency. The info in black and white really hits home even for those of us that are paying it too!". A supportive client shared an encouraging message: "Amazing transparency Jenny. I would keep coming even if you put up a million percent."

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Steven Bartlett's debut Dragons' Den investment, saved by Albex Group after administration

2025-08-25 01:40:58

Cheesegeek, the artisan cheese retailer and first company that Steven Bartlett invested in on the BBC One series Dragons' Den, has been acquired by Albex Group, a Scotland-based firm, after falling into administration. The purchase amount remains undisclosed, as reported by City AM. This development follows Bartlett's investment of £150,000 for a five per cent stake in the London-based Cheesegeek in 2021, as reported by The Grocer. His investment was highlighted during his debut series on Dragons' Den, which aired early in 2022. The deal with Cheesegeek, established by Edward Hancock, stipulated that Bartlett's investment be repaid within two years. Through his private equity company Catena Capital, Bartlett owned 16,427 shares in Cheesegeek, as indicated by a Companies House filing. Andrew Dalglish, director at Albex, commented: "Cheesegeek's mission to support local artisan cheesemakers and make great cheese accessible is an important one. We're delighted to be able to support it." He further stated, "As a family company we always take a long-term view and are committed to fully supporting Cheesegeek." Dalglish emphasised the significance of their funding, noting that it provides the necessary stability for Cheesegeek to not only continue operations but also to realise its full potential in collaboration with the artisans who contribute diversity and craftsmanship to the UK cheese industry. "From a day-to-day perspective it's very much business as usual at Cheesegeek. The same team remain and continue to be led by founder Edward Hancock." "They'll continue to fulfil orders uninterrupted and provide great service. And they'll continue to partner with a core group of artisan cheesemakers." "In addition to that, we've already begun planning some major investments designed which will see Cheese Geek embark on some exciting new projects." In 2020, The Albex Group had previously taken over cheese cutter and packer Tom Walker & Sons. Both Steven Bartlett and Cheesegeek have been approached for comments. The downfall and subsequent rescue of Cheesegeek follows a report by City AM in February stating that Steven Bartlett had resigned as a director of nutrition brand Huel. The celebrity entrepreneur, who has been a long-standing investor in the company, had held the position since early 2021. Huel, based in Hertfordshire, also boasts investors such as Idris Elba and Jonathan Ross. This departure occurred a day after Emma Woods, former chief executive of Wagamama, also resigned as a non-executive director. In August 2024, advertisements featuring Steven Bartlett for nutrition brands Zoe and Huel were prohibited after it was determined they did not disclose their commercial relationship with the celebrity entrepreneur. The Advertising Standards Authority (ASA) has criticised adverts that appeared on Facebook in February, stating they "omitted material information" regarding their connection to entrepreneur Bartlett.

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Trespass owner sees profits slide as it operates in 'challenging' market

2025-08-26 07:46:00

Jacobs & Turner, the company behind the renowned outdoor clothing brand Trespass, has seen its profits take a significant hit as sales stagnated during its latest financial year. The firm reported a pre-tax profit of £1.2m for the year ending 30 June, 2024, a stark decrease from the £9.6m recorded in the previous 12 months, as reported by City AM. According to newly filed accounts with Companies House, the business also experienced a slight downturn in turnover, from £127.4m to £127.3m over the same timeframe. Founded in 1938 and headquartered in Glasgow, the company launched the Trespass brand in 1984. Owned by the affluent Khushi family, dividends paid out amounted to £400,000 for the year, a reduction from £8.4m in the preceding year. In a challenging retail sector environment, the board's statement acknowledged: "The financial year ended 30 June, 2024, was challenging for the retail sector." It continued, highlighting rising operating costs and relatively static sales in a difficult market: "Operating costs continued to rise and sales were relatively flat in a tough marketplace." The strength of the US dollar throughout most of the year was noted as a factor affecting the cost of goods and freight: "USD [US dollar] maintained a strong position for most of the year, impacting the cost of goods and freight." However, the company did report expansion in strategic European locations: "Further growth was achieved in key strategic locations across Europe." The Trespass owner also emphasised their dedication to environmental responsibility: "In addition to our financial performance, the directors remain steadfast in their commitment to enhancing the sustainability of our group's operations and driving the decarbonisation agenda in the UK." This commitment has led to a reduction in carbon emissions across all sources: "This focus has resulted in the decrease in the carbon emissions across all sources. "The group continues to focus on proactive measures to reduce emissions, such as optimising heating and lighting controls, enhancing premises insulation and significant steps towards the adoption of renewable technologies." These results have come to light following City AM's report in October 2024 that the company behind Cotswold Outdoor has accumulated losses exceeding £100m since its last pre-tax profit nearly a decade ago.

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Exeter Airport launches new flight route to Amsterdam

2025-08-04 00:39:58

Exeter Airport has launched direct daily flights to Amsterdam with KLM Royal Dutch Airlines. It means travellers from the South West now have a direct link to Amsterdam Airport Schiphol with onward connections to over 160 destinations worldwide. Stephen Wiltshire, managing director of Exeter Airport, said the new route was "a game-changer" for connectivity in the South West. "We are thrilled to see KLM’s new service take off, giving both leisure and business travellers access to the world from their local airport," he said. "At the same time, the route is opening up our region to more international visitors, supporting the local economy and tourism industry. The strong demand we’ve already seen demonstrates how much this route was needed, and we look forward to welcoming even more passengers on board.” Flights operate daily, with departures from Exeter to Amsterdam at 17:20 local time. Inbound flights leave Amsterdam at 16:15 local time. The service is operated by KLM Cityhopper, using an 88-seat Embraer 175 regional jet, offering economy and business class options, as well as premium comfort on long-haul connecting flights. Jerome Salemi, general manager for UK & Ireland at Air France-KLM, added: "The response to this new route has been fantastic, and we are delighted to be bringing KLM’s world-class service to Exeter. With Amsterdam Airport Schiphol as a gateway, passengers have access to a vast network of destinations. "Equally, we are excited to see strong inbound interest, highlighting the international appeal of the South West. "After the Netherlands, the top source markets for bookings include Germany, Italy, Belgium, the United States, Switzerland, Norway, Australia, Finland, and France.” This is the first time in almost five years that Exeter Airport has offered direct flights to Amsterdam, and the first time KLM has flown from Exeter.

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