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Manchester Airport to get third Premier Inn hotel as bosses eye new site

2025-09-22 01:35:06

Manchester Airport is set to welcome a new Premier Inn hotel, the chain's third establishment in the area. Manchester council has given the green light to Airport City Partnership Ltd, a subsidiary of Manchester Airport Group, to construct a 276-room hotel just a stone's throw away from the terminal. The upcoming Premier Inn will be neighbours with the recently opened Tribe hotel and another Dakota hotel currently under construction. The airport authorities have confirmed that Premier Inn will manage the 276-bedroom facility, adding to its two existing hotels nearby. However, the new nine-storey building will be much closer to terminal two, being only an eight-minute walk away, compared to the current 43-minute distance from the nearest Premier Inn rooms. According to the planning application: "Proposals for a new 276 room hotel building under the Premier Inn brand to compliment the emerging masterplan are presented (here). "Occupying the plot to the south of [Tribe], the Premier Inn hotel will create positive frontage to a new urban square activating routes between the M56 spur bridge between Wythenshawe and the Airport Interchange in the next phase of development." The proposal was approved last Wednesday (February 26), with council officers clarifying that there will be no dedicated Premier Inn parking spaces on-site, as guests will use the airport's general parking facilities. An officer report further noted: "In addition, the airport has recently notified the council of the intention to undertake works under their permitted development rights to form a new coach and taxi-drop off facility."

Fenwick launches Colmans Fish and Chips restaurant in latest foodie collaboration

2025-09-04 14:55:12

Newcastle retail giant Fenwick has announced its latest culinary collaboration, joining forces with another North East institution to bring award-winning fish and chips to its store. The department store chain has previously enjoyed success through partnerships with Greggs and Hjem, and is currently serving tea and toasties in its Barbour cafe, alongside its speciality delicatessen and wine bar Blacks Corner. Later this month, however, the firm's Northumberland Street store will launch a Colmans Fish and Chips, a new venture which will see Fenwick join forces with the fellow family business to create a fresh take on the nation’s favourite dish. Richard Colman, director at Colmans Fish and Chips, said the new partnership will set to shake up Newcastle’s bourgeoning hospitality scene when it opens on Thursday March 20. He said: "Just like fish and chips, Fenwick is associated with family, tradition and timeless experiences. We see so many generations enjoying priceless family time at Colmans — parents, children and grandchildren — and it’s always been the same at Fenwick. Last year was the first time I got to take my son to see the Christmas window and it’s moments like that which remain with families forever. “We want Colmans Fish and Chips to become part of a special Fenwick experience that’s synonymous with growing up in the North East.” Fenwick already has a long list of food and drink offerings within its Newcastle, with discerning shoppers able to choose from Mother Mercy, EL&N, Mason + Rye, Fuego, Cafe 21, King Baby Bagels, Freds and two Caffe Nero cafes. Directors say adding the fish and chips to an already mouth watering food offering is sure to tickle the taste buds of customers. Kieran McBride, store director at Fenwick, said: “We are delighted to partner with fellow North East founded family brand Colmans to launch Colmans Fish and Chips at Fenwick. If you’re looking for the best fish and chips in the region then look no further. With a legion of celebrity fans and a reputation for absolute quality, this collaboration is one we are incredibly excited about and we’re confident that our customers will love the Colmans and Fenwick experience. “The launch reinforces the Fenwick restaurant offer which continues to evolve through unexpected collaborations, new Fenwick concepts and an all-round innovative customer experience.” South Tyneside staple Colmans was launched in 1905, initially serving customers from a small shack on the seafront at South Shields before moving into its first Ocean Road restaurant in 1926. In 2017 the family launched its Colmans Seafood Temple. Mr Colman said heading north of the Tyne for the first time marks a bold move by the company. He said: “We're already a regional favourite but it'll be great to take our fish and chips into the city centre and make our menu more accessible for people who wouldn't necessarily come to South Shields as much. It's a great opportunity but it will be a steep learning curve. We always knew that opening up our first restaurant outside of South Tyneside, in a prime Newcastle city centre location, would be a culture shock. “But we’re relishing the challenge and Fenwick has been incredibly supportive. They've given us a lot of creative freedom to get this fantastic partnership off the ground. “Fish and chips fried traditionally will be the focus. We know what we do well and don’t intend to veer too far from that! Of course, you might go to a fish and chip shop but fancy a battered sausage too. We understand that so we’re going to take those elements and make them into cool, trendy sides. “We're partnering with local independents like Geordie Bangers for a bespoke battered sausage and Chris Eagle at Great North Provisions for a really good pie. We'll also have some great grilled and gluten free options too for those who aren't feeling the fried choices.”

Women risk being left without a pension for 14 years

2025-09-07 22:51:07

Women could risk emptying their pension pots 14 years too soon – and a decade earlier in their lifetime than men – according to modelling by a financial services provider. The research, released ahead of International Women’s Day on Saturday, March 8, found that, based on current pension withdrawal rates, women could empty their private pension savings by the age of 73. Legal & General (L&G), which published the research, said that, with the average life expectancy of a 60-year-old woman in the UK sitting at 87, some female retirees could be left with a 14-year shortfall between their private pension funds running out and the end of their lives. By comparison, men could see their pots run dry by the age of 83, the research indicated. With the average life expectancy of a 60-year-old man in the UK at 85, men could have two years of retirement without any leftover private pension savings. Katharine Photiou, managing director of workplace savings at L&G, said that, after decades of saving, the ability to withdraw money from a pension can create a “lottery effect”. But she cautioned: “What seems like financial freedom now might turn into uncertainty later.” The modelling used Office for National Statistics (ONS) life expectancy calculations as well as an Opinium survey among 3,000 people aged over 50 carried out in December 2024. The calculations made various assumptions about inflation and investment returns and that people would start making regular withdrawals when they turned 67 until their private pension pot ran out. It was also assumed that people had no other sources of income, such as property wealth or a guaranteed pension income based on someone’s salary. People will also be entitled to the state pension, the size of which depends on factors such as national insurance (NI) contributions. The research indicated that women are typically withdrawing less from their pension than men but have less money saved into it to start with, at £40,000 versus £87,500 for men. Of those receiving income from an income drawdown pension, women are receiving £625 per month on average, compared with £875 for men. However, women were more likely than men to have increased their withdrawal rate since they first started making withdrawals. More than a quarter (27%) of women making withdrawals had increased their withdrawal rate, compared with less than a fifth (19%) of men. The research was released as a survey of 2,000 people for savings and investment app Moneybox, which found that nearly one in 10 (9%) women plan to start investing this year, while 13% intend to increase their investments. Investing more was found to be the top financial goal among women aged 25 to 34 years old, the survey by OnePoll found. More than half (59%) of women who invested last year did so to grow wealth, 47% wanted to secure a comfortable retirement, and 34% were aiming to provide for family in future. Nearly a fifth (18%) of women who invested did so because they enjoyed it and treated it like a hobby. London and Northern Ireland had the highest rates of female first-time investors last year, the Moneybox research indicated. Lower, part-time salaries and caring responsibilities can be obstacles to some women – and some men – being able to save adequately for later life. Another study from money platform Intuit Credit Karma found that over half (59%) of parents have taken on new debt to afford maternity or shared parental leave, borrowing an average of £2,658. A quarter (25%) of these parents said they were still in debt when their child had started school. Women were less likely than men taking parental leave to say they had moved to a job with enhanced parental benefits. A fifth (21%) of men taking shared parental leave had switched jobs to an employer offering enhanced benefits, compared with 9% of women taking maternity leave, the OnePoll survey of 2,000 people across the UK found.

Jollyes continues to sink into the red despite sales surge as it takes on Pets at Home

2025-08-25 09:27:52

Jollyes has reported a deepening pre-tax loss of £13.3 million for the year ending 26 May 2024, following a £5.3 million loss in the previous 12 months. However, the company's sales continue to surge, with turnover increasing from £115.2 million to £144 million during the same period, as reported by City AM. This marks a significant rise from its sales figures of £86.9 million in May 2022, £76.9 million in 2021, and £67.9 million in 2020. Despite the ongoing sales growth, Jollyes has not posted a pre-tax profit since achieving £2.1 million in the year to May 2018. The company attributed its losses to several factors, including a £6 million write-off of assets deemed unrecoverable, £1 million spent on pre-opening costs for 13 new stores, and £1.9 million invested in a supply chain transition project initiated the previous year. Additionally, Jollyes incurred £1.9 million in costs related to the sale of the business and £400,000 in restructuring expenses. The company was acquired by TDR Capital, the private equity backer of Asda, pub group Stonegate, and David Lloyd Leisure, in 2024. In a statement, the board expressed confidence in the company's financial and operational position, stating: "The directors believe that the group is financially and operationally well-positioned to capitalise on its market standing and is targeting further improved performance in 2025." During the year, Jollyes' average workforce increased from 963 to 1,160 employees. Jollyes is setting its sights on expansion to compete with Pets at Home. Earlier in the year, Jollyes announced intentions to reduce thousands of prices and to inaugurate new stores throughout the UK. Additionally, the retailer disclosed a suite of new benefits for staff aimed at drawing in fresh talent. These developments for Jollyes follow a surge in shares for competitor Pets at Home, buoyed by indications that the UK's competition watchdog is leaning towards a favourable outcome for the sector, coupled with rumours that private equity firm BC Partners is gearing up for a takeover bid. At January's end, Pets at Home reported a marginal profit decline due to a dip in retail revenue, despite a significant rise in veterinary sales. Over the 12 weeks leading to 2 January, revenue decreased by 0.2 percent to £361.6 million.

Hotel chain Britannia – named worst by Which? for more than a decade – sees profits fall

2025-09-07 17:20:07

A hotel chain that was named the UK's worst by Which? for more than a decade has reported a fall in profits over the last financial year. Britannia Hotels owns more than 60 hotels across the country, with its portfolio including Liverpool’s Adelphi, the Roundhouse in Bournemouth, Grand Hotel Llandudno and Bromsgrove Hotel & Spa. In a newly filed set of accounts on Companies House, the business reported a drop in pre-tax profits to £31.3m from £39.3m the year previously. However, turnover for the financial year ended March 30, 2024, rose to £164m - up from £154m in 2023. The company said the increase represented a “credible performance” during a period of difficult trading. “The hotels have managed to maintain their competitive edge through the economic downturn and continue to take steps designed to attract new business and improve market share going forward,” the statement on Companies House said. “The directors remain confident that the company is in a good position to meet the challenges and opportunities of the future.” The report stated that no dividends would be distributed for the financial year. The company, which employed 2,452 over the period, said it had “taken into account” the future economic uncertainty posed by events in Europe and beyond for the next financial year and at least 12 months from the date of approval of the filed statement. Last year, Britannia Hotels was named the worst chain in the UK for the 11th year in a row. The chain received just two stars for cleanliness and one star for the quality of its bedrooms and bathrooms. Britannia said at the time it had “investigated and addressed” the issues. Britannia Hotels was founded by Alex Langsam in 1976 with the purchase of the Britannia Country House Hotel in Didsbury, Manchester. He remains the group’s largest shareholder. Britannia Hotels also has many Government contracts to house asylum seekers in its hotels, with some media outlets calling Mr Langsam an "asylum king".

Debenhams is back as Boohoo makes major announcement

2025-09-23 04:20:35

Boohoo has announced it is rebranding as Debenhams Group as the online fashion firm hailed the turnaround of the department store brand it bought out of administration three years ago. Boohoo said it has successfully completed a turnaround of Debenhams over the past few years and that it is now a “majority contributor to group profitability”. It said it will roll out the operating model at Debenhams across the wider firm, using the overhaul at the brand as a “blueprint for the wider turnaround of the group”. “Reflective of this major strategic change, the group will go forward as Debenhams group with immediate effect,” Boohoo said. Dan Finley, group chief executive of Boohoo, said: “Debenhams is back. The iconic British heritage brand, bought out of administration, has been successfully turned around. “Rebuilt for the future and transformed into Britain’s leading online department store.” He added: “We go forward as Debenhams Group. This is a defining moment in our journey, reflective of our new strategy, new leadership and new beginnings.” In 2019, Debenhams entered administration for the first time. Several of its stores were closed, and it sought buyers. The pandemic significantly worsened its financial situation. With stores closed during lockdowns and consumer spending down, Debenhams saw a further drop in sales. In 2020, Debenhams went into administration for a second time, and Boohoo Group, an online fashion retailer, acquired Debenhams' brand and intellectual property. However, Boohoo did not purchase Debenhams’ physical stores. After the Boohoo deal, Debenhams began closing its remaining stores, marking the end of its long history on the British high street. The closures continued into 2021, and the company officially ceased trading in physical locations.

UK hospitality sector's confidence plummets, facing higher costs and tax pressures

2025-08-25 15:56:44

Confidence among Britain's hospitality sector leaders is dwindling, with only a third feeling optimistic about the forthcoming year's trading amid escalating costs. This troubling trend marks the fifth consecutive month of declining confidence in the industry, as reported by CGA by NIQ's most recent Business Confidence Survey, as reported by City AM. Morale has now plummeted to its bleakest point since late 2022 and stands as the second lowest since the Covid lockdowns of 2020. Michael Kill, the head of the Night Time Industries Association (NTIA), has openly expressed that the current climate is "more concerning than anything we saw during the pandemic". Adding to this concern is the reality that profitability has been significantly undermined by rapidly increasing labour expenses, with an overwhelming 99 per cent of enterprises acknowledging a rise in their wage bills over the previous year. Despite many in the hospitality sector experiencing robust trade over Christmas, merely a third of businesses have reported a profit uptick during this interval. The situation is expected to become more strenuous from April when employers will be hit with additional labour costs. Insights from UKHospitality indicate that changes to national insurance contributions (NICs) are anticipated to inflate the cost of employing an average worker by £2,500. Earlier in the week, it emerged that a third of UK hospitality companies might have to downsize their workforce due to increased taxation. Alarming figures from UKHospitality suggest that one in ten may need to shutter at least one establishment, while just shy of two thirds are set to withdraw investment plans. "Pubs, brewers and hospitality venues will be forced to make painful decisions to weather these new costs, which will have damaging impacts on businesses, jobs and communities," warned the UK's three core hospitality trade associations – UKHospitality, the British Beer and Pub Association, the British Institute of Innkeeping and Hospitality Ulster – in a joint statement. Recently, City broker Peel Hunt raised alarms about the future of British pub culture, stressing that structural pressures and tax increases are putting it at risk. Hospitality was noted as the primary contributor to economic growth in November and December; however, according to Peel Hunt, tax rises announced in the October budget "halted and reversed a year-long upgrade cycle". Both hospitality and retail sectors have been appealing to the Government for a phased introduction of changes to employer's national insurance (NICs), and earlier this year, Baroness Noakes introduced a related bill.

Liverpool confirm 'multi-year' Adidas kit deal as Reds target big revenue hike

2025-08-25 13:02:39

Liverpool have announced that Adidas will become their new kit partner from the beginning of the next season, following the conclusion of their current agreement with Nike at the end of the 2024-25 campaign. Reports from October indicated that the German sportswear brand had secured the tender to collaborate with the Reds, outbidding rivals including the incumbent kit supplier Nike and competitor Puma. The club has now revealed a 'multi-year deal', which is understood by the Liverpool Echo to span five years. It will be the third deal Liverpool has had with Adidas. The Reds anticipate a revenue boost from this new alliance. CEO Billy Hogan said: "Everyone at the club is incredibly excited to welcome Adidas back into the LFC family. "We have enjoyed fantastic success together in the past and created some of the most iconic LFC kits of all time. Adidas and Liverpool share an ambition of success and we couldn't be more excited to partner together again as we look forward to creating more incredible kits to help drive on pitch performance. We'd like to thank Nike for their support over the last five years and wish them well for the future." The partnership is set to commence on August 1, 2025, with Nike's designs being worn until the end of this season. In the past, new kits have often been unveiled before the season's end. However, with Liverpool on the cusp of a Premier League title and still vying for UEFA Champions League success, Nike aims to capitalise on the brand's exposure and partnership until the very end. Liverpool and Adidas have collaborated during some of the club's most triumphant eras and iconic trophy wins, initially from 1985-1996 and again from 2006-2012. During this period, the Reds secured numerous accolades, including three top-flight domestic league titles and three FA Cup victories. Bjørn Gulden, Adidas CEO, stated: "We are extremely excited that adidas and Liverpool Football Club are teaming up once again. The club is one of the biggest and most iconic names in world football with a huge fan base. "The jerseys worn during previous partnerships are some of the greatest ever created. We are honored to once again provide the players with cutting-edge technology to perform at the highest level and are looking forward to creating more classics for the fans." Although the deal's value to the Reds has not been disclosed, it is reportedly in the vicinity of £65million-plus, placing the club in the same guaranteed earnings bracket as Arsenal, Manchester City, and Chelsea. Furthermore, the potential for a percentage of LFC/Adidas merchandise sales could increase the deal's value even more. The club entered into a deal with Nike in 2019 for a fixed £35million per year. While the guaranteed annual sum was significantly lower than their competitors, it was substantially boosted by an additional 20% of sales from LFC/Nike merchandise reverting to the club, pushing the annual income beyond £60million. Liverpool have capitalised on relationships with such luminaries as Fenway Sports Group partner and basketball legend LeBron James, resulting in a special merchandise line, while a range with Nike's sister brand Converse was also launched. Last week, UEFA published its annual European Club Finance and Investment Report, which examines financial trends across the continent's football landscape and sheds light on some of the unseen factors that contribute to fielding a successful team. According to the latest report, Liverpool's kit and merchandising revenue generated €146million (£122.7million), slightly edging out Manchester United who sit in fifth place. For Liverpool, this meant that kit and merchandising revenue accounted for 19% of total revenue for the 2023-24 financial year - an increase of 11% compared to the same period 12 months earlier. Details of the new Adidas Liverpool kits - home and away - will be unveiled via club and Adidas channels and will be available for purchase from August 1, 2025.

Co-op admits to 107 breaches of order to stop blocking rivals from opening nearby

2025-09-03 19:59:22

The Co-op has become the latest UK supermarket to be targeted by the Competition and Markets Authority (CMA) in its campaign against 'unlawful land agreements' in grocery retailing. The group has confessed to 107 breaches of an order prohibiting supermarkets from imposing restrictions that prevent competitors from opening nearby stores, according to the watchdog, as reported by City AM. The CMA stated that its campaign aims to "ensure that shoppers have more choice and so benefit from a wider range of groceries and access to cheaper prices". The watchdog expressed concern over the "concerned that this substantial number of breaches demonstrates a significant failure of compliance for a business of Co-op's size", given the group's ownership of nearly 2,400 stores across the UK and its 5.2 per cent market share in the £190.9bn supermarket industry. Daniel Turnbull, senior director of markets at the CMA, commented: "Restrictive agreements by our leading retailers affect competition between supermarkets and impact shoppers trying to get the best deals." He added: "We know that Co-op has made a considerable effort to amend all their unlawful agreements, given this Order has been in place since 2010." He urged Co-op and other designated retailers to "Co-op and the other designated retailers must make sure they do the right thing by their customers in the future." This action follows similar measures taken by the CMA against Tesco in 2020, Waitrose in 2022, and Sainsbury's, Asda, M&S and Morrisons in 2023. In comparison to The Co-op's breaches, Tesco's infractions amounted to 23, with Waitrose at seven, Sainsbury's at 18, Asda at 14, M&S at 10, and Morrisons leading with 55. A spokesperson for the Co-op acknowledged the issue, stating: "As a business that is committed to operating fairly, we recognise this is extremely disappointing." They further explained, "Co-op operates in a range of markets, both as a community retailer and a national funeral provider and the number of breaches amount to less than two per cent of transactions across our entire property portfolio." Emphasising their commitment to rectifying the situation, the spokesperson added, "This is a matter we take very seriously, and we have taken all necessary action to ensure this issue is resolved and does not happen again." In an open letter, the CMA recognised the steps taken by Co-op: "The CMA acknowledges that Co-op has proactively taken steps to address the root causes of these breaches, has cooperated with the CMA to date and is now working with the CMA to take further remedial action to address the breaches identified." "Along with other large grocery retailers, Co-op will now also report annually to the CMA regarding its compliance with the order."

Greggs 'in rude health' as its targets 3,500 shops and new locations

2025-09-12 05:40:10

Newcastle bakery favourite Greggs is far from “peak Greggs” with plans to expand into new locations amid its current target of 3,500 stores, a senior director has declared. The Tyneside food-on-the-go champion currently opens four shops every week, and last month topped annual revenues of more than £2bn for the first time ever, a result which led to it sharing a £20.5m bonus amongst staff. However, analysts noted a slowdown in volume growth since the fourth quarter, with some fearing the popular brand may have already peaked. Now, CFO Richard Hutton has told how Greggs still has much more to give. He said: “We are a long, long way from peak Greggs I can assure you. Fundamentally it’s the strength of the brand and the under penetration in the market. Greggs is one of the strongest brands not just in the UK but when ranked against international brands as well, and that’s a huge asset. “It’s in rude health and there’s so much more we can go at, in terms of the penetration across the UK, entering these new locations which are new to us but not new to the market, and also into new food and drink areas. Greggs is always looking to bring good value food and drink to more people. We effectively copy food trends so we never run out of ideas and are always looking for what the next thing is. "As human beings we always want new, interesting stuff and Greggs is here to make that affordable. We are excited about different times of day, different channels and more interesting food. There is much more great stuff in the pipeline so watch this space.” Mr Hutton, who also champions Greggs’ community initiatives and is a Trustee of the Greggs Foundation, said four shops every week are opened by the company’s but that it is not in danger of seeing its new shops start to cannibalise old shops. He said: “The reason we feel confident that is not the case in this next phase is that the areas we are expanding into are locations where we are very under penetrated at the moment. The shop opening pipeline is typically areas which are maybe roadside, retail parks, supermarkets and transport locations – often areas you will access by car rather than by foot, like the traditional estate in towns and cities. “This is a very different occasion we are targeting, which is not neglecting the legacy estate which we have kept healthy by relocation activity. The growth is coming from a part of the market we are very poorly represented and is attractive in terms of the return profile too. Wrapped together, the Greggs offer, with geographical and location specific penetration opportunities, is very clear.” His comments came in an interview with Panmure Liberum analyst Ben Hunt, who quizzed the Greggs executive on the firm’s strategies to grow evening trading and deliveries through JustEat and Uber Eats, the strength of Greggs’ balance sheet to withstand any future scenarios similar to Covid, and its recent capital expenditure programs to aid the firm’s expansion to 3,500 shops. The business initially extended its opening hours across a number of shops two years ago, and it has since flexed evening trading times, while also diversifying to offer new hot food products, including pizzas, chicken goujons and made-to-order food, which have also proved popular at lunchtimes. Mr Hutton said Greggs will see growth in both evening trade and its deliveries, and while he admitted he was a little disappointed with the initial speed of growth, he said Greggs is now in a phase of steady profitable growth and doesn’t expect it to happen at a rapid pace. He said: “I do have a lot of faith that Greggs can continue to grow across the day and the one ‘day part’ which is massively under represented is the evening. Because we came from the bakery sector we have been known for initially lunchtime and latterly breakfast trade and have a real strength in those areas. “But we are hugely under represented in the evening market. As a brand, Greggs has 8% market share in food-to-go and post 4 pm it’s 1.7%. That’s not to say that it can necessarily get to the same level as a whole, but I have to believe it can rise from where it is.

Pukka Pies warns price rises are 'inevitable' as it battles 'significant' inflation

2025-09-17 01:16:06

Pukka Pies, a staple in chip shops across the UK, has warned that price increases are "inevitable" as it grapples with "significant levels of power and labour inflation." The Leicester-based firm revealed that it had postponed price hikes during its most recent financial year to "assess the mid to long-term implications from the underlying inflation", but has since determined that rises are necessary, as reported by City AM. These remarks were included in the company's accounts for the financial year ending 25 May, 2024. Over this period, the company saw its turnover rise from £79.1m to £85.2m, while pre-tax profit fell from £6.7m to £3.4m, according to newly-filed accounts at Companies House. The firm's UK turnover increased from £78.7m to £84.7m, and European sales rose from £353,527 to £493,707. Elsewhere in the world, turnover grew from £8,749 to £12,992. Founded by the Storer family in 1963, Pukka Pies initiated an investment search in March 2024, leading to a corporate restructure. A statement approved by the board read: "The directors are satisfied with business performance during its first year of trading as a group following the corporate reorganisation which inserted two new companies into the corporate structure." Pukka Pies also noted that its turnover increase was due to new product launches, gaining new customers, improved distribution among existing customers, and growth in the retail category. The directors expressed their satisfaction with the company's operating profit before exceptional items, which dropped from £6.8m to £4.5m, citing the long-term benefits expected from a recent corporate restructuring. Pukka Pies commented: "Over the course of the financial period the group has seen significant levels of power and labour inflation." The firm initially delayed implementing higher sales prices to evaluate the mid to long-term implications of underlying inflation but has since concluded that price increases are inevitable over the next 12 months. Regarding its future, Pukka Pies stated: "The group continues to build brand awareness and the directors expect the business to grow over the coming years."

Welsh Heather Honey gets protected geographical status

2025-09-21 11:29:11

Welsh Heather Honey has become the first honey in the UK to receive the coveted Protected Geographical Indication (PGI) status, a legal designation that protects food and drink products from imitation and misuse. As a result, Welsh Heather Honey has joined the burgeoning family of food and drink products from Wales that, by virtue of their unique characteristics and location, receive protection under the UK Geographical Indication Scheme. Some 24 Welsh food and drink products that enjoy PGI status, including Welsh Lamb, Welsh Beef, Carmarthenshire Ham, Traditional Welsh Caerffilli, and Traditional Welsh Cider. Wales’ Deputy First Minister, Huw Irranca-Davies, who has responsibility for climate change and rural affairs, said: “This recognition strengthens Wales’ growing family of protected foods, showcases the extraordinary quality of our produce, and reflects our commitment to high-quality, sustainable food production. The application for PGI status was made to the UK’s Department for Environment, Food and Rural Affairs by the members of the 15-strong Food & Drink Wales Honey Cluster, who sought to protect Welsh Heather Honey’s unique attributes and thereby the livelihoods of the beekeepers whose bees produce the honey. The Food & Drink Wales Honey Cluster is part of the Welsh Government Cluster Programme, which brings together food and drink businesses, suppliers, academia and government with the objective of helping businesses collaborate to achieve accelerated growth in sales, profit and improved productivity. North Wales beekeeper Alex Ellis, of Border Honey, said: “Achieving PGI status for Welsh Heather Honey will help producers because it will demonstrate to the public that it is a special and unique product that can only be produced in Wales. Consumers can have confidence that when they choose Welsh Heather Honey, they are getting the real thing.” Gruffydd Rees, of Gwenyn Gruffydd Ltd in Carmarthenshire, said: “I am delighted that Welsh Heather Honey’s precise origin and characteristics have been recognised. “The UK GI application process is long, and it is wonderful that Wales is the first UK nation to have a honey receive PGI status.” Dawn Wainwright, of Aberystwyth-based Wainwright’s Bee Farm, said: “Heather (Calluna vulgaris) blossoms abundantly across the Welsh mountain uplands during late summer. “The bees gather a small harvest of a distinctive aromatic honey from the ling heather flowers with unique characteristics. The chemistry of the heather flower nectar gives the honey a protein content which produces a thixotropic or gel-like texture with crunchy crystals suspended throughout.

Virgin Atlantic Holidays soars as it reveals record profits - with sales up 10%

2025-09-18 08:24:26

Virgin Atlantic Holidays has celebrated a record-breaking pre-tax profit of £48m for 2024, experiencing a sales peak that hasn't been seen since before the Covid-19 pandemic. The impressive figures mark a substantial improvement from the £25.4m profit recorded in 2023, as reported by City AM. This financial resurgence aligns with Virgin Atlantic Holidays' return to profitability in the previous year, the first time since 2018. Recent filings at Companies House indicated a sizeable increase in the firm's total revenue, which leapt from £470.9m to £516.9m. This revenue achievement stands as the highest since the £626.5m reported in 2019. The travel brand operates within Virgin Atlantic's domain, established by Sir Richard Branson just one year after Virgin Atlantic was founded. Offering worldwide travel experiences, its destinations span across the USA and Canada, Caribbean, Africa, Middle East, Indian Ocean, and the Far East. Ownership of the company is split between Virgin Group with a 51% stake and Delta Air Lines holding the remaining 49%. Looking ahead, Virgin Atlantic Holidays plans to prioritise expansion into Florida and Caribbean markets. A report approved by the board highlighted: "We regained our number one position in Florida, with growth in passenger numbers as well as in winter sun destinations such as Dubai, the Maldives and the Caribbean." Additionally, the report noted: "Cost discipline has remained tight, following actions taken in 2020 to rationalise our retail estate and streamline operations under the unified brand programme." Regarding its current performance, Virgin Atlantic Holidays reported robust demand for travel throughout the first quarter of 2025, with a notable increase in peak campaign sales compared to the previous year, bolstered by added capacity on routes like Dubai and the Maldives. The statement continued: "2025 will bring further focus on our core Florida and Caribbean destinations, as we continue to focus capacity in these markets, as well as new destinations now served by Virgin Atlantic including Riyadh, Cancun and Toronto."

Scooter firm Pure Electric set for profit in 2026 after business overhaul

2025-08-23 18:57:20

Pure Electric, the scooter company led by former Hargreaves Lansdown investor Adam Norris, has projected its first profit for 2026 following a shift in its business model. The Somerset-based firm anticipates that its pre-tax loss will continue to decrease throughout the current financial year as it expands globally, as reported by City AM. This forecast follows the company's report of a pre-tax loss of £7.5m for the 12 months ending on 29 February, 2024, a reduction from the previous year's loss of £14.6m. However, recently filed accounts with Companies House reveal a drop in overall turnover from £20.8m to £18.1m and a reduction in staff numbers from 139 to 59 due to store closures and "efficiencies". Pure Electric attributes its reduced operating loss to a £6m cut in administrative and exceptional expenses and a £1.1m increase in gross profit after exiting unprofitable stores and ceasing sales of bikes and low-margin third-party scooters. The company also cites a 13% revenue decline as a result of these changes. Over the past year, Pure Electric's UK sales fell from £18.9m to £9m, while sales in the rest of Europe rose from £1.9m to £8.4m. The company also reported a turnover of £690,213 in other global markets. Over the past year, Pure Electric has expanded its presence into Halfords, Argos, Evans and Selfridges in the UK, as well as Australia, the Nordics, China and Italy. The company reported a 20 per cent reduction in administrative costs to £10.4m, largely due to restructuring for a leaner business model. A statement from the board outlined plans for further expansion in existing markets and new territories including Japan, Switzerland, Germany and UAE in FY25. "With its differentiated own brand, Pure Advance scooter range, a partnership with McLaren and global expansion plans, the group remains in an unrivalled position to exploit the incipient micromobility trend and become the leading global escooter brand," the statement read. The company also plans to identify further cost efficiencies and launch new products, while expanding within existing markets and geographically. As a result, it anticipates a significant reduction in losses in FY25, with the aim of generating profit from FY26 onwards. In October 2024, Pure Electric raised £2.27m through a crowdfunding campaign, exceeding its target by 227 per cent. The round attracted 874 investors, bringing the company's total investment to over £70m. Financial documents for PST Holdings, the parent company of Pure Electric, reveal a drop in turnover from £27.1m to £19.9m within the same financial year, while its pre-tax loss was reduced from £21.8m to £11.3m.

Gousto to take on Hellofresh in major expansion as it creates dozens of new jobs

2025-09-01 12:43:35

Gousto, the recipe kit provider, has unveiled ambitions to extend its market reach by launching operations in the Republic of Ireland, a move that is set to introduce new employment opportunities as the company intensifies its rivalry with Hellofresh. This expansion will lead to more than 30 new roles in 2025, encompassing areas such as management, marketing, food, supply chain, and fulfilment, as reported by City AM. Entering a space already inhabited by Hellofresh, Gousto anticipates further job creation as the Irish arm of the business grows. The company has committed to sourcing over one-third of ingredients locally from the island of Ireland from the outset. Gousto founder Timo Boldt commented on the strategic step: "Our research reveals Irish consumers are highly engaged in health but until now this has not been reflected in dinner choices across the country." He continued, "We aim to fill this gap in the market, with an inspiring range of nutritious, fresh, home-cooked recipes, which make healthy eating simple." Emphasising the progression of the company's growth, he added, "Launching into the Republic of Ireland was the natural next step following our successful expansion into Northern Ireland." Expounding further, Boldt elaborated on the company's offer to the Irish market: "We will deliver to the nation's 1.8 million households an unrivalled recipe choice, expanding their cooking repertoire with simple to create dishes from around the world, exceptional value, combined with the convenience to make cooking from scratch the obvious choice, all backed up by local fulfilment and local sourcing." This announcement comes as the company seeks a return to profit after experiencing extensive job cuts. Gousto's expansion follows its September 2023 announcement that it was on track to return to profit within the financial year. However, accounts released in October 2024 showed that the company had not achieved this goal, although it did manage to reduce its pre-tax loss from £157.5m to £75.6m. In 2023, Gousto reduced its workforce from 1,750 to 1,416. A trading update issued in May 2024 revealed the business was now profitable, but exact figures were not disclosed. The company's next full set of accounts are due to be filed with Companies House at the end of September this year. Since its inception, Gousto has raised nearly $350m (£276.8m) in equity from global investors including SoftBank and Fidelity International. Recently, UK meal box companies have been contracting following significant growth after their initial launch. In September 2024, City AM reported that the UK branch of Hellofresh significantly reduced its pre-tax loss as its turnover neared the £500m mark and it cut 15 per cent of its workforce. The last time the UK arm of Hellofresh reported a pre-tax profit was the £8m it made in 2020. Since then, it has lost almost £50m.

Bristol Hoteliers Association appoints new chair

2025-08-25 07:24:43

Bristol Hoteliers Association has appointed a new chair. Adam Flint, general manager of the DoubleTree by Hilton Bristol City Centre, is taking over from Raphael Herzog who has been in the post for six years. Mr Flint will now oversee the non-profit organisation, which promotes the interests of the city's hotels. He said: “I am confident that, with the support from everyone, we will continue to run a fantastic organisation. My passion for hospitality and the industry continues to be stronger than ever, and this new role enhances this even more.” Mr Flint studied hotel and catering management at Manchester Metropolitan University, qualifying in 1999 and starting his career as a graduate manager with Marriott International, for whom he worked in a variety of roles for more than 18 years. He then moved to Hilton International, holding general manager roles and resulting in his current job. He said: “Our main focus for 2025 and beyond is to develop our ‘people strategy’, working with industry partners, colleges and learning and development organisations. “To that end, we will strive to support Bristol as a whole and be the lead in industry for our sector, via our social and charitable network, too." Mr Flint said 2025 posed "new challenges" for the sector, including rising costs such as wages, National Insurance and the price of goods. “The impact on profit margins remains and we must think differently and smarter to overcome these challenges," he added. "Our ability to work with key leaders within the city and surrounding areas allows us to voice and steer many things to the good of the industry. "In terms of the city, changes and developments will continue and it is so important that the BHA remains involved and supportive across the board.” Mr Herzog said he was proud of representing the association and the wider hospitality sector during the Covid pandemic. “During my tenure, I saw a big difference in the sector in terms of pressure on costs for employers," he said. "Mental wellbeing is so much more on the agenda today, as is the need for the hospitality sector to offer a better work-life balance. “I am confident Adam will ensure the BHA continues to represent our industry well and be a voice in the city; we need to continue to promote our sector to younger people."

Tesco, M&S and Sainsbury's shares drop amid FTSE 100 rally after 'trolley wars' warning

2025-09-21 22:01:46

The UK's leading publicly traded supermarkets failed to enjoy a post-crisis FTSE 100 surge this morning, as Tesco's annual results ignited concerns of escalating 'trolley wars' within the industry. The FTSE 100 index climbed over six per cent as investors exhaled in relief following the suspension of Trump's 'reciprocal' tariffs last night, as reported by City AM. However, shares in Tesco, Marks and Spencer, and Sainsbury's dropped by seven per cent, three per cent, and five per cent respectively. This sell-off was triggered by Tesco's annual financial report. The country's largest supermarket cautioned that its profit would be impacted by "a further increase in the competitive intensity of the UK market". The retail giant anticipates group adjusted operating profit to range between £2.7bn and £3bn next year, a decrease from £3.13bn for the 2024/25 fiscal year. Edison Group analyst Russell Pointon commented on the situation: "The seven‐month stock low [in Tesco's share price], driven by aggressive pricing tactics from rivals like Asda and Aldi, reveals market nervousness amid ongoing pressures,". Earlier this year, Asda's new chief Allan Leighton spoke of the 'war chest' at Asda's disposal to slash prices and reclaim its competitive edge in the market. This sparked rumours that Asda is set to disrupt the market with a series of price reductions. "Tesco and Sainsbury's have certainly been major beneficiaries of market share from Asda over the last couple of years... While Tesco has the greater overlaps with Asda given its national presence, we think any pain from a resurgent Asda will be shared across the industry," stated analysts at Jeffries. However, there is scepticism among analysts about Asda's capacity to deliver on the scale of cuts it has pledged. "Much of the industry's dynamics will be determined by Asda's ability to improve volume growth over the next three to six months. Google Trends and Kantar data show limited evidence of this to date." "Until [evidence of volume growth] arrives, we expect sector valuations to remain pressured," added the Jeffries analysts. Aarin Chiekrie, an equity analyst at Hargreaves Lansdown, commented: "Fears of a price war that could squeeze profitability have weighed on sentiment across the sector recently, but it hasn't materialised yet."

Julia Hoggett calls for UK to revise retail investment rules favouring crypto over bonds

2025-09-08 23:20:25

Julia Hoggett, CEO of the London Stock Exchange Group (LSEG), has called for a shift in the UK's "perverse" approach to retail investment. Speaking on the Following the Rules podcast, she highlighted that it is currently easier for retail investors to put their money into crypto than heavily regulated assets such as corporate debt or government bonds, as reported by City AM. "We have a regulatory structure that has historically made it easier to buy a riskier product and then hardest to buy the least risky product in the stack, which is perverse," she stated. "(Debt) sits higher up the cap table in terms of its credit worthiness than equity, and yet we have made it harder for retail to buy plain vanilla debt...than we have equity or crypto," she added. Hoggett argued that it should be "much more straightforward" for retail investors to engage in these markets, which would help reduce the cost of capital for businesses and stimulate growth. Post-financial crisis rules classified bonds issued under £100,000 as retail products, subjecting them to closer scrutiny. This inadvertently discouraged companies from issuing smaller denominations and excluded individual investors from the market. A recent report by Barclays revealed that US retail investors held approximately $6.2 trillion in debt securities at the end of Q3 2024, while only 36 corporate bonds from 21 firms were listed in the UK's orderbook for retail bonds. Hoggett highlighted the discrepancy in regulatory approaches, noting that while corporate debt remains under tight control, retail investors are granted "all the access to (crypto) in the world". In a recent move, the Financial Conduct Authority (FCA) proposed measures to facilitate retail investors' entry into the corporate bond market by reducing paperwork for smaller debt portions. Hoggett sees this as indicative of a wider issue with risk aversion, which she believes has significantly hindered economic growth. "The UK's got the second largest pool of institutional capital in the world. We have not been spending it on ourselves as a nation, and we have been de-risking it to a point that has not been healthy for ourselves," stated the LSEG chief. She pointed out that the UK's investment shortfall could be up to eight per cent less than that of its G10 and G20 counterparts, leading to lower growth and consequently reduced tax revenue for public services. Hoggett argued against a "zero failure regime" in the UK, advocating instead for practical KPIs that could drive investment funds and regulators towards goals like advancing the green energy transition or enhancing financial security for retirees.

Chip shop apologises after having to put up price to £15 a portion

2025-09-13 14:59:53

A chip shop manager has apologised to customers for raising prices amid surging costs - as he now charges £15 for cod and chips. The Nippy Chippy in Stonehouse, Gloucestershire, is now charging £15 for a large cod and chips and for £12.50 for normal portion. The move comes after seeing the cost of fish surging by more than 60 per cent in just three months. Manager Brad-Lee Navruz explained that customers were mostly "fine" about the increase but said there had been "a few shocked faces and raised eyebrows''. Mr Navruz explained that he "feels bad" for the price increase. He said: "I feel really bad for people. Times are harder as it is. For their Friday treat to go up quite a lot I do feel for them. When I say the price to them and their faces get in shock straight away I am saying sorry. There is not much I can do about it but obviously you feel for them because all they want is their Friday treat." The Nippy Chippy first issued an apology on its social media explaining why they have recently increased their fish prices, adding that it is a difficult time for businesses. Mr Navruz said previously they would put the price up around 10p or 20p. But explained that this time price rises were down to a increase in fish costs. He said: “Previously we would put the price up and it would be 10 or 20p - nothing major. "But this time round it has gone up from £10.30 to £12.50 for normal cod and chips and normal haddock and chips so it is a £2.20 big jump increase. When they [customers] come in and they hadn't seen the Facebook or the news they have a little bit of a shocked face as in 'wow it has gone up £2.20 that's a big increase'. "But before you could change it to 10p or 20p and no one would bat an eyelid because it's just standard. But when it goes up so much at one time you do get obviously a few shocked faces and raised eyebrows but once you explain them why it's gone up and what's happening they are pretty understandable about it." Fishing quotas are negotiated annually between the UK, EU and Norway. This year there is a cap of 25,028 tonnes on cod, a drop of 20% compared to last year. There is a limit of 112,400 tonnes of haddock - down 5% from 2024's catch limit. The agreement highlights all parties’ continued commitment to ensure a long-term sustainability of shared stocks. Mr Navruz said attempts to find substitutes had not gone down well in the past. He added: "Cod and haddock are the number one sellers in the UK - they are really good quality fish. "Rather than replace cod we tried to expand it by introducing another stuff like hake and plaice but it is just never the same and not everyone would want to go for it they would rather just stick for what they know and what they like. Especially when they are paying so much for a portion I don't think even introducing it now would be an option really." Despite the price rise of the fish and chips in the shop, Mr Navruz explained that he has not lost his customers. However they are more likely to purchase cheaper food options such as sausage and chips or burger and chips. He said: "It stays the same and we still get the same amount of business. It just more people getting different things. "If they can't afford to get fish and chips then they will go for a different thing like a sausage and chips, burger and chips, fishcake and chips or pie and chips." Customer and former fish and chip shop owner of 20 years, Bob Clapham, 77 said the rising prices are "expected". He added: "Everything has gone up - fish, potatoes, even the wrapping paper has gone up. Of course you have got your wages, your gas, your electric, your water rates - everything. It is inevitable you are going to have to pay more for stuff like everything else in life." Following this year's fishing quotas agreement, Fisheries Minister Daniel Zeichner said: “This government will always stand up for the British fishing industry, which is the lifeblood of so many communities around our coastline.

Boss of South West Water owner has 'regret' for pollution incidents

2025-09-01 22:03:45

The boss of Pennon says she has “regret” for the pollution incidents caused by the utilities firm. Chief executive Susan Davy, whose company owns South West Water, Bristol Water, Bournemouth Water and SES Water, admitted to a group of MPs that "from time to time things do go wrong". There were 194 individual pollution incidents across the Pennon group between 2023 and 2024, and the company was fined £2.2m in 2023 for illegal sewage spills spanning four years across Devon and Cornwall. Ms Davy said: “I absolutely regret and do not condone those incidents and pollutions that we had. We do not want to harm the environment, that is not the activities that we undertake everyday. “We have hundreds of treatment works and thousands of pumping stations and from time to time things do go wrong.” The comments follow a major incident in Brixham, in Devon, last year, which saw a parasite outbreak in the water supply. The diarrhoea-inducing cryptosporidium was discovered in a reservoir in May, prompting 17,000 households to boil their drinking water for eight weeks. The company was compelled to clean and flush its water network 27 times, in addition to replacing sections of its grid. As a result, in November, Pennon revealed that its underlying pre-tax profit had plummeted from a £19.1m profit in the first half of last year to an £18.6m loss. Ms Davy told MPs on Tuesday: “I absolutely understand how devastating that incident was for that community and for the customers who were poorly… it was a really horrible time for them. I am always sorry when something happens whether to our customers or to the environment,” she added. Despite the company coming under fire for pollution incidents, Ms Davy saw her pay package jump 58% last year after picking up a £298,000 share award. Her total pay increased to £860,000 in 2023-24 from £543,000 the previous year. Last month, Pennon announced plans to raise £490m by issuing new equity shares through a rights issue. The company said at the time that investors would be able to acquire 13 new shares, at a cost of 264p each, for every 20 they already own.

Welsh footfall growth the strongest in the UK despite cooling on January

2025-09-18 01:20:11

Retail footfall in Wales increased in February but at a slower rate than January, shows latest research from the Welsh Retail Consortium. Footfall, defined as shoppers entering a store, in February was up 2.% year-on-year (YoY) compared to a 8.5% rise in January. The rise in February was the highest of any nation or region of the UK, followed by the north west of England at 1.9% and London and the west Midlands at 1.8%. For England it rose by just 0.2%, while in Northern Ireland it was down 0.1% and Scotland 0.3%. The biggest fall was in Yorkshire and the Humber, down 3.5%. Shopping centre footfall in Wales YoY decreased by 1.5% in February, down from 8.6% in January. Retail park footfall increased by 2.9% in February YoY, down from 9.8% in January. Footfall in Cardiff decreased by 1.8% (YoY), down from 9.1% in January. Of the core cities of the UK the fall in February in Cardiff was only greater in Liverpool, down 2.5%, Bristol, 5.2%, and Leeds 5.6%. The biggest rise was in Birmingham at 5%. FOOTFALL BY NATION AND REGION GROWTH RANK NATION AND REGION Feb-25 Jan-25 1 Wales 2.7% 8.5% 2 North West England 1.9% 7.7% 3 London 1.8% 6.7% 3 West Midlands 1.8% 10.0% 5 South East England 0.4% 9.4% 6 England 0.2% 7.4% 7 Northern Ireland -0.1% 3.5% 8 Scotland -0.3% 1.0% 9 East of England -0.8% 8.5% 10 North East England -1.0% 6.8% 11 East Midlands -1.3% 6.4% 12 South West England -1.4% 7.9% 13 Yorkshire and the Humber -3.5% 3.3% TOTAL FOOTFALL BY CITY GROWTH RANK CITY Feb-25 Jan-25 1 Birmingham 5.0% 14.3% 2 Manchester 3.9% 10.3% 3 Edinburgh 1.9% 2.8% 4 London 1.8% 6.7% 4 Belfast 0.1% 4.8% 6 Nottingham -0.3% 6.7% 7 Glasgow -1.1% 1.9% 8 Cardiff -1.8% 9.1% 9 Liverpool -2.5% 3.2% 10 Bristol -5.2% 6.2% 11 Leeds -5.6% 1.0% Sara Jones, head of the Welsh Retail Consortium, said:“Shopper footfall across all Welsh retail destinations faltered in February, dipping over 5% compared to the previous month. That said, February still saw healthy year on year growth, the best of the four home nations. “Shopper numbers picked up substantially in the last week of February, no doubt helped by the late half term and start of spring weather, coinciding with the benefits of a St. David’s day uptick. “Confident consumers and buoyant household disposable incomes are critical to the health of the retail industry and all who rely on it, including our colleagues and our wider communities. As we approach the two-year anniversary of the Welsh Government’s retail action plan it will be time to take stock on what more can be achieved to cement the future of the retail industry in Wales. With an onslaught of additional government-mandated costs in the pipeline from April, bold decisions will be needed to help safeguard the sector and to help it flourish rather than falter in the years to come.” On the UK picture Andy Sumpter, retail consultant for Sensormatic Solutions, which carried out the research, said: “After January’s jump-start, retail footfall in February stalled, with retailers seeing a more modest improvement compared to 2024 last month. "While the good news is that shopper counts remained steady, many would have been hoping for a more substantial leap building off a strong start to the year. Retail Parks, consistently one of the top performers in 2024, once again outstripped other retail destinations in February, as the convenience and choice built into their retail offerings again proved popular with customers. " With Easter falling late and well into April this year, this will, undoubtedly, put added pressure on retailers as we head into March. To plug the gap, retailers have an opportunity to create compelling reasons to visit and enhance their offerings with greater convenience and choice, which have been the standout strengths of retail park performance.”

Bristol's high street businesses join calls for government to rethink business rates proposals

2025-09-01 11:03:50

Bristol retailers are among thousands of high street businesses urging the government to reconsider plans to raise business rates for the largest properties. High Streets UK, a partnership of more than 5,000 businesses across the country, said the move would place a "disproportionate burden" on flagship stores. Under plans, properties with a rateable value of more than £500,000 could be subject to a business rates multiplier up to 10p higher than the current levy. The idea is it will pay for a rates reduction on small high street businesses. The group said the upcoming 2026 revaluation added "further uncertainty" and would deincentivise near-term investment. The group has called on Sir Keir Starmer's government to conduct a full impact assessment of proposed multiplier increases and freezing any hike in the higher multiplier until 2027/28 to provide greater certainty. Vicky Lee, director of Bristol City Centre BID on behalf of Visit West Bristol BIDs, said while business rates reform was necessary, it needed to "support, rather than hinder" the future of flagship high streets. "Bristol’s high street businesses are a crucial part of our city’s economy, driving jobs, tourism and investment," she said. "We urge the Government to take a balanced approach, ensuring that rates remain competitive and that businesses have the certainty they need to plan ahead. "A thriving high street benefits not just retailers, but the entire city, from independent businesses to local communities." Dee Corsi, chair of High Streets UK, added: “Flagship high streets are the economic and social anchors of our cities – they create jobs, drive local and national growth, and serve as vital hubs for communities. "Moreover, within a high street ecosystem, it is often the larger retail, leisure and hospitality units which drive footfall and spend in smaller neighbouring businesses. If you put these larger stores at risk, the impact will be felt across the entire high street. “As a collective voice for these high streets, High Streets UK is calling on the Government to take urgent action to safeguard their future, ensuring our city centres remain dynamic, competitive, and resilient.”

High Street shops, pubs and restaurants face £1bn tax bill from April

2025-09-03 23:10:50

Shops, restaurants and pubs across England are facing an extra £1 billion in taxes when a discount is cut next month, adding to a “tsunami” of rising costs hurtling toward the sector, according to new analysis. Businesses in London will be hit hardest by changes, tax and software firm Ryan found. Firms in the retail, leisure and hospitality sector are facing increased costs in April when a discount on business rates will be reduced from 75% to 40%. The changes were announced in last year’s autumn Budget, with the Government committing to keeping the discount scheme for the next financial year but cutting the level of relief. Each business will still have a maximum discount of £110,000. Ryan’s analysis found that the reduced discount will raise an extra £1.03 billion from firms across England over the 2025-2026 tax year. Nearly a third of the extra revenue will come from businesses in London, who collectively are facing an additional £309.7 million in business rates. This is followed by an extra £157.9 million from businesses in the South East who are facing a bigger bill, and £110.5 million from firms in the North West. Alex Probyn, a property tax expert at Ryan, told the PA news agency that it “comes on top of a tsunami of other rising costs, making it a complex and challenging environment” for businesses to operate in. From April, national insurance contributions will also rise for some businesses, while they will also have to pay employees a higher national living wage. The Government has said extra revenues raised from higher taxes on businesses will help fill a gap in the UK’s public finances and be plugged into things like infrastructure and the public sector. It pledged in the Budget to introduce permanently lower business rates for smaller retail, hospitality and leisure firms from 2026. The Government has also said that some 865,000 employers will not pay any national insurance in the year ahead because of the employment allowance rising from £5,000 to £10,500. But Mr Probyn said the changes will “disproportionately affect small and independent businesses across sectors already struggling”.

Aldi to cut up to 350 jobs at UK headquarters as cost pressures increase

2025-09-22 16:12:31

Aldi, the renowned discount grocer, is poised to eliminate up to 350 positions at its UK head office in Atherstone as it grapples with mounting costs. Reports indicate that various roles within the buying department, spanning non-food, finance and certain back-office operations will be impacted, as reported by City AM. This move sees Aldi join the ranks of Tesco, Morrisons and Sainsbury's, all of whom have announced job cuts following the budget revelations last October. The heightened fiscal demands on retailers due to increased taxation on staff wages are a key contributor. In a stark warning issued earlier this month, a consortium of retailers, including heavyweight names Tesco and Marks & Spencer, alerted the Treasury to the "perfect storm" of escalating expenses facing the sector. Represented by the Retail Jobs Alliance (RJA), they prognosticated the loss of 300,000 retail positions by the year 2030, compounded by factors such as a more substantial national insurance obligation, a novel recycling tax, and elevated business rates. In a trend indicative of the sector's distress, last month Sainsbury's declared its intent to shut down all in-store cafes and shed 3,000 jobs. Similarly, Tesco unveiled plans to cull 400 jobs in a bid to streamline operations. Not to be outdone, Morrisons too signalled a significant reduction in their workforce, targeting over 200 jobs within its retail people team for termination. These measures are part of a broader initiative towards drastic cost-saving, in response to what CEO Rami Baitiéh termed an "avalanche of costs." With retail vacancies dwindling by nearly half over the past year and the sector experiencing a loss of approximately 225,000 jobs from 2019 to 2025, as reported by the ONS, there's little doubt that the industry is under extreme duress. This has spurred an accelerated shift towards automation, where advancing technology offers both power and cost-effectiveness, becoming an increasingly attractive alternative for the beleaguered retail landscape. However, Aldi's restructuring will not impact any customer-facing roles. A spokesperson for Aldi informed the Grocery Gazette: "To support our continued growth and to offer the best experience to our customers, we are consulting over proposals to restructure some head office teams." They added, "No customer-facing roles are affected, and no final decisions will be made until the consultation process is complete."

Plans to demolish entire row of shops and flats in Bristol

2025-09-20 18:02:06

Plans to demolish and rebuild an entire row of shops and flats as part of a multi-million regeneration scheme are inching closer to approval. A revised set of proposals for the west side of Filwood Broadway has been submitted to council planning officers, with work potentially starting this year if approved. The scheme involves the demolition of all buildings from 4 to 16 Filwood Broadway, including shop units and flats above on the western curve, facing the play space and community centre. Behind the shops, a larger residential development is already under way on land that once housed the area's art deco 1930s cinema building. The shops will be replaced by new business units and 18 'affordable' flats, built to high-tech specifications with eco-features like solar panels and heat pumps. The plans were first submitted in November as part of the wider Filwood Broadway regeneration scheme, which received £14m from the Government's Levelling Up fund in 2023. This funding is being used for a complete refurbishment of the community centre, this residential development, and other enhancements to the area. The proposal has received only one formal objection, although the Bristol Civic Society expressed its support in principle, with a single issue concerning the internal layout of the flats. This week, the council's housing department, which is spearheading the project, submitted an entirely new set of documents detailing improvements to the area's water, sewage and drainage systems, solar panel designs, and revised plans for the building's facade, reports Bristol Live.

UK economic growth forecasts slashed due to Donald Trump's tariffs

2025-09-01 08:08:35

City forecasters have significantly reduced UK growth forecasts in light of President Donald Trump's tariffs, which are anticipated to inflict substantial harm on the global economy. European markets are experiencing a downturn today following the implementation of tariffs, indicating that economists and investors are bracing for profit losses, as reported by City AM. New research conducted by polling firm Consensus Economics and the Financial Times provides a sobering perspective, with an average of ten forecasters predicting that the UK will experience a sluggish growth rate of 0.8 per cent this year. This figure is two-thirds of what was previously projected. The Bank of England has predicted that the UK economy will grow by 0.75 per cent this year, while the Office for Budget Responsibility (OBR), the fiscal watchdog, anticipates a growth rate of one per cent. Both central forecasts were made prior to Trump's Rose Garden speech in which he announced a list of tariffs to be imposed on major economies as well as uninhabited islands. The US president's ten per cent tariff on all goods imports has unsettled analysts, who remain uncertain about its potential impact on UK inflation. While markets predict that interest rates could drop below four per cent by the end of the year, economists at Capital Economics suggest that the Bank of England may maintain its stance. "The uncertain influence on CPI inflation from the tariffs may mean the Bank can't conclude that the upside risks to inflation have faded," they remarked. "Moreover, the extra uncertainty caused by tariffs more generally may mean the Bank is more inclined to wait and see how things develop." A separate study conducted by the British Chambers of Commerce (BCC) highlighted how companies are grappling with increased costs resulting from national insurance tax hikes imposed by Chancellor Rachel Reeves. The survey, incorporating responses from over 5,000 businesses, found that merely a fifth of the surveyed firms expanded their workforce in Q1, while a similar number reported a workforce reduction.

Just Eat launches first drone deliveries in UK and it could change takeaways forever

2025-09-17 16:59:29

Just Eat Takeaway has initiated its first drone-operated food deliveries, marking the beginning of a significant rollout in collaboration with Manna Drone Delivery. The initial location for the rollout will be Dublin. Customers ordering from participating restaurants can now choose drone delivery and receive their meals in as little as three minutes, as reported by City AM. The service is designed to enhance efficiency and reduce delivery times during peak hours and is anticipated to expand across the food delivery giant's international markets. Manna's drone network currently operates under European Union aviation safety agency (EASA) regulations, and the company is actively collaborating with local authorities to extend the service to more countries. Jessica Hall, chief product officer at Just Eat, expressed: "We're very excited to be working with Manna to offer an alternative form of delivery, ensuring customers receive what they want, when they want it." She added: "This partnership is the latest in our commitment to testing innovative solutions that enhance convenience and improve user experience". Bobby Healy, Manna's CEO, described the partnership as a "major milestone for drone delivery in Europe", adding that "by combining Manna's expertise in scalable drone operations with Just Eat Takeaway.com's vast customer base and logistics network, we're setting the standard for sustainable, convenient and safe food delivery." This crucial drone initiative forms part of Just Eat's wider push for innovation.

BRC chair warns of price rises and jobs threat if Trump's China tariffs stay

2025-09-18 20:16:40

The chairman of the British Retail Consortium (BRC), Andrew Higginson, has warned that prices will increase if President Donald Trump's tariffs remain at their current levels. Speaking on the Today programme, Higginson -- also chairman of sportswear giant JD Sports - stated it was "unlikely" that shoe production would relocate to the US and criticised the uncertainty caused by Trump's tariff war, as reported by City AM. Since April 2 JD Sports' share price has fallen nearly 11 per cent as investors worry about the impact of tariffs on its Asia-manufactured goods. The global sportswear sector relies heavily on a global network of manufacturers, including Vietnam – where manufacturing contributes to around a quarter of GDP – as well as China and Cambodia, all of which are affected by tariffs. Nike, JD Sports' top global partner, also produces its shoes in Asia. JD Sports, already grappling with low sales before the announcement of the tariffs, has seen its share price decline by 18 per cent since 'Liberation Day.' Higginson commented that it would take significant effort to change the economic dynamics of a country that has heavily invested in these areas. He added: "It's an illusion that this is just about cheap labour... these countries have invested a huge amount in the technology and the manufacturing capabilities it goes into making a number of these products." JD Sports' share price has been hit hard due to its aggressive expansion into the US market, with approximately 40% of its sales coming from the region as of August last year. "What I think the likely result is that things will just be more expensive if these tariffs stay at these highs," Higginson remarked. Analysts have cautioned that consumers may not tolerate the resulting price hikes and have pointed out the potential for subsequent inflation in the UK and Europe, despite the UK's relatively modest tariff of 10%. "Sales could falter while any potential benefit from a lower tariff regime versus other trading partners would be much slower to materialise," commented Rob Morgan, chief investment analyst at Charles Stanley.

Government approves controversial M56 Tebay-style service station despite local opposition

2025-09-18 20:06:20

Controversial plans to build a large service station on the M56 modeled after the popular Tebay Services have received approval from Housing and Planning Minister Matthew Pennycock. The project, situated on a 39-acre site, will feature a fuel station, farm shop, and a 100-bed hotel, and should create 300 jobs. But it faced strong opposition from Trafford's Green councillors and local residents, who argue it will negatively impact businesses in nearby Altrincham, Sale, and Hale Barns on the Cheshire border. The plan, a collaboration between Tebay services owner Westmorland and the Tatton Estate, was first approved in October 2023, but then called in for a public inquiry due to concerns over the use of the site's Green Belt land. In response to the decision, campaigner Bill Dixon said "I am very disappointed because the minister insisted that the service station should not be a destination in its own right, but, in my view, it will be as all the evidence shows. "It will cause traffic chaos on the A556-M56 junction and do enormous harm to businesses in Altrincham. It's a sad day for Trafford." At the time the application was submitted, Green councillors on Trafford's planning committee had also spoken out against the plans. In a letter confirming the decision, Mr Pennycock concurred with the planning inspector's conclusion and recommendation that the requirement for a motorway service station in the region was 'indisputable' and there was no feasible alternative site. Those against the decision have a six-week window to apply to the High Court if they wish to contest the ruling. The main issues at the inquiry included the need for the motorway service area (MSA), the economic impacts and the impact on the green belt. The report from the Secretary of State says: “The Secretary of State agrees with the inspector’s conclusion that the need for a MSA on this part of the strategic road network is indisputable, that the proposal would reduce a significant number of gaps and reduce others, and that there is no realistic prospect of an equivalent alternative site. “She further agrees that the safety and welfare benefits endorsed by National Highways should be given substantial weight.” Examining the local economic impact, the report adds: “The Secretary of State agrees with the inspector’s conclusion that the extent to which the proposal would be likely to act as a local destination in its own right, as opposed to a destination of choice for motorists making a long journey on the strategic road network, would be extremely limited. “There is no basis to conclude that it would result in unsustainable patterns of travel in general.” The report also says she agreed the economic and social benefits, taking account of any potential minor effects on nearby centres, ‘are such to merit substantial positive weight’.

Turkish restaurant Longa expands with second venue in Cardiff

2025-09-10 09:58:59

A Turkish restaurant business run by three women has expanded with the opening of a new venue in Cardiff city centre. The investment has created 16 new jobs. Longa, which was founded in 2019 by sisters Gizem Yorgun and Simge Yalcin, now operates with three women at the helm after actress Pinar Ogun joined the business in 2023. Longa, whose first restaurant in the Whitchurch area of the capital opened in 2019, celebrates the rich, diverse flavours of Turkish cuisine. Its new Park Place restaurant for 100 covers offers an all-day breakfast menu, whilst expanding to capture an evening clientele with a separate menu.[ Longa’s new venture has been backed with a £120,000 finance package from BCRS Business Loans, via the British Business Bank’s £130m Investment Fund for Wales, and Community Investment Enterprise Fund (CIEF), managed by responsible finance provider Social Investment Scotland (SIS). Simge said:“Our Whitchurch Road café has been a great success and we knew it was only a matter of time before we dipped our toes into the possibility of opening a second restaurant, but we needed to find for the perfect premises. “When we saw the space on Park Place we knew that it was perfect, but with spiralling costs, due to changes in construction and building quotes, we needed further support to realise our dreams.” BCRS manages the small loans element of the British Business Bank’s £130m Investment Fund for Wales. The debt finance to Longa was overseen by its business development manager, Niki Haggerty-James. Gizem said:“We found ourselves in a situation where we had gone too far in our dream of bringing the restaurant to fruition that we simply couldn’t turn back. Niki was fantastic, quickly understanding our business, and the challenges we faced, and without her support, and the finance, Longa wouldn’t be here.” Pinar added:“BCRS’ support goes so much further than helping us to secure finance, Niki has been overwhelmingly positive in supporting our entire venture. “Longa in Park Place has only been open for a matter of weeks, but we are already seeing the impact. Just this weekend we saw over 300 covers and our bookings for the weekends are huge. We can’t wait for more people to experience our food, after all it’s pretty amazing to sit back and watch their reactions, all the while knowing we created that plate.” Ms Haggerty-James said:“Longa is fantastic and it’s wonderful to support a business that is both women and ethnic-led. Gizem, Simge and Pinar are creating something very special that it abundantly evident from just peeking into one of the restaurants. “The opening of the Park Place site demonstrates their passion to bring Turkish cuisine to Cardiff, so that people can experience the true taste of an authentic menu and we are delighted that in doing so the trio have expanded to employ an increasing workforce. “We want to champion and support more businesses that are female and ethnic-led, advancing the growth of entrepreneurship across Wales. BCRS are a story-based lender, and our mission is to make a positive social and economic impact which Longa are demonstrating. From seeing the success of Longa we are sure this won’t be the last restaurant opening.” Bethan Bannister, senior investment manager, nations and regions funds at the British Business Bank, said:“The British Business Bank is delighted to support this successful female led business via the Investment Fund for Wales as they look to scale and grow.

Poundland considering 'all options' as it struggles and shuts 13 stores

2025-08-28 22:27:43

Poundland’s owner is mooting a possible sale of the UK discount retail chain as it struggles amid tough sales and before incoming budget measures that will send wage costs soaring. Poland-based Pepco said it was considering “all strategic options” to spin out the struggling 825-strong chain from the wider group as focus on its more profitable Pepco brand. It said Pepco makes the “vast majority” of group earnings and the group wants to “further build on that strong base ultimately as a single pan-European format”. The group said: “Poundland is a strong brand that serves millions of customers every week and had around 2 billion euros (£1.67 billion) in annual turnover in financial year 2024, but it is also operating in an increasingly challenging UK retail landscape that is only intensifying. “From April 2025, the UK Government’s additional tax changes announced in the budget will also add further pressure to Poundland’s cost base. “Therefore, the board is actively evaluating all strategic options to separate Poundland from Group during financial year 2025, including a potential sale.” In January, the parent firm of Poundland said it was taking “immediate measures” to turn around the performance of the chain after a sharp drop in sales. Pepco Group said the UK business, will increase the number of products it sells for £1 or less as part of efforts to get the chain “back on track”. In recent years, Poundland has expanded its range of products being sold at price points above £1 in an effort to take on rival retailers such as B&M. However, on Thursday, the retailer said: “We are refocusing on its long-time strengths, such as recently increasing the number of core items at £1 or below from 1,500 to almost 2,400 in all UK stores.” Pepco said that recent trading at Poundland stores was challenging as the UK retail environment became tougher towards the end of 2024. Poundland revenues slid by 9.3% for the three months to December 31, with like-for-like sales down 7.3%, as it witnessed weaker clothing sales. The group also confirmed that it closed 13 Poundland stores over the quarter, with only two new store openings. It stressed that Poundland will not increase its store numbers over the current financial year as it focuses on improving sales. Meanwhile, the wider Pepco Group saw overall revenues grow 8.4%, supported by the opening of new Pepco and Dealz stores. Stephan Borchert, chief executive officer of Pepco Group, said: “The group delivered a mixed performance in its first quarter, with a strong performance from both the Pepco and Dealz brands, partially offset by Poundland’s ongoing challenges. “Poundland saw like-for-likes fall, largely driven by continued underperformance in clothing and general merchandise following the transition to Pepco-source product.

Ocado CEO's pay jumps to £2.6m despite heavy losses and share price slump

2025-09-21 07:10:13

Ocado's chief executive, Tim Steiner, has received a significant pay increase, despite the company's ongoing substantial losses. His total compensation for the latest financial year exceeded £2.6m, a notable rise from the £1.9m he received in the previous 12 months, as reported by City AM. This increase is primarily attributed to a surge in his assignment incentive pay, which jumped from £1.1m to £1.7m. The pay hike comes amidst Ocado's report of another year of considerable losses, with a pre-tax loss of £374.5m for the year ending December 1, 2024, following a loss of £393.3m in the prior period. Despite these losses, Ocado's overall revenue saw a 14.1% increase to £3.1bn, driven by a 12.5% rise in orders on Ocado.com and a 12.1% increase in active customers. The company has expressed optimism about its future performance, anticipating sales volume growth "well ahead of the market" and a 10% revenue increase this year. However, the release of Ocado's annual results led to a sharp decline in its shares, from 333p to 226p, before experiencing a slight recovery. This drop is part of a larger trend, with Ocado's share price having plummeted nearly 90% over the past four years, sparking concerns among analysts about the company's underperformance. Notably, Tim Steiner's compensation made headlines last year when Ocado faced criticism for seeking shareholder approval for a potential bonus worth up to £14.8m for its CEO. In 2024, the business proposed a plan, which was subsequently approved at its annual general meeting, that could result in its chief executive receiving a bonus equivalent to 1,800 per cent of his base salary of £824,570 at the time. The bonus would be awarded if Ocado's share price reaches £29.69 in 2027 and other performance targets are achieved. The company's share price last hit £29 during the pandemic but has since declined. The release of Ocado's annual report coincides with an ongoing legal dispute between the company and M&S. Julie Southern, chair of the remuneration committee, commented on the company's performance in the annual report: "During the period, Ocado made substantial operational and strategic progress and delivered a solid financial performance." She noted, "We saw strong revenue growth and a strong improvement in adjusted EBITDA [earnings before interest, taxes, depreciation, and amortisation]." She further added, "Group underlying cash flow improved significantly during the year driven by adjusted EBITDA growth in technology solutions and Ocado Retail, capex reductions and targeted cost control." Expressing optimism about the future, she said, "I am particularly encouraged that we are on track to turn cash flow positive during FY26. The share price remained flat in the year."

Kitchenware brand Procook to open Bristol Cabot Circus store

2025-09-13 02:27:48

Kitchenware brand Procook is opening a new store at Bristol's Cabot Circus shopping centre. The branch will open its doors on Friday, March 7, and will sell cookware, tableware, electricals and kitchen gadgets. It will be the Gloucestershire-headquartered retailer's 66th UK outlet and will be based at Unit SU58 - a space previously occupied by Currys - on the ground floor of the shopping hub. The branch will employ eight people. To mark the opening, Procook said staff at the branch would be handing out "goodie bags" worth £25 to the first 50 shoppers through the doors at 10am on Friday and Saturday next week. Former Great British Bake-Off star Steven Carter-Bailey will also be showcasing his cooking knowledge with live demonstrations and tips for customers, the company added. According to Procook, the new Cabot Circus store will "complement" its existing branch at The Mall at Cribbs Causeway, in South Gloucestershire. Lee Tappenden, Procook’s chief executive, said: “We are delighted to be opening our new Procook store in Cabot Circus, a city renowned for its vibrant food scene and independent culinary culture. "It’s an ideal location for ProCook, where we can share our passion for quality cookware and inspire home cooks and food enthusiasts alike. We look forward to becoming part of this thriving culinary hub and providing an exceptional shopping experience for our customers.” The announcement comes just over two months after the Gloucestershire-headquartered retailer said it was “confident” of delivering growth after reporting an underlying operating loss of £1.8m for the first half of the year.

Shein gets green light from City watchdog to float on London Stock Exchange

2025-09-09 12:36:46

Fast fashion giant Shein has secured preliminary approval from the City's regulatory body to pursue a listing on the London Stock Exchange. In early 2023, there were reports that the retailer was preparing for a London listing valued at approximately $50bn, and last month, the Chinese-origin company confirmed its intentions to go public, as reported by City AM. Originally established in China in 2012, Shein is now headquartered in Singapore. According to Reuters, the Financial Conduct Authority (FCA) has recently given the nod to Shein's initial public offering prospectus. This endorsement by the FCA could represent the final green light required for the retailer's listing, although Chinese regulatory consent remains outstanding. Shein's latest financials indicate a nearly 40% drop in net profit for 2024, with earnings of $1bn last year, significantly trailing its forecasted $4.8bn. The potential listing of Shein has sparked debate, as the fast-fashion brand has come under fire for its environmental footprint and labour conditions. Earlier in the year, Shein faced harsh criticism from MPs and was accused of exhibiting behaviour "bordered on contempt" after a senior lawyer from the company repeatedly declined to respond to inquiries regarding its supply chain practices. Moreover, a human rights organisation has warned the FCA of possible legal action should it approve Shein's flotation amid concerns over the company's supply chain practices. The repercussions of Trump's 125 per cent tariff on Chinese imports could potentially cast a shadow over the proposed floatation of Shein. Bloomberg reported this week that China's Ministry of Commerce had advised the retail behemoth against diversifying its supply chains by sourcing from other countries.

Brits spent nearly £1bn on Valentine's Day as couples opt for home celebrations

2025-09-06 17:36:01

Brits lavished almost £1bn on flowers, gifts, and at-home meals this Valentine's Day as consumers opted for a special celebration within their own four walls rather than dining out. The latest NIQ Till Tracker revealed that a total of £962m was spent on food and gifting, with notable increases in expenditure on flowers, toiletries, and perfumes, as reported by City AM. "Retailers capitalised on the opportunities around Valentine's Day... With the pinch of the cost of living, many shoppers dined in to save money this year, with premium food options growing and themed meals and gifts very much in vogue for treating loved ones," commented Mike Watkins, Head of Retailer and Business Insight at NIQ. The report also found that approximately one-fourth of purchases were promotional items, a trend towards value-for-money shopping that has persisted since the pandemic and intensified last September as consumer confidence waned. Despite the lingering effects of the cost-of-living crisis, with inflation at 3.3 per cent in February and consumer confidence lower than the previous year, Watkins cautioned that with impending hikes in energy and council tax bills, "shoppers will [still] be looking carefully at their discretionary spend." Energy prices are set to increase by 6.4 per cent in April due to a spike in wholesale costs, while London's council tax is expected to see a four per cent rise. Tesco, M&S, and Ocado emerged as the winners in February's grocery shopping arena. Premium grocers, known for their high-quality take-home meals, experienced the most significant year-on-year growth in February. Tesco's sales increased by 5.5 per cent year on year, accounting for over a quarter of the market. However, this was slightly below the group's overall grocery market share of 27.8 per cent. Ocado and M&S saw sales growth of 16.1 per cent and 10.8 per cent respectively. Both M&S and Ocado have benefited from their 50:50 joint venture (JV), which allows Marks to sell products via Ocado's delivery service. Ocado has a similar JV with Morrison's. The strong results for M&S, representing about a tenth of the market, suggest that its premium rebranding effort, ongoing for half a decade, has been successful. On the other hand, Asda's sales have dipped again. NIQ's findings mirror data from Kantar, which revealed that Asda's market share has dropped by approximately five per cent in the past year.

Shein: Fast fashion giant found two cases of child labour in 2024

2025-09-20 12:15:39

Fast-fashion behemoth Shein has uncovered two instances of child labour within its supply chain last year, the company informed Members of Parliament. The disclosure came from Shein's general counsel for Europe, the Middle East and Africa, Yinan Zhu, in a letter to MPs that was reported by The Guardian, as reported by City AM. Zhu detailed one case involving an 11 year old child. "Nonetheless, and irrespective of these details, we took the issue extremely seriously, including designating the incident as child labour and immediately terminating our relationship with the supplier," the letter stated. In addition, Shein encountered two similar situations in 2023, where children under 16 were found working in the production of its affordable apparel, both of which were "resolved swiftly." The company also took measures to ensure that contract manufacturers improved their vetting processes, such as verifying and keeping records of all employees' identification documents. A 2021 report by advocacy group Public Eye initially shed light on the working conditions within Shein's supply chain, revealing workers at six Shein suppliers faced up to 75-hour workweeks in factories with obstructed exits. In response, Shein has established an internal team dedicated to overseeing its supply-chain partners. The letter indicated that Shein conducted approximately 4,300 audits involving around 317,000 workers in 2024, an increase from 4,000 audits of 285,000 workers the previous year. These revelations are poised to add further complications to Shein's aspirations to float on the London Stock Exchange. Other challenges facing the company include alleged intellectual property violations, governance and transparency issues, as well as threats to its business model from US President Donald Trump. Trump has vowed to close a shipping loophole that enables fast-fashion behemoths like Shein and Temu to evade customs and tariffs when transporting small parcels of goods. The EU may also adopt similar measures. Shein had been aiming for a $50bn IPO, but there are reports indicating that investors are pressuring the fast-fashion titan to reduce its valuation.

Pets at Home share price soars as watchdog rumours spark interest from private equity

2025-09-19 06:00:40

Shares in Pets at Home surged by over 14% this morning amid growing signs that the UK's competition watchdog is leaning towards a favourable outcome for the industry. Additionally, there's speculation that private equity firm BC Partners is gearing up for a bid, as reported by City AM. According to FT Financial News, a series of 'bidcos' with 'pug' in their names were registered on 24 February, fuelling rumours they might be set up to make an offer for the pet retailer. The Cheshire company's share price has recently been under strain due to an ongoing Competition and Markets Authority (CMA) investigation into the veterinary sector, which has raised investor concerns about potential stringent regulations. However, analysts at Jeffries have indicated that any changes are "likely to be largely limited to improved transparency and regulation", boosting confidence that price controls will not be enforced. The CMA's inquiry, which has garnered over 56,000 public and industry responses, is scrutinising the UK vet industry following worries that pet owners may not be receiving value for money. This includes issues such as being overcharged for medications and concerns that consolidation by larger practices could diminish market competition. For Pets at Home, the outcome of this investigation is crucial, as its recent growth has been propelled by its veterinary services, which saw a like-for-like increase of 19.9% in the 12 weeks leading up to 2 January, while retail revenue dipped by 2.8% during the same timeframe. The latest papers published on the probe by the CMA, dated February 6, raised concerns about the limited choice of services for customers and noted that the cost of veterinary services has increased more rapidly than inflation. However, analysts at Jefferies have pointed out that profit margins in the sector remain "largely unchanged," and they believe it is improbable that the CMA will introduce widespread pricing control measures. "Our expert is optimistic about the outlook for the sector, believing that the trading headwinds are 'transient' and that, once the overhang of the CMA investigation is cleared, the industry will have much greater clarity on how it can progress and be profitable," stated Jefferies. The animal care market is substantial and expanding; in 2022, UK consumers spent nearly £10bn on pet-related products, which is almost double the amount from a decade ago.

Hundreds of barbershops targeted by police in crime crackdown

2025-09-10 06:26:36

Hundreds of barbershops have been targeted by police in a three-week crackdown on money laundering and modern slavery, the National Crime Agency (NCA) said. The NCA-co-ordinated operation saw police and other law enforcement officers visit 265 cash-intensive premises across England and Wales, including nail salons and vape shops, with 10 shops shut down and further closures expected. Operation Machinize targeted the venues in an effort to tackle “high street crime” and prevent criminal gangs from using cash-intensive businesses to conceal the proceeds of crime, according to the NCA. The law enforcement agency said the crackdown resulted in 35 arrests, and 97 individuals suspected to be victims of modern slavery were placed under police protection. “We know cash-intensive businesses are used as fronts for money laundering, facilitating some of the highest harm and highest impact offending in the UK,” said Rachael Herbert, deputy director of the National Economic Crime Centre at the NCA. “We have seen links to drug trafficking and distribution, organised immigration crime, modern slavery and human trafficking, firearms, and the sale of illicit tobacco and vapes. “Operation Machinize targeted barbershops and other high street businesses being used as cover for a whole range of criminality, all across the country.” During the course of the operation, which involved 19 different police forces and regional organised crime units, officers secured freezing orders over bank accounts totalling more than £1 million. They also seized more than £40,000 in cash, some 200,000 cigarettes, 7,000 packs of tobacco, and more than 8,000 illegal vapes, the NCA said. Officers also found two cannabis farms containing a total of 150 plants. The NCA estimates that £12 billion of criminal cash is generated in the UK each year. The agency said in a statement: “Cash-intensive businesses such as barbershops, vape shops, nail bars, American-themed sweet shops and car washes are often used by criminals to conceal the origins of illicit cash. Crime gangs use them to enter cash into the financial system, mixing legitimate funds with criminal profits to hinder subsequent law enforcement investigations. “They are known to buy such businesses using the proceeds of crime, which provides them with a legitimate income and opportunities for money laundering.” Security minister Dan Jarvis said: “High street crime undermines our security, our borders, and the confidence of our communities, and I am determined to take the decisive action necessary to bring those responsible to justice. “This successful NCA-led operation highlights the scale and complexity of the criminality our towns and cities face and demonstrates our collective determination to make our streets safer, a key pillar of this Government’s plan for change.

Hellofresh issues stark sales warning after opening UK site shut and 900 jobs at risk

2025-08-23 22:36:24

Hellofresh, the recipe box delivery firm based in Germany, has issued a warning that its sales are likely to drop this year. However, it anticipates an increase in profit as it prolongs its cost-cutting initiative, as reported by City AM. The company announced in the latter half of 2024 that its cost-saving programme would be extended until 2026. Hellofresh predicts a decrease in revenue, on a constant currency basis, of between three and eight per cent in 2025. Despite this, the firm aims to boost its adjusted earnings before interest and taxes (EBIT), excluding impairment, to between €200m (£168.6m) and €250m, a rise from €136m in 2024. It also expects its adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) to increase to between €450m and €500m in 2025. In a statement, the group said it concluded 2024 "with a strong financial profile that is reflective of the company's focus on pursuing higher profitability and cash flow generation over volume growth". For the past year, Hellofresh reported an adjusted EBITDA of €399.4m, a decrease from the €447.6m it achieved in 2023. Group revenue totalled approximately €7.66bn in 2024, representing a 0.9 per cent year-on-year growth on constant current terms. Dominik Richter, co-founder and CEO of Hellofresh, stated: "In H2 2024 we entered an efficiency reset period." "After five years of solid progress, highlighted by a 34 per cent revenue CAGR and an almost 9x increase in AEBITDA, we are now pursuing the next stage of our strategy." "This stage is initially marked by having to rightsize our cost base across all major categories and improve our unit economics." The company further underscored its commitment to fiscal management: "Driving strong AEBIT and free cash flow performance will enable us to make strategic investments in our product quality, variety and deliciousness in 2025 and beyond." Additionally, enhancing customer relations is a priority: "We are confident that levelling up the customer experience and product will contribute to higher retention of existing customers, and to unlocking new customer segments for the group." Hellofresh is set to announce its full set of results for 2024 on Thursday, 13 March. As reported by City AM towards the end of October 2024, there were plans to shut down one of Hellofresh’s significant UK sites, jeopardising 900 jobs. The Nuneaton distribution facility is expected to continue operations until mid-2025. This 237,000 sqft establishment, inaugurated in 2020, was Hellofresh's second location. Previously, in a month before, City AM disclosed that Hellofresh UK notably reduced its pre-tax loss as it approached the £500m turnover milestone and decreased its workforce by 15 per cent. For 2023, the company posted a pre-tax loss of £755,000 in its Companies House accounts, improving from a loss of £22.1m in 2022. During the same timeframe, the company's turnover rose from £468.4m to £489.9m. The results also revealed a decrease in Hellofresh UK's average workforce from 2,159 to 1,842 within the year.

M&S defies National Insurance hike to increase staff pay by 5%

2025-08-31 14:27:31

Marks and Spencer has unveiled a £95m wage boost for its retail personnel, notwithstanding the "cost pressures" emanating from government actions. Beginning 1 April, pay rates for UK Customer Assistants will climb from £12 to £12.60 an hour, marking a 5% year-on-year increase and a 26% rise since 2022 — surpassing the government's new national living wage of £12.21 per hour, as reported by City AM. M&S Chief Executive Stuart Machin commented, "Following the Government's recent increases in tax and national insurance contributions, it's no secret that M&S and indeed the entire retail sector has some significant cost headwinds to face into in the new financial year." He further stated, "However, I have always believed that we should not allow these headwinds to impact our hourly paid colleagues, which is why today, for the third year in a row, we are making a record investment in our retail pay offer. "This means we have now invested almost £300m in our pay over the past three years, well above the rate of inflation, in addition to our market-leading discount and pension offer for colleagues," he added. Before this declaration, Marks and Spencer predicted that the uptick in employers' national insurance (NICs) would push their wage bill up by £120m — a number anticipated to grow. The NIC changes, notably the lower threshold adjustment, took many businesses by surprise, especially those dependent on part-time work in sectors such as hospitality and retail. According to research by UKHospitality, changes to national insurance contributions (NICs) will result in an additional £2,500 expense for employing the average worker. Earlier this year, M&S joined a prominent group of retailers in cautioning the Treasury that hundreds of thousands of retail jobs were under threat due to unsustainable cost increases. At the time, Machin expressed that "retail is being raided like a piggy bank and it's unacceptable".

Deliveroo called 'underappreciated' after quitting Hong Kong as rivals 'muscle it out'

2025-09-16 08:50:50

London brokerage firm Panmure Liberum has hailed Deliveroo as "underappreciated" following its strategic withdrawal from the Hong Kong market. The firm downplayed concerns that the takeaway behemoth might be ousted from other markets by wealthier rivals, labelling such worries as mere "noise". This morning, Deliveroo disclosed its departure from Hong Kong, offloading some assets to Foodpanda and winding down others, as reported by City AM. The London-traded delivery service explained that persisting in Hong Kong "would not serve shareholders' best interests" Panmure Liberum analysts believe that Deliveroo's financial performance will see a positive impact from this move: "Both earnings before interest, tax, depreciation and amortisation (EBITDA) and group GTV growth [revenue] are set to benefit from this market exit," they commented. "[We think] Deliveroo can generate a level of cash flow over the long-term that is currently underappreciated by the market," Panmure further stated. While acknowledging the narrative that Deliveroo could be forced out of smaller markets by larger, better-funded competitors, analysts insisted that such fears should be considered "noise around the investment case." Keeta, an aggressive on-demand delivery titan from China known for its price-cutting tactics, entered the Hong Kong scene in May 2023 and swiftly dominated order volumes by the following May. Data from Measurable AI indicates that by January 2025, Keeta had captured a commanding 55.2 per cent market share. Analysts have noted: "With Hong Kong one of the most discount sensitive markets in Deliveroo's portfolio, it's clear that Meituan's Keeta has been able to muscle it out of the market through discount spend." In 2024, Hong Kong accounted for five per cent of Deliveroo's revenue and negatively impacted international revenue growth by five percentage points. Deliveroo reported a six per cent rise in revenue in the fourth quarter of 2024, aligning with its projected growth of between five and nine per cent.

Domino's UK announces new chair and reports mixed financial results for 2024

2025-09-02 11:46:49

Domino's Pizza Group, the UK arm of Domino's Pizza Inc, has announced the appointment of a new Chair who will assume the role in April. The company also reported a slight decrease in revenue but saw higher sales and an increased dividend, as reported by City AM. In the 52 weeks leading up to December 29, sales rose by two percent to £1,571.5 million, up from £1,540.5 million the previous year. Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the firm, which operates in both the UK and Ireland, climbed by 6.4 percent to £143.4 million. However, revenue dipped by 0.4 percent, from £667 million to £664 million, while profit after tax fell sharply by 21.6 percent to £90.2 million. Domino's attributed the significant drop in post-tax profit to the comparative base of 2023 when the company divested its stake in a German joint venture, receiving £79.9 million. The company proposed a final dividend of 7.5p per share, increasing its total 2024 dividend by 4.8 percent year-on-year to 11p. CEO Andrew Rennie commented on the results: "Today's results show the benefits of our long-term strategy," adding, "We've capitalised on our competitive strengths, agreed a new five-year framework with our franchise partners and opened 54 stores." Rennie also noted that "Our trading momentum accelerated as the year progressed, our delivery channel returned to growth and we delivered strong underlying earnings growth." Domino's is focusing on store and digital expansion, aiming to achieve £2 billion in sales from over 1,600 stores by 2028. Despite this, analyst Dan Lane from Robin Hood cautioned: "Uncertainty seems to be the theme today at Domino's." Shares in the UK division of Domino's Pizza appear to be significantly undervalued when compared to its US counterpart, making it one of the most shorted stocks in the UK market. "To get back into the market's good books, profits really need to start motoring under the new five-year framework. If they don't, investors are likely to pile even more pressure on the pizza brand," stated Lane. Domino's expects that its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2025 will align with current expectations of the market. In other news, Domino's has declared the appointment of Ian Bull as the new Chair of the company, effective post-AGM on April 24, 2025. Bull, who took up the role of Senior Independent Director at Domino's in September 2019, has a rich background serving as CFO across various leisure and hospitality businesses, such as Greene King, Ladbrokes, and Parkdean Resorts. Matt Shattock, the outgoing chair who has served for five years and is based in the US, highlighted the need for a UK-based chairmanship at Domino's. Ian Bull expressed his anticipation for his upcoming tenure, "Domino's today is a very different business to five years ago and Matt's guidance and leadership have been hugely valuable, helping stabilise the business initially and moving it onto the strong footing for future growth it has today." Bull further shared his enthusiasm, saying, "I'm delighted to be stepping into the role and look forward to working with my fellow Board members, our CEO Andrew Rennie and all our team members and franchise partners as we take the business to the next level."

Welsh retailers report a big fall in shopping numbers

2025-09-06 20:35:35

The Welsh retail sector has reported a significant dip in footfall. Latest research from the Welsh Retail Consortium shows that footfall into stores on the high street, shopping centres and retail in March was down 8.3% on a year-on-year basis. The decline on March last year was the third highest of the nations and regions of the UK, behind Northern Ireland, down 9%, and the south west, down 9.8%. Scotland experienced a 6.6% fall and England 4.9%. All parts of the UK experienced year-on-year falls with the shallowest in London, down 1.2%. In March shopping centres in Wales experienced a 13.1% year-on-year fall, while for retail parks it was down 1.9%. An analysis of the UK’s core cities shows that year-on-year footfall in Cardiff declined by 10.8%, which was only higher in Bristol with a fall of 12.5%. London experienced the lowest year-on-year decline in March, down 1.2%. TOTAL FOOTFALL BY NATION AND REGION GROWTH RANK NATION AND REGION Mar-25 Feb-25 1 London -1.2% 1.8% 2 West Midlands -4.1% 1.8% 3 North West England -4.3% 1.9% 4 England -4.9% 0.2% 5 East Midlands -5.0% -1.3% 6 North East England -5.1% -1.0% 7 East of England -5.4% -0.8% 8 South East England -6.0% 0.4% 9 Scotland -6.6% -0.3% 10 Yorkshire and the Humber -7.3% -3.5% 11 Wales -8.3% 2.7% 12 Northern Ireland -9.0% -0.1% 13 South West England -9.8% -1.4% TOTAL FOOTFALL BY CITY GROWTH RANK CITY Mar-25 Feb-25 1 London -1.2% 1.8% 2 Birmingham -2.1% 5.0% 3 Glasgow -2.5% -1.1% 4 Nottingham -4.5% -0.3% 5 Manchester -4.6% 3.9% 6 Liverpool -7.1% -2.5% 7 Edinburgh -9.0% 1.9% 8 Leeds -10.1% -5.6% 9 Belfast -10.4% 0.1% 10 Cardiff -10.8% -1.8% 11 Bristol -12.5% -5.2% Sara Jones, head of the Welsh Retail Consortium, said:“Footfall nosedived in March, with 11% fewer shoppers visiting our retail destinations. The monthly figures place Wales as the worst performing UK nation and the precarious position Welsh retailers face. “Whilst a drop off in numbers might have been expected given the shift in holiday dates and a late Easter, this will fail to offer any comfort to Welsh businesses who are now facing an onslaught of higher costs from rises in wage costs, business rates, and national insurance policies from the start of April.” On the outlook she added: “With the arrival of warmer weather, and the forthcoming Easter bank holiday weekend, Welsh shopkeepers will be hoping spring delivers the goods with bumper footfall growth and the release of deferred spending. There is fierce competition on the high street and shopkeepers will be working hard to attract reluctant shoppers with seasonal promotions and great offers, hoping to move footfall and spending into positive territory. “Retailers are always looking for ways to invest in shopping destinations and the communities they serve, and with the retail sector a barometer of the health of the wider economy, it matters to us all that we see a spring back in the step of our retail sector”.

On the Beach sees continued travel demand as summer bookings soar

2025-09-10 22:33:29

On the Beach is forecasting another prosperous summer of travel in 2025, following a spike in early bookings. The London-listed travel company reported a 10% year-on-year increase in total transaction value (TTV), a metric for ticket sales, for the forthcoming summer season, as reported by City AM. Group TTV for holidays planned from March to June has also seen a 17% rise. According to current booking trends, this summer is set to outperform last year's significantly, although On the Beach maintains its full-year profit forecast, as stated in a market announcement. CEO Shaun Morton highlighted robust demand for city destinations such as Amsterdam, Paris, and Krakow, with package holidays to the Republic of Ireland also proving a hit. "The success of these early-stage strategic initiatives combined with the growth in our core beach proposition gives me the confidence that summer 2025 will be significantly ahead of summer 2024 and the group will deliver FY25 adjusted pre-tax profit in line with market expectations," added Morton. This comes on the heels of a record-breaking year for On the Beach, during which the Manchester-based firm capitalised on the soaring demand for European holidays. The company announced on Tuesday that it had completed 64% of a £25m share buyback scheme initiated in December. Shares saw an approximate 1% rise in early trading. In their note, Panmure Liberum analysts highlighted the success of On the Beach's "low-cost/no commitment" model in offsetting broader inflationary pressures.

Supermarkets see varied fortunes amid rising sales with Asda continuing to struggle

2025-08-31 01:52:35

UK supermarket sales outpaced inflation in February as consumers sought budget-friendly indulgences. According to Kantar, take-home sales from grocers increased by 3.6 per cent in the four weeks leading up to 23 February, while prices saw a 3.3 per cent rise, as reported by City AM. However, this overall figure conceals a disparity among the UK's leading supermarkets. Asda witnessed a decline in sales, whereas Tesco and Sainsbury's managed to expand their market share. Grocery prices have been on an upward trajectory since August last year, but the growth rate is significantly lower than the double-digit figures observed during the cost-of-living crisis. Despite this, sales continue to lag behind inflation. Kantar reported that food inflation remained unchanged month-on-month. Prices are escalating most rapidly in sectors such as chocolate confectionery, juices and butters, while they're dropping fastest in cat and dog food, laundry and household paper products. Spending on deals experienced another surge in February, with purchases made on offers now representing 27.6 per cent of sales, a 0.3 percentage point increase compared to last year. Sally Ball, Kantar's head of retail, commented on the trend: "[One of the big headlines of the past few years has been consumers' hunt for value," She added, "You might think that people would shop around more to find the best deals but in fact, that's not the case. Households visited just under five different grocers this month, the lowest level in February since 2021. "The growth of supermarket loyalty schemes is partly behind this as shoppers use them to unlock exclusive discounts." Asda's sales continue to decline, with revenues totalling £4.6bn in the 12 weeks leading up to 23 February, marking a five per cent decrease year on year. The TDR-owned chain remains the only major grocery retailer to have lost market share over the past year. Asda has been tackling challenges such as competition from discounters Lidl and Aldi, substantial debt, strike actions, and costly separation from its former owner's IT infrastructure. Tesco has maintained its status as the UK's largest supermarket, capturing 28.3 per cent of the market with over £10bn in sales. Meanwhile, Sainsbury's also saw positive movement, nudging its market share from 15.5 per cent to 15.7 per cent compared to the same period last year. Morrisons now claims 8.6 per cent of the market share. Ocado experienced the fastest growth among retailers for the tenth month in a row, with spending surging by 9.6 per cent – holding steady with a 1.9 per cent market share. Aldi celebrated a market share of 10.3 per cent after enjoying a 4.9 per cent increase in sales – its most significant boost since January 2024.

UK shop prices drop as food inflation soars, British Retail Consortium reports

2025-09-11 10:50:38

UK shop prices experienced a dip in February, as heavy discounting across the retail sector partially absorbed the sting of elevated grocery costs. The Shop Price Index from the British Retail Consortium (BRC) indicated that overall shop prices decreased by 0.7 per cent year-on-year last month, matching January's decrease, buoyed by a significant 2.1 per cent reduction in non-food prices, as reported by City AM. Helen Dickinson, Chief Executive of the BRC, noted that "Discounting is still widespread in fashion as retailers tried to entice customers against a backdrop of weak demand," reflecting the aggressive tactics adopted to stimulate consumer interest. Such discounting contributed to a 2.6 per cent climb in retail sales during January – significantly surpassing the 12-month average growth of 0.8 per cent. Nevertheless, February's sales flattened out despite continued price cuts, underscoring the "much reported and very concerning long-term decline in the UK high street," according to Sophie Michael, Head of Retail and Wholesale at BDO. In addition, Neil Bellamy, Consumer Insights Director at NIQ GfK, remarked that the cost-of-living crisis, which is "struggling with a cost-of-living crisis that is far from over," continues to affect consumer confidence negatively. Inflation has been pouring into breakfast tables, with food inflation ticking up to 2.1 per cent year-on-year this February following upticks in the prices of staples like butter, cheese, and eggs. Dickinson cautioned that inflation is "likely to rise" throughout the year due to an imminent £5bn surge in expenses for retailers and overarching geopolitical tensions, forecasting a four per cent hike in food prices by year-end. Mike Watkins, Head of Retailer and Business Insight at NielsenIQ, commented: "With many household bills increasing over the next few weeks, shoppers will be looking carefully at their discretionary spend and this may help keep prices lower at non-food retailers. Ofgem has already announced a higher energy cap from April, with prices set to rise by £9.25 monthly due to a spike in wholesale prices." He added, "However, the increase in food inflation is likely to encourage even more shoppers to seek out the savings available from supermarket loyalty schemes."

Camerons Brewery plans pub expansion into key cities

2025-08-27 12:49:18

Camerons Brewery, the North East brewer and pub operator, is eyeing expansion for its Head of Steam pub chain, as it targets key cities in the North, South West, and potentially London after a buoyant trading year. The Newcastle-founded brand, acquired by Camerons in 2013, has grown its presence across the UK to boast 15 sites. Company director Chris Soley confirmed the growth ambition, saying: "We are looking to develop Head of Steam as a national brand but currently focussing on identifying new sites in York, Manchester, Bristol and potentially London. Trading for Q1 has been robust and in line with our forecasts." The expansion plan comes as the firm reported steady turnover in the year ended January 2025 at £60.2m, a minor decrease from the prior year's £61.5m. However, operating profit dropped from £1.8m to £1.2m. A slight dip in sales was attributed to the previous year’s inclusion of half-year returns from a group of 26 pubs disposed of in June 2023 to FB Taverns. Employee numbers also reduced, from 647 down to 610. A substantial credit balance of £10.6m, listed under exceptional items, is linked to a refinancing of its borrowings last October. The company stated this was "necessary to secure the medium to longer term viability of the business and it has resulted in a much needed improvement to net assets". In the accounts, Mr Soley said: "The group has performed strongly and continues to increase its Ebitda to pre pandemic levels even with a reduced asset base. The sale of the 26 freehold tenanted pubs in June 2023 enabled the group to significantly reduce its borrowings and interest burden and gearing consequently has been materially reduced. "The group has performed very well in the year with a significant improvement in Ebitda from £3.9m in the prior year to £4.6m. Both the main divisions of brewing and managed house pubs have traded well." He noted that brewing volumes had continued to rise compared to the previous year, with slightly better margins due to changes in product mix, with a higher proportion of small pack product being manufactured. He also mentioned that Camerons was continuing to invest in the development of the brewery, having advanced several energy projects as part of plans to achieve its Net Zero Targets, including the installation of solar panels on its warehouse roof. The group's portfolio comprised 45 pubs, a reduction of two from the previous year's 47. According to Mr Soley, the pubs generally performed well, but he expressed caution regarding the industry's upcoming challenges.

Airbnb's top boss in UK and Northern Europe quits after four years in role

2025-09-23 01:04:55

Amanda Cupples is poised to leave her post as Airbnb's lead executive for the UK and Northern Europe after a four-year tenure. Appointed as general manager for the region in March 2021, she oversaw operations within the UK, Ireland, Netherlands, and the Nordics, as reported by City AM. An Australian national, Cupples joined Airbnb following a spell at digital health firm Babylon Health, where she initially took on the role of chief commercial officer before transitioning to chief operating office vice president of business performance. Before her position at Babylon, she held the title of president, international at Deluxe Entertainment Services and occupied several high-profile leadership positions at EMI Music. Commencing her professional journey at law firm Slaughter and May, Cupples is also an investor and strategic advisor to online publishing platform The Pigeonhole. A spokesperson for Airbnb stated: "Amanda Cupples, general manager of Northern Europe, is leaving Airbnb to pursue new opportunities, effective from next week. "We are grateful for her significant contributions to our company over the past four years and wish her the best in future endeavours." A definitive appointment to succeed Cupples will be made public in the forthcoming months. Until then, Emmanuel Marill, director of Airbnb EMEA, assumes temporary leadership responsibilities for the region. In the first fiscal cycle with Cupples at the helm, Airbnb UK Limited saw revenues of £93.9m and a pre-tax profit of £51.5m, benefiting from a surge in bookings once lockdowns lifted. As per the latest financial statements, Airbnb UK declared a turnover of £77.7m and a pre-tax profit of £10.3m. In February of the previous year, Airbnb expressed support for the former Conservative government's decision to implement registration and planning rules for short-term lets in England. The company acknowledged the "there are historic housing challenges facing some communities in the UK" but also stated that "while short-term lets are not the root cause of housing challenges, we want to be a responsible partner and help make communities stronger and work hand in hand to address the challenges they face". At that time, Cupples remarked: "The introduction of a short term lets register is good news for everyone." He further commented: "Families who host on Airbnb will benefit from clear rules that support their activity, and local authorities will get access to the information they need to assess and manage housing impacts and keep communities healthy, where necessary."

Historic Preston Guild festival looks set to continue despite council abolition

2025-08-24 04:34:48

Efforts are underway to ensure the historic Preston Guild festival continues despite the dissolution of the council that organises it. The once-every-20-year city celebration, which has a history spanning over 800 years, is next scheduled for 2032 – four years after Preston City Council is expected to be disbanded. The council, along with Lancashire's 14 other councils, is due to be erased as part of a major government-led overhaul. Preston will then be incorporated into a new, larger council covering a broader and yet-to-be-determined area. In light of this, Preston City Council has agreed to start organising the 2032 event slightly earlier than usual in an effort to ensure its occurrence even after the local authority has disappeared. A city council meeting revealed that the typical preparation time for a Guild is between four and five years, aligning exactly with the probable timing of the council's dissolution. Consequently, councillors voted to set up the Guild Committee, responsible for planning the festival, a full seven years ahead of the renowned extravaganza. Deputy council leader Martyn Rawlinson has emphasised the importance of the historic Preston Guild event, noting that preparations can begin even at this early stage. He said: "We want to respect the traditions and carry [them] on – that's 800 years of tradition. "It sets down a marker [as to] how important this is to Preston – and hopefully we can protect it whatever happens in the next few years." He added that the council wanted "to make a statement that Preston Guild must go ahead". The cross-party committee of five councillors will start with £500,000 of funding to organise the Guild. However, as with previous events, a distinct budget group is likely to be formed closer to the date to manage the significantly larger funds required for the occasion. In 2012, the ten-day celebration cost £5.4m, an amount expected to be reached again by the next Guild. A large share of the budget will be sourced from the half-percent allocation of council tax revenue earmarked for the Guild since 2023, which will continue annually until the 2032 festival. Cllr Rawlinson has emphasised the need for additional resources to ensure the next city gathering surpasses previous events in scale and quality. He has previously estimated that the 2032 Guild could cost twice as much as the one in 2012, with a portion of the expenses typically offset by grants, sponsorship, and merchandise sales. Liberal Democrat deputy opposition leader Neil Darby acknowledged the establishment of the Guild Committee but criticised Labour for lagging behind, noting that his party and some local businesses had been advocating for its formation for "a couple of years". However, Cllr Rawlinson dismissed the notion that the Guild was at risk of being "forgotten about or neglected". Sharoe Green ward councillor Connor Dwyer said the city council needed to convey to its successor the significance of the Guild and Preston's other "civic traditions", suggesting that a formal proposal be made for the new authority to create a dedicated committee to safeguard these practices. Preston's Guild dates back to 1179, following King Henry II's granting of a Royal charter to the city, which included the right to have a Guild Merchant. Since 1542, the events have been held every two decades, with the exception of a wartime absence in 1942, leading to a delayed Guild a decade later before its regular schedule was resumed.

HMV sales on song as billionaire owner helps turn around high street icon

2025-08-29 02:57:08

HMV has reported a significant increase in sales over the past three years under the ownership of Canadian billionaire Doug Putman. The high street retailer recorded a turnover of £189.5m for the 12 months to 30 May, 2024, an increase from the previous year's £177.9m, as reported by City AM. This follows HMV's sales figures of £150.7m in May 2022 and £90.3m in May 2021, a year heavily affected by the Covid-19 pandemic. From February 2019 to May 2020, HMV's sales totalled £187.9m. The company was rescued from administration in February 2019 by Canada's Sunrise Records, saving 100 stores and 1,487 jobs. However, 27 stores were closed and 455 employees were made redundant. The business had previously fallen into administration in December for the second time in six years. . Sunrise Records, founded in 1977, was acquired by Doug Putman in 2014. The latest accounts for HMV, filed with Companies House, reveal a slight decrease in operating profit from £5.2m to £4.9m during its most recent financial year. Over the course of the year, the average number of employees increased from 1,375 to 1,544. . DKB Group Holdings, the parent company of Sunrise Records and Entertainment, reported a rise in turnover from £178.9m to £191.4m, while operating profit dipped from £5.5m to £4.9m. In November, City AM reported that HMV had put a halt to its plans to open additional new stores in 2025, attributing the decision to the government's tax-increasing Budget. The retailer noted the challenges facing high street traffic, stating: "Traffic to the UK high street has been in decline for a number of years as customers increasingly shop online." The company is addressing the risk of reduced footfall by offering unique or collectable products that entice customers to visit HMV stores specifically. "Footfall decline risk is being managed by offering products with sufficient exclusivity or collectability that customers will make specific trips to the HMV stores to shop." HMV also highlighted its investment in e-commerce as a strategy to adapt to changing consumer behaviours. "It has also been managed via continued investment in our e-commerce platform." The statement from the board acknowledged significant trading impacts due to global conflicts and potential oil-driven inflation. "Trading in recent years has been impacted significantly by the conflict in Ukraine and an escalation of the Israel Palestine war could exacerbate oil driven inflation, squeezing consumer spending and driving up silly cost."