Online sales tax gets canned for its ‘complexity’ November 17, 2022 Jeremy Hunt has scrapped the online sales tax, moving away from plans to better support the high street. Following a consultation, the Chancellor decided to dump the tax, reflecting the concerns about the complexity of the move, as well as “creating unintended distortion or unfair outcomes between different business models”. The levy was designed to [...]
Hospitality leaders warn of ‘severe contraction’ as Budget does little to alleviate closure concerns November 17, 2022 High street industry leaders have issued bleak warnings for this winter following the Chancellor’s Budget, forecasting a wave of closures and stark price hikes for punters. The OBR predicted that real household disposable income per person would plunge more than seven per cent over next two years, marking the biggest drop on record. While businesses [...]
Exclusive: Ambl app for restaurant reservations secures £2.3m cash injection November 17, 2022 A pair of childhood best friends hope to become the Uber or Gorillas of Londoners’ nights-out, after cinching £2.3m funding. Tech start-up Ambl, which was founded by Essex entrepreneurs Aaron Solomon and Jed Hackling, helps diners find an eleventh hour reservation. The app has secured £2.3m in seed capital, with investors including Jon Spiteri of [...]
24 hour city: Bromley, Vauxhall and Woolwich named as London’s nighttime enterprise zones November 17, 2022 City Hall has announced Bromley, Vauxhall and Woolwich as recipients of a new cash pot to boost high streets at night time, helping businesses stay open for longer into the night. The Mayor of London’s office said a £0.5m fund would boost the economies of these parts of London after 6pm – with a package [...]
Joules appoints administrators amid ‘overwhelming’ interest from suitors November 16, 2022 Administrators were appointed for beleaguered lifestyle retailer Joules on Wednesday, with some 1,600 staff members at risk. Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators for the high street firm, which has struggled with a slowdown in sales. Administrators from Interpath were also appointed for its developments arm and [...]
Exclusive: £18bn bill to upgrade to London’s energy inefficient homes November 16, 2022 Upgrading London’s leaky homes will come with a price tag of a mere £18bn, amid industry and consumer calls to improve the energy efficiency of the UK’s housing stock. More than 2m homes in the capital have an energy performance certificate (EPC) rating of D or below, meaning that it will cost just over £18.5bn [...]
Beaverbrooks: We don’t expect government to solve all of firms’ problems November 16, 2022 A wedding “catch-up” boom post-pandemic has driven momentum for jeweller Beaverbrooks, its top boss told CityA.M. After the Covid-19 lockdowns saw many couples put plans to get hitched on hold, the easing of restrictions has seen a boom in plans for nuptials, driving ring sales, Anna Blackburn said. The pandemic spurred some couples to get [...]
London’s last dance? Night czar Amy Lamé talks clubs facing lights out November 16, 2022 Night czar Amy Lamé talks to CityAM about London’s nightlife facing lights out, the capital as a 24 hour city and feeling like a pandemic scapegoat. “Gosh, how long have you got?” Lamé says with a laugh, when asked what the biggest challenge facing London’s night time economy is currently, in a bustling Soho coffee [...]
Demand for corporate Christmas parties through the roof as offices ‘make up’ for Covid November 16, 2022 Work Christmas do’s are back with a bang this year, as City bar and pub chains report strong bookings. Publicans are excited about the industry’s first full Christmas trading season in three years, void of Covid-9 restrictions. Although consumers are caught in the teeth of what’s set to be a protracted recession, Young’s boss, Simon [...]
Pubgoers face pricier pints as Heineken to lift wholesale prices next year November 16, 2022 Heineken will hike its wholesale price of draught and packaged beer for its pub customers by 15.8 per cent next year. The brewer’s customers in the UK will face higher prices from 16 January. It is up to retail and hospitality businesses to decide how much to pass on the extra costs to shoppers and [...]
