First Kingfisher now Wickes: DIY drop off dents profit for home improvement – but it’s not all bad news March 23, 2023 Wickes has seen a drop in profits for the year as consumers’ love for home improvements took a dent from rising costs, despite the company reporting ‘record’ sales. The DIY retailer posted pre-tax profits of £75.4m down from a “record” £85.0m in 2021 when Brits were engulfed in a number of circuit breaker lockdowns and [...]
Budweiser hints at future price rises as cost inflation starts to bite March 22, 2023 Budweiser has hinted that it might have to raise its prices in the UK and Ireland in the future as cost inflation continues to hit companies’ bottom lines. Brian Perkins, group president of Budweiser Brewing Group in UK and Ireland, told CityAM, that “no company has been immune to cost inflation”. Explaining the dilemma [...]
London renters forking out ‘unseasonable’ £570 a week as supply of homes dwindles March 22, 2023 London rent prices have shown no sign of cooling in February, with renters in the capital now forking out up to £570 per week on affordable accommodation costs. According to figures by letting agent Foxtons, a limited pool of supply and challenging economic outlook has forced rent prices up five per cent in the capital [...]
The imperfect tonic: Fever-Tree to raise prices amid soaring cost inflation March 22, 2023 Up market tonic maker Fever-Tree has revealed plans to hike its prices, as it continues to navigate a surge in production costs. The company said made a loss in earnings for the year with revenues down 0.2 per cent to £116.2m from £118.3m the prior year. The London-listed adult drinks company said it felt the financial [...]
Superdry share price up three per cent after sale of Asian Pacific IP for £40m March 22, 2023 Struggling fashion brand Superdry has sold the intellectual property of its Asia Pacific offering to South Korean retail group Cowell Fashion Company for $50m (£40m) in a bid to boost funds. The deal will see Cowell own and sell the Superdry in the Asian market starting with its home market of South Korea and then [...]
Pubs are go: Britain’s oldest brewer Shepherd Neame shrugs off strikes and inflation in eight per cent revenue rise March 22, 2023 Britain’s oldest brewer Shepherd Neame has said consumer spending in the wake of the costs of living crisis has “remained strong” as the group posts strong revenues for the 26 weeks to December 2022. The listed pubs group, which operates around London and the South East, posted revenues of £85.3m up 8.4 per cent from [...]
New 32-storey building to tower over iconic Leadenhall Market and showcase Canada’s Roman past March 21, 2023 Plans to build a 32-storey tower over the City’s iconic Leadenhall Market have been given the green light by city planners. Canada Corporation’s planning applications sub-committee approved plans this week for the new tower that will house 27,000 sq m of new office space and will look to boost the Square Mile’s [...]
Just Eat slashes 1,700 jobs as food delivery giant re-embraces ‘gig economy’ model March 21, 2023 Just Eat has been forced to slash 1,700 delivery driver jobs and 170 head office roles, after the service has seen a slow down in takeaway demand. The food delivery group, whose rivals include Deliveroo and Uber Eats, said the group was looking to improve efficiency and reduce costs. Just Eat, which has some 15,000 [...]
Mini budget continues to wreak havoc on the UK housing market as annual sales dive 18 per cent March 21, 2023 UK property transactions fell four per cent in February as the fall out from last September’s mini budget continued to drive down the UK’s housing market. Sales of residential property fell 18 per cent during the year with just 76,920 transaction across the UK, as buyers were forced to deal with higher borrowing costs as [...]
New Look looks to slash 70 jobs at London and Weymouth head offices in further shift to digital March 21, 2023 High street retailer New Look has put 70 job roles at its head offices in London and Weymouth at risk of redundancy. According to reports first published in Drapers, the move is understood to be part of a wider examination of the business and could impact several departments across the locations. It’s understood that employees [...]
