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Goldie Lookin' Chain rapper launches new record shop venture

Rapper with the band Goldie Lookin’ Chain Graham Taylor has team up with novelist and presenter Gary Raymond to launch a new record shop business in Monmouth. With a mutual love for vinyl records the pair have opened Grinning Soul Records located at White Swan Court in the town. The new business has been supported with a micro loan from the Development Bank of Wales to part-fund the kit out of their shop and purchase stock. Having been close friends since their school days in Newport, Mr Taylor and BBC presenter and author Mr Raymond had a childhood ambition to open a record shop. Mr Raymond said: “Music fans come from all over the world to visit Monmouth as the home of Rockfield Studios, the legendary Welsh recording studios. Bohemian Rhapsody was recorded here yet there was no record shop in the town. Grinning Soul Records will give local people and visitors like the opportunity to buy traditional vinyl records that were made here in Monmouth. This is our childhood dream come true.” Donna Strohmeyer, investment executive with the Development Bank of Wales, said: “Gary and Graham are both passionate about music and have a great opportunity to capitalise on the booming vinyl industry and the international market created by Rockfield Studios. Indeed, Grinning Soul Records is already proving to be a popular hub for music lovers in the Monmouthshire area and beyond. It’s a great addition to the vibrant market town of Monmouth.”

Turkish restaurant Longa expands with second venue in Cardiff

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.

DFS upgrades profit expectations as credit deals and new products spur demand

Cost savings, interest free credit options and changes to product ranges have helped furniture retailer DFS to upgrade full year profit expectations. New interim results for the Doncaster-based chain, which has about 115 stores across the UK and Ireland, show reported pre-tax profits leapt from £15.8m in the 26 weeks to the end of December 2024, compared with just £900,000 in the same period of 2023. Underlying pre-tax profit was £17m, up from £8.2m the year before. DFS made the gains despite revenue falling 0.1% during the period to £504.5m, which was due to use of interest free credit offers to entice customers. Gross sales were up 1.4% to £675.6m. Bosses said product innovation and partnerships with brands such as La-Z-boy had pleased customers and range changes across the firm's Sofology brand - acquired in 2017 - had driven higher order volumes. Order intake growth was 10.1% in a market said to be in slight decline. Meanwhile cost saving efforts meant the business is on track to make £50m annualised savings by its 2026 financial year. Tim Stacey, DFS group CEO, said falling interest rates will reduce interest free credit costs, helping the firm on its way towards its gross margin target and pre-pandemic level of 58%. He also said falling interest rates would help demand - which is about 20% below pre-pandemic levels - to recover thanks to more house sales. The performance means DFS has upgraded expectations of profit before tax and brand amortisation to between £25m and £29m, providing there is no further supply chain disruption of the type experienced in the Red Sea. Mr Stacey said: "Our improved profit performance in the first half is testament to the strength of our customer proposition, the dedication of our colleagues and our collective focus on operational excellence, evidenced through increased market shares and customer satisfaction scores.

Fenwick launches Colmans Fish and Chips restaurant in latest foodie collaboration

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.”

On the Beach sees continued travel demand as summer bookings soar

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.

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

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."

Shoe retailer Office doubles profit to over £100m as it creates hundreds of jobs

The group that operates shoe retailer Office has reported a significant hike in profits, surpassing £100m as it continued to expand with new store openings and created numerous jobs. In the year leading to 30 June, 2024, the business— which also owns Offspring— declared a substantial pre-tax profit of £102.4m, as reported by City AM. This announcement marks considerable growth from the previous financial year's pre-tax profit of £47.7m. Office has witnessed a consistent profit increase since recording a pre-tax loss of £131.9m in June 2020, followed by a loss of £114m the preceding year. According to freshly submitted records at Companies House, the group saw an upsurge in revenue from £265.3m to £294.3m. By the close of the financial term, the group was running a total of 75 stores, an uptick from 70, as well as 11 concessions throughout the UK and Republic of Ireland. Furthermore, the average headcount in the group rose from 1,617 to 1,830 employees over the year. With an ambitious eye on further expanding its retail presence, Office has stepped up plans for opening additional stores. The board, in a statement, noted: "Trading conditions were much improved in the period under review." The board observed, "Although still negative, consumer confidence has improved steadily since the start of the period." They also commented on the ongoing fiscal pressures, stating: "However, consumer spending remained under pressure as a result of the fall in real disposable incomes that the UK has experienced since late 2021 combined with relatively high interest rates and modest economic growth." Despite facing macroeconomic headwinds, the board highlighted the robust performance of their product category, concluding that "Despite the macro challenges, the branded fashion footwear sold by Office proved to be a resilient category and traded well throughout the period. "The group continued to invest in its new store development and remodelling programme throughout the period, adding eight new stores to the portfolio, closing three and renovating, relocating and extending three further stores. "The investment in stores has been a success as they have exceeded the group's trading expectations and capital expenditure investment criteria." Regarding its future prospects, Office stated: "Economic growth forecasts for the UK have been raised for 2025, with the retail sector expected to experience tailwinds from improving sentiment, age increases again outpacing inflation, the prospect of further interest rate relief and the sustained low inflation environment. "Office will continue to leverage its strong relationships with the world's leading footwear brands, its loyal customer base across the Office and Offspring brands and ongoing investment in digital marketing. "Growth in the year ahead will be driven by a strong online presence and the expansion of the Office store portfolio through new store openings and the remodelling and extension of existing stores in strategic retail locations." Office was founded in 1981 and was acquired at the end of 2015 by South African clothing retailer Truworths. The latest accounts for Office come after City AM reported in November 2024 that rival Schuh had created almost 400 jobs in its latest financial year to push its headcount past where it was before the Covid-19 pandemic struck. The turnover of the footwear retailer, headquartered in Scotland, also saw an increase from £354.4m to £380.8m, while its pre-tax profit leapt from £13.4m to £21m. In May 2024, City AM reported that despite its revenue increasing to nearly £1bn during the year, Clarks suffered a loss of almost £40m in 2023. The historic company, based in Somerset, reported a pre-tax loss of £39.8m after making a pre-tax profit of £35.9m in the 48 weeks leading up to the end of 2022.

Asos shares plunge as investors 'lose confidence' in retailer's turnaround plan

Asos shares have plummeted over 8% in early trading, exacerbating losses accumulated over several months as investors' faith in the retailer's recovery strategy has dwindled. The e-commerce company's share price has fallen by a third in the past month and has halved since the start of the year, with a 15% decline in the last five days alone, as reported by City AM. Currently, Asos shares are trading at 233p per share, a significant drop from the mid-pandemic high of 5,772p per share in April 2021. Analysts attribute this decline to a post-pandemic downturn in the e-commerce sector, which has also impacted fellow retailers boohoo and Pretty Little Thing. "The COVID boom sparked overinvestments across staff, stock and infrastructure that are still being unwound," noted Jeffries analysts Andrew Wade and Grace Gilberg. "That unwind has been in part funded by reclaiming value from customers [via] range, delivery and proposition). The external data... suggests that these changes, coupled with competition, continue to impact demand," they added. Asos reported an operating loss of £331.9m for the year ending September 1, 2024, up £83.4m from a loss of £248.5m in 2023. AJ Bell analyst Dan Coatsworth observed that Asos, like JD Sports, has been affected by a broader slowdown in consumer demand, further contributing to its struggles. "Consumers bored at home during the pandemic merrily spent money but they have since taken their foot off the pedal as it looked like interest rates would stay higher for longer," Coatsworth observed. Earlier this year, analysts from Panmure Liberum suggested that Asos "will struggle to turn around its declining sales trend this year... in the current demand environment." At the beginning of the year, Panmure warned investors about Asos, labelling it their least-preferred stock for 2025. "Multiple inventory write-offs, a refinancing, an equity raise, and sale of a key asset later, Asos is seeing few signs of sales declines relenting and still finds itself on an unsure path," stated Panmure analyst Anubhav Malhotra. He also noted that "Its competitive position worldwide has been eroded due to improved multi-brand online propositions from the likes of NEXT, M&S [and] JD Sports, competition from China, and pulling back on the consumer offering in international markets." "It appears the identity of the Asos brand isn't as pronounced and distinct as was previously perceived."

Shein confirms plans for huge stock market float - and could pick London

Shein, the fast fashion behemoth, has confirmed its intentions to pursue an initial public offering (IPO), with London being a potential location for its listing. The company's chief executive, Donald Tang, spoke to The Times about the desire to go public as a means to bolster "accountability and transparency." While Shein had not previously set a firm date for its IPO, it is understood that the company engaged with the Financial Conduct Authority (FCA) last summer, amidst complications surrounding a US listing, as reported by City AM. Tang declined to provide details on the timing or expected valuation of the IPO but stated that Shein would list "whenever it's appropriate." Founded in 2012 in China and now headquartered in Singapore, Shein has been under fire for its environmental footprint and labour conditions. However, Tang defended the company, asserting that Shein "democratises" fashion and adheres to local regulations while maintaining low inventory levels to minimise waste. Acknowledging the UK as one of its top markets, Tang praised British regulators for their impartial approach to regulation, distinct from political influence. Shein has also joined the Confederation of British Industry (CBI), alongside major players like Shell and AstraZeneca, to reinforce its commitment to the UK market. This news of a possible London IPO comes at a time when the UK capital is facing challenges in attracting significant listings, with several companies preferring the New York Stock Exchange over the London Stock Exchange, including names such as Flutter and Arm. A potential Shein initial public offering (IPO) could significantly bolster London's financial sector. The company, a leader in fast fashion, was valued at a remarkable $66bn (£51.05bn) in 2023 and has been navigating intensifying competition from rivals like Temu. Initially eyeing a New York IPO in 2024, Temu changed course to London after failing to secure the necessary approvals from US regulators. Despite whispers of a near 40 per cent plummet in 2024 net profit, company spokesperson Tang firmly dismissed such rumours, asserting that growth metrics have continued to be robust. Shein's trajectory might still be steered by shifts in US policy; for instance, former President Donald Trump's proposal to impose new limits on tariff-free imports from China could affect the firm's principal market.

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

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.”

John Lewis scraps staff bonus for third year in a row despite tripling profit

Despite nearly tripling its profit, the John Lewis Partnership has decided to forgo its staff bonus for the third consecutive year. The company, which owns both John Lewis and Waitrose, informed markets that its pre-tax profit surged from £42m to £126m over the 52 weeks to 25 January, as reported by City AM. Total sales increased by three per cent year on year, rising from £12.4bn to £12.8bn, while the firm's operating profit margin improved by 0.9 percentage points to two per cent. John Lewis revealed plans to "step up" its transformation plan this year, supported by a self-funded investment of £600m. This will encompass "store refurbishments and openings, technology upgrades, and supply chain modernisation." The company also intends to invest £114m in staff pay. These two investments mean its annual bonus will be scrapped this year-for the third year in a row. At Waitrose, sales grew 4.4 per cent to £8bn and volumes were up 2.6 per cent. Adjusted operating profit was £227m, up £122m year on year. Sales at John Lewis remained flat at £4.8bn, while adjusted operating profit was £45m. "These are solid results... we have made good progress," Chair of JLP Jason Tarry said. "Looking forward, I see significant opportunity for growth from both our Waitrose and John Lewis brands." Chairman designate Jason Tarry stated: "Our focus will be on enhancing what makes these brands truly special for our customers. This will involve considerable catch-up investment in our stores and supply chain, underpinned by a strong focus on the core elements of great retail, delivered by our brilliant Partners." "I am confident with the transformation momentum in the Partnership, we remain well placed to drive further growth in the year ahead and over the longer term," he continued. Chief Executive Nish Kankiwala, who is set to leave this year after a two-year tenure, commented, "both brands are showing momentum." Kankiwala also stated, "Tripling our profit is a significant testament to the progress of our transformation – focused on delighting customers while continuing to deliver efficiency improvements, thereby laying the foundations for long-term sustainable growth." Julie Palmer, partner at Begbies Traynor, called the results "encouraging." "However, there remains a long road ahead if the retailer is to win back the market share it lost to M&S and other rivals in the battle for Middle England's consumers," she added. "New Chair Jason Tarry is certainly sounding the right notes. The opening of new Waitrose stores, the reintroduction of John Lewis' 'Never Knowingly Undersold' guarantee, and an inflation-beating £114m investment into staff pay, should all bode well for the partnership.

Gong Cha: Bubble tea brand to open 225 new UK stores in nationwide expansion

Bubble tea aficionado Gong Cha has unveiled ambitious expansion plans to launch over 225 stores in the UK, a move set to generate nearly 2,000 jobs, following a franchise agreement with Costa Coffee heavyweight Jinziex. Originating from Taiwan in 2006 and now headquartered in London, Gong Cha's partnership with Jinziex is a key part of its global strategy to hit 10,000 outlets by 2032, as reported by City AM. Jinziex, a nascent venture, is steered by a trio of industry experts: Diljit Brar of Goldex, Azha Rehman from Kaspa's Desserts, and Steve Falle, managing director at WY&SF Ltd. With a presence in 28 countries through more than 2,100 locations, Gong Cha currently operates 13 stores within the UK. Despite facing financial challenges as reported by City AM in September 2024, with sales declines in Korea, the US, and Australia, Gong Cha remains optimistic about its UK prospects. The first batch of Jinziex's Gong Cha stores are slated to open their doors in April, with locations including Sidcup, Gravesend, Romford, and Hornchurch. Paul Reynish, the global CEO of Gong Cha, expressed his enthusiasm for the UK market, stating: "Across Europe we continue to see fantastic interest from potential franchisees keen to bring the world's fastest-growing tea brand to their market." He added, "But where it mattered most to us was the UK, which is one of the most exciting markets for us globally." Reynish concluded with confidence in their new partnership: "After a careful selection process, we're delighted to partner with Jinziex – a proven and highly respected food and beverage franchise operator – who match our ambitions to become the clear bubble tea market leader in the UK. "As a market, the UK has huge potential for us. It's a market that is constantly evolving, ripe with innovation, and made up of consumers willing to try new and exciting products." "We firmly believe it is one of the most significant markets in the global F&B industry, and one of the reasons we relocated our global HQ to London in 2019." "Now, with our expanded footprint, we want to play a leading role in shaping the next decade of the UK's food and beverage industry, while cementing Gong Cha as a household name. We can't wait to show the UK how tea is meant to be." Diljit Brar, CEO of Goldex, added: "Gong Cha is a fantastic global brand with a truly unique customer offer that plays into the heart of changing consumer tastes and trends."

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

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”.

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

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.

Harvey Nichols to close Beauty Bazaar in Liverpool ONE

Liverpool ONE is set to lose one of its most prominent retailers as Harvey Nichols' Beauty Bazaar is scheduled to close its doors. The store, situated on Manesty's Lane in the city centre, has been in operation since 2012. The Liverpool Echo. reports that staff were informed of the impending closure on Tuesday. A Harvey Nichols spokesperson revealed that the company is focusing on "full category stores" as part of its growth strategy. They stated: "As we implement our strategy to reposition Harvey Nichols for growth, our emphasis is on full category stores within our estate. "We have reviewed our store portfolio and mutually agreed with the Landlord of our Beauty Bazaar location in Liverpool to surrender the lease as we focus on investment into full-category stores. "Unfortunately, this means that our employees in the Liverpool store may be at risk of redundancy. We have entered into a consultation process and are doing everything we can to support those affected by the surrender." A spokesperson from Liverpool ONE said: "Beauty Bazaar Harvey Nichols has made an important contribution to Liverpool ONE's success since opening in 2012. We're committed to bringing the best, in-demand brands to Liverpool ONE and we have well-progressed plans to transform the space that will ensure Liverpool ONE continues to go from the strength-to-strength. We look forward to sharing an update soon." The store is expected to close in mid-April. . The store was among the last to resume operations in Liverpool ONE after the nationwide closure of non-essential stores in March 2020. Unlike other retailers, such as Primark, Zara, and Sports Direct, which reopened in June, Harvey Nichols Beauty Bazaar opted for a phased reopening. Its locations in Knightsbridge, Leeds, Edinburgh, and Manchester reopened between June and August 2020, while the Liverpool store, which features a hair salon, spa, and bar, reopened on September 30, 2020. The three-story Harvey Nichols store in Liverpool ONE offered a range of products and treatments. At its launch in 2012, the store celebrated with a day of pampering, attended by local celebrities and American socialite Olivia Palermo, who cut the ribbon to officially open the store. The decision to open in Liverpool was based on research identifying the city as the UK's second-largest beauty market outside of London. Prior to the store's opening in 2012, Daniela Rinaldi, the retailer's then-group concession and beauty director, stated: "Girls in Liverpool have single-handedly held the banner for glamour. They are groomed within an inch of their lives. They live and breath beauty and this is a thank you to them. "Globally this will be the first time international and premium brands will be housed within such a luxurious environment. It has superseded everyone's expectations and the most used word in this store is 'wow' so it is perfectly in keeping with the name of our fabulous champagne and cocktail bar."

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

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."

Bristol Clean Air Zone 'final blow' for historic family-run store

One of Bristol's longest-running shops will be shutting down in the next few months. Army surplus store Marcruss has blamed the introduction of the Clean Air Zone as the 'final blow' to its fortunes. The shop on Hotwell Road has been a staple for outdoor enthusiasts for decades, but is set to close its doors this summer. The family-run retailer has been under the stewardship of the Pinson family for more than 60 years, and even longer as an army surplus and camping equipment store. In a message shared on its Facebook page, Marcus Pinson and his family expressed their gratitude to customers throughout the years and made a final appeal for support to clear out the remaining stock. "It is with a heavy heart that we write to inform you of the difficult decision to close Marcruss Outdoors for the last time this summer," read the statement. "Unfortunately, the harsh economic climate has made it impossible for us to continue. Despite having weathered countless recessions and even the challenging lockdowns, the final blow has come in the form of the Clean Air Zone." The family conveyed their deep appreciation for the opportunity to serve their community, saying the shop was more than just a business but a place where they could offer "expert advice, exceptional customer service, and foster a sense of community". They added: "We would also like to extend our heartfelt gratitude to all those who have worked here over the years. Their loyalty, commitment, and hard work have been the foundation of our success. We couldn't have reached the milestones we did without their dedication, and we consider both our customers and staff to be part of the Marcruss family. "As we prepare to close our doors, we kindly ask for your support in helping us clear our remaining stock. We have some fantastic bargains available, and we would love for our loyal customers to benefit from these final sales. "The closing of our doors will certainly be a loss, and we believe that the vibrant city of Bristol will feel a little less bright without us. Thank you for your support throughout the years. We will cherish the memories and are forever grateful for the opportunity to have served you." Marcruss was a traditional family store selling a wide range of outdoor clothes and equipment. Marcruss was born when Frank Pinson and his son Trevor took over an existing army surplus store in the mid 1960s. Set across three floors, it has four departments selling camping and ski wear, workwear and wet weather clothing and boots. On the ground floor, the most popular items were the ranges of army surplus and Airsoft guns and accessories. Trevor's sons Marcus, Russ and Adam took over from him. In the 1980s and 1990s, the family-owned nine shops across the West Country, stretching from Gloucester to Torquay, but consolidated to a single shop on Hotwell Road during the last recession. In 2022, with the impending Clean Air Zone in Bristol, which would impose a £9 charge on approximately 20% of vehicles entering the city, Marcus expressed grave concerns for his business. Speaking in May 2022, he said: "I think it could essentially kill us off because it starts from Ashton and unless people are allowed to come into this area, nobody's going to shop in here."

Yeo Valley snaps up gourmet yoghurt maker The Collective

Somerset dairy company Yeo Valley has acquired fellow yoghurt producer The Collective for an undisclosed sum. The Blagdon-based business has struck a deal to take over Epicurean Dairy (UK) Ltd in the UK. The Collective was first established in New Zealand by chefs Angus Allan and Ofer Shenhav, and within 10 months was the country's best-selling selling gourmet yoghurt. The business launched in Britain in 2011 after the pair teamed up with the late Mike Hodgson, former managing director of pudding company GU, and its sales director Amelia Harvey. The Collective makes a range of products including its popular 'Suckies' pouches for children and Greek-style pots with a layer of compote for adults. These will join Yeo Valley's portfolio which includes milk, kefir, butter and yogurt and ice-cream. Rob Sexton, chief executive at Yeo Valley Production, said: "We are delighted to welcome The Collective to the Yeo Valley Production family. The Collective brand is renowned for never compromising on the quality and market-leading taste of its products. Add this to the values of the business, encapsulated in its B-Corp accreditation, and we see this as a perfect fit with Yeo Valley Production. "This agreement will ensure The Collective brand continues to deliver taste-led innovation and great value. Together, we have ambitious plans to drive growth of delicious British dairy. It’s an exciting new chapter for us all." Sarah Smart, chief executive at The Collective UK, said Yeo Valley Production was a "long-time partner" of The Collective and had been "integral" to the brand's growth journey. "The close alignment of the businesses values and visions to deliver natural, healthy, great tasting and sustainable food that is better for people and planet, makes Yeo Valley the perfect home for the next stage of The Collective's growth," she added. “I look forward to The Collective building on this success further and continuing to deliver more great tasting innovative dairy to British fridges.” Law firm Thomson Snell & Passmore advised Epicurean Dairy Holdings on the sale.

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

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."

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

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.

Historic Coventry shop to close after 100 years as owner says 'retail is also not as nice as it used to be'

A historic Coventry shop is set to close its doors permanently after more than a century in business. Tobacconist and lighter repair specialist Salts was founded by Harry Salt in Parkside, Coventry, in 1916 before relocating to New Union Street in 1961.It was run by the Salt family until it was taken over by Mark Kendall in 2019. Mark, a Coventry local, said he was "really sad" about the impending closure on March 29. He revealed that the decision to shut down was reluctantly made due to several factors. In an interview with Coventry Live, 49 year old Mark said: "Footfall never came back after COVID. Retail is also not as nice as it used to be because there are the issues of break-ins and theft and all those things that happen in city centres to retailers." He also highlighted the challenges posed by the illegal tobacco trade in the city. He said: "Coventry is rife with illegal stuff so the people selling it legally cannot compete." Despite the sadness surrounding the closure, Mark said he had relished his time at Salts. He said: "I have loved it! I always wanted to run a shop, so I have really enjoyed it." Customers have been sharing their 'fond memories' of visiting Salts. Many nostalgically recalled trips to the city centre with their grandparents many years ago, Mark said. He added: "It is quite generational, so a lot of people have fond memories of relatives, they used to come here as children with their grandparents, so obviously it holds a lot of sentiment... and a lot of granddaughters and grandsons just remembering when times were more simple, and you remember stuff about your childhood and your now-departed relatives, so a lot of moments for people." Mark added: "We have had a blast! Thanks for all of the support we have had from our regulars, they will be missed."

Fenwick says it has 'no plans for store closures' as it calls in restructuring experts

Department store retailer Fenwick has confirmed that it has no intentions of closing stores, despite restructuring experts assisting the business. The Newcastle-based firm has experienced losses in recent years and is currently changing the hosting of its website as part of cost-cutting measures. Consultancy firm AlixPartners is working with the chain, which now has eight stores across the country. Fenwick has been operating at a loss since 2019 and sold its Bond Street, London store in a £430m deal in 2022. Last year, management acknowledged that trading had been difficult due to the cost-of-living crisis - fuelled by inflation and high mortgage costs - and shifts in the retail market. Accounts for Fenwick Limited, covering the year up to January 2024, reveal the business reduced its pre-tax losses from £71.1m to £38.1m. At the same time, operating losses before exceptional items - encompassing property sales - decreased from £46.6m to £45.2m. Company executives have talked of their attempts to attract both new and existing patrons to the chain's sophisticated, multi-brand offerings throughout the UK. They have discussed strategies aimed at enhancing efficiency in their shops and supply chain, as well as returning to profit through a commitment to what they referred to as "retail basics" and protecting product margins, reports Chronicle Live. Following the closure and sale of its Bond Street location, Fenwick operates its flagship establishment in Newcastle, along with other sites in Kingston, Brent Cross, Colchester, Canterbury, Tunbridge Wells, Bracknell, and York. The business has focused on distinguishing itself from its competitors by investing in customer service and hospitality experiences. In Newcastle, Fenwick’s "masterplan" has led to collaborations with North East staples such as Greggs and Barbour, plus Michelin-starred eatery Hyem, and the Mother Mercy cocktail bar. The business has also expanded its private-label merchandise dubbed Fenwick at Home products, alongside its own restaurant ventures Fuego and Mason and Rye. Last year, in Newcastle, it opened what it claims is the UK’s largest beauty hall outside London last year. Notably, Fenwick was criticised for its delayed response to the surge in online retail, initiating its web presence as late as 2019. Despite predictions for greater growth online, the company maintains that its brick-and-mortar outlets will continue to reign supreme in sales for the foreseeable future. After an unsuccessful attempt to bring former Harrods senior executive Nigel Blow on board last year, the reins of Fenwick have been taken up by family members Mia Fenwick, serving as executive deputy chairman, and Hugo Fenwick, in the role of retail managing director. It is believed that under their stewardship, the company has witnessed its most favourable six-month trading period in the past five years.

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

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.

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

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.

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

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."

Historic department store Jolly's in Bath to reopen

A 200-year-old department store in Bath which announced its closure in December is reopening. Jolly's on Milsom Street has been a fixture in the city since 1823 and was run until recently by House of Fraser. The shop - one of the oldest of its kind in Europe - has now been acquired by Morleys Stores. The independent retailer was established in 1927 and owns and operates eight department stores across the UK. The company has pledged to restore Jolly's to its "former glory" and honour its "deep-rooted legacy", while revitalising the shopping experience in Bath. It has also promised to retain the Jolly's name. When the store reopens next year it will sell a selection of fashion, beauty and homeware products. It will also offer a full-service beauty experience and food and drink on site. Allan Winstanley, chief executive of Morleys Department Stores, said: “We are thrilled to be bringing Jolly's back to life and to be part of the vibrant retail landscape in Bath. "Our approach is to treat each of our stores as a unique independent department store, ensuring we create an exceptional shopping experience tailored to the local community." Bath & Northeast Somerset Council has been working to secure the future of the much-loved store. In December, the local authority said it was in advanced stages with a third-party occupier but did not reveal who it was. Councillor Kevin Guy, Bath & Northeast Somerset Council leader, said: “Morleys Stores will bring an exciting shopping experience to residents and visitors alike and I am delighted to welcome the business to our vibrant city. Milsom Street has always been a very special shopping destination and Morleys’ decision complements the investment the council is making in the Milsom Quarter.” Bath City Council and Morleys will immediately begin a major refurbishment of the historic building. The store will open in two phases with an initial launch in March 2026, followed by a full completion and grand opening in October next year. Jess Merritt-John, the former Jolly's store manager, has been retained and will oversee a dedicated heritage space within Jolly's throughout the refurbishment. The space will showcase the store’s history and plans for its future, as well as renovation updates. Councillor Mark Elliott, cabinet member for resources, added: “We set out the council’s commitment to the local economy in our ten-year Economic Strategy and this investment is a very positive recognition of the great retail offer our city has and the work the council has undertaken to support it.”

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

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.”

Takeaway owner says next month will be 'Armageddon' as NI and rates increase

The owner of a new sandwich shop in Birmingham says next month could be 'Armageddon' for the food and drink sector thanks to the imminent national insurance hike and rising rates. From April 1, national insurance contributions (NIC) will increase from 13.8% to 15%, affecting businesses with employees earning over £5,000. Additionally, the Retail, Hospitality and Leisure Business Rates Relief scheme is set to reduce business rate discounts from 75 to 40 percent. In anticipation of these changes, Harrington's Gourmet Sandwiches, has revised their menu prices. Owner David Dindol told Birmingham Live : "I'm very scared, April 1 is going to be Armageddon." He also mentioned that wage increases at sister venue Missing Bar would necessitate price hikes, a move expected by many businesses in the hospitality sector. Mr Dindol added: "We're hiring more part-time staff and the rate relief scheme has been a big hit on us as well." Concerns extend beyond Harrington's, with social media indicating that several pubs may close their kitchens due to the financial strain. Mr Dindol warned against entering the hospitality industry, saying: "Hospitality is a minefield and if someone said to me they wanted to own a pub, I'd say don't." The Labour decision has also drawn criticism from two Birmingham landlords outside of Harrington's. Gary McDonnell of Hennessey's sharply criticised the policy, claiming it will "kill pubs". Meanwhile, Nigel Barker of The Wellington confirmed that the pub would be raising its prices, describing the move as "a really poor decision from the Labour government."

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

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’.

Applied Nutrition seals USA and Holland & Barrett deals as its Coleen Rooney range expands across UK

Health and wellness brand Applied Nutrition has announced three new American deals – and an expanded partnership with Holland & Barrett that will see its new Colleen Rooney range go on sale in hundreds of UK stores. Knowsley-based Applied Nutrition has agreed a joint business plan with Holland & Barrett that will see the health and wellbeing retail chain increase the distribution of currently listed products and take a range of new ones. The Mersey firm said: “The first order under the new JBP was received this month and included the new Coleen Rooney range, which will be available in 500 stores” The deal will also see Holland & Barrett get early access to Applied Nutrition’s new products in development, allowing them to get products to their shelves more quickly. Applied Nutrition hopes the deal will treble its revenue from Holland & Barrett, already one of the group’s largest customers. In the USA, Applied Nutrition has secured deals with GNC Corporate, one of the largest specialty retailers in the US, Hy-vee, the largest regional grocery chain in the Midwest, and leading Texan grocery chain H-E-B. Applied Nutrition products will now go on sale in more than 1,000 new stores across the country, and the group says the deals “are expected to start contributing to revenue during H2 FY25 with an annualised spend of $3m”. Thomas Ryder, CEO of Applied Nutrition, said: “It is great to see such momentum with existing and new customers, further reinforcing the growth potential of the business. Not only are we significantly strengthening and growing our trade with existing key valued partners such as Holland & Barrett we are also securing new listings from major retailers in the US which is a key growth market. We look to the future with confidence and we remain focused on driving profitable growth throughout H2 and beyond.”

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

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.

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

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."

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

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."

Debenhams is back as Boohoo makes major announcement

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.

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

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.

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

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."

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

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."

Kitchenware brand Procook to open Bristol Cabot Circus store

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.

Women risk being left without a pension for 14 years

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.

Mike Ashley-backed Hornby to go private as it ditches stock market listing

Hornby, the global models and collectibles group advised by Mike Ashley, has revealed plans to delist from the London stock market and go private. The move aims to circumvent regulatory obstacles and reduce costs, as reported by City AM. In a statement to the market on Thursday, the company announced its intention to cancel its shares on the AIM stock exchange, citing the high cost of maintaining a public listing, limited liquidity, and regulatory burdens. Over the past 12 months, Hornby's shares have plummeted by 50%. This decision follows significant restructuring at the company, which has been collaborating with Frasers' founder and stakeholder Mike Ashley on a turnaround strategy for the past 18 months. Key aspects of this turnaround have included the sale of subsidiary LCD Enterprises, job cuts, and the relocation of logistics operations to the Midlands. In a statement, Hornby acknowledged the significance of its announcement, particularly for its loyal shareholder base. "The board is well aware of the place Hornby has in the hearts of its loyal shareholder base, and the company's announcement today is not taken lightly," Hornby said. "The directors are confident that operating as a private entity will provide Hornby with the necessary agility for swift decision-making and efficient execution of strategy whilst not depriving shareholders of material benefit." To proceed, Hornby's board requires shareholder approval, which will be determined by a 75% majority vote at a general meeting scheduled for Thursday morning. If the resolution is passed, Hornby has agreed to two share facilities to support investors looking to trade out of their shareholding following any cancellation. This announcement on Thursday marks another setback for London's struggling AIM market, which has witnessed a rise in delistings in recent years. In 2024, AIM contracted to its smallest size in 23 years with 92 firms delisting. Phoenix Asset Management Partners, Hornby's largest shareholder, increased its stake in the firm from 71.6 per cent to 83.3 per cent in December. Russ Mould, investment director at AJ Bell, stated that its decision to delist was "not a damning criticism of the UK stock market." He added: "When two shareholders – Phoenix Asset Management and Frasers – own 91 per cent of the company, it doesn't make sense to be a listed entity." He further explained: "Companies admit their shares for public trading to obtain a diverse shareholder base and access capital markets. In Hornby's case, its shareholder base has become incredibly concentrated."

Historic Preston Guild festival looks set to continue despite council abolition

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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."

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

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 swings to first full year profit as orders jump in UK and Ireland

A surge in takeaway and grocery orders across the UK and Ireland helped Deliveroo turn a profit last year. The food delivery firm informed markets this morning that its gross merchandise value (GTV) rose by five per cent to £7.4bn for the year ending December 31, up from £7bn the previous year, as reported by City AM. The company reported an annual profit of £2.9m, a significant improvement from a loss of £31.8m the year before. Revenue increased two per cent year on year, from £2.03bn to £2.07bn, while gross profit climbed six per cent to £767m. Deliveroo also saw a two per cent growth in its customer base during the year, with average order frequency increasing across all groups and improved retention throughout the year. "The robust results we've announced today, with our first full year profit and positive free cash flow as well as GTV growth across our verticals, demonstrate that our strategy is working," said Will Shu, Founder and CEO of Deliveroo. "Whilst the consumer environment remains uncertain, I am confident that we can continue to deliver growth by focusing on the levers in our control: supporting our restaurant partners to meet untapped consumer demand around new occasions, expanding our grocery and retail offering, and continuously improving our CVP [consumer value proposition]." The company aims for high-single GTV growth in 2025 and expects adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to be in the range of £170m-190m. In the medium term, it will target mid-teens percentage growth per year in GTV, and an EBITDA margin of four per cent. Deliveroo also announced its exit from the Hong Kong market on March 10, which led a London broker to label the brand "underappreciated". "Both earnings before interest, tax, depreciation and amortisation (EBITDA) and group GTV growth [revenue] are set to benefit from this market exit," Panmure Liberum analysts said.