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Edinburgh Woollen Mill has withdrawn from the bidding for collapsed retailer Peacocks, putting Pakistani textile billionaire Alshair Fiyaz in pole position to acquire the failed fashion group. Sources close to the discussions said that Fiyaz, who is working alongside Danish investment fund Solstra Capital, had placed the most credible bid on the table for the [...]
9th Feb 12
SuperGroup issues profits warning
by Katie Naylor
SuperGroup, the parent of the Superdry brand, has warned on profits and decided to review its store opening plans, four weeks after informing investors that the business had had a “solid Christmas” and was seeing “an improving sales trend”. The company issued its latest trading update yesterday revealing that sales in the final three weeks [...]
8th Feb 12
Summer bookings boost for TUI Travel
by Adam Richards
TUI Travel, the owner of Thomson Holidays, capitalised on rival Thomas Cook’s woes by reporting that its summer bookings were ahead of the market in January. Europe’s largest tour operator said that said that cumulative bookings in Britain as of 29 January were seven per cent down, but that was in comparison to a decline [...]
7th Feb 12
Consumers cut back in January following Christmas surge
by Adam Richards
Shoppers ‘returned to reality’ in January after splashing out over the festive period, according to figures, which reveal that sales dropped in the opening month of the year. There was a fall of 0.3 per cent in like-for-like sales in January, in comparison with the same month last year, said the British Retail Consortium (BRC). [...]
6th Feb 12
BT to introduce ultra-fast broadband
by Adam Richards
Telecoms company BT has increased the attractiveness of its broadband expansion by promising to introduce “ultra-fast” speeds of as high as 300Mb (megabites per second) by spring next year. The speeds of its current broadband are nearer 40Mb, with the majority of the country having an average speed of 7.6Mb. However, the firm announced that a [...]
3rd Feb 12
Retail veteran warns of high street death spiral
by Sally Davies
A veteran retailer has encouraged the government to reject the ‘Queens of Shops’ Mary Portas’s plans to save the UK’s embattled high street, warning that many towns are already “in a death spiral”. Majestic Wine chairman Phil Wrigley, who has been a director at Debenhams, BHS and New Look, compared high streets with the shipbuilding [...]
2nd Feb 12
Tesco exec who sold shares moved from role
by Natasha Redman
The Tesco executive who caused controversy by selling 50,000 shares in the retailer just days before it issued its first profit warning in over two decades has been removed from his old role. The UK chief operating officer Noel ‘Bob’ Robbins’ decision to sell the shares broke no stock market laws but came as a [...]
1st Feb 12
Tesco market share slips
by Adam Richards
Tesco saw its market share fall below 30 per cent for the first time in almost seven years as it found it difficult to compete with cheaper rivals, revealed the latest figures. The retailer’s drop in the share of the market, to its lowest point since May 2005, came during a period when Sainsbury’s achieved [...]
31st Jan 12
UK consumer confidence recovers
by Adam Richards
The economy received a welcome boost in January after a leading survey indicated that there was a marked improvement in consumer confidence. GfK NOP, the market research firm said that consumer confidence increased between December and January by four points to minus 29, its highest mark since June 2011, after improvement in people’s own finances [...]
31st Jan 12
Gary Speed talked of suicide before death
by Natasha Redman
Gary Speed, the former football manager of Wales, texted his wife just days before he was found dead and talked about taking his own life, heard an inquest. The 42-year-old, who played for Leeds, Everton, Newcastle, Bolton and Sheffield United, was found hanged by his wife Louise at their home in Cheshire on 27 November [...]