Today’s news in brief-15/5/25
B&M has appointed former Tesco executive Tjeerd Jegen as its new CEO, effective 16 June 2025. Jegen brings 25 years of retail experience from companies including Ahold Delhaize and Woolworths. Chair Tiffany Hall praised his strategic insight and customer-centric approach. Despite a 3.1% drop in UK like-for-like sales to £4.5bn for the year ending March 2025, B&M plans to open 45 new UK stores in 2025 and expects adjusted EBITDA to exceed the midpoint of its £605m-£625m guidance range.
The UK economy grew by 0.7% in Q1 2025, surpassing the 0.6% forecast, driven by a 0.7% rise in services and a 1.1% increase in production. The Office for National Statistics noted strong performances in retail, IT, and advertising, though education and legal services declined. Chancellor Rachel Reeves welcomed the growth but warned of challenges ahead, including US tariffs and higher employment taxes. Economist Joe Nellis cautioned that trade tensions and rising costs could dampen future growth.
Watches of Switzerland reported an 8% revenue rise to £1.65bn for FY25, with H2 growth of 12%. UK sales increased by 2%, while US revenues jumped 16%. Demand for luxury watches continues to outstrip supply. The group remains cautious over US tariff uncertainties but is confident in its expansion plans, including new showrooms and upgraded e-commerce platforms. CEO Brian Duffy highlighted strong trading at its new Rolex boutique in London and growth in the US market.
Furniture retailer MFI is set to return to the high street in 2026 after a 20-year absence, backed by owner Victorian Plumbing, which plans to invest £3m in its relaunch. Victorian Plumbing, which acquired MFI as part of its Victoria Plum takeover, reported a 6% revenue rise to £152.7m for H1 2025, with adjusted EBITDA up 15%. CEO Mark Radcliffe said the MFI revival would help tap into the £20bn UK homewares market, leveraging the brand’s recognition and Victorian Plumbing’s e-commerce expertise. Full-year adjusted profit before tax is forecast at £21m-£22m.