News
The latest news, updates and analysis on the the UK retail industry. Covering every segment of the market, Retail Sector’s business journalists keep you in the picture.
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Jul- 2018 -3 July
FRC launches investigation into KPMG’s last Conviviality audit
The Financial Reporting Council (FRC) has launched an investigation into the most recent audit by KPMG of the financial statements of Conviviality. The FRC is investigating the audit of the now defunct off-licence retailer that covered the 52 weeks ending 30 April 2017. The investigation will be conducted under the…
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3 July
ASOS appoints former ITV boss Adam Crozier as new chair
Online fashion retailer ASOS has announced that it has appointed Adam Crozier as its new chair and non-executive director. Crozier will replace Brian McBride, who steps down on 29 November 2018 following the company’s next AGM, after six years in the role. He has extensive boardroom experience, with directorships of…
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2 July
Estate agents join high street casualties as insolvencies rise
Around 153 estate agents have gone insolvent in the last year, up from 148 the year before, according to a new report. Accountancy firm Moore Stephens found that as the online estate agency market continues to grow, firms such as Hatched, Rightmove, Yopa and Zoopla have squeezed high street rivals.…
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2 July
Philip Green’s company fails to block BHS audit report
The parent company of Philip Green’s Arcadia retail empire, Taveta Investments, has failed to impose an injunction on the publication of BHS’ audit reports. It was seeking an interim injunction before a judicial review of the report, but the High Court ruled in favour of the Financial Reporting Council (FRC)…
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2 July
Retail job losses make up almost half of 50,000 lost this year
Almost half of the 50,000 jobs lost in the UK this year have been in the retail sector, new figures suggest. Data from the Press Association shows that around 50,000 have seen their jobs cut or have had their positions threatened during the first half of the year, while additional…
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2 July
Tesco and Carrefour to form ‘strategic alliance’
Tesco and Carrefour are to form a “strategic alliance” in order to offer “even lower prices” and “improve the quality and choice of products available”. A long term relationship will see the two supermarkets making joint purchases of own brand products and goods not for resale. The deal will be…
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Jun- 2018 -29 June
Boots shares plunge 10% following Amazon medicine service acquisition
Shares in the parent company of pharmacy chain Boots, Walgreens Boots Alliance, have plummeted by 10% this morning following news that Amazon has acquired medicine delivery company Pillpack. The American startup made $100m last year and will now see Amazon take over late next year, with the price of the…
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29 June
Tesco joins Amazon and Microsoft ‘checkout-free’ war
Tesco has announced it is trialling new till-free technology as it looks to take on Amazon and Microsoft, which have also been carrying out checkout-free tests. The British supermarket has been trialing the equipment in its Welwyn Garden City branch where its head office is based. The new technology allows…
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29 June
Wickes to take on 900 staff from B&Q to meet kitchen and bathroom demand
Wickes has announced that it will take on 900 staff from B&Q to add to its bespoke kitchen and bathroom department to meet demand. The DIY retailer has said that demand for fully designed and installed kitchens is continuing to grow so it is investing significantly in its professional kitchen…
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29 June
Record use of next-day services for online orders in May
The use of next-day and specified-day services for online orders hit record levels in May, accounting for 37% of UK delivered orders, data from online retail association IMRG shows. Online retail parcel delivery order volumes were up 14.8% year-on-year in May, according to the latest data from the IMRG MetaPack…
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