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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Oct- 2020 -8 October
Ebay UK to launch ‘Pay As You Go” scheme
Ebay UK is set to launch the ‘Pay As You Go’ scheme for start-ups, in response to the economic downturn resulting from Covid-19. From 9 October, the e-ecommerce site will remove all fees for first time sellers for their first 100 sales each month and fees will be “significantly” reduced…
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7 October
Businesses must check furlough inaccuracies before HMRC deadline
Businesses using the furlough scheme have been urged to “thoroughly check” their claims for inaccuracies before HMRC’s cut-off date to avoid the risk of fines or prosecution. Accountancy firm Kilsby Williams issued the warning after HMRC sent letters to a growing number of businesses to inform them of potential errors…
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7 October
AO opens third warehouse in four months
Online electricals retailer AO is opening its third warehouse in four months. The Stoke-on-Trent site will add 275,000 square feet of warehouse space to their distribution portfolio. AO’s fifth warehouse in total will also create 120 new jobs in the Staffordshire area, part of the company’s nationwide recruitment drive of…
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7 October
Clarks may turn to CVA to secure LionRock rescue deal
Embattled shoe retailer Clarks may reportedly resort to launching a CVA that could lead to some store closure in order to secure a rescue deal from potential investors LionRock Capital. According to Sky News, any rescue deal from LionCapital is reportedly contingent on a CVA proposal being approved by its…
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7 October
Sosander continues sales momentum post-lockdown
Sosander has maintained trading momentum in its latest half-year of trading, according to its interim trading update for the six months ended 30 September. The Cheshire-based online retailer saw revenues rise following the lockdown period and the business revealed a 52% in turnover of £4.3m for the period. Sales momentum…
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7 October
Tesco profits soar despite coronavirus hit
Tesco has welcomed a surge in profits, with pre-tax profit soaring by 28.7% to £551m in the first-half of its financial year. In the same period, group sales rose by 6.6% to £26.7bn, up from £25bn reported the year before. While clothing sales were down by 17.2%, food sales were…
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6 October
Curfew and poor weather leads to second week of footfall decline
Overall, retail footfall across all destinations is 31.4% lower than last year Footfall has declined by 3.5% in the latest figures, and is attributed to both the 10pm curfew and heavy rainfall. According to retail experts Springboard, excessive rain from Wednesday onwards hit shopping patterns. Sunday and Tuesday…
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6 October
Ann Summers moves towards CVA
Ann Summers has suggested that it is likely to launch a CVA after the lingerie retailer failed to negotiate rental terms with landlords. The company has started talks with the British Property Federation, which would likely lead to the beginning of the insolvency process. More than half of the landlords…
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6 October
Shadow Health secretary urges Boohoo investors to oust bosses
The shadow health minister has urged Boohoo’s largest investors to remove its current bosses following reports of unsafe working conditions at some of its warehouses. According to the Daily Mail, Liz Kendall has written a letter to Jupiter, Invesco and Baillie Gifford calling for them to remove chairman Mahmud Kamani…
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6 October
Watches of Switzerland raises guidance as sales surge
Watches of Switzerland has announced that revenue for the first 10 weeks of Q2 has been “stronger than expected” at £202.7m, up 20.2% in constant currency and 18.3% in reported terms against the prior year. The group also reported sales to date of £145.1m, up by 12.6% against the prior…
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