Year: 2019

Ted Baker reveals £25m stock inventory error

Ted Baker has revealed its profits have been overstated by £25m.  The company’s board estimated the value of inventory on its balance sheet was overstated by £20m to £25m, according to a “preliminary analysis”. It added that any adjustment to inventory value would have “no cash impact”, and would instead…

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Intu drafts in PwC advisers

Intu properties has appointed PwC advisers to help the restructuring of its balance sheet. According to Sky News, the shopping centre has hired PricewaterhouseCoopers (PwC) to work alongside its existing City advisers. It is understood the appointment has taken place in the last few days ahead of the festive period.…

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Consumer confidence ‘flatlines’ in November, claims GfK

GfK’s Consumer Confidence Index has revealed a ‘flatline’ in consumer confidence. Consumer confidence in November was ranked at -14, the same ranking that was reported the month prior.  Joe Staton, client strategy director at GfK, said: “In the face of Brexit and election uncertainty, consumers are clearly in a ‘wait-and-see’…

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Heal’s announces Chiswick Outlet store

Furniture retailer, Heal’s has announced the opening of its new outlet store, opening on Chiswick High Street next week. The new 2,090sq ft store will open on 3 December, and will feature cancelled, returned and overstocked items at reduced prices. The store will offer 70% off across Heal’s furniture, lighting,…

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‘Please respect shopworkers’, says USDAW

The trade union leader of Usdaw has urged shoppers to “keep their cool” this Black Friday. The Union of Shop, Distributive and Allied Workers also announced its support of Labour’s manifesto, that states the party will ensure that “public-facing workers are protected by toughening the law against abuse and violence”.…

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How online retailers can reduce the impact of festive returns

Peak season is just around the corner and this year more than a quarter (28%) of UK shoppers expect to spend more online during the 2019 Christmas shopping season than in 2018. With Black Friday and Cyber Monday now both staple fixtures in the calendar for shoppers and brands, millions…

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Dragons’ Den star Peter Jones kicks off Jessops sales talks

Dragon’s Den star Peter Jones has begun talks with potential buyers for embattled camera retailer Jessops, reports have claimed. Sky News said Jones, who owns Jessops, is holding talks with unnamed buyers and discussions are still at an early stage. However, the potential sale remains as only one of the…

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M&S hires former Arcadia exec as head of brand creative

Marks and Spencer has appointed Anthony Cassidy as its new head of brand creative. Cassidyy joins from Arcadia, where he is currently creative director across a number of the group’s brands. Marks and Spencer said Cassidy has a “diverse” range of experience including both in-house and agency roles at Portas…

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Primark owner could face shareholder opposition to new bonus scheme

Fashion retailer Primark could face a shareholder revolt next week, after a new bonus scheme could see CEO George Weston receive up to £7m in bonuses. According to The Telegraph, Primark’s parent company Associated British Foods (ABF) is “under fire” from shareholder advice group Pirc over a new long-term bonus…

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Peacocks announced as ‘preferred bidder’ for Bonmarché

Peacocks has been chosen as the preferred bidder to acquire Bonmarché, it was announced this morning. FRP Advisory was appointed administrator for the troubled retailer in October, and joint administrators Tony Wright, Alastair Massey and Phil Pierce oversaw the administration process. Peacocks will now enter a period of negotiations with…

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