Year: 2019

Jack Wills hit by £7.5m loss

Fashion retailer Jack Wills suffered an EBITDA loss of £7.5m for the full year to 28 January 2018 compared with £6.3m profit in the previous year. The company’s turnover dropped by 1.1% for the year to £129.3m down from 2017’s figure of £130.8m. Jack Wills attributed this to a “challenging…

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Sports Direct offers £139m for Findel

Mike Ashley’s Sports Direct has announced it has made a £139m bid for home shopping company, Findel. In a statement to the London Stock Exchange this morning (5 March), Sports Direct said it intended to purchase the remaining shares in Findel for 161p per share, a 1p reduction on the…

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What will a no-deal Brexit mean for retail?

We’re now just one month away until Britain leaves the European Union and we appear no closer to knowing whether we’ll be departing with a deal or without one. One sector which is set to bear the brunt if we leave without a deal is retail. In a report by…

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February retail growth hit by ‘Brexit uncertainty’

February retail growth was hit by “Brexit uncertainty” according to the BRC as on a total basis, sales increased by 0.5% in the month, a slowdown when compared with 1.6% in February 2018. This was found to be below both the three-month and 12-month averages of 0.9% and 1.2% respectively.…

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Clarks closes Somerset factory leaving 35 jobless

Shoe retailer Clarks has confirmed the closure of its robot-assisted shoe factory in Street, Somerset, leaving 35 employees without a job. In January the retailer announced a proposal to cease production and close its Morelight manufacturing facility, and added that “despite [its] best efforts”, the levels of production and cost…

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Debenhams issues fresh profit warning

The statement Debenhams made in January to say it was on track to deliver profits in line with last year’s expectations is “no longer valid” as the department store chain reported a drop in sales. The group’s like-for-like sales fell by 5.3% in the 26 weeks to 2 March 2019…

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QVC UK introduces social commerce

Television shopping channel, QVC UK, is introducing social commerce to its offering to create a “discovery-led shopping experience”. Social commerce is a form of e-commerce that involves social media and online media to aid the online buying and selling of products or services. The multi-platform retailer has partnered with social…

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Kate Swann and Paul Geddes in contention for John Lewis chairmanship

Departing Direct Line boss Paul Geddes and former WHSmith CEO Kate Swann are both in the running to succeed Sir Charlie Mayfield as chairman of the John Lewis Partnership. According to the Sunday Times Geddes and Swann are the external candidates for the role and will be up against internal…

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Evolving employment laws – the future of workers’ rights

Since 2010, the UK has experienced lower unemployment rates across every region, underpinned by a strong and innovative labour market that has seized on the opportunities offered by new technologies, emerging business models and changing ways of working. Wages are currently growing at their fastest pace in almost a decade,…

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Ted Baker founder resigns amid misconduct allegations

Ted Baker founder Ray Kelvin has resigned from his position as CEO and director of the fashion retailer with immediate effect, amid allegations of misconduct. Kelvin took a voluntary leave of absence from his role in December 2018, after the allegations of misconduct were made against him, and since that…

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