Coronavirus

Theo Paphitis slams gov’s ‘disappointing’ attitude towards retail 

Theo Paphitis has called out the government’s “disappointing” attitude towards the industry’s importance, Retail Week has reported. It comes as Paphitis’ retail group, which comprises Ryman, Robert Dyas and Boux Avenue, achieved improved profitability in its full-year results. Paphitis said he had increased investment in his brands, whilst the government was…

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Matalan rescue deal to wipe founder’s control of group

Matalan founder John Hargreaves is reportedly set to lose control of the group after its lenders finalised a rescue deal that eliminates his equity, despite the retail tycoon submitting his own takeover bid for the group. According to the Times, Matalan is set to announce that lenders Invesco, Man GLG,…

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Retail accounts for 10% of UK administrations in 2022, study finds

The retail sector accounted for 10% of administrations in the first six months of the year – the third highest industry in the UK – according to analysis by full-service law firm Shakespeare Martineau. It found more than 620 businesses, 62 of which came from the retail industry, filed for…

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Retail sales fall in June despite Platinum Jubilee celebrations

Retail sales dropped by 0.1% in June 2022 following a fall of 0.8% in May 2022 despite the Queen’s Platinum Jubilee boost, according to data from the Office of National Statistics (ONS).   The data, which covers 29 May to 2 July 2022, revealed that sales volumes were 2.2% above its…

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AI-powered self-service is the future of physical retail

At the start of the Covid-19 pandemic, retail was among the most impacted industries: over 17,500 chain stores closed in the UK in 2020. At the same time, e-commerce growth numbers went through the roof. According to Digital Commerce 360, “the pandemic facilitated a gain of around $218 billion in…

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Retail sales rise by 1.4% in April

Retail sales volumes rose by 1.4% in April 2022 following a fall of 1.2% in March 2022, with sales volumes 4.1% above their pre-coronavirus February 2020 levels. In the three months to April 2022, sales volumes fell by 0.3% when compared with the previous three months; this continues the downward…

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Next faces investor backlash over CEO bonus

Next plc is facing a potential backlash from the Institutional Voting Information Service (IVIS) as the retailer’s chief executive, Simon Wolfson, has received the highest pay since 2015, while benefiting from government support. According to the Guardian, the Institutional Voting Information Service (IVIS), which is part of the Investment Association…

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UK economy shrinks in March

The UK economy shrunk by 0.1% in March as consumers started to feel the bite of rising energy prices and the cost of living. The latest figures also come after a period of no growth in February. During the period, services fell by 0.2% on the month and was the…

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Retail M&A deal value doubles in Q1 2022

The first quarter of 2022 saw 18 deals completed across the retail sector, the second-highest quarterly level since the start of the pandemic, according to new analysis from Grant Thornton UK’s quarterly retail sector M&A report. The £1.5bn announced deal value over the period was more than double that of…

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UK economic growth slows in February to 0.1%

Gross domestic product (GDP) slowed in the UK as the economy only saw 0.1% growth in February, down from a growth rate of 0.8% in January. According to the Office for National Statistics (ONS), services grew by 0.2% and was the main contributor to February’s growth in GDP, although this…

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