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Hays Travel smashes £3bn landmark and rewards staff with bonuses

Sunderland independent travel agency Hays Travel is celebrating a milestone £3bn in Total Transaction Value (TTV) for the first time in its history, leading to it sharing the success with its staff. The holiday firm achieved the landmark figure, which represents the total gross value of all sales or transactions for travel services or products, a month ahead of the end of its financial year on April 30. This has triggered bonus payments for the workforce. The TTV is the sum of all revenue generated from travel-related bookings, including airline tickets, hotel reservations, car rentals, and other travel-related services. The new figure is £500m higher than the one reported by the Sunderland business in its last accounts. In recognition of their contribution to Hays Travel's success and their loyalty to the company, Dame Irene Hays announced in a video message that each employee will receive £100 for every year they have worked at Hays Travel. This means some long-serving staff members who have been with the firm for decades stand to receive more than £3,000. Earlier this year, Dame Irene dismissed reports of an economic downturn in the UK after witnessing a significant increase in business at the end of 2024 and the beginning of 2025. She noted that people are now willing to spend more on their holidays than in previous years, reports Chronicle Live. Dame Irene Hays, the owner and chair of Hays Travel, has expressed her pride in the company's adherence to its core principles over its 45-year history, attributing its success to the dedication of its staff. "Since Hays Travel began trading 45 years ago, we have always remained true to our vision and values, and our strategic priorities: our people, our customers, and the communities where we operate. As I have said many times, our success is down to our people, which is why achieving this £3bn milestone is an opportunity to demonstrate just how much their excellent work and unwavering loyalty are appreciated." Lenore Mason, who oversees recruitment and people services at Hays Travel, shared her personal journey with the company, highlighting the firm's commitment to its workforce and values. "This is my 37th year with Hays Travel - I feel so fortunate to work alongside brilliant people, for a company that values me and has continued to grow in the region where I grew up. Although Hays Travel has seen many changes over the years it has always been totally committed to its values and people. Today's news is exciting for everyone and just shows how much we are appreciated!" The travel agency, which recently inaugurated a new branch in Dalton Park, County Durham, has experienced substantial growth over the past six years, marked by significant increases in Total Transaction Value (TTV) and turnover, partly due to a series of strategic acquisitions. For the year ending on 30 April 2024, Hays Travel reported a TTV of £2.55 billion, representing a 17% rise from the previous year, with a group pre-tax profit standing at £73.4 million. The company's growth trajectory saw it reach £500 million in TTV in 2012, £1 billion in 2018, and £2 billion in 2024. In a remarkable growth story, Hays Travel experienced unprecedented expansion in October 2019 when it took over the operation of all 555 branches of the defunct Thomas Cook holiday firm. The company continued its acquisition spree by taking over the Explorer Franchise in 2021, followed by Just Go's 45 North West branches, and Travel House's 16 outlets in South Wales in 2023. In addition, it acquired three Holiday With Us branches in Lincolnshire, and 19 Miles Morgan Travel shops across the South West and South Wales in 2024. As a result, Hays Travel is now the UK's largest independent travel agent, boasting nearly 500 branches nationwide and employing around 4,500 staff. The family-run business prides itself on its commitment to nurturing talent, with more than 700 apprentices and graduates being trained this year alone. Each branch is also given £500 annually to invest in local initiatives.

Luxury brands Burberry and Watches of Switzerland see shares plummet after Trump tariffs

Today witnessed a downturn in the share prices of luxury retailers Watches of Switzerland and Burberry following President Trump's announcement of new tariffs. Shares of Watches of Switzerland plunged by over 15 percent, while those of Burberry decreased by almost seven percent, as reported by City AM. Kathleen Brooks, research director at XTB, commented on the situation, saying, "Investors are still seeking out areas of safety, including utilities, real estate, healthcare and consumer staples." About one quarter of UK luxury exports head to North America, with most of that trade taking place with the US, as highlighted by Walpole, an industry association. Analysts from RBC predict a significant "elevated tariff impact" for Burberry due to its diverse sourcing mix — the varied combination of countries and suppliers that produce its merchandise. Burberry collaborates with an international network of suppliers, operating an outerwear factory in Italy and a scarf production facility in Scotland, with goods made in Italy being subject to a 20 percent US import duty. America represents approximately 20 percent of Burberry's sales, and was the only region showing sales growth in the brand’s most recent quarterly report—a crucial element for Burberry's rejuvenation strategy. On the other hand, Watches of Switzerland experienced a sharp fall in its share value partly because Swiss imports into the United States will face an additional tariff of 31 percent. Switzerland was highlighted by Trump as one of the major offenders in unfair trade practices with America. Last year, the US recorded a CHF 38.5bn (£33.9bn) trade deficit with the European country. RBC analysts also noted that the watch company has slimmer margins compared to its rivals, making it harder to react to tariffs. "[In response] companies can either raise prices, change country of origin (to the extent possible), renegotiate supplier terms... or absorb tariff costs."

BRC chair warns of price rises and jobs threat if Trump's China tariffs stay

The chairman of the British Retail Consortium (BRC), Andrew Higginson, has warned that prices will increase if President Donald Trump's tariffs remain at their current levels. Speaking on the Today programme, Higginson -- also chairman of sportswear giant JD Sports - stated it was "unlikely" that shoe production would relocate to the US and criticised the uncertainty caused by Trump's tariff war, as reported by City AM. Since April 2 JD Sports' share price has fallen nearly 11 per cent as investors worry about the impact of tariffs on its Asia-manufactured goods. The global sportswear sector relies heavily on a global network of manufacturers, including Vietnam – where manufacturing contributes to around a quarter of GDP – as well as China and Cambodia, all of which are affected by tariffs. Nike, JD Sports' top global partner, also produces its shoes in Asia. JD Sports, already grappling with low sales before the announcement of the tariffs, has seen its share price decline by 18 per cent since 'Liberation Day.' Higginson commented that it would take significant effort to change the economic dynamics of a country that has heavily invested in these areas. He added: "It's an illusion that this is just about cheap labour... these countries have invested a huge amount in the technology and the manufacturing capabilities it goes into making a number of these products." JD Sports' share price has been hit hard due to its aggressive expansion into the US market, with approximately 40% of its sales coming from the region as of August last year. "What I think the likely result is that things will just be more expensive if these tariffs stay at these highs," Higginson remarked. Analysts have cautioned that consumers may not tolerate the resulting price hikes and have pointed out the potential for subsequent inflation in the UK and Europe, despite the UK's relatively modest tariff of 10%. "Sales could falter while any potential benefit from a lower tariff regime versus other trading partners would be much slower to materialise," commented Rob Morgan, chief investment analyst at Charles Stanley.

'How I launched a luxury British fashion brand': Jenine Baptiste on the power of creative freedom

Luxury fashion brand Baptiste was launched in 2023 and is based in London. Jenine Baptiste, its founder, employs one member of staff, while also working with other specialists, including a pattern cutter and sample maker. Describe your business in a nutshell. Baptiste is a luxury British womenswear brand. I design visionary collections in limited series that reflect an elegant use of graphic features and deluxe textures. My work blends bold cuts, rich fabrics, and striking colours to create pieces with an assured spirit. Sustainability is embedded in my creative practice. What inspired you to launch? A mix of my love for textile design, a deep appreciation for craftsmanship, and a desire to create something that feels both luxurious and intentional. I wanted to design pieces that stand out in both their aesthetic and their values. How much cash did you use to set up? I started lean with £6,000, investing what I could from personal savings, mainly in materials and sampling. Where did you get your funding? Mostly self-funded, from savings and employment. The biggest lesson learnt? You have to be adaptable. The fashion industry moves fast, and you need to stay open to evolving strategies while keeping your creative vision intact. You also create your own opportunities. Most stressful moment? Preparing for my buyer meetings. The stakes are high, and you have to get every detail right - brand positioning, pricing, storytelling - it’s a lot, but it’s also exciting. The proudest moment? Seeing my pieces worn and appreciated by people who truly connect with them. Best thing about running your own company? The creative freedom. I get to shape every collection and build a brand that aligns with my values. Hardest thing about running your own company? Wearing multiple hats - designer, strategist, marketer, logistics manager. It’s a constant juggle. What should the government be doing to support businesses like yours? More funding opportunities and grants for independent designers, plus better support for fashion initiatives. Where do you seek guidance and advice? Through God, networks and mentors in the industry, and fellow creatives in my studio. What’s the best piece of business advice you were ever given? “Don’t wait for perfection—launch, learn, and refine as you go.” What’s the secret to success? A strong brand identity, resilience, and the ability to build genuine connections - whether with customers, buyers, or collaborators.

The history of WH Smith as brand bids farewell to UK high street

Historic retailer WH Smith has quit the UK high street after 233 years. The Swindon-headquartered books and stationery business has sold its 480 high street stores, which employ around 5,000 people, to Hobbycraft owner Modella Capital for £76m. WH Smith said the move would allow it to focus on its growing travel shops business. The WH Smith brand was not included in the sale to Modella and the high street shops will now be rebranded to TG Jones as a result. Henry Walton Smith and his wife Anna first established WH Smith in 1792 in Little Grosvenor Street in Mayfair as a news vendor. After their deaths, the business was taken over by youngest son William Henry Smith in 1812. He then renamed the business as WH Smith & Son in 1846 when his son, also called William Henry, joined him as a partner in the business. It was around this time that the business started to notably expand. It took advantage of the UK railway boom by opening its first railway news stand at Euston Station in 1848. Two years later the business opened its first depots in Birmingham, Manchester and Liverpool. As the group expanded nationally, it also expanded its business operations, launching a circulating library service and a publishing operation based in Cirencester, Gloucestershire. Meanwhile, the younger WH Smith served as a Conservative MP while running the business, before his death in 1891, where it was passed onto his widow, Viscountess Hambleden. The business continued to be passed down by the family and became a limited company in 1928, with all shares owned by the third Viscount. The company became a public limited business after his death in 1948, with staff and members of the public taking shares. Members of the family stayed on the board for the following decades before the final member of the Smith family left the board in 1996. From the 1970s to the 1990s, the business witnessed a particularly sharp expansion. During this period, the company dropped its WH Smith & Sons title in favour of just WH Smith and developed its well-known blue branding. The group also grew through a series of deals including the creation of the Do It All DIY chain and 1989 takeover of Waterstones book shops. It sold off Waterstones nine years later. Despite still being dominant in the UK high street, the company came under pressure in the 2000s and onwards as online retailers and supermarkets tapped more into the high street business’s core customer base. As part of a shake-up of its operations, it split up its retail and news distribution businesses with the demerger of Smiths News in 2006. It also struck a number of further deals, such as the takeovers of The Gadget Shop and Funky Pigeon in a bid to target growth areas. In more recent years, the group continued to expand its travel business of shops at train stations and airports. In 2018, it furthered this by snapping up travel tech retailer InMotion. While travel sales continued to surge, the company continued to flag a weaker performance across its traditional high street stores. Ultimately, the company confirmed in January that it was seeking to sell off the high street business following a strategic review.

Luscombe unveils rebrand to mark 50 years in business

A well-known Devon soft drinks producer has unveiled a rebrand to mark 50 years in business. Luscombe said the changes would be made to all packaging, digital platforms, advertising and point-of-sale material next month. Founded in Devon in 1975, Luscombe has evolved from a small family cider producer into one of the UK’s most respected soft drinks brands. The business is based in a valley on Dartmoor in South Devon, where every drink is produced on site by blending organic fruit with Dartmoor spring water. Luscombe was the first drinks brand to gain organic accreditation from the Soil Association in the UK and has since gone on to be awarded a King’s Royal Warrant. Its product range now includes soft drinks, bubblies, juices, ginger beers, crushes and tonics which are sold around the globe. Mr David, who took over and grew the business from his father Julian, said: "Over the past 50 years, Luscombe has been defined by a passion for quality, craftsmanship and sustainability. When I took the reins, I wanted to build on my father’s legacy while creating something truly special. "Seeing Luscombe grow from a small farm-based operation to a multi-award-winning brand has been an incredible journey. Over the years, we have been honoured with Royal Warrants, more than 100 Great Taste Awards and received recognition for our commitment to organic farming and the environment. "It’s a privilege to see how far we have come and I couldn’t be prouder of the reputation we’ve built for exceptional soft drinks made with integrity and care." Scott Cooper, Luscombe’s newly appointed managing director, said the rebrand was a "natural evolution" of Luscombe’s story. "It captures the essence of what makes Luscombe special: our dedication to producing the highest quality soft drinks with a deep respect for nature and craftsmanship," he added. "It modernises our identity while ensuring that Luscombe remains instantly recognisable and trusted by our loyal customers. "As we look ahead, we’re focused on strengthening our position as a leader in the premium soft drinks market, expanding our reach and continuing to innovate while staying true to the values that have made Luscombe what it is today."

Potato chips giant McCain doubles profit to nearly £100m in just three years

The UK division of potato giant McCain Foods has seen its profits soar to nearly £100m in its most recent financial year. The North Yorkshire-based UK branch of the Canadian behemoth reported a pre-tax profit of £98.7m for the 12 months ending on 30 June, 2024, as reported by City AM. This figure, disclosed in new accounts submitted to Companies House, is an increase from the previous year's pre-tax profit of £77.3m. This latest total indicates that McCain has almost doubled its pre-tax profit since June 2021. The newly released results also reveal that the company's revenue leapt from £712.5m to £799.1m during the same period. While McCain's UK revenue increased from £692.4m to £781.1m over the year, sales in the rest of Europe fell from £18.6m to £15.6m. However, in other parts of the world, revenue rose from £1.5m to £2.2m. A statement approved by the board read: "The business had to manage multiple challenges across the supply chain impacting costs and supply." It added: "Farmers faced weather-related challenges throughout the season due to wet weather as well as increased pressure from rising input costs including fuel and fertilisers." Despite these obstacles, the statement noted that sales growth was positive in both retail and food service sectors, and the business continued to support long-term agricultural sustainability through higher contract pricing in line with indexation and supplementing high energy costs for storage growers. "The company continued to make significant investments throughout the year in both capital, including the renewal of the Scarborough facility, and the brand, including media advertising." On its future strategy, McCain commented: "As a brand leader, the company believes it can continue to stimulate growth in a planet-friendly way, through innovation, quality and service and continues to invest in capacity to support this growth." "The company has a crisis management plan in place to respond to risks, including Covid-19 and the Russia-Ukraine crisis." An interim dividend of £8m was addressed for the fiscal year ending 30 June, 2024, but the board has not proposed a final dividend.

Virgin Wines reports profit boost and eyes up £100m revenue by 2029

Virgin Wines has announced a rise in profit and new customer acquisitions, alongside a five-year growth strategy aimed at tripling its revenue to £100m by 2029. The firm also plans to initiate a share buyback programme to acquire up to 15% of its share capital, although it will not be introducing a dividend, as reported by City AM. The AIM-listed company reported this morning that its pre-tax profit increased by 20% to £1.3m in the six months ending December 27, with new customer acquisition growing by 29%. Earnings before interest, tax, depreciation and amortisation (EBITDA) at Virgin Wines remained steady at £1.6m. However, revenue saw a slight decrease from £34.3m in the first half of last year to £34.1m this year. Analysts at Panmure Liberum commented on the interim results: "Interims... contain no surprise and have delivered stable revenues, but the growth in new customers is the new news." They added: "If Virgin can grow the base the flywheel of profitability should kick in as the assets and infrastructure of the group get leveraged – this is certainly true of B2B sales and all eyes will be on the quality of the incremental customers the group start to acquire now." Cavendish analyst Nigel Parson stated: "The business is already picking up momentum after a period of consolidation helped by deep understanding of its target customer." "Surplus cash will be returned to shareholders through a share buyback programme... Investors with an eye for recovery stories should buy this 'en primeur' investment opportunity now, as we believe its share price could double or triple over this period." Virgin Wines has outlined its strategic growth blueprint concentrating on four core segments: customer acquisition, commercial partnerships, the Warehouse Wines scheme, and crafting a bespoke mobile application. The spirit of Warehouse Wines lies in its cost-effective approach that curates wines directly from the vineyards. Forecasting a bullish climb in revenue, they anticipate a leap to £100m within a five-year term. CEO Jay Wright commented on the development, saying: "This is an ambitious and transformational change in our business strategy and investment case, which we are excited to implement over the coming years."

Shein gets green light from City watchdog to float on London Stock Exchange

Fast fashion giant Shein has secured preliminary approval from the City's regulatory body to pursue a listing on the London Stock Exchange. In early 2023, there were reports that the retailer was preparing for a London listing valued at approximately $50bn, and last month, the Chinese-origin company confirmed its intentions to go public, as reported by City AM. Originally established in China in 2012, Shein is now headquartered in Singapore. According to Reuters, the Financial Conduct Authority (FCA) has recently given the nod to Shein's initial public offering prospectus. This endorsement by the FCA could represent the final green light required for the retailer's listing, although Chinese regulatory consent remains outstanding. Shein's latest financials indicate a nearly 40% drop in net profit for 2024, with earnings of $1bn last year, significantly trailing its forecasted $4.8bn. The potential listing of Shein has sparked debate, as the fast-fashion brand has come under fire for its environmental footprint and labour conditions. Earlier in the year, Shein faced harsh criticism from MPs and was accused of exhibiting behaviour "bordered on contempt" after a senior lawyer from the company repeatedly declined to respond to inquiries regarding its supply chain practices. Moreover, a human rights organisation has warned the FCA of possible legal action should it approve Shein's flotation amid concerns over the company's supply chain practices. The repercussions of Trump's 125 per cent tariff on Chinese imports could potentially cast a shadow over the proposed floatation of Shein. Bloomberg reported this week that China's Ministry of Commerce had advised the retail behemoth against diversifying its supply chains by sourcing from other countries.

UK economic growth forecasts slashed due to Donald Trump's tariffs

City forecasters have significantly reduced UK growth forecasts in light of President Donald Trump's tariffs, which are anticipated to inflict substantial harm on the global economy. European markets are experiencing a downturn today following the implementation of tariffs, indicating that economists and investors are bracing for profit losses, as reported by City AM. New research conducted by polling firm Consensus Economics and the Financial Times provides a sobering perspective, with an average of ten forecasters predicting that the UK will experience a sluggish growth rate of 0.8 per cent this year. This figure is two-thirds of what was previously projected. The Bank of England has predicted that the UK economy will grow by 0.75 per cent this year, while the Office for Budget Responsibility (OBR), the fiscal watchdog, anticipates a growth rate of one per cent. Both central forecasts were made prior to Trump's Rose Garden speech in which he announced a list of tariffs to be imposed on major economies as well as uninhabited islands. The US president's ten per cent tariff on all goods imports has unsettled analysts, who remain uncertain about its potential impact on UK inflation. While markets predict that interest rates could drop below four per cent by the end of the year, economists at Capital Economics suggest that the Bank of England may maintain its stance. "The uncertain influence on CPI inflation from the tariffs may mean the Bank can't conclude that the upside risks to inflation have faded," they remarked. "Moreover, the extra uncertainty caused by tariffs more generally may mean the Bank is more inclined to wait and see how things develop." A separate study conducted by the British Chambers of Commerce (BCC) highlighted how companies are grappling with increased costs resulting from national insurance tax hikes imposed by Chancellor Rachel Reeves. The survey, incorporating responses from over 5,000 businesses, found that merely a fifth of the surveyed firms expanded their workforce in Q1, while a similar number reported a workforce reduction.

Retail sales fall as 'trade tensions' and 'autumn budget' hit high street

Retail sales in the UK saw a decline in March, with expectations of further drops as low consumer confidence exacerbates a decade-long downturn in retail. According to the latest trading survey by the Confederation of British Industry (CBI), sales volumes "markedly" fell in the year to March, as reported by City AM. This represents the steepest drop since July of last year and marks six consecutive months of decline, including five straight months of double-digit decreases. "Firms across the retail and wholesale sectors reported that global trade tensions and the Autumn Budget are weighing on consumer and business confidence, which is leading to reduced demand," said Martin Sartorius, principal economist at the CBI. These disappointing results pose a challenge for Chancellor Rachel Reeves, who is set to present the Government's Spring Statement on March 26. Sartorius added: "Tomorrow's Spring Statement is likely to focus on the persistent challenges facing the UK economy, reinforcing the need for policies that boost businesses' confidence to invest." He suggested measures such as reforming business rates, backing the British Business Bank's Growth Guarantee Scheme, and adequately funding the Growth and Skills Levy could bolster business investment plans and propel the government's growth ambitions. The findings from the CBI align with a survey conducted by KPMG, which revealed that Britons plan to reduce spending on everyday items. The survey, which polled 3,000 consumers, also indicated an increasing number of people feeling financially insecure. Analysts at AJ Bell have pointed out the twelve-month low for FTSE350 retailers, citing concerns over weak consumer confidence and unfavourable weather conditions impacting revenue. They also noted that rising costs from national insurance contributions, wages, utilities, and raw materials could further erode profits. The Centre for Retail Research (CRR) suggests that these recent challenges are exacerbating an issue that originated with the financial crisis in 2008.

Morrisons sales jump days after announcing 365 staff face redundancy

Morrisons has announced a surge in sales to £4 billion in its latest quarter, just days after the supermarket revealed that hundreds of jobs are at risk. The grocery behemoth reported a 2.4% increase in sales for the quarter ending January 26 compared to the same period last year, while also raising its savings targets. The firm disclosed that it achieved £56 million in savings during this period and upped its long-term savings goal from £700 million to £1 billion. CEO Rami Baitieh acknowledged that Morrisons was operating in "a challenging environment" and that the revised savings target would "help us offset cost headwinds, invest for customers and remain competitive in a fast-changing market". Earlier this week, Morrisons declared that 365 jobs were under threat due to plans to shutter some of its cafes, convenience stores, florists and fresh food counters. The supermarket chain explained that the cost of running these services exceeded the revenue generated from customer spending. The planned closures will result in the shutdown of 52 cafes, all 18 market kitchens, 17 Morrisons Daily convenience stores, 13 florists, 35 meat counters, 35 fish counters and four pharmacies. According to Kantar's data, Morrisons is the UK's fifth largest supermarket and employs approximately 95,000 staff nationwide. Mr Baitieh praised the supermarket's swift advancement, attributing it to the dedication and customer-oriented approach of the staff across various sectors, saying: "has made exceptional progress in a very short time and that is entirely down to the hard work, positivity, talent and customer focus of the colleagues in our stores, in our food-making sites and in our operations across the country". This growth in sales has been achieved notwithstanding a significant cyber attack before Christmas, which continued to disrupt product availability well into January.

Bristol Hoteliers Association appoints new chair

Bristol Hoteliers Association has appointed a new chair. Adam Flint, general manager of the DoubleTree by Hilton Bristol City Centre, is taking over from Raphael Herzog who has been in the post for six years. Mr Flint will now oversee the non-profit organisation, which promotes the interests of the city's hotels. He said: “I am confident that, with the support from everyone, we will continue to run a fantastic organisation. My passion for hospitality and the industry continues to be stronger than ever, and this new role enhances this even more.” Mr Flint studied hotel and catering management at Manchester Metropolitan University, qualifying in 1999 and starting his career as a graduate manager with Marriott International, for whom he worked in a variety of roles for more than 18 years. He then moved to Hilton International, holding general manager roles and resulting in his current job. He said: “Our main focus for 2025 and beyond is to develop our ‘people strategy’, working with industry partners, colleges and learning and development organisations. “To that end, we will strive to support Bristol as a whole and be the lead in industry for our sector, via our social and charitable network, too." Mr Flint said 2025 posed "new challenges" for the sector, including rising costs such as wages, National Insurance and the price of goods. “The impact on profit margins remains and we must think differently and smarter to overcome these challenges," he added. "Our ability to work with key leaders within the city and surrounding areas allows us to voice and steer many things to the good of the industry. "In terms of the city, changes and developments will continue and it is so important that the BHA remains involved and supportive across the board.” Mr Herzog said he was proud of representing the association and the wider hospitality sector during the Covid pandemic. “During my tenure, I saw a big difference in the sector in terms of pressure on costs for employers," he said. "Mental wellbeing is so much more on the agenda today, as is the need for the hospitality sector to offer a better work-life balance. “I am confident Adam will ensure the BHA continues to represent our industry well and be a voice in the city; we need to continue to promote our sector to younger people."

Tesco, M&S and Sainsbury's shares drop amid FTSE 100 rally after 'trolley wars' warning

The UK's leading publicly traded supermarkets failed to enjoy a post-crisis FTSE 100 surge this morning, as Tesco's annual results ignited concerns of escalating 'trolley wars' within the industry. The FTSE 100 index climbed over six per cent as investors exhaled in relief following the suspension of Trump's 'reciprocal' tariffs last night, as reported by City AM. However, shares in Tesco, Marks and Spencer, and Sainsbury's dropped by seven per cent, three per cent, and five per cent respectively. This sell-off was triggered by Tesco's annual financial report. The country's largest supermarket cautioned that its profit would be impacted by "a further increase in the competitive intensity of the UK market". The retail giant anticipates group adjusted operating profit to range between £2.7bn and £3bn next year, a decrease from £3.13bn for the 2024/25 fiscal year. Edison Group analyst Russell Pointon commented on the situation: "The seven‐month stock low [in Tesco's share price], driven by aggressive pricing tactics from rivals like Asda and Aldi, reveals market nervousness amid ongoing pressures,". Earlier this year, Asda's new chief Allan Leighton spoke of the 'war chest' at Asda's disposal to slash prices and reclaim its competitive edge in the market. This sparked rumours that Asda is set to disrupt the market with a series of price reductions. "Tesco and Sainsbury's have certainly been major beneficiaries of market share from Asda over the last couple of years... While Tesco has the greater overlaps with Asda given its national presence, we think any pain from a resurgent Asda will be shared across the industry," stated analysts at Jeffries. However, there is scepticism among analysts about Asda's capacity to deliver on the scale of cuts it has pledged. "Much of the industry's dynamics will be determined by Asda's ability to improve volume growth over the next three to six months. Google Trends and Kantar data show limited evidence of this to date." "Until [evidence of volume growth] arrives, we expect sector valuations to remain pressured," added the Jeffries analysts. Aarin Chiekrie, an equity analyst at Hargreaves Lansdown, commented: "Fears of a price war that could squeeze profitability have weighed on sentiment across the sector recently, but it hasn't materialised yet."

Primark boss steps down after 'behaviour towards woman'

The boss of Primark has resigned after an allegation over his behaviour towards a woman “in a social environment”. Primark’s parent firm, Associated British Foods (ABF), said Paul Marchant has stepped down as chief executive of the high street fashion brand with immediate effect following an investigation into the incident. The company said Mr Marchant co-operated with the investigation, “acknowledged his error of judgment and accepts that his actions fell below the standards expected by ABF”. “He has made an apology to the individual concerned, the ABF Board and also to his Primark colleagues and others connected to the business,” it added. ABF stressed that it will continue to offer support to the individual who brought the incident to its attention. George Weston, chief executive of Primark parent firm Associated British Foods, said: “I am immensely disappointed. “At ABF, we believe that high standards of integrity are essential. Acting responsibly is the only way to build and manage a business over the long-term.

Co-op profit rockets ahead of supermarket 'trolley wars' as it reveals membership surge

The Co-op has announced a significant surge in profit for 2024, just as the grocery sector braces for potential 'trolley wars.' The Manchester headquartered group's revenue remained largely steady year on year, with a slight increase of 0.2 per cent to £11.3bn, while its underlying profit saw a substantial rise of 35 per cent to £131m, as reported by City AM. Operating profit more than doubled from £66m to £151m, and profit before tax experienced an almost six-fold increase from £28m to £161m. The Co-op attributed this profit boost to increased operating profits and improved returns on Funeralcare plan investments. The Co-op operates across various sectors including food retail through convenience stores, wholesale via Nisa, funeral care, legal services, and insurance. The number of active Co-op members, who collectively own the business, grew by 22 per cent to 6.2m, up from 5.1m in 2023, and is "on track" to reach 8m by 2030. Co-op chair Debbie White said: "These results show that our strategy on delivering for our member owners whilst also delivering long term financial and operational progress is working." She added: "I'm particularly delighted we have increased our active membership by 22 per cent. "We continue to focus on long term profitable growth, creating more value for all our member owners and the communities they live in," White further stated. Last month, the Co-op invested over £70m to match Aldi's prices on 100 everyday essentials for its members. Co-op, the UK's seventh-largest supermarket as per Kantar data, has not seen an increase in market share in recent years. It took 5.3 percent of the market in the 12 weeks to March 24, 2025, down 0.1 per cent year on year, according to Kantar. But it has been growing in the convenience space - its share of the quick-food market has grown 0.6 per cent year on year, according to Circana. The retailer's strategy to slash prices is aimed at drawing cost-conscious customers amid a challenging economic climate where brand loyalty is low. Yet, with major supermarkets, including a rejuvenated Asda management, prepped to cut prices, industry analysts are cautioning that intense competition, or 'trolley wars,' may soon intensify within the grocery market. Co-op CEO Shirine Khoury-Haq expressed optimism despite the tough times: "While broader economic challenges remain, our businesses are delivering strongly against the market and I'm proud that we continue to provide support to our colleagues, members, and their communities through the continued cost of living challenges they face."

Julian Charles rescued from brink of collapse after 'suffering economic headwinds'

Luxury bedding and homewares company Julian Charles has been saved from administration following challenges with declining sales and rising taxes. Headquartered in Manchester, the firm's business and assets have now been acquired by Great Bedding Co Ltd in a transaction that ensures the continuation of 230 jobs out of its 251-strong workforce, securing over 25 trading sites in addition to various concession locations, as reported by City AM. Marco Piacquadio and Alan Coleman from FTS Recovery were appointed as administrators to facilitate the sale. Official records at Companies House show that the entity behind Julian Charles was in arrears of nearly £3.5 million upon entering administration. Established in Lancashire in 1947, Julian Charles boasts a network of 70 outlets within the UK, which includes 41 stand-alone shops alongside concessions such as those within Boundary Mill and assorted garden centres. Prior to this development, SKG Capital had been the proprietor of the brand since June 2020. City AM reported earlier in January 2024 that Julian Charles had registered a pre-tax loss of £978,580 for the annual period ending on 30 April 2023, which was a noticeable decline from a previously reported profit of £288,225. Despite the setbacks, the business saw a marginal turnover increase from £17.3 million to £17.6 million during the same fiscal year. At the conclusion of that financial year, the brand maintained operations across 73 trading sites, encompassing both stores and concessions. In a statement addressing the rescue, FTS Recovery mentioned: "In recent years the company has suffered a number of economic headwinds which have resulted in cash-flow difficulties and left it unable to meet all its current liabilities. "Besides a significant drop in turnover, the company is acutely aware of the impact of the escalating tax burden, particularly those announced in last October's budget, which directly affects its bottom line due to rising employment costs." Julian Charles faced a 'devastating combination of rising costs and declining consumer confidence.' Marco Piacquadio, director at FTS Recovery, commented: "As is typical when parachuted in, we were focused on seeking to rescue as many elements of the business as possible, always keeping the position of the employees, consumers and other creditors and stakeholders at the forefront of our minds." "This was a relatively complex transaction with significant scale and the ability to move quickly was key." "I am grateful to have achieved a really pleasing result given the circumstances and we wish the new owners and remaining staff and stakeholders the very best going forward." "I would also like to extend my gratitude to the wider professional advisers who assisted with the transaction." "Our legal team was spearheaded by Hayley Phelps of HCR Law, with substantial additional input required from HCR's property team given the number of sites involved." "Thanks also go to John Pye Auctioneers and Valuers, who conducted an extensive marketing process under the provisions of SIP 16, led by Gary Harper and his team."

Hotel chain Britannia – named worst by Which? for more than a decade – sees profits fall

A hotel chain that was named the UK's worst by Which? for more than a decade has reported a fall in profits over the last financial year. Britannia Hotels owns more than 60 hotels across the country, with its portfolio including Liverpool’s Adelphi, the Roundhouse in Bournemouth, Grand Hotel Llandudno and Bromsgrove Hotel & Spa. In a newly filed set of accounts on Companies House, the business reported a drop in pre-tax profits to £31.3m from £39.3m the year previously. However, turnover for the financial year ended March 30, 2024, rose to £164m - up from £154m in 2023. The company said the increase represented a “credible performance” during a period of difficult trading. “The hotels have managed to maintain their competitive edge through the economic downturn and continue to take steps designed to attract new business and improve market share going forward,” the statement on Companies House said. “The directors remain confident that the company is in a good position to meet the challenges and opportunities of the future.” The report stated that no dividends would be distributed for the financial year. The company, which employed 2,452 over the period, said it had “taken into account” the future economic uncertainty posed by events in Europe and beyond for the next financial year and at least 12 months from the date of approval of the filed statement. Last year, Britannia Hotels was named the worst chain in the UK for the 11th year in a row. The chain received just two stars for cleanliness and one star for the quality of its bedrooms and bathrooms. Britannia said at the time it had “investigated and addressed” the issues. Britannia Hotels was founded by Alex Langsam in 1976 with the purchase of the Britannia Country House Hotel in Didsbury, Manchester. He remains the group’s largest shareholder. Britannia Hotels also has many Government contracts to house asylum seekers in its hotels, with some media outlets calling Mr Langsam an "asylum king".

Popular Japanese restaurant in Bristol to reopen

A Bristol sushi restaurant is set to open a new branch in the city this weekend. Niji, which previously had a site in the Galleries in Broadmead, has moved to the ground floor of Union Gate, at the corner of Union Street. The restaurant plans to open with a soft launch on Saturday (March 29), while upgrades are still underway at the new site. The eatery will operate for four days a week on limited hours, although later than its previous location at the top of the Galleries. The restaurant will be open from Thursday to Sunday, between 12pm and 9pm, except on Sundays when it will close an hour earlier. Due to the restricted operating hours initially, the owners advise customers to reserve tables in advance. A spokesperson from Niji said: "We are opening this Saturday. It will be a soft opening and limited business hours for now as upgrades are still in progress." On its Instagram page, Niji further urged: "Please make a reservation via our website as far as possible." They also expressed gratitude for the patience and support received over the past few months. The restaurant has unveiled its new menu, which will be available from the soft launch onwards. It offers a variety of sushi and fish options, poke bowls, curry rice, noodles and gyozas. The location has previously housed The Mana House, Atomic Diner, Steam and Bella Pizza. The Japanese eatery had garnered positive reviews, boasting a 4.9 out of five-star rating on Google prior to its closure from the shopping centre due to the impending demolition of the Galleries.

Exeter Airport launches new flight route to Amsterdam

Exeter Airport has launched direct daily flights to Amsterdam with KLM Royal Dutch Airlines. It means travellers from the South West now have a direct link to Amsterdam Airport Schiphol with onward connections to over 160 destinations worldwide. Stephen Wiltshire, managing director of Exeter Airport, said the new route was "a game-changer" for connectivity in the South West. "We are thrilled to see KLM’s new service take off, giving both leisure and business travellers access to the world from their local airport," he said. "At the same time, the route is opening up our region to more international visitors, supporting the local economy and tourism industry. The strong demand we’ve already seen demonstrates how much this route was needed, and we look forward to welcoming even more passengers on board.” Flights operate daily, with departures from Exeter to Amsterdam at 17:20 local time. Inbound flights leave Amsterdam at 16:15 local time. The service is operated by KLM Cityhopper, using an 88-seat Embraer 175 regional jet, offering economy and business class options, as well as premium comfort on long-haul connecting flights. Jerome Salemi, general manager for UK & Ireland at Air France-KLM, added: "The response to this new route has been fantastic, and we are delighted to be bringing KLM’s world-class service to Exeter. With Amsterdam Airport Schiphol as a gateway, passengers have access to a vast network of destinations. "Equally, we are excited to see strong inbound interest, highlighting the international appeal of the South West. "After the Netherlands, the top source markets for bookings include Germany, Italy, Belgium, the United States, Switzerland, Norway, Australia, Finland, and France.” This is the first time in almost five years that Exeter Airport has offered direct flights to Amsterdam, and the first time KLM has flown from Exeter.

Hundreds of barbershops targeted by police in crime crackdown

Hundreds of barbershops have been targeted by police in a three-week crackdown on money laundering and modern slavery, the National Crime Agency (NCA) said. The NCA-co-ordinated operation saw police and other law enforcement officers visit 265 cash-intensive premises across England and Wales, including nail salons and vape shops, with 10 shops shut down and further closures expected. Operation Machinize targeted the venues in an effort to tackle “high street crime” and prevent criminal gangs from using cash-intensive businesses to conceal the proceeds of crime, according to the NCA. The law enforcement agency said the crackdown resulted in 35 arrests, and 97 individuals suspected to be victims of modern slavery were placed under police protection. “We know cash-intensive businesses are used as fronts for money laundering, facilitating some of the highest harm and highest impact offending in the UK,” said Rachael Herbert, deputy director of the National Economic Crime Centre at the NCA. “We have seen links to drug trafficking and distribution, organised immigration crime, modern slavery and human trafficking, firearms, and the sale of illicit tobacco and vapes. “Operation Machinize targeted barbershops and other high street businesses being used as cover for a whole range of criminality, all across the country.” During the course of the operation, which involved 19 different police forces and regional organised crime units, officers secured freezing orders over bank accounts totalling more than £1 million. They also seized more than £40,000 in cash, some 200,000 cigarettes, 7,000 packs of tobacco, and more than 8,000 illegal vapes, the NCA said. Officers also found two cannabis farms containing a total of 150 plants. The NCA estimates that £12 billion of criminal cash is generated in the UK each year. The agency said in a statement: “Cash-intensive businesses such as barbershops, vape shops, nail bars, American-themed sweet shops and car washes are often used by criminals to conceal the origins of illicit cash. Crime gangs use them to enter cash into the financial system, mixing legitimate funds with criminal profits to hinder subsequent law enforcement investigations. “They are known to buy such businesses using the proceeds of crime, which provides them with a legitimate income and opportunities for money laundering.” Security minister Dan Jarvis said: “High street crime undermines our security, our borders, and the confidence of our communities, and I am determined to take the decisive action necessary to bring those responsible to justice. “This successful NCA-led operation highlights the scale and complexity of the criminality our towns and cities face and demonstrates our collective determination to make our streets safer, a key pillar of this Government’s plan for change.

B&Q owner Kingfisher faces sales dip amid tough French consumer market but remains optimistic

Kingfisher, the parent company of B&Q and Screwfix, has announced a decline in sales, largely driven by a weak consumer market in France. The company reported a 1.5 per cent drop in sales to £12.78bn for the year ending January 31, as reported by City AM. This decrease was primarily due to a 6.2 per cent fall in sales in France, while the UK and Poland remained steady. The operating profit of the B&Q owner fell by 29.7 per cent to £407m, and pre-tax profit saw a decrease of 35.4 per cent to £307m. Basic earnings per share nearly halved from 18.2p to 10.1p, with the company's total dividend remaining unchanged at 12.4p. Despite making cost savings of £120m during the year, Kingfisher faces an annual cost inflation of £90m. This is due to the combined impact of higher wages, increased employers national insurance contributions and their French equivalent, as well as the UK government's packaging fees regulations (the Extended Producer Responsibility scheme). Despite these challenges, Chief Executive Thierry Garnier remains optimistic, stating that the company is "in its best operational shape for years." He added: "For the first time in over six years, we grew our market share in all key regions." He also noted that the company delivered profit and free cash flow in line with or ahead of initial guidance, demonstrating strong delivery against strategic objectives. Kingfisher has reported that 'big-ticket' categories finally saw sales growth in the fourth quarter in both the UK and Poland, after years of Brits avoiding home renovations. Wickes echoed this trend in its annual results. "Looking to the year ahead, the recent government budgets in the UK and France have raised costs for retailers and impacted consumer sentiment in the near term.

Supermarket price wars escalate as Tesco leads amid rising grocery costs

The latest data from market research firm Kantar reveals that despite discounts on everyday items, grocery prices were pushed up in March due to higher prices for premium products. Grocery price inflation saw a slight increase to 3.5 per cent over the four weeks to March 23 compared with the same period last year, as reported by City AM. Fraser McKevitt, head of retail and consumer insight at Kantar, noted: "With prices continuing to rise, supermarkets are mindful of the need to invest to attract shoppers through their doors." He added that promotional sales increased this month to 28.2 per cent of total grocery spending, marking the highest level seen in March for four years. According to Kantar, prices rose fastest for chocolate confectionery, spreads and chilled smoothies, while pet food and household paper products saw the most significant price drops. Some of these changes can be attributed to external environmental factors, such as a global cocoa shortage caused by high temperatures and diseases in cocoa-producing regions, which has led to rising chocolate prices. Research by Which? indicates that popular Easter eggs from big-name brands have seen price increases of up to 50 per cent, with some also decreasing in size. McKevitt further commented: "The rising cost of groceries ranks third on the list of concerns keeping consumers awake at night, just behind energy bills and the country's overall economic outlook." He pointed out that although the number of people reported as financially struggling has fallen from its recent peak, it still accounts for almost a quarter of the country. Financial instability may be a contributing factor to the increased savings observed among UK households, as indicated by ONS data. The saving ratio, which represents the proportion of disposable income that individuals opt to save, rose to 12 per cent in Q4, marking an increase from 8.3 per cent during the same period last year. Tesco continues to dominate the grocery market, with its market share expanding to 27.9 per cent in the 12 weeks leading up to March 23, as reported by Kantar. As the second largest employer in the country, following the NHS, Tesco has solidified its position as the leading grocer in the UK over the past decade. Discount retailers have also seen growth, with Aldi's market share increasing by 0.3 percentage points to 11 per cent year on year, and Lidl's rising by 0.4 percentage points to 9.1 per cent. Sainsbury's market share experienced a slight increase of 0.1 per cent, reaching 15.2 per cent. The success of these grocers can be partially attributed to the struggles faced by Asda, which saw its market share decline by 1.1 percentage points year on year. However, the supermarket landscape is set for a shake-up, as Asda's returning chair Allen Leighton recently revealed his recovery plan and 'war chest' for investing in price reductions. Susannah Streeter, head of money and markets at Hargreaves Lansdown, warned of potential "Trolley wars threaten to break out in the supermarket sector," in the supermarket sector. She noted that the supermarket chain is discontinuing non-essential services and reducing its convenience footprint in preparation for cost-cutting measures from competitors.

New hope for Liverpool's landmark George Henry Lee building as owner vows to safeguard 'strategic asset'

Liverpool's landmark George Henry Lee building could be set for a new lease of life as a new owner has taken on the site vowing to safeguard its future. Concerns arose in 2024 that a £25m scheme to rejuvenate the former department store in Liverpool city centre might fall through after the company behind the plans hit financial troubles. In October 2023, Landlab Developments Ltd obtained planning consent from Liverpool City Council to repurpose the Basnett Street site into a 175-room hotel and casino. A design and access statement for the planning application noted that although the site was once a "very grand" department store, the interior of the building was in poor condition. The statement detailed how the site had undergone what it termed "a number of ad-hoc alterations, piecemeal demolitions and extensions here and there." Additional features proposed for the hotel included a games bar, sports bar, karaoke booths, cinema screens and a gym, spread over nine floors. Expectations were high that the firm would deliver the venue, with 200 jobs set to be supported during the construction phase. However, Landlab entered receivership in May, putting the renovation plans at risk, reports the Liverpool Echo. May 2024 saw the insolvency specialists Antony Batty and Company stepping in as the official receiver for Landlab. The receivership ended in December when AssetStone, a London-based lender, stepped in to rescue the firm, assuming control of its assets, including the leasehold of the iconic former George Henry Lee building. AssetStone is now asset managing the building, as it works on plans for its future AssetStone's CEO, Richard Symonds, said: "I can confirm that AIEF AssetStone took control of the property after we became mortgagee in possession in December 2024. We are actively asset managing the building as we recognise its importance to Liverpool city from both a heritage perspective and as a strategic asset key to building a sustainable future for the city centre and we are working closely with the city on this project so as to avoid any further failed proposals in such an important location." George Henry Lee opened his shop in Basnett Street in 1853 and the small store grew into one of the top department stores in the North, with its own landmark home, It was bought by John Lewis in 1940. In the 1960s, it joined forces with its neighbouring store, Bon Marche, extending to Church Street. It was rebranded as John Lewis in 2002, and six years later the store moved to Liverpool ONE. The former Bon Marche premises was taken over by TK Maxx, while the original section of the George Henry Lee building was occupied by Rapid Hardware - which itself closed in 2017. AssetStone is currently formulating plans for the future of the building. The company told the ECHO that a shoe store will be the first new tenant on the ground floor, with an announcement regarding the opening date to follow in due course.

Evoke shares plummet as William Hill owner's losses triple on restructuring costs

Evoke shares plummeted by 17.3 per cent to 59.05p on Wednesday following the William Hill owner's announcement of an annual loss totalling £191.4m, a figure that significantly expanded from the previous year's figures, nearly tripling the loss reported for 2023 due to escalating restructuring and financial costs. Despite a revenue boost of three per cent reaching £1.75bn, and an uptick in adjusted EBITDA by four per cent, exceptional costs, particularly those linked to its withdrawal from the US customer market, pushed the group further into losses, as reported by City AM. The betting conglomerate cautioned that revenue growth for the first quarter would likely hover in the low single digits, not meeting its full-year goal of five to nine per cent. It pointed to strengthened responsible gambling regulations and diminished promotional impact as key reasons for this subdued increase. On a brighter note, Evoke has projected an adjusted EBITDA rise of £18-28m in the first fiscal quarter as a consequence of stringent cost control measures. Amidst adapting to regulatory cost inflations from employer national insurance and national living wage increases, Evoke disclosed plans to save an extra £25m for the current year as part of its strategic overhaul. Per Wilderström, the CEO, characterised 2024 as a "pivotal year" given the headway made in sustaining revenue growth against the backdrop of looming hurdles. He emphasized the necessity of honing new operational strategies and the reliance on a revitalized, dedicated leadership team to enact them, admitting: "We are under no illusions: this is a complete reset of this business." Despite the decline in share price, analysts at Peel Hunt pointed out that while first quarter revenue fell short of expectations, "EBITDA continues to make progress... comfortably on track of our FY25 forecast of £359m."

B&Q parent firm's CEO sees pay slashed by almost £4m amid profit hit

Thierry Garnier, the chief executive of Kingfisher, the group that owns B&Q and Screwfix, saw his pay cut by nearly £4m as the company's sales and profits suffered a significant blow in its latest financial year. Garnier received almost £2.3m for the 12 months ending 31 January, 2025, a decrease from the nearly £6m he earned the previous year, as reported by City AM. His pay package did not include the near-£4m 'delivering value incentive' bonus he was awarded the year before. However, his base salary rose from £875,500 to £911,900, and his annual bonus increased from £364,900 to £804,900. He also received £404,200 through a performance share plan. Last year, City AM reported that the bonuses of the CEO and CFO of B&Q's parent company were also reduced after Kingfisher's profit dropped by almost 40 per cent in its previous 12 months. The annual report follows a decline in sales for the parent company of B&Q and Screwfix for the year ending 31 January, 2025. Kingfisher reported a 1.5 per cent drop in sales to £12.78bn, largely due to a 6.2 per cent decrease in sales in France, while the UK and Poland remained stable. Operating profit at B&Q's parent company also fell 29.7 per cent to £407m, and its pre-tax profit was reduced by 35.4 per cent to £307m.

Clintons returns to profit with £8m after major store closures and cutting 300 jobs

Clintons has made a triumphant return to profitability after further store closures and the reduction of over 300 jobs. The renowned card retailer, which was acquired by Pillarbox Designs in March 2024, recorded a pre-tax profit of £8 million for the year ending 29 June, 2024, as highlighted in the latest accounts submitted to Companies House, as reported by City AM. This result marks a notable turnaround from Clintons' previous pre-tax loss of £5.3 million in the preceding 12 months and its substantial pre-tax loss of £16.9 million reported for the year concluding in November 2020. During the reported year, Clintons decreased its workforce from 1,757 to 1,415 employees as it continued to streamline its portfolio, cutting down the number of stores to around 170. The company's turnover also reduced, going from £96.5 million to £82.6 million. The Clintons board released a statement asserting: "Sales totalled £82.6m for the period and the directors feel this is a satisfactory performance, given the circumstances." Further detailing their strategy, the statement read: "The company has continued to close loss-making stores and the portfolio of retail stores is now down to approximately 170 stores." Tackling ongoing commercial challenges, the board noted: "Sales growth continues to be a challenge and the location of stores remains key to achieving this." Citing challenging high street conditions, they added: "The high street continues to be unpredictable and the company is seeing reduced footfall in the stores year on year." Looking ahead with a strategic focus, the statement concluded: "The company continues to monitor performance of the existing estate and to close the poor performing stores, which whilst impacting on turnover should improve profitability moving forwards." Clintons commented on their financial strategy, stating: "During the year the company entered into a restructuring plan that removed certain liabilities and reduced the level of business rates paid to March 2024." They noted the positive outcome of this move: "This had a significant impact on the profitability levels of the company for the year." The retailer also highlighted ongoing challenges: "Like many other retailers, the company continues to face significant cost pressure on wages given the increases in the national minimum wage."

Greggs 'in rude health' as its targets 3,500 shops and new locations

Newcastle bakery favourite Greggs is far from “peak Greggs” with plans to expand into new locations amid its current target of 3,500 stores, a senior director has declared. The Tyneside food-on-the-go champion currently opens four shops every week, and last month topped annual revenues of more than £2bn for the first time ever, a result which led to it sharing a £20.5m bonus amongst staff. However, analysts noted a slowdown in volume growth since the fourth quarter, with some fearing the popular brand may have already peaked. Now, CFO Richard Hutton has told how Greggs still has much more to give. He said: “We are a long, long way from peak Greggs I can assure you. Fundamentally it’s the strength of the brand and the under penetration in the market. Greggs is one of the strongest brands not just in the UK but when ranked against international brands as well, and that’s a huge asset. “It’s in rude health and there’s so much more we can go at, in terms of the penetration across the UK, entering these new locations which are new to us but not new to the market, and also into new food and drink areas. Greggs is always looking to bring good value food and drink to more people. We effectively copy food trends so we never run out of ideas and are always looking for what the next thing is. "As human beings we always want new, interesting stuff and Greggs is here to make that affordable. We are excited about different times of day, different channels and more interesting food. There is much more great stuff in the pipeline so watch this space.” Mr Hutton, who also champions Greggs’ community initiatives and is a Trustee of the Greggs Foundation, said four shops every week are opened by the company’s but that it is not in danger of seeing its new shops start to cannibalise old shops. He said: “The reason we feel confident that is not the case in this next phase is that the areas we are expanding into are locations where we are very under penetrated at the moment. The shop opening pipeline is typically areas which are maybe roadside, retail parks, supermarkets and transport locations – often areas you will access by car rather than by foot, like the traditional estate in towns and cities. “This is a very different occasion we are targeting, which is not neglecting the legacy estate which we have kept healthy by relocation activity. The growth is coming from a part of the market we are very poorly represented and is attractive in terms of the return profile too. Wrapped together, the Greggs offer, with geographical and location specific penetration opportunities, is very clear.” His comments came in an interview with Panmure Liberum analyst Ben Hunt, who quizzed the Greggs executive on the firm’s strategies to grow evening trading and deliveries through JustEat and Uber Eats, the strength of Greggs’ balance sheet to withstand any future scenarios similar to Covid, and its recent capital expenditure programs to aid the firm’s expansion to 3,500 shops. The business initially extended its opening hours across a number of shops two years ago, and it has since flexed evening trading times, while also diversifying to offer new hot food products, including pizzas, chicken goujons and made-to-order food, which have also proved popular at lunchtimes. Mr Hutton said Greggs will see growth in both evening trade and its deliveries, and while he admitted he was a little disappointed with the initial speed of growth, he said Greggs is now in a phase of steady profitable growth and doesn’t expect it to happen at a rapid pace. He said: “I do have a lot of faith that Greggs can continue to grow across the day and the one ‘day part’ which is massively under represented is the evening. Because we came from the bakery sector we have been known for initially lunchtime and latterly breakfast trade and have a real strength in those areas. “But we are hugely under represented in the evening market. As a brand, Greggs has 8% market share in food-to-go and post 4 pm it’s 1.7%. That’s not to say that it can necessarily get to the same level as a whole, but I have to believe it can rise from where it is.

Welsh Heather Honey gets protected geographical status

Welsh Heather Honey has become the first honey in the UK to receive the coveted Protected Geographical Indication (PGI) status, a legal designation that protects food and drink products from imitation and misuse. As a result, Welsh Heather Honey has joined the burgeoning family of food and drink products from Wales that, by virtue of their unique characteristics and location, receive protection under the UK Geographical Indication Scheme. Some 24 Welsh food and drink products that enjoy PGI status, including Welsh Lamb, Welsh Beef, Carmarthenshire Ham, Traditional Welsh Caerffilli, and Traditional Welsh Cider. Wales’ Deputy First Minister, Huw Irranca-Davies, who has responsibility for climate change and rural affairs, said: “This recognition strengthens Wales’ growing family of protected foods, showcases the extraordinary quality of our produce, and reflects our commitment to high-quality, sustainable food production. The application for PGI status was made to the UK’s Department for Environment, Food and Rural Affairs by the members of the 15-strong Food & Drink Wales Honey Cluster, who sought to protect Welsh Heather Honey’s unique attributes and thereby the livelihoods of the beekeepers whose bees produce the honey. The Food & Drink Wales Honey Cluster is part of the Welsh Government Cluster Programme, which brings together food and drink businesses, suppliers, academia and government with the objective of helping businesses collaborate to achieve accelerated growth in sales, profit and improved productivity. North Wales beekeeper Alex Ellis, of Border Honey, said: “Achieving PGI status for Welsh Heather Honey will help producers because it will demonstrate to the public that it is a special and unique product that can only be produced in Wales. Consumers can have confidence that when they choose Welsh Heather Honey, they are getting the real thing.” Gruffydd Rees, of Gwenyn Gruffydd Ltd in Carmarthenshire, said: “I am delighted that Welsh Heather Honey’s precise origin and characteristics have been recognised. “The UK GI application process is long, and it is wonderful that Wales is the first UK nation to have a honey receive PGI status.” Dawn Wainwright, of Aberystwyth-based Wainwright’s Bee Farm, said: “Heather (Calluna vulgaris) blossoms abundantly across the Welsh mountain uplands during late summer. “The bees gather a small harvest of a distinctive aromatic honey from the ling heather flowers with unique characteristics. The chemistry of the heather flower nectar gives the honey a protein content which produces a thixotropic or gel-like texture with crunchy crystals suspended throughout.

Unilever snaps up eco-friendly deodorant brand as it seeks to boost beauty business

Unilever has officially announced its acquisition of refillable deodorant brand Wild, as part of its strategy to expand its footprint in the premium beauty and self-care market. The financial details of the transaction were not disclosed, but it is estimated that the deal values Wild at £230m, as reported by City AM. Wild was launched in 2019 by business partners Charlie Bowes-Lyon and Freddy Ward and experienced significant growth during the Covid-19 pandemic, achieving its first profitable year in 2023. "Joining Unilever marks an exciting new chapter for Wild," said co-founder Charlie Bowes-Lyon. He added: "Our mission to remove single-use plastic from the bathroom with desirable, innovative personal care products will be hugely strengthened by leveraging Unilever's expertise, scale and reach to further grow the brand and bring our vision to more consumers." Bowes-Lyon told The Times that he hopes Unilever can assist Wild in moving some production, particularly its aluminium casings, from China to Unilever-owned factories in America. The purchase of Wild aligns with Unilever's Growth Action Plan 2030, which aims to optimise its portfolio towards "premium and high growth spaces," according to the company. In March, new CEO Fernando Fernandez identified approximately €1bn (£840m) worth of brands in its Foods Europe division that "don't fit well" with the company's portfolio. "[Wild is] a perfect complement to our Personal Care portfolio," stated Fabian Garcia, president of Unilever Personal Care. Wild has primarily utilised digital advertising channels such as Instagram and TikTok to market its products. However, the news of Wild's acquisition has elicited mixed reactions from creators on these platforms. For instance, some Instagram creators have begun suggesting alternatives to Wild for consumers who prefer supporting smaller-scale brands. There are also apprehensions that Wild's environmental credentials may diminish, with many citing Unilever's history of plastic production. Dove, one of Unilever's brands, was criticised by Greenpeace last year for its use of plastic sachets, leading activists to blockade the entrance to Unilever's headquarters on 5th September.

Ryan Giggs' restaurant closed owing nearly half a million pounds

The restaurant owned by former Manchester United star Ryan Giggs, George's Dining Room and Bar in Worsley, Manchester, was confirmed to have an estimated deficiency of just over £478,000 to its creditors when it collapsed. The business behind the restaurant, which Giggs opened with friends Kelvin Gregory and Bernie Taylor in 2014, was placed into voluntary liquidation in February, as reported by City AM. A document recently filed with Companies House revealed that the company owed £389,454 to ordinary unsecured creditors, including HMRC and a Covid-era Bounce Back Loan. Other creditors include Natwest, British Gas and Carlsberg Marton's Brewing Company. Giggs himself is owed almost £100,000, Bernie Taylor nearly £13,000 and Kelvin Gregory more than £53,000. In early 2025, City AM reported further losses at the Stock Exchange Hotel in Manchester, co-owned by Giggs and Gary Neville, following the closure of Tom Kerridge's restaurant. The hotel reported a pre-tax loss of £2.5m for 2023, following a loss of £1.8m in the previous year. Revenue also dropped from £5.1m to £3.9m during this period. Tom Kerridge's Bull & Bear restaurant at the hotel closed its doors at the end of 2022 and its successor also ceased operations in July 2023 after only four months. Earlier, City AM had reported that another Manchester hotel owned by the same pair, Hotel Football, continued to operate at a loss despite recording a banner year.

Michael Kors to cut prices as sales suffer huge hit amid cost-of-living crisis

The UK subsidiary of the esteemed fashion label Michael Kors has disclosed its intentions to reduce prices following a considerable decline in sales. During the year ending 30 March, 2025, the division's revenue plummeted by 20 percent. This drop occurred amidst widespread store closures and as a consequence of the cost-of-living crisis, as reported by City AM. Michael Kors notably shuttered outlets in Newcastle, Milton Keynes, and Manchester, along with a concession in Harvey Nichols, London. Furthermore, the company announced an expected reduction in prices "in the foreseeable future" aiming to align more appropriately with consumer demands and to strategically address competition in the market. This information was incorporated into the financial accounts of Michael Kors for the fiscal year up to 30 March, 2024, which were submitted belatedly to Companies House. According to the recently filed accounts, the company saw a decrease in turnover from £77.1 million to £70.8 million over one year. However, its pre-tax profit surged from £40.4 million to £66.1 million within the same timeframe. In reference to that fiscal year, the company observed: "The overall result of the period reflects sustainability of the global 'Michael Kors' brand, where despite the level of competition and the current challenges in the economic environment affecting the UK retail sector, Michael Kors continues to be a profitable business." Michael Kors is part of Capri Holdings which also encompasses luxury brands Versace and Jimmy Choo. In August 2023, the conglomerate was snapped up by Tapestry, the American fashion powerhouse behind high-end brands such as Coach and Kate Spade, in a deal worth $8.5bn (£6.6bn). Fast forward to December 2024, Versace's UK division reported a year-on-year turnover of £19.1m for the 12 months ending 31 March 2024, marking a decrease from the previous £23.8m. Simultaneously, its pre-tax profit also took a hit, dwindling from £314,862 to a mere £112,895.

Welsh retailers report a big fall in shopping numbers

The Welsh retail sector has reported a significant dip in footfall. Latest research from the Welsh Retail Consortium shows that footfall into stores on the high street, shopping centres and retail in March was down 8.3% on a year-on-year basis. The decline on March last year was the third highest of the nations and regions of the UK, behind Northern Ireland, down 9%, and the south west, down 9.8%. Scotland experienced a 6.6% fall and England 4.9%. All parts of the UK experienced year-on-year falls with the shallowest in London, down 1.2%. In March shopping centres in Wales experienced a 13.1% year-on-year fall, while for retail parks it was down 1.9%. An analysis of the UK’s core cities shows that year-on-year footfall in Cardiff declined by 10.8%, which was only higher in Bristol with a fall of 12.5%. London experienced the lowest year-on-year decline in March, down 1.2%. TOTAL FOOTFALL BY NATION AND REGION GROWTH RANK NATION AND REGION Mar-25 Feb-25 1 London -1.2% 1.8% 2 West Midlands -4.1% 1.8% 3 North West England -4.3% 1.9% 4 England -4.9% 0.2% 5 East Midlands -5.0% -1.3% 6 North East England -5.1% -1.0% 7 East of England -5.4% -0.8% 8 South East England -6.0% 0.4% 9 Scotland -6.6% -0.3% 10 Yorkshire and the Humber -7.3% -3.5% 11 Wales -8.3% 2.7% 12 Northern Ireland -9.0% -0.1% 13 South West England -9.8% -1.4% TOTAL FOOTFALL BY CITY GROWTH RANK CITY Mar-25 Feb-25 1 London -1.2% 1.8% 2 Birmingham -2.1% 5.0% 3 Glasgow -2.5% -1.1% 4 Nottingham -4.5% -0.3% 5 Manchester -4.6% 3.9% 6 Liverpool -7.1% -2.5% 7 Edinburgh -9.0% 1.9% 8 Leeds -10.1% -5.6% 9 Belfast -10.4% 0.1% 10 Cardiff -10.8% -1.8% 11 Bristol -12.5% -5.2% Sara Jones, head of the Welsh Retail Consortium, said:“Footfall nosedived in March, with 11% fewer shoppers visiting our retail destinations. The monthly figures place Wales as the worst performing UK nation and the precarious position Welsh retailers face. “Whilst a drop off in numbers might have been expected given the shift in holiday dates and a late Easter, this will fail to offer any comfort to Welsh businesses who are now facing an onslaught of higher costs from rises in wage costs, business rates, and national insurance policies from the start of April.” On the outlook she added: “With the arrival of warmer weather, and the forthcoming Easter bank holiday weekend, Welsh shopkeepers will be hoping spring delivers the goods with bumper footfall growth and the release of deferred spending. There is fierce competition on the high street and shopkeepers will be working hard to attract reluctant shoppers with seasonal promotions and great offers, hoping to move footfall and spending into positive territory. “Retailers are always looking for ways to invest in shopping destinations and the communities they serve, and with the retail sector a barometer of the health of the wider economy, it matters to us all that we see a spring back in the step of our retail sector”.

Asos shares surge by more than 20 per cent after positive trading update

Asos shares experienced a surge of over 20% this morning, following the release of an encouraging market update that exceeded expectations. The online retail giant informed investors of its anticipation for a "significant improvement in profitability" within the year, also noting a resurgence in full-price sales of its own brand, as reported by City AM. The announcement was met with a warm reception from investors, as evidenced by a more than 20% increase in Asos' share price within the first half-hour of trading. Russ Mould, Investment Director at AJ Bell, commented on the positive shift: "After a dreadful start to 2025 for the share price, Asos was primed for a relief rally if it could offer any sort of positive news." Mould further added, "Today's numbers represent an important first step on a long road to recovery, but the market will want to see some evidence eventually that metrics like active customers and orders are picking up when the company reports its first-half numbers in April to have real confidence in an Asos turnaround." Since the onset of the pandemic, Asos' share price has been on a consistent decline, shedding a staggering 94% of its value between July 2021 and March 2025. The company has grappled with a general downturn in e-commerce post-pandemic, a trend that has similarly impacted competitors such as boohoo and Pretty Little Thing. In the previous year, Asos reported a 16% drop in active customers, accompanied by a 4% decrease in purchase frequency and a 20% reduction in orders. "Improving profitability has been a key focus for the group, with successful efforts made to reduce inventory levels and allow Asos to operate from a more agile business model," stated Katie Cousins, an analyst at Shore Capital. Analysts at Peel Hunt commented that Asos appears to be "on track." "Nonetheless, with the shares down 30 per cent in the last month, there's some catching up to do this morning."

Torquay big wheel puts council in a spin over its future

The contentious issue of whether the large wheel on Torquay seafront can continue operating will be presented to councillors again next week. The Mellors Riviera Wheel, next to the Princess Theatre, has been a fixture for over a decade. Its owners must apply for permission each summer season to erect it. Last year, planning officers at Torbay Council advised the planning committee to reject the application due to the perceived damage it inflicts on nearby 'heritage assets', including Princess Gardens with its fountain, paths, gardens and war memorial. This recommendation sparked an uproar, particularly from the local tourism sector which argued the observation wheel is a key attraction for visitors. A campaign was launched by locals to retain the wheel, with a local MP also voicing his support. Eventually the planning committee concluded that the wheel's global recognition, evidenced by thousands of social media photos and its central role in a recent Bollywood blockbuster, outweighed any potential harm. Now, Mellors is once again before the council, seeking approval for another four summers of the 45-metre wheel. This time, council officers are recommending approval. Last year, planning officers argued the harm had started to surpass the benefits of its presence, labelling it as 'alien and intrusive'. However, this year they have given their approval, and Mellors plans to invest £110,000 over the next four years to resurface paths in the neighbouring gardens, as a means of compensating for any damage caused by their wheel. The firm has already invested tens of thousands of pounds in park enhancements as part of the conditions set by previous planning permissions. A comprehensive report detailing the advantages and disadvantages of the wheel, which includes its own ticket office and catering unit, will be reviewed by members of the planning committee. While Torbay Heritage Trust is vehemently opposed to the project, Historic England has expressed 'strong concerns'. The council's principal historic environment officer believes a different location would be more suitable for the wheel. However, the English Riviera BID tourism company is strongly in favour of the wheel, and it also has the backing of the Torbay Neighbourhood Forum.

Wetherspoons' dividend hike despite profits fall as pub giant warns on costs

Despite a boost in sales, pub behemoth J D Wetherspoon has reported a drop in profits in its half-year results. Chairman Tim Martin has issued a warning about the potential impact of escalating labour costs and tax disparities on the pub industry, as reported by City AM. Like-for-like sales saw an increase of 4.8 per cent for the 26 weeks leading up to 26 January 2025, with total revenue rising by 3.9 per cent to £1.03bn. However, profit before tax, excluding exceptional items, fell to £32.9m, a decrease from £36.0m the previous year. Operating profit also experienced a decline, coming in at £64.8m compared to £67.7m in 2024. Earnings per share before separately disclosed items increased to 21.5p, from 20.3p the year prior. The pub group reinstated its interim dividend, paying out 4.0p per share. Over the course of the year, the company acquired 1.8m shares at a cost of £11.5m, including "stamp duty and fees, representing an average cost per share of 621p." On a statutory basis, pre-tax profit jumped 58.2 per cent to £41.3m, driven by a one-off gain on interest rate swaps. Six pubs were sold during the period, generating £3.9m in cash, while two new locations opened. The group also recognised a £2.2m loss on the disposal of the pubs. Chairman Tim Martin commented on the results, stating that rising costs pose a threat to the sector's stability. "Increases in national insurance and labour rates will result in company cost increases of approximately £60m per annum," he said. He added that this equates to roughly £1,500 per pub, per week. Martin highlighted that labour accounts for approximately 35% of pub sales, in stark contrast to the mere 11% for supermarkets, which intensifies the disparity in costs. He expressed concern that the combination of rising staff expenses and elevated VAT rates for pubs, as opposed to supermarkets, "will weigh heavily on the pub industry." Despite these challenges, Martin remained optimistic about the company's prospects, stating they anticipate a "reasonable outcome for the financial year, subject to our future sales performance." Wetherspoon has been actively expanding its franchising operations, with plans to open five new locations in the latter half of the year. Currently, three franchised establishments are successfully running in university and holiday park settings. The firm has made significant capital investments totalling £64.6m during this period, allocating over £40m to refurbish existing pubs and enhance IT systems.

Trespass owner sees profits slide as it operates in 'challenging' market

Jacobs & Turner, the company behind the renowned outdoor clothing brand Trespass, has seen its profits take a significant hit as sales stagnated during its latest financial year. The firm reported a pre-tax profit of £1.2m for the year ending 30 June, 2024, a stark decrease from the £9.6m recorded in the previous 12 months, as reported by City AM. According to newly filed accounts with Companies House, the business also experienced a slight downturn in turnover, from £127.4m to £127.3m over the same timeframe. Founded in 1938 and headquartered in Glasgow, the company launched the Trespass brand in 1984. Owned by the affluent Khushi family, dividends paid out amounted to £400,000 for the year, a reduction from £8.4m in the preceding year. In a challenging retail sector environment, the board's statement acknowledged: "The financial year ended 30 June, 2024, was challenging for the retail sector." It continued, highlighting rising operating costs and relatively static sales in a difficult market: "Operating costs continued to rise and sales were relatively flat in a tough marketplace." The strength of the US dollar throughout most of the year was noted as a factor affecting the cost of goods and freight: "USD [US dollar] maintained a strong position for most of the year, impacting the cost of goods and freight." However, the company did report expansion in strategic European locations: "Further growth was achieved in key strategic locations across Europe." The Trespass owner also emphasised their dedication to environmental responsibility: "In addition to our financial performance, the directors remain steadfast in their commitment to enhancing the sustainability of our group's operations and driving the decarbonisation agenda in the UK." This commitment has led to a reduction in carbon emissions across all sources: "This focus has resulted in the decrease in the carbon emissions across all sources. "The group continues to focus on proactive measures to reduce emissions, such as optimising heating and lighting controls, enhancing premises insulation and significant steps towards the adoption of renewable technologies." These results have come to light following City AM's report in October 2024 that the company behind Cotswold Outdoor has accumulated losses exceeding £100m since its last pre-tax profit nearly a decade ago.

Pizza Express lands £55m chunk of extra dough after refinancing deal

Pizza Express has secured a significant financial uplift of £55m following a refinancing agreement that will substantially reduce its debt. The popular restaurant chain has successfully arranged a £55m par debt paydown, which will bring its debt level down to £280m, as reported by City AM. Additionally, as part of the refinancing strategy, shareholders including Bain Capital Special Situations are set to contribute £20m in equity to the firm's parent entity, Wheel Topco. The company has also confirmed "strong support" for extending the maturity of its senior secured notes from July 2026 to September 2029. More than 97% of existing bondholders have endorsed Pizza Express's refinancing deal, indicating widespread backing. The brand has reported a positive start to its financial year, with like-for-like sales up by 1.3% in the first two months compared to the same period in the previous year. In a statement, Pizza Express highlighted that it now possesses "a robust liquidity position on completion, supported by its strong track record of cash generation." CEO Paula MacKenzie expressed satisfaction with the company's performance at the beginning of the year and emphasised the significance of the refinancing: "We are pleased with our start to the year, and completing a landmark refinancing ends Q1 strongly." As Pizza Express approaches its 60th anniversary, MacKenzie reaffirmed the company's commitment to customer satisfaction: "This year we celebrate being 60 years young with Pizza Express fans up and down the country, and our focus remains unchanged as ever...delighting each and every one." The refinancing agreement arrives just over 18 months after the firm contemplated a takeover bid for The Restaurant Group, which encompasses Wagamama. However, a deal was not ultimately pursued.

Morrisons to close 52 cafes and axe 365 jobs in huge shake-up

Morrisons, the supermarket behemoth, has placed 365 jobs in jeopardy as it unveils plans to shutter over 50 of its cafes. The chain, headquartered in Yorkshire, announced that 52 of its cafes, 17 convenience stores and a multitude of meat and fish counters within its stores are earmarked for closure, as reported by City AM. The company stated that these closures form part of a comprehensive review of the business. In addition to the cafes and convenience stores, 13 florists, 35 meat counters, 35 fish counters, four pharmacies and all 18 Market Kitchens are set to be closed. As reported by City AM at the end of January, the Yorkshire-based chain posted revenues of £15.2bn for the year ending 27 October 2024, an increase from £14.7bn. The group's like-for-like sales also saw a rise from 1.8 per cent to 4.1 per cent. Morrisons CEO Rami Baitiéh commented: "The changes we are announcing today are a necessary part of our plans to renew and reinvigorate Morrisons and enable us to focus our investment into the areas that customers really value and that can play a full part in our growth." He added: "Morrisons Cafés are rightly famous for their great quality well-priced food, their place in the local community and their appealing mix of traditional favourites alongside exciting new dishes." "In most locations the Morrisons Café has a bright future, but a minority have specific local challenges and in those locations, regrettably, closure and re-allocation of the space is the only sensible option." "Market Street is a beacon of differentiation for Morrisons and we remain committed to it." "But as we modernise we are making some necessary changes to the areas of the model which are simply uneconomic. In some stores where we are closing counters or Cafés, we plan to work with third parties to provide a relevant specialist offer." "Although these changes are relatively small in the context of the overall scale of the Morrisons business, we do not take lightly the disruption and uncertainty they will cause to some of our colleagues." "We will of course take particular care to look after all of them well through the coming changes." This move comes on the heels of a report by City AM in January that Sainsbury's was planning to eliminate more than 3,000 roles as it prepares to shut down all its remaining in-store cafes. The major restructuring will reduce its current workforce, which stands at 148,000, by two per cent. The move will also render about 20 per cent of senior management roles at Sainsbury's redundant. This initiative is part of the supermarket giant's plans to concentrate on fewer, larger roles and to streamline its head office and management teams.

Virgin Atlantic Holidays soars as it reveals record profits - with sales up 10%

Virgin Atlantic Holidays has celebrated a record-breaking pre-tax profit of £48m for 2024, experiencing a sales peak that hasn't been seen since before the Covid-19 pandemic. The impressive figures mark a substantial improvement from the £25.4m profit recorded in 2023, as reported by City AM. This financial resurgence aligns with Virgin Atlantic Holidays' return to profitability in the previous year, the first time since 2018. Recent filings at Companies House indicated a sizeable increase in the firm's total revenue, which leapt from £470.9m to £516.9m. This revenue achievement stands as the highest since the £626.5m reported in 2019. The travel brand operates within Virgin Atlantic's domain, established by Sir Richard Branson just one year after Virgin Atlantic was founded. Offering worldwide travel experiences, its destinations span across the USA and Canada, Caribbean, Africa, Middle East, Indian Ocean, and the Far East. Ownership of the company is split between Virgin Group with a 51% stake and Delta Air Lines holding the remaining 49%. Looking ahead, Virgin Atlantic Holidays plans to prioritise expansion into Florida and Caribbean markets. A report approved by the board highlighted: "We regained our number one position in Florida, with growth in passenger numbers as well as in winter sun destinations such as Dubai, the Maldives and the Caribbean." Additionally, the report noted: "Cost discipline has remained tight, following actions taken in 2020 to rationalise our retail estate and streamline operations under the unified brand programme." Regarding its current performance, Virgin Atlantic Holidays reported robust demand for travel throughout the first quarter of 2025, with a notable increase in peak campaign sales compared to the previous year, bolstered by added capacity on routes like Dubai and the Maldives. The statement continued: "2025 will bring further focus on our core Florida and Caribbean destinations, as we continue to focus capacity in these markets, as well as new destinations now served by Virgin Atlantic including Riyadh, Cancun and Toronto."

Pets at Home says profit fell in line with expectations and warns of struggles ahead

Pets at Home has reported that its profit has fallen in line with expectations, according to its latest performance update. However, the company has also warned of potential challenges ahead, as reported by City AM. The group anticipates a pre-tax profit of £133m for the year, which aligns with previous forecasts. Despite a "challenging and volatile UK consumer backdrop", the company stated that trends in the final quarter of the year developed as expected across both its Retail and Vets divisions. The firm highlighted record numbers of Pets Club members and continued growth in its Vets business. It expects to conclude the full 2025 financial year in a net cash position, having returned approximately £85m to investors throughout the year. Over the past year, Pets at Home has completed its new digital platform and network optimisation. With the introduction of this new platform, the company now has two "major strategic programmes" aimed at facilitating business growth in the coming year. Looking ahead, the group expects current market conditions and consumer backdrop to persist into the new financial year. However, it predicts further profit growth following the "exceptional levels" achieved in the past two financial years. In its Retail division, the group expects to outperform the market as its investments in digital start to pay off. Nevertheless, the company anticipates an £18m hit due to increased employers' national insurance contributions. The firm has forecasted a dip in profit for the 2026 financial year to an estimated £115m to £125m, due to rising expenses. Shore Capital analyst David Hughes remarked: "The continued decline in the Retail arm is likely a cause for concern for investors, however the ongoing growth in the higher margin Vet business is encouraging and if the business does gain market share, it does have the potential to emerge stronger as and when the consumer does recover."

Healthy ready meal business Field Doctor wins ‘significant seven-figure’ investment to grow into new markets

A frozen meal delivery service that specialises in helping people with specific dietary requirements has secured a “significant seven-figure investment” that it says will help it to expand into B2B markets. Bath-based Field Doctor has raised capital from co-investors Perfect Redd – the investment arm of Ginsters owner Samworth Brothers – and the British Business Bank’s South West Investment Fund. It says the move will allow it to grow its existing business and to expand to serve foodservice businesses. Field Doctor was founded in 2021 to supply dietitian-designed meals for those with dietary requirements. It offers personalised meal plans that can help those with health conditions and those with diets including gluten-free, lower carb or high protein. Each meal is designed to be nutritionally balanced, and meals are approved for supply to the NHS. Martin Dewey, CEO & co-founder of Field Doctor, said: “ I’m very excited to close the funding in a tough market with great investors and focus now on making more people aware of our unique offer that really can improve our customers’ lives. We believe food can be the best medicine and, as awareness and understanding of this grows rapidly, we can help millions of people improve their or a loved one’s health and enjoy doing it.” Alex Brooks, CCO & co-founder of Field Doctor, said: “We’re on a mission to not only build a brand and business but also to make a difference to the health of the nation. We think about the consumer and the planet and we have ambitious development plans. “We’re delighted that Perfect Redd and the South West Investment Fund have backed those plans and that Sarah Wood, Samworth Brother’s technical director will be joining the board to help us achieve that.” Matt Browning, investment manager at The FSE Group – the appointed fund manager for the South West Investment Fund, added: “Field Doctor has established itself in an expanding market, offering an innovative solution for its audience. its award-winning products offer a unique take on both the ready meal and the healthy food sectors and provide an opportunity to diversify into foodservices markets. We are delighted to support this experienced team as they continue to grow the business."

Camerons Brewery plans pub expansion into key cities

Camerons Brewery, the North East brewer and pub operator, is eyeing expansion for its Head of Steam pub chain, as it targets key cities in the North, South West, and potentially London after a buoyant trading year. The Newcastle-founded brand, acquired by Camerons in 2013, has grown its presence across the UK to boast 15 sites. Company director Chris Soley confirmed the growth ambition, saying: "We are looking to develop Head of Steam as a national brand but currently focussing on identifying new sites in York, Manchester, Bristol and potentially London. Trading for Q1 has been robust and in line with our forecasts." The expansion plan comes as the firm reported steady turnover in the year ended January 2025 at £60.2m, a minor decrease from the prior year's £61.5m. However, operating profit dropped from £1.8m to £1.2m. A slight dip in sales was attributed to the previous year’s inclusion of half-year returns from a group of 26 pubs disposed of in June 2023 to FB Taverns. Employee numbers also reduced, from 647 down to 610. A substantial credit balance of £10.6m, listed under exceptional items, is linked to a refinancing of its borrowings last October. The company stated this was "necessary to secure the medium to longer term viability of the business and it has resulted in a much needed improvement to net assets". In the accounts, Mr Soley said: "The group has performed strongly and continues to increase its Ebitda to pre pandemic levels even with a reduced asset base. The sale of the 26 freehold tenanted pubs in June 2023 enabled the group to significantly reduce its borrowings and interest burden and gearing consequently has been materially reduced. "The group has performed very well in the year with a significant improvement in Ebitda from £3.9m in the prior year to £4.6m. Both the main divisions of brewing and managed house pubs have traded well." He noted that brewing volumes had continued to rise compared to the previous year, with slightly better margins due to changes in product mix, with a higher proportion of small pack product being manufactured. He also mentioned that Camerons was continuing to invest in the development of the brewery, having advanced several energy projects as part of plans to achieve its Net Zero Targets, including the installation of solar panels on its warehouse roof. The group's portfolio comprised 45 pubs, a reduction of two from the previous year's 47. According to Mr Soley, the pubs generally performed well, but he expressed caution regarding the industry's upcoming challenges.

AO World profits rise twice as fast as sales after 'obsession' with customer service

AO World has seen its profits soar to more than double the pace of its sales, overshadowing its revenue growth. The online electrical retailer informed markets that it anticipates a retail revenue uptick of around 12% for the year concluding March 31, as reported by City AM. The company forecasts a like-for-like revenue climb of roughly seven per cent year on year to £1.1bn, indicative of "reductions in B2B and mobile as we focus on profitable growth," AO elaborated. "AO is back to being a highly efficient growth machine; we are reaping the rewards from the execution of our strategy and 25 years of unwavering obsession with amazing customer service," CEO John Roberts enthused. "We're carrying good momentum into the new financial year and are pleased to be guiding to another year of double-digit revenue growth in our B2C Retail business, and for profits to keep growing faster than sales." Back in November, during its semi-annual financial disclosure, AO announced a robust profit margin of 24.4%, attributing this success to cost-efficiencies gained through trimmed administration and warehousing expenses. "Our strong performance shows that our model is working," remarked Roberts. "We're cementing our position as the most trusted electrical retailer and are increasing our frequency and share of wallet with customers." Last November's acquisition of Musicmagpie by AO, at a mere £10m, is notably modest compared to its market value at the time of its IPO in 2021. The company anticipates that the post-acquisition performance of Musicmagpie will add approximately £30m in revenue with a "negligible loss" impacting the full-year financial outcomes. In conjunction with its trading update, AO has confirmed the promotion of Mark Higgins to the position of Chief Operating Officer, which will complement his current responsibilities as Chief Financial Officer. This change is said to be a reflection of "the way Mark and John have been running the business together for some time", according to the firm.

B&Q owner sees profits plummet and warns over rising costs

B&Q owner Kingfisher has revealed its yearly profit dropped by more than a third, as it cautioned over rising costs following government budgets in the UK and France. The company generated a statutory pre-tax profit of £307m for the year to the end of January, a 35% decline on last year. Sales edged 0.2% higher in the UK and Ireland, compared with the prior year, but were down 1.7% across the group. Kingfisher, which also owns Somerset-based Screwfix, cited a tougher market throughout the year with weaker consumer sentiment, particularly in France, affecting sales. Government budgets raising costs for retailers and impacting consumers which would affect the year ahead, it said. The company proposed a dividend for the year of 12.40p per share, made up of an interim dividend of 3.80p for the six months ended July 31, 2024, and a final dividend of 8.60p. Last month, the Retail Jobs Alliance (RJA), which includes Kingfisher as well as brands such as Tesco and M&S, said retailers would face "a perfect storm" of additional costs from April. The group also warned the hike to national insurance for employers, which comes into force next week, as well as rising business rates for larger high street outlets would result in the loss of 300,000 jobs by 2030. Stuart Machin, chief executive of M&S, said at the time that retail was "being raided like a piggy bank" and called for immediate action to stimulate growth. "The blunt truth is... the budget means UK retail will get smaller," he added.

Electrical giant Currys upgrades profit outlook as sales outperform

Currys has reported a surge in sales, prompting the electronics retailer to raise its full-year profit forecast. The firm informed investors today that it now anticipates an adjusted pre-tax profit of about £160m, up from the previously projected range of £145m to £155m, as reported by City AM. Currys described 2025's sales performance as "robust," with sustained positive like-for-like sales growth in both the UK and Ireland, and the Nordics. With a presence across six countries through 715 stores, Currys experienced a rebound in sales growth in 2024, benefiting from an extensive multi-year turnaround strategy. For the year ending April 2024, Currys posted a pre-tax profit of £28m, a significant recovery from a pre-tax loss of £462m in the prior year. A pre-tax profit of £160m for the year to April 2025 would represent an almost sixfold increase on the previous year's figures. Panmure Liberum has named Currys as its top stock pick for 2025, citing its standout performance in a consumer market hampered by low growth. Analyst Wayne Brown highlighted the "potential for lower pension contributions, cash exceptionals and interest costs," along with improved margins in the Nordic regions, which had previously been underperforming, as factors that could draw new investment. During the pandemic, Curry's Nordic operations faced severe challenges, including aggressive discounting by competitors, leading to a nosedive in profits and the suspension of its dividend. However, since 2023, the Nordic division has been showing signs of a robust recovery. Following the release of these new figures, analysts at Panmure have revised their target price for Currys shares upwards from 170p to 180p. As of market close on April 2, the stock was valued at 88.95p. Panmure analysts commented: "Not only is positive earnings momentum a key theme, but there are so many FCF catalysts over the next few years, we are surprised the shares are not higher."

JD Sports faces share price downgrade amid Nike stock challenges

Ahead of JD Sports' full-year results next month, London broker Peel Hunt has revised its forecast for the company due to short-term industry challenges. Peel Hunt has reduced its projected pre-tax profit and earnings per share for JD Sports by three per cent for the 2026 financial year, as reported by City AM. The downgrade is attributed to an excess of Nike stock, which "is likely to persist deep into JD's [next financial year]." JD's American revenue heavily relies on Nike footwear, but demand for the brand has waned over the past year. Shares in Nike fell to a five-year low last week after it reported a larger-than-anticipated drop in fourth-quarter revenue – marking its fourth consecutive quarter of declining sales. Nike has been grappling with a post-pandemic shift away from athleisure, as well as competition from emerging trainer brands Hoka and On. This has resulted in a significant surplus of 'Classic' footwear franchises: Air Force 1, Air Jordan 1, and Dunk. "Simply put, there is an awful lot of stock left to shift, and consequently, the whole industry margin structure is impacted," said analysts at Peel Hunt. "JD will not participate in heavy discounting, so while its gross margin should be robust, it is likely its Nike sales will suffer," they added. Since last September, JD Sports' share price has been on a consistent decline. Its value has dropped 52 per cent since mid-September. Currently, it stands at 72.4p, giving the retailer a market cap of £4.1bn. JD Sports continues to be a leading choice in the sector, according to Peel Hunt. The firm also highlighted that the decline in Nike product sales is unlikely to be offset by other goods due to low consumer confidence and spending. This has led to a general retreat from retail stocks, with many major brands suffering this year. High street sales growth has been notably weak post-pandemic and has yet to recover, which is particularly challenging for JD as its stores usually outperform its online channel. Earlier this year, the Pentland-owned company warned that profits would be lower than anticipated due to a "challenging and volatile market." However, despite the near-term challenges, the broker stated that JD Sports remains one of the top players in the footwear market. "In our view, JD will come out of these difficult industry times in a stronger position. It remains the big brands' partner of choice and continues to innovate both in-store and online."

Chip shop apologises after having to put up price to £15 a portion

A chip shop manager has apologised to customers for raising prices amid surging costs - as he now charges £15 for cod and chips. The Nippy Chippy in Stonehouse, Gloucestershire, is now charging £15 for a large cod and chips and for £12.50 for normal portion. The move comes after seeing the cost of fish surging by more than 60 per cent in just three months. Manager Brad-Lee Navruz explained that customers were mostly "fine" about the increase but said there had been "a few shocked faces and raised eyebrows''. Mr Navruz explained that he "feels bad" for the price increase. He said: "I feel really bad for people. Times are harder as it is. For their Friday treat to go up quite a lot I do feel for them. When I say the price to them and their faces get in shock straight away I am saying sorry. There is not much I can do about it but obviously you feel for them because all they want is their Friday treat." The Nippy Chippy first issued an apology on its social media explaining why they have recently increased their fish prices, adding that it is a difficult time for businesses. Mr Navruz said previously they would put the price up around 10p or 20p. But explained that this time price rises were down to a increase in fish costs. He said: “Previously we would put the price up and it would be 10 or 20p - nothing major. "But this time round it has gone up from £10.30 to £12.50 for normal cod and chips and normal haddock and chips so it is a £2.20 big jump increase. When they [customers] come in and they hadn't seen the Facebook or the news they have a little bit of a shocked face as in 'wow it has gone up £2.20 that's a big increase'. "But before you could change it to 10p or 20p and no one would bat an eyelid because it's just standard. But when it goes up so much at one time you do get obviously a few shocked faces and raised eyebrows but once you explain them why it's gone up and what's happening they are pretty understandable about it." Fishing quotas are negotiated annually between the UK, EU and Norway. This year there is a cap of 25,028 tonnes on cod, a drop of 20% compared to last year. There is a limit of 112,400 tonnes of haddock - down 5% from 2024's catch limit. The agreement highlights all parties’ continued commitment to ensure a long-term sustainability of shared stocks. Mr Navruz said attempts to find substitutes had not gone down well in the past. He added: "Cod and haddock are the number one sellers in the UK - they are really good quality fish. "Rather than replace cod we tried to expand it by introducing another stuff like hake and plaice but it is just never the same and not everyone would want to go for it they would rather just stick for what they know and what they like. Especially when they are paying so much for a portion I don't think even introducing it now would be an option really." Despite the price rise of the fish and chips in the shop, Mr Navruz explained that he has not lost his customers. However they are more likely to purchase cheaper food options such as sausage and chips or burger and chips. He said: "It stays the same and we still get the same amount of business. It just more people getting different things. "If they can't afford to get fish and chips then they will go for a different thing like a sausage and chips, burger and chips, fishcake and chips or pie and chips." Customer and former fish and chip shop owner of 20 years, Bob Clapham, 77 said the rising prices are "expected". He added: "Everything has gone up - fish, potatoes, even the wrapping paper has gone up. Of course you have got your wages, your gas, your electric, your water rates - everything. It is inevitable you are going to have to pay more for stuff like everything else in life." Following this year's fishing quotas agreement, Fisheries Minister Daniel Zeichner said: “This government will always stand up for the British fishing industry, which is the lifeblood of so many communities around our coastline.

Thatchers Cider secures future of West Country supply with huge new orchard

The future of cider supply in the West Country has been secured into the 2030s following a significant effort to establish a new orchard in North Somerset. Thatchers Cider workers have spent around three years preparing around 10 acres of farmland near the company's base in Sandford. After three years of soil restoration, the large-scale planting operation has started, with each sapling carefully hand-planted from the back of a tractor trailer. The operation involves planting 30,000 new trees and is expected to take up to a week to complete. In addition to the trees, the Thatchers team plans to introduce a new hive with thousands of bees to aid in tree pollination. Two varieties of cider apple tree are being planted, as explained by Thatchers spokesperson Emma Russell. "It's a really exciting day for Somerset in general, and for cider drinkers," she said. "Thatchers Cider bought these fields about three years ago, they've spent that time making the soil super healthy and that means this morning we're planting 30,000 new trees in this new orchard," she added. The two varieties in question are Red Windsor and the renowned Katy variety, which is used in most of Thatchers' sweetest ciders and is a cider variety sold by Thatchers in its own right. "In about three years time we'll be able to harvest those and they'll go on to make delicious cider for everyone to enjoy," she said. "It's a great thing for British farming. It's a great thing for British apples. The new orchard, which will be larger than six football pitches, will also be home to bees and thousands of new cider makers, from the worms in the soil, to the birds and wildlife that will make it their home and help with tree health and pollination. "The orchard will sequester away tonnes of CO2 and lock it back into the ground."

New name for WH Smith shops revealed as High Street chain sold

WH Smith has agreed to sell its UK high street chain to Hobbycraft owner Modella Capital in a deal valuing it at £76 million, and will be rebranded. The sale does not include the retailer’s travel locations, such as shops in airports and train stations – nor the WHSmith brand. All the approximately 480 stores and 5,000 staff working for the high street businesses will move under Modella Capital’s ownership as part of the deal. The estate – not including the travel locations – are set to rebrand as TGJones, the company revealed. Group chief executive Carl Cowling said: “As we continue to deliver on our strategic ambition to become the leading global travel retailer, this is a pivotal moment for WHSmith as we become a business exclusively focused on travel. As our travel business has grown, our UK high street business has become a much smaller part of the WHSmith Group. “High Street is a good business; it is profitable and cash generative with an experienced and high-performing management team. However, given our rapid international growth, now is the right time for a new owner to take the high street business forward and for the WHSmith leadership team to focus exclusively on our travel business. I wish the High Street team every success.” WHSmith was founded in 1792 by Henry Walton Smith and his wife Anna as a small news vendor in Little Grosvenor Street, London. After Henry's death, his son William Henry Smith took over, and the company became WHSmith & Son. By 1848, WHSmith opened its first railway bookstall at Euston Station, pioneering book retailing at train stations across the UK. The railway bookstalls made WHSmith a household name and expanded its presence nationwide. The company continued to grow, opening more high street stores and railway stalls. In 1929, WHSmith became a publicly traded company. WHSmith introduced the first-ever self-service bookshops in the 1970s. The company expanded internationally, opening stores in Europe, Canada, and the USA. In 2006, it split its high street and news distribution businesses, selling the wholesale division. The company acquired Funkypigeon.com, an online greeting card retailer, in 2010. It expanded internationally, opening stores in airports across the Middle East, Asia, and North America.