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

Brad-Lee Navruz, manager at The Nippy Chippy

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.

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."

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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.

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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.

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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.

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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.

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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.

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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.

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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."

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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."

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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."

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