Unwanted Child of Walgreens
The owner of Boots, the UK pharmacy chain, is making another attempt to list the company after previous efforts fell through. Boots, which is owned by Walgreens Boots Alliance, was put up for sale last year but failed to attract buyers. The main obstacles were the high asking price and the challenging economic conditions. However, recent trading has been positive, with sales and profits increasing. Boots, which has been on the high street for 174 years, still holds nostalgic value for Brits.
Vital Role in Communities
Boots plays a vital role in communities due to its pharmacies. During the Covid vaccine rollout, it helped by administering vaccines. However, its promise of in-shop doctors and nurses has been limited to one store in Brighton so far. The condition of its stores is also a concern for potential investors, as many are outdated and in need of renovation. Despite these challenges, the London Stock Exchange is eager to win Boots as an IPO candidate.
Small Businesses Struggle with Crime Epidemic
Small businesses in the UK are facing a crime epidemic, with over 81% of firms experiencing online and physical crimes in the past year. Vandalism, anti-social behavior, burglary, robbery, and theft were the most common offenses. Cybercrime also posed a significant threat, with 72% of businesses falling victim. The Federation of Small Businesses believes that authorities are overlooking the issue of small business crime.
Visa and Mastercard Face Fees Cap
Visa and Mastercard will no longer be able to charge high fees to British businesses exporting to Europe. Since Brexit, the two card giants have increased their charges, resulting in an additional £200 million in costs for UK firms selling goods online or by phone. The Payments System Regulator aims to cap these fees at 0.2% and 0.3% to protect British businesses from excessive charges.
Inditex Reports Strong Yuletide Sales
Inditex, the owner of fashion brands such as Zara and Bershka, has seen its profits soar by a third to £3.5 billion. Sales over the last six weeks were 14% higher than the previous year, driven by a boost in demand for festive party outfits. However, sales growth over a longer period was slightly lower due to unseasonably warm weather impacting the demand for winter wear. Inditex recently faced controversy over an advert featuring mannequins wrapped in white cloth, which some people deemed insensitive.
Entain CEO Abruptly Departs
Jette Nygaard-Andersen, the CEO of Entain, the owner of Ladbrokes, has resigned from her position with immediate effect. This comes after the company paid a £615 million penalty as part of a bribery investigation into its former Turkish business. Nygaard-Andersen has faced pressure as Entain's share price declined by almost 40% this year. She believes that with the resolution of the investigation, the company is now stable and sustainable.
£3 Billion Gift Weekend
Shoppers in the UK are expected to spend £3.3 billion this weekend as they rush to buy Christmas gifts. Around 38 million people are predicted to visit both physical stores and online retailers. Sales are expected to peak at £1.76 billion on "Super Saturday," making it the busiest shopping day of the year. Despite the popularity of online shopping, almost 13 million people plan to visit brick-and-mortar stores on Saturday.
Did you miss our previous article…
https://hellofaread.com/money/major-discounter-home-bargains-to-close-all-600-stores-on-boxing-day-and-new-years-day/
