Chairman of British Retail Consortium Calls for Action
The Government has been urged to cut business rates to support the survival and prosperity of Britain's retail industry. Andy Higginson, chairman of the British Retail Consortium (BRC), stated that the industry is undervalued despite being the country's largest employer. The BRC has published a manifesto calling for a coordinated approach to tax and regulation.
Retail Industry Pays 'More Than Its Fair Whack' in Taxes and Rates
Higginson argues that retail workers make up around 20% of the vote in most constituencies, making them a powerful lobby. He emphasizes that the industry is not seeking subsidies but rather wants to survive, prosper, and be a force for good in the country. The BRC estimates that the current rates burden has resulted in 6,000 store closures over the past five years.
Investment in High Street Still Possible
Despite the challenges, there are still retailers willing to invest in the high street. For example, the Range owner CDS Superstores has acquired the Wilko brand and plans to open five stores. Higginson highlights the industry's eagerness to support government agendas such as recycling, green issues, and lower energy bills.
Wetherspoon Sees Sales Climb 10% as Recovery Continues
JD Wetherspoon, the pub chain owned by Sir Tim Martin, has experienced a 10% increase in sales over the past six months. Bar sales saw a 12% rise, and food sales climbed 8%. The use of slot and fruit machines also increased by 10%. However, Martin notes that labor and energy costs remain higher than before the pandemic.
EasyJet Faces £40 Million Loss Due to Middle East Crisis
EasyJet has reported a loss of over £40 million as a result of the crisis in the Middle East. Flights to Israel and Jordan were suspended, affecting about 4% of the airline's winter flight schedule. However, EasyJet's business in Egypt is now recovering, according to CEO Johan Lundgren.
ABRDN Plans Job Cuts Amid Challenging Market Conditions
Investment firm ABRDN is set to cut around 500 jobs in an effort to reduce costs by £150 million per year. The company aims to streamline operations by removing management layers and improving outsourcing and technology. Despite the challenges, ABRDN still plans to pay staff bonuses.
Revolution Bars Delays Refurbishments to Save Cash
Revolution Bars' shares have declined by 20% after the company announced it would delay refurbishments to conserve funds. The company reduced its earnings guidance due to a slow start to the year. CEO Rob Pitcher attributes this to the ongoing cost-of-living crisis affecting the chain's younger customers.
Eurostar Sees Passenger Numbers Surge by Over 20%
Eurostar has reported a 21% increase in passenger numbers in 2023, returning to pre-pandemic levels. The rail operator's routes to Amsterdam, Brussels, and Paris all experienced growth. Eurostar expects to carry nearly two million passengers to Paris for the upcoming Olympic and Paralympic Games.
UK Private Sector Growing Faster Than Expected
The S&P/CIPS PMI economic survey for January reveals that the UK private sector is growing at a faster rate than anticipated. The survey recorded a score of 52.5, a seven-month high. Firms attribute the stronger demand among customers to lower borrowing costs.
Aldi Wins Court Case Over Cider Trademark Dispute
Aldi has emerged victorious in a court case against Thatchers, a drinks firm that claimed Aldi's cider infringed on its trademark. Judge Melissa Clarke dismissed the case, stating that there was a low degree of similarity and no likelihood of confusion. Aldi responded to the ruling, stating, "There's nothing cloudy about this judgment."
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