Author: Sam Allcock

Virgin Wines has made a significant turnaround by implementing cost-cutting measures.The company recorded a £1.7 million pre-tax profit, up from a £700,000 loss.Sales remained stable at £59 million, showing resilience in a tough market.Operational efficiency improved, saving £1.4 million annually in costs.CEO Jay Wright expressed confidence in sustaining this positive trajectory.In a notable strategic move, Virgin Wines has shifted from a pre-tax loss of £700,000 to a remarkable £1.7 million pre-tax profit for the fiscal year ending 28 June 2024. This turnaround is primarily attributed to effective cost-cutting measures that the company has implemented across its operations, resulting in annual…

Inspired Global Cuisine is set to open a major food processing facility in Chadderton, creating significant job opportunities.The new hub will employ between 550 and 760 staff, benefiting the local economy.Oldham Council has approved the plans, highlighting the project’s employment benefits.Local residents are expected to fill a substantial portion of the new roles.Noise and odour concerns have been raised by neighbouring communities, highlighting potential challenges.Inspired Global Cuisine (IGC) is transforming a newly developed warehouse on Lydia Becker Way, Chadderton, into a significant food processing centre. The development is poised to create between 550 and 760 jobs, with 200 positions primarily…

Professor Dame Wendy Hall warns that AI policymaking is dominated by a male-centric approach, which she calls a ‘tech bro takeover’.Almost all senior roles in AI policymaking have been filled by men following the disbandment of the government’s AI Council last year.The government’s AI safety summit was critiqued for its lack of diverse representation, focusing predominantly on business executives.Exeter MP Steve Race described the AI Safety Summit as ineffective, lacking significant outcomes.The Labour government promises a more inclusive approach to AI regulation, contrasting the previous government’s strategy.In recent discussions, Professor Dame Wendy Hall has raised concerns about the male-dominated landscape…

Wickes reports a resurgence in growth over the summer months.The home improvement retailer sees a 2.1% increase in revenue.Retail sales experience a significant rise of 4.7% in the third quarter.Design and installation business stabilises despite challenging conditions.Analysts anticipate a decline in sales as DIY demand decreases.Wickes, a London-listed home improvement retailer, has announced a notable return to growth during the summer period. The company reported a 2.1% increase in revenue and a substantial 4.7% rise in retail sales for the third quarter. This recovery follows a prior 3.6% decline in group revenue, illustrating a positive shift in market performance.The improvement…

A major advancement has been made in the £1bn Northern Gateway initiative.The project is anticipated to generate over 20,000 high-quality jobs.An economic boost of £1bn is expected for Rochdale and Bury.The development features 1.2 million square metres of employment space.Supplementary Planning Document approved, moving the project forward.A transformative milestone has been reached for the ambitious Northern Gateway project, which is expected to yield substantial economic benefits for the Rochdale and Bury regions. This significant development, part of the Atom Valley initiative, is poised to not only generate over 20,000 high-quality jobs but also inject a sizeable economic boost of £1bn…

Revolut, a leading fintech company, is celebrating a significant milestone in its journey.The company is approaching an impressive 50 million global users, showcasing substantial growth.To celebrate, Revolut is organising an exclusive event featuring popstar Charli XCX.The event will include interactive sessions with industry leaders like Revolut CEO and Steven Bartlett.Despite its successes, Revolut faces challenges, including recent fraud complaints.Revolut, recognised as one of the UK’s prominent fintech firms, is nearing a remarkable achievement of 50 million users globally. This milestone signifies not only its rapid expansion but also its strong market presence in financial technology.To commemorate this success, the company…

Lidl’s strategic expansion in Oldham receives council approval, marking significant growth in the area.The new supermarket, featuring nearly 2,000 square metres, will serve the Hollinwood community.Lidl’s investment includes a comprehensive plan with 111 parking spaces and sustainable energy provisions.The development is set to generate up to 40 local jobs, boosting the local employment market.Competition from established retailers indicates a transformative impact on the local retail sector.Lidl has successfully acquired council approval for a new supermarket situated off Albert Road, Hollinwood, in Oldham, aligning with its broader UK expansion strategy. The store is strategically placed just off the M60, optimising accessibility…

Gear4music has reported a strategic return to revenue growth amidst a challenging market environment.In the second quarter, Gear4music achieved a 1% increase in revenue, contrasting with a 1% dip in the six months to 30 September.Despite reporting a pre-tax loss for the first half of FY25, the figures marked a £0.7 million improvement from the previous year.The company’s second-hand sales platform has gained significant traction, with expectations for continued growth.Gear4music’s acquisition of Studiospares reflects its expanding portfolio and commitment to growth.Gear4music has strategically recalibrated its business approach, facilitating a modest 1% revenue increase in the second quarter. This positive outcome…

Sosandar, a women’s fashion retailer, revises its sales forecast, while cutting back on discounts to maintain profitability.The company’s pre-tax loss improved to £0.6m in the first half of the year, compared to a £1.3m loss previously.Revenue dropped from £22.2m to £16.2m, attributed to a shift away from regular discounts, sticking only to major sale events.Despite the reduction in revenue, Sosandar remains committed to achieving a medium-term pre-tax profit of at least £10m.The opening of three new retail stores shows positive results, contributing to increased website traffic and in-store success.Sosandar has strategically revised its sales outlook for the year, reducing the…

Amidst economic challenges, Shoe Zone reported a 42% drop in annual profit, attributed to poor consumer demand and heightened operational costs.Revenue experienced a slight fall of 2.7%, totalling £161.3 million for the fiscal year ending September 28, 2024.Share prices for Shoe Zone reflected market concerns, plummeting over 10% in early trading, and marking a nearly 19% decline across the past month.Store adjustments saw a net reduction of 26 outlets, with closures, openings, and refurbishments shaping the retail landscape.A restructuring of digital offers, including free next-day delivery, supported a positive ‘Back to School’ trading period, outperforming prior year results.In the face…