Author: Scott Dylan

British Steel plans significant job cuts, raising concerns over the future of UK steel production. This comes despite substantial governmental financial support.The company intends to close Scunthorpe blast furnaces, jeopardising 2,500 jobs.Governmental discussions are ongoing regarding the potential reduction in coking coal imports.The closure could signal the end of large-scale UK steel production.Labour’s recent discussions with Jingye add political complexity.British Steel has announced plans to close its blast furnaces in Scunthorpe, putting 2,500 jobs at risk. This development comes in the wake of a £600 million taxpayer-funded green initiative aimed at decarbonising the company’s operations.The company is currently in discussions…

Mike Ashley has appointed his youngest daughter, Matilda Ashley, as a director of Mash Holdings, signifying the increasing influence of family connections in his expansive retail and property empire.Recent filings with Companies House reveal that Matilda Ashley, 27, has assumed a significant role within Mash Holdings, the entity central to managing Mike Ashley’s extensive interests. This appointment follows her departure from Double Take, a beauty business she founded in 2015 and that was reportedly acquired by Frasers Group for £1 last year, without disclosing this acquisition to shareholders. Double Take owns SportFX, a cosmetics brand sold in Sports Direct stores,…

Fred Perry Limited has demonstrated robust financial health in 2023, showcasing significant growth in both revenue and profit.The British heritage brand’s gross profit surged to £76.9m, up from £64.5m in the previous year.Profit before tax increased by 4%, representing a rise from £15.6m to £16.3m year on year.Revenue for the company grew by 10%, reaching £149.1m as compared to £135.7m in 2022.The brand closed several stores, including two in the UK, attributing it to performance and strategic value assessments.Fred Perry Limited, a venerable name in British fashion, has shown commendable financial performance for the fiscal year ending December 31, 2023.…

Gatwick Airport, the United Kingdom’s second-largest aviation hub, has reported a significant 7.7% increase in passenger numbers for the first half of 2024.The airport attributes this increase to a robust recovery in short-haul travel, despite long-haul passenger numbers continuing to lag behind pre-pandemic levels. Revenues at Gatwick rose by 15.3% to £488 million in the first six months of 2024, while pre-tax profits surged by 36% to £136.3 million.Overall passenger numbers remain 10% below levels recorded in the first half of 2019, with long-haul travel facing a 30% decline from pre-pandemic figures. Gatwick’s Chief Executive, Stewart Wingate, noted that some…

Shein, a fast fashion retailer, is weighing the option of selling shares to the public as part of its London IPO plans.The company is in preliminary discussions about selling shares to both retail and institutional investors.Major financial players like JP Morgan, Goldman Sachs, and Morgan Stanley are involved in exploring these public sale proposals.The potential £50bn flotation on the London Stock Exchange has sparked controversy within the fashion industry.Shein faces additional challenges, including an intellectual property lawsuit in the UK and a search for a new warehouse.Shein, the Chinese-origin retailer now based in Singapore, is contemplating a significant move to…

For the first time in six months, household confidence in the UK economy has dipped. This shift marks a notable change in sentiment towards the economic outlook.Despite improvements in personal financial optimism, broader concerns about the economy’s future have led to a decrease in overall confidence.Overall Economic SentimentThe long-running GfK index, which dates back to the 1970s, remained unchanged at -13. This figure, while slightly above the long-term average of -18, fell short of City analysts’ expectations. The decline in optimism reflects mounting concerns about the economic outlook for the next year, with GfK’s economic optimism index falling by 4…

British heritage brand Barbour has inaugurated a new retail location in Covent Garden, solidifying its presence in the area.The store on Neal Street is part of Barbour’s nationwide retail concept rollout, showcasing unique store design.This new opening marks Barbour’s second Covent Garden outlet, following the 2011 Long Acre location.Situated in a Grade II-listed building, the store is surrounded by other notable retail brands.Barbour’s ‘New Heritage’ store concept aims to blend industrial design with traditional craftsmanship.British heritage brand Barbour has reinforced its presence in Covent Garden by opening a second store at a prime location on Neal Street. This move is…

Farfetch is closing its white-label business unit to concentrate on luxury fashion.Farfetch Platform Solutions, serving big names like Reebok and Harrods, will cease operations.This decision follows extensive workforce reductions earlier this year.Farfetch was recently acquired by Coupang for $100 million due to financial troubles.The company aims to enhance luxury customer experiences globally under new leadership.Farfetch has officially announced the closure of its white-label business unit known as Farfetch Platform Solutions. This division, which provided retail technology and commerce solutions for prestigious clients such as Reebok, Harrods, and Paul Smith, will be shuttered as the company seeks to consolidate its focus…

Urbn, the parent company of Urban Outfitters, Anthropologie, and Free People, has reported record-breaking revenue figures, showcasing a significant upward trajectory in its financial performance.For the six months ending 31 July, Urbn’s net income reached $179.3 million (£136.9 million), indicating robust profitability.Total company net sales soared to a new high of $2.55 billion (£1.95 billion) during this period, marking a 7% increase.In the latest quarter alone, net sales surged by 6.3%, achieving $1.35 billion (£1.03 billion).Despite a decline in Urban Outfitters’ sales, Free People and Anthropologie reported significant sales growth.Urbn, the conglomerate behind well-known brands such as Urban Outfitters, Anthropologie,…

Dominic Chappell and Lennart Henningson must pay £110m to creditors following a High Court ruling.The case stems from the collapse of BHS in 2016, which resulted in significant financial losses.The directors were found guilty of failing to fulfil their fiduciary responsibilities.Chappell engaged in risky financial practices that worsened BHS’s economic conditions.Henningson and Chappell have previous orders for payments tied to wrongful trading activities.Dominic Chappell and Lennart Henningson have been mandated by the High Court to pay £110 million to BHS creditors. This ruling arises in the wake of BHS’s collapse in 2016, a significant event that led to the loss…