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Travis Perkins chief executive calls for radical changes in economic policy Thursday, 21st February 2013
Geoff Cooper, Chief Executive of Travis Perkins has stated that the government needs to make radical changes to its policies if the economy is to recover from its current recession. Cooper suggested that the government should scrap VAT on DIY and home improvement products in an effort to encourage more construction projects and provide a boost to the economy.
Hawes & Curtis in tax mix-up after restructure Monday, 31st December 2012
Historic shirtmaker Hawes & Curtis, a favourite among British royalty and aristocracy, has reportedly lost a bid to reclaim £361,000 in VAT after a mistake in its paperwork following a restructuring. According to the Mail Online, Hawes & Curtis transferred its shop leases to a separate company in 2002, which the retailer in theory paid its rent into, with the company then passing on the amount to landlords.
Comet closes last stores as losses reach £230m Tuesday, 18th December 2012
The final Comet stores will close today as the electrical retailer’s collapse leaves losses of more than £230 million for landlords, suppliers, customers and HM Revenue & Customs. Some 45 remaining stores will close on Tuesday, along with the loss of 6,900 jobs just a week before Christmas.
Osborne forced to back-track on ‘pasty tax’ hot topic Tuesday, 29th May 2012
George Osborne has been forced to alter plans to impose VAT on hot pasties, after a fierce campaign led by bakery chain Greggs and a number of Cornish MPs. The Treasury on Tuesday announced that VAT would still be imposed on some hot foods such as hot chickens sold in supermarket rotisseries, but that the scope of the proposals would no longer effect sausage rolls, pasties, or meat-and-potato pies.
Hot or not? Greggs’ Taste Rescue centres Tuesday, 24th April 2012
Greggs launches £1 million Taste Rescue campaign, but the best publicity comes for free. Walk into one of the seven made-over Greggs this week, and you’d be forgiven for feeling a little bemused. The baker’s latest campaign, remodelling these stores as 'Taste Rescue Centres', arguably jars with headlines it had already grabbed a month before.
Asda records 10.7% growth in sales to Christmas Eve Friday, 13th January 2012
The nation’s second largest supermarket has reported a 10.7 per cent rise in sales growth in the four weeks to 24 December according to the latest report from Nielsen. Strong trading was boosted by the acquisition of Netto 18 months ago, favourable comparisons and highly competitive promotions from the supermarket.
‘Outstanding’ Christmas for John Lewis Wednesday, 4th January 2012
John Lewis has reported an ‘outstanding’ rise in sales at its department stores over the Christmas period. Like-for-like sales rose 6.2 per cent on last year’s figures, with total sales of homeware and apparel especially strong, with household goods increasing 13.6 per cent and fashion up 10.3 per cent in the last five weeks of 2011.
Sainsbury’s presses on with battle at the pumps ahead of quarterly report Tuesday, 4th October 2011
On Wednesday Sainsbury’s will launch another price promotion for petrol as its latest initiative to combat tough trading. Shoppers will be offered 10p off a litre of petrol when they spend £60 at the UK’s third largest grocer until Sunday 9 October.
Next takes pressure off high street with 3.2% increase in sales Wednesday, 3rd August 2011
Next offered some comfort for concerned shoppers this morning as the retailer signalled a ‘more benign year’ for prices in 2012.
Total sales for the high street favourite rose by 3.2 per cent for the 26 weeks to 30 July excluding VAT, and confirmed that profit expectations for the full year were in line with previous guidance.
In light of the results Next reported that a sharp reduction in cotton prices and an easing of manufacturing constraints in the Far East had taken the pressure off its own prices.
For the year ahead, the group said 2012 would be a ‘benign year’ for cost inflation. Next saw a 1.7 per cent drop in store sales, but a 15.1 per cent surge in its well known catalogue and online division, boosted by an increased allocation of sale stock.
According to the report Next expects to earn between £527 million and £577 million in the full year, compared with £551 million the previous year.