The Financial Conduct Authority (FCA) has imposed a £350,000 fine on Wise’s CEO, Kristo Käärmann, for breach of a senior manager conduct rule.The penalty arose from Käärmann’s failure to disclose a prior regulatory breach during an assessment of his fitness for the role.Käärmann was previously fined by HM Revenue and Customs (HMRC) for failing to notify them of capital gains tax liability.The FCA began its investigation into Käärmann in June 2022, citing non-cooperation with regulatory standards.Despite these issues, Wise continues to show positive growth in its quarterly earnings.The Financial Conduct Authority (FCA) has concluded an investigation resulting in a substantial…
Author: Dave Antrobus
The UK arm of Abercrombie & Fitch and Hollister has reported a significant surge in profits and sales, surpassing £200m.In the latest financial year, pre-tax profits tripled, reaching £9.8 million compared to £3.2 million the previous year.The company’s turnover increased from £171.1 million to £213.1 million, with both in-store and online sales showing robust growth.The average number of employees rose, indicating expansion in the firm’s UK operations against challenging economic conditions.The former CEO of Abercrombie & Fitch, Mike Jeffries, is embroiled in legal issues, pleading not guilty to serious charges.The financial year ending on February 3, 2024, marked a remarkable…
John Lewis Partnership announces a significant recruitment drive for the holiday season.The retail giant aims to hire 12,500 temporary staff across its John Lewis and Waitrose stores.This hiring surge marks a 4,100 increase compared to the previous year.The roles will prepare the company for peak shopping periods such as Black Friday and Christmas.The recruitment process is already in motion, with specific roles designated for both in-store and distribution needs.John Lewis Partnership is gearing up for an extensive recruitment initiative ahead of the festive season. The retail group plans to bring in 12,500 temporary staff to manage the anticipated surge in…
Mike Ashley, founder of Frasers Group, is committed to revitalising Boohoo Group by addressing its current challenges.Ashley has publicly expressed his readiness to step into the CEO role at Boohoo Group, following the departure of its former CEO.The entrepreneur criticises the recent financial strategy adopted by Boohoo and considers it detrimental to shareholder interests.Frasers Group, under Ashley’s direction, has acquired a substantial 27% stake in Boohoo, expressing his vested interest in its future.Boohoo disputes Ashley’s critique, labelling his assessment of their refinancing deal as inaccurate.Frasers Group founder Mike Ashley has declared his intention to revitalise Boohoo Group, emphasising his willingness…
John Lewis Partnership has embarked on a significant recruitment drive, aiming to hire a record 12,500 temporary staff across the UK.This recruitment effort surpasses last year’s numbers by 4,100 roles, indicating substantial growth.Currently, 2,000 positions are being filled for John Lewis stores nationwide, with few vacancies left.In addition to store roles, 7,700 positions will be available at Waitrose for various seasonal jobs.The partnership is collaborating with agencies to hire 2,800 supply chain roles to meet the anticipated demand surge.In a significant move to support its business operations during the pre-Christmas peak trading period, John Lewis Partnership is seeking to recruit…
FatFace suffered financial setbacks following its acquisition by a major retailer.The brand, focusing on profit rather than sales growth, recorded a pre-tax loss.A significant expense of £7.9m was noted, largely due to the acquisition.Sales figures reached £191.5m, with UK revenue at £172.5m.CEO Will Crumbie emphasised strong performance amidst challenging conditions.FatFace, a notable name in fashion retail, experienced a tumble in its financial outcomes after its acquisition by a prominent retail company. Despite a declared strategy of prioritising profit over sales growth, the brand found itself facing a pre-tax loss of £3.2 million for the 35 weeks ending on January 27,…
FatFace recently reported a financial loss following its acquisition by Next, claiming a strategic focus on profit rather than sales growth.The fashion retailer faced a pre-tax loss of £3.2 million for the 35 weeks ending 27 January, dropping from a £19.5 million profit the previous year.Exceptional costs of £7.9 million were incurred, largely attributed to the acquisition by Next in October 2023.The company’s total sales reached £191.5 million, with UK revenues contributing £172.5 million.CEO Will Crumbie emphasised the company’s successful performance despite external challenges, highlighting strong customer engagement and an effective digital presence.FatFace has encountered financial difficulties following its acquisition…
Marks & Spencer is introducing self-checkout facilities in fitting rooms at over 100 stores by early 2028.The move aims to enhance customer experience by removing the need to queue twice.Staff will monitor these checkouts to deter shoplifting.This is part of a larger £30m store upgrade, especially in London.A trial of clothing-only stores is planned, starting in Battersea.Marks & Spencer has announced a significant change to their fitting room experience with the introduction of self-service checkout tills in fitting rooms across more than 100 stores by early 2028. This innovative move is reported to be aimed at enhancing the overall customer…
John Lewis revitalises its Oxford Street store with a £6.5m investment, embracing innovation and customer engagement.New concepts are being trialled, setting the stage for future updates across all stores in the coming years.The beauty department sees extensive enhancements, with new brands and private treatment rooms.Fashion offerings expand with exciting collaborations and a focus on supporting British talent.The home section reimagines its space, incorporating popular brands and customer-centric designs.John Lewis has embarked on a mission to breathe new life into its Oxford Street flagship store, with a £6.5m investment marking the beginning of a broader strategy to refresh its entire estate.…
Quantum computing is at risk due to potential budget cuts in the UK.The UK has been a global leader in quantum technology development.Over 20,000 individuals work in the UK’s quantum sector.Significant investments have driven quantum advancements in the UK.There are fears that future funding may not be fully realised.Quantum computing, which replaces classical bits with quantum bits, has been a cornerstone of the UK’s technology landscape. The country has established itself as a leader in this field, with significant involvement from pioneering startups and universities. The UK’s prominence in quantum technology is backed by substantial investments, amounting to £1.4 billion…