Virgin Wines has made a remarkable return to profitability through strategic cost-cutting measures.The company’s cost efficiencies resulted in an impressive shift to a £1.7m pre-tax profit.Virgin Wines’ group sales have stabilised at £59m amid challenging market conditions.Operational enhancements led to £1.4m in annual savings, showcasing the company’s resilience.CEO Jay Wright expressed optimism, citing strong customer conversion rates and decreased cancellation rates.Virgin Wines has successfully turned its financial performance around, implementing significant cost-cutting measures across its operations. Despite challenging market conditions and stagnant group sales at £59 million, the company shifted from a previous pre-tax loss of £700,000 to a notable…
Author: Dave Antrobus
Liam Price, a renowned figure in digital retail, embarks on a new journey as he joins AllSaints as their global ecommerce director.Price’s career began in retail, evolving through various significant roles across top brands, showcasing his remarkable growth and expertise.He has been recognised in the industry for his contributions, including being listed in Drapers’ prestigious 30 Under 30.Price expresses excitement about joining AllSaints, indicating a welcome and supportive environment.His journey through notable companies underscores a commitment to innovation in the ecommerce sector.Liam Price’s career in retail commenced as a part-time worker at womenswear retailer Outfit. He later graduated from the…
Sosandar, a fashion retailer, reports a substantial sales drop but manages to cut losses.First-half sales for Sosandar fall by 27%, down to £16.2 million from £22.2 million the previous year.Despite lower sales, Sosandar reduces its pre-tax loss to £0.7 million, compared to £1.3 million last year.The retailer expands its brick-and-mortar presence, opening new stores in the UK and Dublin.Sosandar adjusts its full-year revenue forecast, reducing it by £5 million while maintaining profit expectations.In the first half of the financial year, women’s fashion retailer Sosandar experienced a significant decline in sales, with a 27% fall to £16.2 million from the previous…
Central Group, a North West electromechanical firm, has obtained £700K funding to enhance its digital strategy and job creation.The funding comes from NPIF II – FW Capital, part of the Northern Powerhouse Investment Fund, to boost growth and technology advancements.This investment will lead to the creation of eight new jobs and collaborations with Liverpool universities on innovative projects.Central Group, led by the Sutton brothers, applies advanced AI and predictive analytics to optimise machinery performance.The funding is crucial for Central Group to transform from a reactive to a proactive business model, driving economic growth in the North.Central Group, an electromechanical specialist…
Inspired Global Cuisine (IGC) is set to open a major food processing hub in Chadderton, promising substantial local employment opportunities.The new site will employ between 550 to 760 staff, including 200 positions for local residents.Councillor Peter Davies highlights the importance of the planning approval for regional job creation.The facility will operate 24 hours a day, enhancing its potential economic impact.Despite positive prospects, there are concerns about noise and odour from the facility.Inspired Global Cuisine (IGC) plans to establish a significant new food processing facility in Chadderton, which is expected to create a substantial number of local jobs. This development comes…
Nanoco appoints new CEO, delays financial results.Dmitry Shashkov replaces Brian Tenner with immediate effect.Shashkov brings over 20 years of experience in technology.The Board states commitment to maximising shareholder value.FY24 results expected in November, unchanged forecast.Nanoco Group PLC has announced the appointment of Dmitry Shashkov as its new Chief Executive Officer, succeeding Brian Tenner. Tenner, who steps down, will continue with the company to ensure a smooth transition. This leadership change is pivotal as Nanoco embarks on a strategic review of its operations and potential future directions.Shashkov, noted for his remarkable leadership in technology-driven businesses, steps into his role with immediate…
Leeds Building Society has launched its largest brand campaign in 149 years.This new initiative introduces the Society’s first ever brand strapline, “It’s better to belong.”The campaign underscores the Society’s commitment to its members and communities.Visuals showcase heartwarming moments emphasising community ties.A comprehensive multichannel strategy involved various media to enhance outreach.Leeds Building Society has embarked on its most significant branding campaign in 149 years. This monumental effort sees the introduction of the institution’s first-ever brand strapline, “It’s better to belong.” This strapline not only encapsulates the essence of the Society’s mission but also features prominently in both external and internal communications.The…
Hull startup Gooddrop aims to lead in vertical cotton farming with a £1m investment.A strategic research partnership with the University of Nottingham supports this ambition.Gooddrop aspires to transform cotton production from outdoor fields to controlled indoor environments.The company plans to rewild land equivalent to Germany’s size, enhancing ecological balance.Vertical farming could drastically reduce land use while boosting cotton yield.Hull agritech startup Gooddrop has initiated a groundbreaking £1 million investment to position itself as a global leader in vertical cotton farming. This ambitious move begins with a significant three-year research collaboration with the University of Nottingham, leveraging the institution’s expertise to…
Virgin Wines has successfully returned to profitability in the 2024 financial year, demonstrating the efficacy of its strategic cost-cutting initiatives. Despite a challenging economic environment, the company has managed to post a pre-tax profit of £1.7 million, a significant turnaround from the previous year’s £700,000 loss, while maintaining steady sales of £59 million.The financial resurgence of Virgin Wines is attributed to a comprehensive cost-cutting scheme that resulted in £1.4 million in savings. This initiative included reducing the cost per customer acquisition to £19.62 from £19.91 and lowering fulfilment costs to 11.8% of sales, compared to the previous year’s 14%.Chief Executive…
Oldham is set to receive a new Lidl supermarket, enhancing local retail competition and providing job opportunities.The store will be located just off the M60 and Oldham Road, with significant investment from the German retailer.Approval has been granted following a proposal to increase the store size from 500 to nearly 2,000 square metres.Lidl will create up to 40 jobs with a commitment to local hiring and competitive wages.Operating hours are extensive, with the location offering modern amenities including electric charging ports.Oldham is poised for economic enhancement with the arrival of a new Lidl supermarket. Positioned strategically off the M60 near…