Author: Scott Dylan

Boohoo Group announces the promotion of Sophie Rycroft to responsible sourcing director.Rycroft’s extensive experience within the company positions her well for her new role.She succeeds Andrew Reaney, who departs to join PDS Group.Reaney will head PDS online enterprise, targeting the US market.John Lyttle, CEO, emphasizes Rycroft’s expertise and positive impact on supply chain.Boohoo Group has announced the appointment of Sophie Rycroft as the new responsible sourcing director. Rycroft, who joined the company in 2013, has steadily progressed through various roles, showcasing her capabilities and dedication. Her promotion is a testament to her expertise and commitment to ethical trading practices, marking…

The North East of England is bustling with noteworthy business achievements and community engagements. Among the highlights, several organisations have been recognised for their outstanding contributions.This week’s round-up showcases the exemplary work by North East companies, with awards, community initiatives, and innovative projects driving positive change and recognition in various sectors.Celebrating Excellence in AccountancyThe North East Accountancy Awards recently recognized Robson Laidler Accountants for their exceptional contributions in the field of Environmental, Social, and Governance (ESG). Robson Laidler emerged victorious in the ESG Impact category. Located in Newcastle and Durham, this accountancy and advisory firm stood out at the prestigious…

Pepco, owner of Poundland, reported a decline in sales for the recent quarter, citing Red Sea shipping disruptions as a primary factor. The delays in summer stock arrival have significantly impaired sales figures during this period, prompting strategic adjustments within the company.The retail group, encompassing Pepco and Dealz brands, aims to mitigate these issues by altering shipping strategies. Despite current challenges, the company is optimistic about resolving availability issues and stabilising its market performance.Impact of Shipping Disruptions on SalesPepco, the parent company of Poundland, attributes a noticeable decline in their sales for the quarter ending June 30 to shipping disruptions…

A series of former Ted Baker outlets have been leased by various retailers following the brand’s operational challenges.Ted Baker’s British operations entered administration, resulting in the closure of numerous stores across the UK.Distinct brands such as Reiss, Alo Yoga, and Søstrene Grene have occupied prominent locations previously owned by Ted Baker.Alo Yoga is poised to inaugurate a new store on Brompton Road, while Reiss has relocated in Cardiff.Authentic Brands Group is nearing agreements for new partners following the administration.Ted Baker, a significant entity in the British retail landscape, faced operational hurdles that led to its administration in March. Consequently, it…

Connected Energy and Altilium, leaders in battery recycling, are joining forces to enhance industry standards amid the growing electric vehicle market.The collaboration promises advancements in recycling processes and aims to set a precedent for responsible resource management in the EV sector.Connected Energy and Altilium have announced their strategic partnership to set benchmarks in the electric vehicle battery recycling sector. This collaboration aims to create innovative business models that maximise value from used EV batteries. By working together on a £30.1m project with Nissan, they plan to revolutionise the industry standards.Connected Energy is renowned for building commercial energy storage systems through…

IntelliAM AI, a leading software enterprise based in Sheffield, has recently secured a £263,000 award from the Digital Innovation Fund.This funding arrives on the heels of IntelliAM AI’s recent listing on the Aquis Stock Exchange Growth Market, marking a new chapter of growth and technological advancement for the company.IntelliAM AI’s Milestone AchievementSheffield-based software company IntelliAM AI has been awarded a £263,000 grant from the Digital Innovation Fund. This prestigious award highlights the company’s dedication to advancing artificial intelligence in the manufacturing sector. The funding aims to support a research project focused on the application of AI in lubrication analysis, a…

Dr Martens’ trading aligns with expectations since April, keeping full-year guidance stable before today’s AGM.Revenue declines by 12.3% and post-tax profits down 46.3% to £69.2m as anticipated.Focused on enhancing autumn/winter 24 season and executing detailed trading plans.Anticipates second-half weighted financial year, particularly on profits.Forecasts single-digit revenue decline, worst-case profit down to a third of FY24.Dr Martens has communicated that its trading since April has met expectations, with the company’s full-year guidance remaining unaltered. This update comes in anticipation of the Annual General Meeting (AGM) scheduled for today.In the financial year which ended on 31 March 2024, Dr Martens experienced a…

Frasers Group has substantially increased its investment in the German fashion giant Hugo Boss.Frasers Group now holds 5.6 million shares of common stock in Hugo Boss, constituting 7.99% of the company’s share capital.In addition, Frasers Group holds 9.7 million shares via put options, equating to 13.81% of the company’s share capital.The total investment by Frasers Group in Hugo Boss stands at approximately £415 million, a significant increase from £305 million in May.Frasers Group initially acquired a 5.1% stake in Hugo Boss in June 2020 through stocks and derivatives.Frasers Group has fortified its investment position in Hugo Boss, a leading German…

Radley reported a 2.1% increase in group revenue, reaching £77.3m by April 2023.The drop in EBITDA was attributed to website re-platforming issues and new store costs.Direct-to-consumer sales rose by 8% as brick-and-mortar retail rebounded post-pandemic.US sales increased 12%, boosted by Amazon and a shift to drop-ship models.Nick Vance highlights the effectiveness of a multi-channel strategy in the UK and US.British handbag and accessories brand, Radley, has seen a group revenue growth of 2.1%, bringing the total to £77.3 million for the year ending 29 April 2023. This growth was driven by a substantial increase in both wholesale and US market…

The UK economy experienced growth in May 2024, according to the Office for National Statistics (ONS), marking a notable shift after stagnant economic performance in April.Real GDP increased by 0.4% in May, driven by improvements across service, production, and construction sectors.Service output rose by 0.3% with retail sales rebounding 2.9% from a prior decline attributed to adverse weather conditions.A significant 1.9% growth in the construction sector was the strongest in nearly a year, bolstered by house building and infrastructure projects.Economic growth in the three months to May reached 0.9%, largely due to a 0.9% increase in retail trade output.The United…