Today’s news in brief-24/9/24
Harrods has launched an internal investigation to determine if any current staff were involved in allegations of rape and sexual assault made against its former owner, Mohamed Al Fayed. The inquiry follows a BBC documentary and podcast titled Predator at Harrods, which detailed claims made by multiple women who worked for Al Fayed during his ownership of the store between 1985 and 2010. Harrods expressed its deep condemnation of Al Fayed’s alleged abuse of power and apologised for failing to protect its employees during that time.
Over 150 MPs have called on Asda’s majority owner, TDR Capital, to settle a long-running equal pay dispute. According to the GMB Union, 159 MPs wrote a letter urging the company to address the wage disparity between female supermarket workers and their predominantly male counterparts in warehouses. The legal battle, which has been ongoing for 12 years, involves around 60,000 current and former employees who claim they are owed £2bn in back pay. The women on the shop floor reportedly earn up to £3.74 per hour less than warehouse workers, despite their roles being assessed as “equivalent or equal.”
Frasers Group has reduced its stake in Currys from 10.9% to 2.8%, just over a year after it initially made a significant investment in the business. In June 2023, Frasers had described the investment as a strategic move to strengthen its presence in the electricals industry and deepen ties with Currys. The company has declined to comment further on the reduction in its holdings, leaving the future of the partnership uncertain.
The Portman Estate and Derwent London have unveiled plans to develop Loxton Walk, a new 28,500 sq ft retail and leisure destination in the heart of Marylebone. The project, set to launch in 2025, will feature 17 ground-floor units, including spaces for flagship restaurants, kiosk retail units, and larger adaptable spaces for anchor stores.
Card Factory has reported a 43% drop in adjusted profits before tax to £14.5m for the first half of the year, largely due to increases in the National Living Wage, freight inflation, and ongoing strategic investments. Despite the profit decline, group revenues rose by 4.9% to £238m during the same period, driven by strong performance in gifts and celebration essentials, which have become a key focus for the company.
Represent reported a 67% increase in turnover to £80.8m for the year ending December 2023. The company’s operating profit before tax rose from £9m to £13m, while EBITDA grew to £14.6m. Represent’s sales surged in both the UK and Europe, with UK revenues reaching £46.6m.
