Sarah Butler

Jamie and Jools Oliver received a £1.5m dividend after pre-tax profits at Jamie Oliver Holdings fell from £2.4m to £1.25m in 2025. Revenue was broadly flat at £28.4m, with growth in restaurants, franchise outlets, cookery schools, books and television offsetting weaker royalties, licensing and endorsement income. Exceptional restructuring costs, including around 20 media-team redundancies, and the costs of opening a new London cookery school drove much of the profit decline. The business is expanding its restaurant and franchise operations, including the reopening of Jamie’s Italian in Leicester Square, while the group’s former UK chain had collapsed in 2019 with £83m of debt and 1,000 job losses.

France’s consumer watchdog fined Boohoo €2.3m after finding that 40% of examined promotions were not genuine price reductions, 7% offered smaller discounts than advertised and 48% involved price increases. The regulator also said Boohoo mislabelled synthetic goods as “leather” or “suede.” The penalty follows a $100m US lawsuit settlement over alleged sham promotions, reached without an admission of liability. Boohoo attributed the French violations to management in place from October 2023 to February 2024 and said the issues had been resolved. The company is also struggling with competition from Shein, Temu and Vinted, higher costs, regulatory pressures, debt and criticism from major shareholder Frasers Group.

Frasers Group, owned by Sports Direct founder Mike Ashley, has bought Harvey Nichols out of administration for an undisclosed sum reportedly worth about £40m. The deal covers six UK stores, while the Dublin outlet remains under discussion and overseas franchise agreements continue; the Oxo Tower restaurant is excluded. Harvey Nichols has 1,200 employees, has struggled since the pandemic and reported a £105m loss after tax for the year to March 2025. Frasers plans substantial restructuring, including reviewing stores, staffing, operations and costs, with some UK locations potentially rebranded as House of Fraser or Flannels. The future of the Knightsbridge flagship remains uncertain, although the acquisition is intended to preserve more than 1,000 jobs.

Mr Justice Hildyard approved a restructuring plan for TG Jones, the former WH Smith high street business, but warned that its turnaround carried “very considerable” execution risks and resembled an adventurous private equity investment. The plan will close 150 of 450 stores, write off supplier debts and reduce rents, with small suppliers losing at least half of what they are owed. Court approval enabled Modella Capital to impose the plan on dissenting creditor groups after providing new investment, while TG Jones chief executive Alex Willson said the deal would create a stronger and more sustainable retailer.

Next reported a 9% rise in full-price sales for the 13 weeks to 1 August, driven by alternative brands, online shopping, hot weather and renewed international demand. The retailer raised its annual pre-tax profit forecast by £25m to £1.2bn, sending its shares to a record high. Analysts said Next's product range, convenience and pricing strategy—not just the weather—explained its outperformance, contrasting it with a broader retail market marked by discounting, cheaper purchases, inflation and weak consumer confidence. John Lewis, H&M and Zara were among retailers facing more difficult conditions.

Extreme heat, drought and wildfires are damaging crops across Europe, threatening lower food production and higher costs. Olive groves in Greece, Italy and Portugal have been affected, while drought in Spain may cause trees to shed fruit; producers expect olive-oil prices to rise again in the autumn after UK extra virgin olive oil prices recently moved above £7 per litre. France faces losses in vegetables and an unusually early, smaller grape harvest, while Spain’s cereal output is forecast to fall sharply. EU forecasts also reduce expected sunflower, maize, potato and soya yields. Turkey, Italy and Romania are relative bright spots, with improved conditions supporting stronger prospects for some crops.

The live political coverage centres on a possible electoral pact between Reform UK and Restore Britain. Restore leader Rupert Lowe accuses Nigel Farage of falsely claiming to have proposed a call, while saying his offer remains open; Farage says he is willing to talk but has not begun negotiations. Reform also faces scrutiny over alleged undeclared donations and parliamentary standards investigations involving Richard Tice. Farage promotes using the Navy to intercept Channel crossings, a proposal the government says would not reduce arrivals and that former military figures criticise. Other developments include Labour-linked proposals on devolution and education, free bus travel for young people in Greater Manchester, demands from the SNP for a constitutional route to independence, climate-change comments from Yvette Cooper, and calls from David Amess’s family for transparency in the review of his murder.

Chancellor John Healey has warned major retailers that the government will act if consumers are exploited through higher food or fuel prices as the Iran conflict drives up energy costs. He acknowledged that there is currently no significant evidence of price gouging, but said ministers are monitoring the situation. Economic forecasts warn that a prolonged closure of the Strait of Hormuz could push the UK into recession in 2027, while the Bank of England has warned inflation could exceed 4%. Retailers and the British Retail Consortium rejected the prospect of government price controls, arguing that competition keeps food prices low and that tax increases are a larger source of inflationary pressure.

Marks & Spencer is investing £700m over three years to modernise stores, supply chains, distribution and products, with the redesigned Pantheon store on Oxford Street serving as a model. Chief executive Stuart Machin is also pursuing a major redevelopment of the Marble Arch store, despite environmental criticism and a four-year construction period. M&S’s food business is expanding rapidly, while clothing has regained market share and improved its style reputation, attracting younger shoppers. However, the retailer still faces challenges including the financial impact of a cyber-attack, underperforming international operations, the unprofitable Ocado investment and complex warehouse projects. Machin’s strategy prioritises sustainable growth over a return to £1bn annual profits.

Drought and extreme heat have sharply reduced yields of UK vegetables, driving wholesale prices higher and forcing supermarkets, restaurants and caterers to import broccoli and lettuce from Spain during the usual domestic growing season. Broccoli yields have reportedly halved, the English pea harvest is down by a third, and tomato, lettuce and potato prices have risen substantially. Carrot and main-crop potato supplies are also at risk later in the year. More than 100 food-sector organisations have urged the government to make food security a national priority, while growers are seeking help to build reservoirs, improve irrigation and adopt crop varieties better suited to hotter conditions.

The FTSE 100 was set to gain about 3.5% in July, its strongest monthly performance since February, despite renewed US-Israeli attacks on Iran and the resulting energy-market disruption. UK petrol prices reached about 160p per litre and diesel 179p, increasing household costs. Morrisons reported a £926m loss and nearly 5,000 job cuts, while Sainsbury's agreed to sell Argos for £120m. BP put its North Sea business up for sale, IAG profits fell as fuel costs surged, and eurozone inflation edged up to 2.9%, raising expectations of further interest-rate increases. HS2 renegotiated major contracts to address cost overruns, while US and Asian markets ended the month strongly.

Sainsbury’s has agreed to sell Argos for £120m to Swift Partners, a new company established by retail veterans Richard Pennycook, Trevor Strain and Matt Truman. The deal is intended to let Sainsbury’s concentrate investment on its core food business after struggling to achieve the expected benefits of combining grocery and non-food retail. Argos will continue operating through standalone shops, Sainsbury’s store-in-store locations and local fulfilment centres, with existing commercial and Nectar-related agreements maintained. Completion is expected in early 2027, with full separation by early 2029, while Habitat products will continue under a licensing arrangement. Sainsbury’s shares rose more than 3%, although analysts described Argos as a suboptimal financial performer and the sale process as prolonged. Usdaw welcomed the retention of the current operating model but called for transparent consultation with staff and union representatives.

Global markets faced pressure from two major developments: a continuing sell-off in AI and semiconductor stocks, and sharply higher oil prices after Donald Trump threatened Iran with military retaliation following an alleged attempted surprise attack. Asian chip markets fell heavily after disappointing results from SK Hynix, while US technology stocks also weakened. The FTSE 100 proved relatively resilient because of its limited technology exposure and strong results from companies including Standard Chartered and Reckitt Benckiser. Grant Thornton agreed to buy CBIZ for $5bn, Standard Chartered announced a $1bn buyback, and Chapel Down reported higher sales. The Federal Reserve was widely expected to leave interest rates unchanged, although higher energy prices increased concern about future inflation. Separately, Ofgem proposed upfront financial guarantees for datacentre grid connections, while UK data showed a rise in workless households across many local authorities.

Greggs reported a 7.2% increase in first-half sales to £1.1bn and a nearly 20% rise in pre-tax profit to £76m. Most sales growth came from opening 34 net new stores, while like-for-like sales increased 2.1% following price rises. Iced drinks, matcha, a new chicken roll and higher-protein salads helped the bakery chain attract customers during heatwaves and appeal to health-conscious and younger consumers. Greggs said easing cost inflation and energy hedging reduced the need for further price increases, and it plans to continue expanding, particularly in travel hubs, industrial sites, retail parks and motorway locations. Analysts cautioned that the company must balance pricing and cost control amid economic uncertainty and growing use of weight-loss drugs.

GSK will invest £400m over three years to establish a new research and development centre at Cambridge’s Biomedical Campus, moving more than 1,000 scientists from Stevenage while upgrading its Ware site. The investment is part of a £1.9bn annual cost-cutting programme and an effort to accelerate drug development, despite a major impairment linked to the abandoned camlipixant treatment. The live coverage also reports a sharp global sell-off in AI and chip stocks, strong half-year profits at Barclays, potential price rises from Unilever, tariff and supply-chain concerns at Games Workshop, weaker Chinese performance at Mercedes-Benz, a £1.2m fine for EY over its Made.com audit, and Ofcom’s proposed blocking of Openreach’s discounted broadband offer.

Liberty has expanded its fabrics department by 140% to 4,630 square feet, stocking more than 2,500 fabrics and employing 17 specialist salespeople. The London department store plans to enlarge its haberdashery area and offer autumn workshops as sewing, quilting and crochet gain popularity through social media, television programmes and interest in secondhand clothing. Fabric sales rose 11% last year, and Liberty expects continued growth from domestic crafters and overseas shoppers seeking luxury materials for bespoke clothing. The expansion supports Liberty’s strategy of positioning craftsmanship and handmade creativity as a contemporary form of luxury.

The £500m Elephant and Castle redevelopment is replacing the former shopping centre and Heygate estate with towers, shops, offices, cultural facilities and hundreds of homes, but many displaced independent traders say promised opportunities to return have not materialised. Only five of 40 commercial units are reserved for local businesses at affordable rents, while the new housing includes very few social-rent homes. Developers and Southwark Council say they remain committed to affordable retail and cultural diversity, but traders report unaffordable rents, weak footfall and the risk of further closures. Academics and community advocates warn that the project could become a model of rapid, homogenised gentrification that erases the area’s distinctive migrant-led business culture.

Extreme weather driven by climate change has cut the UK blackcurrant harvest by around 10 percent, prompting Ribena owner Suntory to invest £200,000 in research to improve crop resilience. Growers report damage from a wet winter, spring frosts, hail and intense summer heat, with smaller fruits and premature berry drop. Suntory, the Blackcurrant Foundation and Niab are funding work on soil health and new varieties that can better tolerate environmental stress. The initiative aims to secure long-term British blackcurrant production as growers adapt to increasingly unpredictable conditions.

Global technology stocks fell sharply as investors questioned the sustainability of the AI-driven rally and unwound crowded positions in semiconductor companies. Japan’s Nikkei dropped almost 5%, European technology shares declined and US chip stocks pushed the Philadelphia Semiconductor Index toward bear-market territory. Netflix also fell after issuing weaker growth guidance, while rising oil prices linked to renewed US-Iran tensions drove expectations of higher inflation and interest rates. Mortgage rates increased in the UK and US, with lenders repricing products as funding costs rose. The coverage also reported Burberry’s return to sales growth despite Middle East-related tourism weakness, South East Water’s warning that it may need new financing to survive, China’s opposition to the UK nationalisation of British Steel, and fears of severe congestion at Dover because of new EU border controls.

Ocado CEO and co-founder Tim Steiner says he does not intend to control the company from behind the scenes after stepping down in 2028, while remaining open to extending his involvement in a founder role through 2029. His comments follow reported tensions with chair Adam Warby over succession. Ocado’s shares fell nearly 15% after pre-tax profit plunged to £17m from £607m a year earlier, intensifying doubts about execution, cash burn and the timetable for positive cash flow. Steiner highlighted expected US, South Korean and Japanese client expansion and strong growth at the Ocado-Marks & Spencer joint venture, which recorded 15% sales growth to £1.76bn.

Renewed US-Iran attacks and a US naval blockade of Iranian shipping drove Brent crude to about $87 a barrel and pushed gas prices and UK gilt yields higher, although prices remained below their recent peaks. US inflation fell more than expected to 3.5% in June after energy prices declined during the short-lived ceasefire, briefly reducing expectations of a hawkish Federal Reserve. IBM shares plunged almost 24% after the company warned that corporate spending had shifted from software to AI-related data-centre infrastructure, dragging other software stocks lower. The US has issued $81bn in tariff refunds after the Supreme Court invalidated major Trump tariffs, while the federal deficit and debt-interest costs increased. UK business groups also urged Andy Burnham to replace the current business-rates system with a hybrid model including a 2% levy on online sales.

England’s World Cup quarter-final against Norway is expected to generate £385m in additional UK sales, contributing to a projected £493.6m boost from the quarter-finals overall. Hospitality businesses forecast £27.5m in extra revenue from 5.5m additional pints, while watch parties, cinemas, retailers, television sellers, supermarkets and food-delivery services are also benefiting. England’s progress has produced sold-out fan events, increased TV and grocery demand, and major spikes in takeaway and streaming activity.

Oil and gas prices surged as renewed US–Iran strikes and Donald Trump’s declaration that the interim ceasefire was over unsettled global markets. Global equities fell, bond yields rose on inflation concerns, and traders increased bets on future interest rate hikes. LNG supply risks intensified following tanker attacks near the Strait of Hormuz, while disruptions to shipping further raised energy-security fears. European regulators initiated legal proceedings against Tata Steel over pollution concerns, and UK authorities fined Virgin Media for obstructing contract cancellations. Jet2 reported strong recovery in holiday bookings, and several UK companies, including Tesco, Vistry and Severn Trent, announced major operational developments amid volatile economic conditions.

Demand for handheld mini fans in the UK is set to reach nearly 8 million purchases in 2026, driven by heatwaves and low prices, but recycling groups warn that almost half will be discarded within a year due to poor quality. Retailers report massive spikes in fan sales, while campaigners urge consumers to choose longer-lasting products or alternatives and to recycle broken devices properly. Waste experts caution that improper disposal of battery-powered fans can cause fires and waste valuable raw materials.

John Lewis is consulting on plans to close gift‑wrapping desks and foreign exchange services across dozens of stores, placing about 200 jobs at risk. Staff express concern that the move undermines the retailer’s customer‑service ethos, while the company maintains that satisfaction scores have continued to improve. Customers would shift to online currency services if closures proceed. The proposed cuts follow wider cost‑saving measures by the John Lewis Partnership, which has reduced thousands of roles over the past year but recently restored staff bonuses after a rise in profits.

Marks & Spencer is investing in refrigeration equipment capable of operating in temperatures up to 45C after struggling during recent UK heatwaves, with demand surges causing ice-cream shortages. The company expects hotter conditions driven by the climate crisis and is upgrading fridges, alongside increased security measures to address rising retail crime. Other retailers, including Sainsbury’s, are also investing heavily in refrigeration upgrades as extreme temperatures become more frequent, reflecting broader warnings that UK infrastructure must rapidly adapt to a changing climate.

A former waiter at the Metropolitan Mayfair casino has filed an employment tribunal claim alleging unfair distribution of cash tips and service charges, asserting that managers received equal or larger shares despite not serving customers. Staff reported opaque policies, unclear allocation of card tips and service charges, and lack of access to required tronc rules under 2024 legislation mandating fair and transparent tip distribution. Unite criticised government draft guidance for enabling employers to disregard worker concerns. The casino denies wrongdoing and maintains compliance with legal requirements, while the former employee also pursues a wrongful dismissal claim linked to disputes over tip handling.

Cooling products are in short supply as another UK heatwave nears, with Currys reporting massive spikes in fan and air‑conditioner sales and warning that stock remains tight. CEO Alex Baldock highlighted strong annual results, growth in newer product categories, and continued momentum driven partly by the football World Cup. He cautioned about inflation pressures linked to chip shortages and AI datacentre demand but said supplies of computers and phones were secured until autumn. Baldock urged government action on employment costs, business rates and tax advantages benefiting overseas online retailers, and noted his upcoming move to lead Boots.

US cooking oil sales are declining as economic strain and aggressive immigration enforcement have led Latino households, a key consumer group, to reduce purchases and reuse oil more frequently. Associated British Foods reports ongoing pressure on its US oil brands while noting wider shifts in foodservice demand due to appetite-suppressing drugs. Modest overall sales growth at ABF contrasts with significant restructuring at Asda, which has cut thousands of jobs amid financial losses following its 2020 takeover.

A high court ruling has approved a restructuring plan for the former WH Smith chain, now rebranded as TG Jones, enabling the closure of up to 150 stores and the writing off of significant supplier debts. The decision prevents potential administration and supports a turnaround strategy backed by owner Modella Capital, despite the judge’s criticism of timing and valuation issues. Key creditor classes were divided, with major landlords largely supportive and others, including small suppliers and councils, less so. The plan secures the core store estate but imposes sharp rent reductions and substantial losses for many creditors.

UK grocery inflation is running below initial predictions despite continued industry pressure linked to the Middle East conflict, according to Sainsbury’s chief executive Simon Roberts. Sainsbury’s increased market share as shoppers sought lower prices, supported by the chain’s Aldi price-matching strategy. Overall sales rose 2.7% while Argos sales declined due to discounting and weak consumer sentiment. Hot weather and the World Cup boosted demand for summer foods and rapid delivery services. The supermarket is investing heavily in refrigeration upgrades and expanding facial‑recognition technology to reduce shoplifting. Roberts called for government action to support energy cost reductions and hiring incentives amid ongoing economic uncertainty.

Brompton sold a combined 15% stake to Decathlon and BA Capital in a deal worth about £18m, providing liquidity for long‑term shareholders and bringing new supply‑chain and market expertise. The investment will expand Brompton’s retail presence through dedicated areas in Decathlon stores and strengthen its position in China, its largest market. CEO Will Butler‑Adams highlighted a recovering global cycling market but criticised the UK for weak support of entrepreneurs and inadequate enforcement against illegal ebikes. Despite reduced staffing and lower bike sales in 2025, the company increased pre‑tax profits through cost cuts and continued to invest in expansion ahead of modest sales growth in 2026.

Ocado chief Tim Steiner has received about £94m in pay since the company’s 2010 flotation, prompting concerns from the High Pay Centre over fairness and accountability amid a prolonged slump in the company’s share price. Reports indicate the board has approached possible successors, including Vonage chief Niklas Heuveldop, amid shareholder pressure linked to performance and compensation. Ocado’s valuation has fallen sharply in recent years following setbacks with partners such as Kroger and Sobeys, though some major shareholders, including Jörn Rausing, remain supportive. Analysts suggest Steiner’s position is uncertain as the company faces weak returns and internal divisions over leadership.

Major landlords, the Post Office and some suppliers backed TG Jones’s restructuring plan, though many creditors opposed it, leaving court approval crucial to avoid administration. Oil prices fell to a four‑month low as supply from the Gulf began to stabilise, while US consumer sentiment improved alongside easing fuel costs. Markets weakened, particularly in technology stocks, with chipmakers leading losses. US trade figures showed a sharp rise in the goods deficit, reflecting falling exports and rising imports. UK pubs saw increased sales during a heatwave, contrasting with weaker restaurant activity in London, and inflation expectations in the UK eased amid reduced Middle East tensions.

Ryanair introduced free rear seating for parents and children following scrutiny from the UK competition regulator, which is continuing its investigation into previous mandatory charges. Global markets hit record highs as oil prices fell to pre‑Iran war levels, though reports of potential Iranian tolls on Hormuz traffic pushed prices slightly higher later in the day. US inflation reached a three‑year high, increasing expectations of Federal Reserve rate rises. UK political figures, including Rachel Reeves and Robert Jenrick, set out economic positions at the British Chambers of Commerce conference. Corporate developments included JP Morgan leadership changes, Apple price increases following higher chip costs, and warnings from 3M over the impact of slow UK‑EU negotiations on manufacturing jobs.

Small suppliers to the former WH Smith chain, now rebranded as TG Jones, face losing at least half of the money owed to them under a proposed restructuring plan. The plan, driven by owner Modella Capital, includes wiping out debts for “exit contract” suppliers and delaying full repayment for others for several years. Larger creditors such as British Land initially challenged the plan but withdrew objections after concessions. The restructuring aims to close stores, cut rents and secure long-term viability, while suppliers and landlords argue the burden falls disproportionately on them.

A power outage affecting Worldpay disrupted card payments across UK pubs and supermarkets during the England–Ghana World Cup match, forcing many venues to accept cash only. Tesco and other retailers confirmed widespread issues as customers faced long ATM queues. Worldpay said it was working to restore full service, and Tesco later reported the problem resolved.

UK borrowing costs rose as investors reacted to higher-than-expected government borrowing, the cancellation of US-Iran peace talks and speculation over a potential Labour leadership change following Andy Burnham’s by-election victory. Analysts warned that a leadership contest or a shift away from current fiscal discipline could push gilt yields higher, with markets monitoring Burnham’s political trajectory and policy signals. Economists noted that structural fiscal constraints will limit any new prime minister’s scope for policy shifts, though Burnham’s approach may emphasize interventionist and place‑based strategies. Additional updates included rising insolvencies, Asda’s significant annual loss, a Bank of England private‑markets stress test, and sector concerns ranging from drought risks to IT failures at the ONS. The pound recovered from early losses, bond yields climbed modestly, and central bank decisions in Russia and broader geopolitical tensions added further uncertainty to global markets.

The Bank of England kept interest rates at 3.75% while lowering its inflation forecast due to easing energy prices and ongoing uncertainty tied to the Middle East conflict. Two MPC members voted for a rate hike, citing risks of second‑round inflation effects, while the majority opted for caution amid signs of economic softness. Updated projections place inflation slightly above 3% later in the year. Markets reacted with a weaker pound, and analysts suggested rates are likely to stay on hold for the rest of 2026 unless geopolitical developments reverse recent energy price declines. Broader economic data showed falling unemployment and declining job vacancies, while global central banks, including the Federal Reserve, signaled continued vigilance on inflation.

Tesco reported a sharp slowdown in UK sales growth due to rainy spring weather and uncertainty linked to conflict in the Middle East, with the company’s chief executive emphasising weather as a stronger driver of consumer spending than World Cup results. Despite reduced comparable sales growth, online sales rose and strong demand for items such as canned cocktails and Irn-Bru supported performance. Inflation pressures eased and petrol prices showed signs of declining, while Tesco continued price-matching with Aldi and launched new products. Wholesale arm Booker saw declining sales, but the company maintained its full‑year profit expectations despite a drop in share price.

UK inflation remained at 2.8% as slower food price rises offset sharp increases in transport costs linked to the Iran conflict. Oil prices eased amid hopes of progress in US‑Iran negotiations, suggesting a softer economic impact than feared. Markets awaited the US Federal Reserve’s interest rate decision. Business developments included Jaguar Land Rover reversing its EV‑only factory plan to prioritise US growth, SpaceX surpassing Amazon in market value after acquiring the Cursor AI coding startup, and criticism of Bernard Arnault over his dominance of France’s business press. UK retailers and hospitality firms reported mixed performance, with John Lewis investing in store upgrades, AO World outsourcing call‑centre roles, and Morrisons facing competitive pressures while monitoring input inflation.

AO World is outsourcing up to 200 UK call‑centre roles to South Africa, citing rising labour costs, while reporting strong profits and issuing £20m in shareholder payments. Chief executive John Roberts blamed government policies for increasing employment expenses and discouraging youth hiring, echoing similar criticism from Next’s Simon Wolfson. Around 150 roles have already moved from Bolton, with further shifts expected, though over 100 complex‑query positions will remain in the UK. AO reported an 11.4% increase in sales and noted growing interest in automation and robotics as operational costs rise due to changes in national insurance and minimum wage rules.