Arcadia becomes latest to seek investor support
Arcadia Group is looking to borrow up to £50 million against its distribution centre to sure up its finances through the Coronavirus lockdown. Sky News reported that Philip Green's fashion retail group approached banks and hedge funds about a new round of borrowing, using its Daventry distribution centre - opened last year as part of Topshop's logistics network - as collateral. It was not yet clear whether a deal had been reached.
Phos raises €1.3m to expand PoS development
Mobile point of sale (MPoS) software startup phos has closed a fundraising round worth €1.3 million, led by New Vision 3 and other angel investors. The investment sees the total amount raised increase to €2.5 million, and will be used to grow the FinTech's development team to introduce new features like PIN on Phone, its Software Development Kit (SDK) and an integrated loyalty system.
Retail M&A deals plunge 60% amid Coronavirus downturn
The value of retail mergers and acquisitions (M&A) fell to $2.05 billion in February, according to GlobalData. The research firm's analysis found an 8.3 per cent slump in the value of deals in February, compared with January, as the COVID-19 outbreak began to impact investment and drive down share prices around the world.
Yoox Net-A-Porter donates delivery fleet to fight Coronavirus
Yoox Net-A-Porter (YNAP) has extended the donation of its delivery fleet to help charities fighting the Coronavirus in both Italy and Hong Kong. In addition, its London commitment to seven local Age UK charities has been expanded to include a second initiative, the Emergency Designer Network (EDN), delivering essential supplies to vulnerable communities.
COVID drives up Tesco sales as well as costs
Tesco has revealed that Coronavirus-driven panic buying in recent weeks is behind a 30 per cent increase in sales, but added that the pandemic could also cost as much as £925 million through cost increases from payroll, distribution and store expenses. The supermarket chain's preliminary results included a COVID-19 update, which stated that a previously stretched supply chain has now stabilised and “more normal sales volumes are being experienced”.
ASOS raises over £200m to sure up finances
ASOS has raised more than £200 million from shareholders to counter the impact of the Coronavirus on company finances. The online fashion retailer also said it would add £60 to £80 million to its existing £350 million revolving credit facility - which runs to 2024 - as well as negotiate changes to the covenant tests on that facility, and apply to access the Bank of England’s COVID-19 corporate finance support scheme.
PayPoint buys Collect+ from Yodel in £6m deal
PayPoint has acquired full ownership of Yodel’s Collect+ parcel service in a deal worth £6 million. The acquisition of the 50 per cent of Collect+ shares that were owned by Yodel puts payment services company PayPoint in charge of the UK’s largest parcel network.
Alipay launches digital schemes to help Wuhan as lockdown lifts
As Wuhan - the city at the epicentre of China’s Coronavirus outbreak - prepares to emerge from lockdown, Alipay has launched a series of digital initiatives aimed at helping small businesses get back on their feet. The digital lifestyle platform run by Ant Financial Services, the financial division of e-commerce giant Alibaba, has set up a special section on the landing page of the Alipay app, to allow the platform’s 900 million users easily locate merchants and their respective products and services in Wuhan.
Nearly 90% prefer touchless self-checkout amid COVID-19
Nearly 90 per cent of consumers would prefer to shop in stores with 'touchless' or self-checkout options during the COVID-19 pandemic. According to a survey of consumers aged 18 to 60 in the US by Shekel, a smart weighing and retail technology company, three quarters of consumers are now using self-checkout or frictionless micro-markets to pay for groceries.
Lockdown drives online sales up 74% in March
Online retail saw transaction volumes soar by 74 per cent in March compared to the same month last year.
ACI Worldwide analysis of hundreds of millions of transactions carried out by global online retailers found that as millions of Britons headed online for purchases and entertainment, transaction volumes in online gaming saw a bounce of 97 per cent compared to the same time last year.
WHSmith raises £166m to secure finances
WHSmith has raised £165.9 million, after placing 15.8 million new shares at 1050p per share, in an attempt to stabilise its finances during the Coronavirus lockdown. Chief executive Carl Cowling was among the investors, subscribing to more than 7,000 shares, which will be admitted to the stock exchange on 9 April.