Marks and spencer has had more makeovers compared to bride of wildenstein, whose plastic cosmetic surgery are priced at the socialite hundreds of thousands. it has cost m&s hundreds of thousands, also. after restructuring costs of 90m, it destroyed 88m in the 1st one half to september. that's a first within the stores history as a listed business.

Steve rowe, chief executive, is using covid-19 to accelerate his plan to cut tasks and reshape what was once a high-street stalwart and switch it into a leaner, meaner, much more digital selling device.

Regarding upside, m&s promises its share associated with the british on the web garments market rose during the very first phase of the pandemic, raising it to the number two slot at the rear of next but preceding asos. money had been up and web financial obligation had been down at the half-year level, too.

But same-store sales of non-food clobber dropped 21 % inside second quarter to september. this is certainly sobering. compare by using primark, which this week stated that its same-store incomes post-lockdown dropped less than a tenth. additionally, when you look at the a month because the end of september, marks clothing and homeware sales fell a fifth weighed against a year ago.

Yet more sobering could be the cost of shop closures and restructuring. m&s believes the sum total price of the programme will likely to be an eye-watering 680m or more within the after that seven years. the financial times has calculated the team makes near 2bn in alterations to cover work losses, store impairments and the like since 2015.

M&s nevertheless struggles to extricate itself from its history as a stallholder selling clothes.

Incomes from flogging clothes and frocks matter less and less. food product sales are around three times the dimensions of product sales of knickers and knits, and developing. however, margins on meals tend to be half and on occasion even a 3rd of these generated on apparel. a tie-up with ocado on meals distribution will accelerate food development while increasing margins but not into the same quantities of profitability of clothes. it'll have to sell a mountain of meals to create up for ditching celebration clothing, which typically made up one fourth of m&s product sales.

M&s features dubbed modern makeover as never the same once more. the recently deceased sean connery is respected to have said never once again on quitting the james bond role and then star in never state never ever once more. which may be an improved subject for m&ss next restructuring programme. it wont be the maximum amount of enjoyable to watch.

Another day, another lender mis-selling scandal, writes bryce elder. this requires barclays writing loans to cover maltese timeshares, that have been for sale via cold calling and questionable tactics put on any person ready to make the bait of a cheap getaway.

Barclays understood nothing, of course. it absolutely was just the underwriter. unfortunately, the organization performing the attempting to sell, azure providers, lacked financial conduct authority authorisation to behave as a credit agent. because of this barclays has-been forced to scrub all interest charges. maybe not without a fight, nevertheless.

Because like many mis-selling scandals it's an account of business obduracy and regulating acquiescence. in 2017, whenever barclays stated it was first made conscious that the loans was indeed offered by an unregulated broker, its option would be to ask the fca for retrospective validation. the fca said indeed.

The story would have concluded indeed there but also for appropriate action on behalf of customers, which pulled all parties in to the royal courts of justice per year later. the crux of barclays defence was that a lack of regulating supervision made no huge difference to exactly how borrowers were treated; the fca stated meekly so it saw no reason to disagree. the judge told everybody else going and have another think.

Last thirty days the regulator figured, in a reversal of the earlier position, legislation might have made a difference. consequently, barclays have not only to repay interest but to pass its azure loan guide onto an unbiased assessor for anxiety evaluation. in the event that assessor finds that timeshare debt ended up being offered toward incorrect kinds of folks, barclays is in the hook to refund their particular repayments.

The amounts involved are not huge the greater amount of than 1,400 loans in question have actually a book value of about 48m, much of which is interest considering double-digit rates and terms stretching decades but precedent things. for the first time, timeshare loans are increasingly being evaluated on such basis as if they previously should have already been made. in a sector suffering from cowboy providers the consequences for underwriters could possibly be very costly indeed.

Knowing your client is difficult. the unending wave of mis-selling scandals have had a chilling influence on great britain lenders, whose way of compliance is simply too frequently reduced to a laborious field ticking workout. moving the buck to representatives and third events has apparent attractions for finance companies, however it can never be an excuse that bad practices were held at arms length.

M&s: barclays and timeshare: