Day: June 11, 2020

Tech entrepreneur Scott Fletcher MBE invests in manchester Start-Up 

It’s a tough time for all businesses, but Manchester once again proves to be a hotspot for emerging new talent.

Ambitious start-up, The Shirt Society, has secured a substantial six figure investment from one of the city’s top tech investors: Scott Fletcher MBE

Former North West Entrepreneur of the Year, tech entrepreneur Fletcher already heads up companies worth in excess of £250m, and founded cloud service provider ANS. He made his latest investment offer following a conversation with The Shirt Society founder, Matt Bird. The Shirt Society joins Fletcher’s impressive investment portfolio alongside Vibe Group, Wakelet and Padoq, all located in the North West.

The Shirt Society offers a new way to shop, with a range of both formal and casual shirts available on a rolling monthly subscription. Members of the society simply log on to an easy-to-use web platform, select their next month’s shirt, and it is delivered to

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Zara to shut up to 1,200 stores after suffering first loss

The owner of Zara is planning to shut up to 1,200 shops in the next two years after global lockdowns dragged the world’s largest retail group to its first quarterly loss.

Inditex, which is behind the Zara, Massimo Dutti, Bershka and Pull & Bear fascias, has reacted to the Covid-19 pandemic by setting out a €2.7 billion plan to accelerate its online sales and to shift its focus to larger stores over the next three years.

The Spanish group, which has 7,419 stores worldwide, announced a €409 million loss for the first quarter, after taking a €308 million hit relating to its impending store closures. Sales fell by 44 per cent during the three months to the end of April to €3.3 billion after shops were forced to shut.

The amount of stock on Inditex’s balance sheet fell by 10 per cent compared to a year ago, which analysts said

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Scott to cover insurance for Reuters

Alwyn Scott

Reuters finance editor Lauren Tara LaCapra sent out the following to the staff:

Dear colleagues,

I’m delighted to announce that Alwyn Scott has joined the Global Finance & Markets team as an insurance reporter based in New York.

Since coming to Reuters as Americas Finance Editor in 2012, Al has served as airlines, aerospace and defense editor and has covered hard industries, manufacturing, aviation, insurance and energy. His insightful stories about General Electric’s failed digital and electric-power strategies and Boeing’s burning 787 jetliners and struggles with supply chains and automation, set the agenda on highly competitive beats. Al’s knowledge of corporate accounting has led to him teaching seminars in financial statement analysis at Reuters and the Dow Jones News Fund training program. (If you have a question about airplanes, power plants or cash flow, Al likely has the answer.)

In his new insurance role, Al will be working

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