Photobox has posted a £22 million pretax loss for the 16 months to 30th April, after it was forced to write down the value of Moonpig, the greetings-card company it bought last year for £120 million. The Times reports that following the government’s decision to scrap low-value consignment relief, Channel Islands-based Moonpig was hit by no longer being able to ship goods into the UK VAT-free. Photobox was forced to write down £23 million on the book value of Moonpig.
According to the Express, Royal Mail is expected to announce a £2 billion float today, giving the public and staff the chance to buy shares in a new, privatised business.
MPs have branded Starbucks, Amazon and Google “immoral” because of UK tax avoidance, reports the Guardian. Public Accounts Committee chairman Margaret Hodge told Amazon “Your entire business is here but you pay no tax here and that really riles us”. Despite operating warehouses in the UK and employing 15,000 people, Amazon currently drives all of its sales through
Luxembourg.
After years of working with two networks, video games and consoles retailer Game has consolidated its affiliate activity with Affiliate Window as its sole partner.
New Electronics profiles RS Components.
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