Up-to-date coverage of the latest events in UK retail.

Brits rein in big-ticket spending

British households are cutting back on big-ticket spending as fears of a recession loom.

UK consumers have grown more cautious about making major purchases such as holidays and cars, with their willingness to do so falling at the second-fastest rate since September 2017.

The data, compiled by HIS Markit, found that confidence in UK households dropped to 43.7 in August, from 44.3 the previous month.

The index measures perceptions of financial wellbeing, with any score below 50 reflecting a fall in confidence.

MySale targets £10m from share placing

MySale hopes to raise £10m from a share placing following the outcome of its strategic review.

The flash sales website said the funding would allow it to repay its debt and accelerate its strategy to focus on its core markets in Australia and New Zealand.

MySale said it would work to restructure its supply chain, reduce headcount across the business and better leverage benefits from it technology investments in a bid to create a “significantly reduced cost base”.

The business, which previously counted Mike Ashley among its shareholder base, added that it has struck a “strategic marketplace partnership” with a “leading European online luxury fashion retailer” as it seeks to push its new strategy forward.