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Majestic Wines, Pizza Hut defy double-dip fears

13 June 2011

The next decade will be big for Majestic Wines - it plans to double in size after the news it saw like-for-like sales growth of 5.3% in the last financial year. The news comes as fears of a double-dip recession are revived in a report by accountants BDO.

Wine merchant Majestic Wines says it now plans to expand to double its number of stores to 330 after opening at a rate of 12 a year in the past 12 months.

The strongest growth came from sales of Argentinian and New Zealand wines, as well as Italian sparkling wine Prosecco, while fine wines, priced £20 per bottle and above, were up 23.7%. Majestic Wines' pre-tax profit was £20.3m, up 26.6% on the year to 28 March.

Pizza Hut is also on the move. The company says it plans to double its UK delivery outlets, creating 5,000 new jobs by 2020. Pizza Hut Delivery operates 318 outlets across the UK and Ireland, and plans to open about 40 stores a year until 2020, taking the number of delivery stores to about 700.

Meanwhile, Sky News reports that a report by BDO, the UK's fifth largest accountancy firm, suggests the UK is at risk of a double-dip recession unless the Bank of England steps in to help by putting fears of inflation to one side and considering a return to its policy of quantitative easing.


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