Revised outlook add more than £2m to the North East chain’s expected pre-tax profits

Continued high gold prices are feeding profits at pawnbroking, jewellery and travel money chain Ramsdens.

Bosses at the Teesside-based firm have revised pre-tax profit expectations up, saying new record high gold prices in 2026 have helped boost its purchasing of precious metals business. It told investors the volume of gold bought in the new financial year, and particularly since the start of 2026, has been strong.

Ramsdens now expects pre-tax profits for the year to be more than £21m, a significant increase on the £18.6m previously expected. In 2025 the listed business posted pre-tax profits of £16.2m.

Jewellery retailing continued to perform well in stores, and online via a new website launched in recent weeks. New stores in Wakefield and Hull were also said to be trading well, with Ramsdens on track to open between eight and 12 new sites in its 2026 financial year, expanding its network of nearly 170 shops. The growth is due to support job created on Teesside, where Ramsdens expanded its head office operations in recent years.

Investors were also told of momentum across Ramsdens’ pawnbroking operation with lending at record levels in January. Meanwhile foreign currency exchange continued in line with the first quarter with volumes flat year-on-year as customers increasingly opted for Ramsdens’ prepaid multi-currency cards.

Peter Kenyon, chief executive, said: “Ramsdens’ excellent value for money proposition continues to resonate strongly with consumers whether they’re looking for new or used jewellery, seeking the best rates for money to take abroad, looking to secure a short-term asset backed loan, or wanting to get cash for their unwanted gold. Whilst still relatively early in the financial year, as a result of the strong momentum across our business, the board now anticipates profit before tax for FY26 to be ahead of current market expectations.

“We’re making good progress in expanding our estate and are on track to open between eight and 12 new stores this year. Whilst there remain uncertainties in the wider macroeconomic backdrop, our diversified business model and strong foundations give the Board every confidence in Ramsdens’ opportunities to continue to grow and deliver for all stakeholders.”

The boosted outlook follows full year results to the end of September 2025 in which Ramsdens saw revenue grow 22% to £116.8m and an increase in operating profit from £12.4m to £17m, with pre-tax profits up 43% from £11.4m to £16.2m.

Ramsdens said at the time that its pawnbroking loan book was worth £12.8m and that jewellery retailing – including its new and second stock and high end watches – saw profits jump 18% to £15.7m.

Eddie Bauer, the 103-year-old American outdoor apparel and lifestyle brand once synonymous with rugged adventure and preppy heritage, filed for Chapter 11 bankruptcy protection late Tuesday, Feb. 9, 2026, in the U.S. Bankruptcy Court for the District of Delaware. The filing sets the stage for a rapid wind-down of its entire remaining U.S. retail footprint—180 stores—unless a qualified buyer steps forward by the court-imposed deadline of March 3, 2026.

The company, owned by New York-based private-equity firm Authentic Brands Group (ABG) since 2021, stated in court documents that persistent same-store sales declines, mounting operating losses, and a heavy debt burden left it unable to continue as a going concern in its current form. Eddie Bauer’s U.S. retail division will cease operations and begin an orderly liquidation process in the coming weeks if no viable purchaser emerges.

“Despite heroic efforts by our associates and several promising initiatives, the challenging retail environment, shifting consumer preferences, and structural cost pressures proved insurmountable,” said Eddie Bauer CEO Damien Huang in a prepared statement. “We are grateful for the dedication of our teams and the loyalty of generations of customers who have made Eddie Bauer part of their outdoor stories.”

The bankruptcy filing does not immediately affect Eddie Bauer-branded product sold through licensing partners, wholesale channels, or international franchise operations. ABG said it intends to preserve the brand’s intellectual property and trademarks, positioning the name for a potential relaunch as a purely licensed or digital-first business after the physical-store closure.

Seven Minnesota stores—in Bloomington, Eden Prairie, Maple Grove, Minnetonka, Rochester, Roseville, and St. Cloud—are among the locations slated to close. Liquidation sales at all 180 U.S. stores are expected to begin as early as next week and continue through mid-March or until inventory is exhausted. Employees will receive severance and benefits continuation in accordance with federal WARN Act requirements and company policy, though many will face layoffs as stores shutter.

Eddie Bauer’s troubles mirror broader challenges confronting mid-tier department-store and specialty retailers in 2025–2026. The brand struggled to differentiate itself in an increasingly crowded outdoor-apparel market dominated by Arc’teryx, Patagonia, The North Face, Columbia, and budget-friendly fast-fashion rivals. Inflation-weary middle-class shoppers pulled back on discretionary purchases, while younger consumers gravitated toward trend-driven direct-to-consumer labels and luxury performance brands.

Analysts point to several structural factors that accelerated Eddie Bauer’s decline:

• Over-reliance on brick-and-mortar: At its peak in the early 2000s, Eddie Bauer operated more than 600 U.S. stores. The company never fully adapted to the e-commerce shift, and its website and digital experience consistently ranked behind competitors in usability and conversion metrics.
• Aging brand identity: Once known for rugged outerwear worn by explorers and presidents, the label lost cachet among younger demographics. Repeated attempts to modernize the aesthetic—most recently through a “heritage-reimagined” campaign in 2024—failed to reverse declining foot traffic.
• Debt burden inherited from prior ownership: After ABG acquired Eddie Bauer out of its second bankruptcy in 2021, the company carried significant secured and unsecured debt. High interest rates in 2024–2025 made servicing that debt increasingly difficult amid falling sales.
• Inventory mismanagement: Several former executives described chronic overstocking of seasonal goods—particularly heavy outerwear—leading to aggressive markdowns that eroded margins and trained customers to wait for deep discounts.

The Chapter 11 filing lists estimated assets and liabilities both in the $100 million–$500 million range. Major secured creditors include Bank of America and Wells Fargo, while unsecured creditors include merchandise vendors, landlords, and logistics partners.

ABG has already lined up debtor-in-possession (DIP) financing of approximately $75 million from existing lenders to fund operations and the liquidation process. The company also filed a motion to reject nearly all remaining store leases, signaling an intent to close rather than downsize.

Industry observers expect the Eddie Bauer trademark and brand equity to attract interest from several potential buyers:

• Existing outdoor and lifestyle conglomerates looking to add a heritage name at a discount
• Fast-fashion or off-price retailers seeking established brand cachet for licensed product
• Pure-play e-commerce operators or private-equity firms that specialize in brand revitalization through digital channels

“There’s still real value in the Eddie Bauer name—especially internationally and in licensing—but the physical retail model as it existed is no longer viable,” said Craig Johnson, president of Customer Growth Partners, a retail consultancy. “Whoever acquires it will almost certainly run it as a brand-first, store-light or store-less business.”

Eddie Bauer traces its origins to 1920, when Seattle outdoorsman Eddie Bauer opened a small shop selling tennis rackets and fishing tackle. He later pioneered the Skyliner down jacket in 1936 after nearly freezing during a fishing trip, helping establish the company as an early innovator in insulated outerwear. The brand became a favorite of mountaineers, pilots, and everyday adventurers, and was purchased by General Mills in 1971 before passing through multiple owners.

The company filed for Chapter 11 twice before—once in 2009 amid the Great Recession and again in 2020 during the COVID-19 pandemic—each time emerging with fewer stores and a narrower focus. The 2026 filing, however, appears to mark the end of Eddie Bauer as a traditional multi-channel retailer in the United States.

For the thousands of employees facing layoffs and the loyal customers who grew up wearing Eddie Bauer parkas and fleece, the news is a sobering reminder of how quickly even century-old brands can falter in today’s unforgiving retail environment.

As the March 3 bidding deadline approaches, the question is no longer whether Eddie Bauer can survive in its current form—it is whether the name can find new life under different ownership or fade into licensing obscurity.

Apple and Google have agreed to make changes to their UK app stores following intervention by the country’s competition watchdog, after it concluded the two firms hold an “effective duopoly” over the sector.

The Competition and Markets Authority (CMA) said the tech giants have committed to a series of measures designed to improve transparency and competition. These include pledges not to give preferential treatment to their own apps and to be clearer about how third-party apps are reviewed and approved for sale.

The commitments come seven months after the CMA warned that Apple and Google’s dominance of mobile app distribution in the UK was stifling competition. In October 2025, the regulator formally designated both companies’ app stores as having “strategic market status”, giving it enhanced powers to demand changes under the UK’s new digital competition regime.

Sarah Cardell, the CMA’s chief executive, said the agreements marked an important milestone. “These proposed commitments will boost the UK’s app economy and are the first of many measures,” she said. “The ability to secure immediate commitments from Apple and Google reflects the unique flexibility of the UK’s digital markets competition regime and offers a practical route to swiftly address the concerns we’ve identified.”

As part of the deal, both companies have also agreed not to use data collected from third-party app developers in ways the regulator considers unfair. Cardell described the changes as “important first steps”, adding that the CMA would continue working with the companies on further remedies.

The watchdog said it would “closely monitor” implementation and would not hesitate to impose legally binding requirements if the commitments were not honoured.

Both companies welcomed the outcome. Apple said it faced “fierce competition in every market where we operate” and that it was committed to delivering the best possible products and user experience. Google said it believed its existing practices on the Play Store were already fair and transparent, but added that it “welcomes the opportunity to resolve the CMA’s concerns collaboratively”.

Analysts cautioned that the agreement may not be the final word. Paolo Pescatore, a technology analyst, described the move as a “pragmatic first step” but said some critics would view it as tackling “low-hanging fruit”. “There will inevitably be calls for a tougher clampdown from some quarters,” he said.

The CMA said the UK app economy is the largest in Europe by revenue and number of developers, generating an estimated 1.5 per cent of UK GDP and supporting around 400,000 jobs.

Both Apple and Google have previously warned against the UK adopting rules similar to those in the European Union, where large online platforms designated as “gatekeepers” face sweeping obligations. Apple has already been forced in the EU to introduce changes such as offering users a choice of default browser, and has argued that some requirements undermine privacy and security.

Apple said the UK commitments reflected its “constructive engagement” with the CMA and a more pragmatic approach to regulation — but the regulator has made clear that further intervention remains on the table if competition concerns persist.

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Q1: 2026-02-09 Earnings Summary

EPS of $1.29 beats by $0.13

 | Revenue of $3.83B (-4.57% Y/Y) beats by $303.77M

This article was written by

The net inflow in silver ETFs soared 139% in January to Rs 9,463 crore compared to an inflow of Rs 3,962 crore in December 2025. The precious metal ETFs had an AUM of Rs 1.16 lakh crore in January 2026 compared to Rs 72,652 crore in December 2025 seeing a growth of 61% on monthly basis.

These ETFs witnessed a surge in inflows despite volatility in prices seen in January. Despite volatile market, silver ETFs delivered returns upto 52.28% in the first month of the current calendar year.

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Tata Silver ETF offered the highest return of 52.28% in January, followed by Axis Silver ETF which gained 46.09% in the same time frame. Zerodha Silver ETF gave 45.52% in January.

Nippon India Silver ETF, the largest fund in the category based on the assets managed, posted a return of 44.45%.

Umesh Sharma, CIO-Debt, The Wealth Company Mutual Fund said the growth in gold ETFs and multi asset allocation funds gained investors’ interest with gold ETFs posting record inflows driven by superior one year performance of gold and silver relative to major asset classes.
Akhil Chaturvedi, Executive Director and Chief Business Officer, Motilal Oswal Asset Management Company said Highlight with no surprise have been flows in Gold and Silver ETFs and Index Funds with record flows of Rs 24,000 crore.

What happened in January

In January 2026, precious metals rose sharply due to global uncertainty, changing currency trends, and growing demand for safe assets which led to investors buying precious metals as protection against market risks, pushing prices to very high levels.

Despite a hefty correction in the last two trading sessions of the month, silver surged nearly 19%. Silver reached very high levels, close to record prices in January. On January 29, silver futures scaled fresh lifetime highs on the Multi Commodity Exchange (MCX), silver surged past the Rs 4 lakh mark for the first time.

Silver emerged better than gold in the starting month of the current calendar year because it benefits both as a precious metal and from industrial demand, which added to the buying pressure.

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However, towards the end of the month, things changed quickly. Once prices became very high, many investors started selling to book profits. This caused a sudden fall in prices. On January 30, silver delivered a stunning reversal on the MCX, plunging up to 27% — or Rs 1,07,968 — in a single day, marking its worst-ever crash and dragging prices back below the Rs 3 lakh mark, just a day after the metal had surged to a record high of Rs 4 lakh.

The fall on January 31, silver delivered a stunning reversal on MCX, plunging up to 25% — or Rs 92,000 — in a single day, marking its worst crash in 15 years and dragging prices back below the Rs 3 lakh mark, just a day after the metal had soared to a record high of Rs 4 lakh.

AMFI tally

At present there are 17 schemes in the category and there are nearly 47.84 lakh folios in this category. No new scheme in the category was launched in January.

London-based energy technology company Tem has raised $75 million in fresh funding as it looks to expand internationally and accelerate the rollout of its AI-driven platform designed to cut business electricity bills by up to 30 per cent.

The funding round was led by Lightspeed Venture Partners and is understood to value the four-year-old company at around $300 million. Tem plans to use the capital to further develop its technology and scale its operations in the US.

Founded in 2021, Tem has built a platform it calls “Red”, described by the company as a neo-utility that uses artificial intelligence to match electricity supply and demand directly, bypassing the wholesale market and its multiple intermediaries.

Joe McDonald, Tem’s co-founder and chief executive, said the aim was to remove what he described as unnecessary “middle men” from the energy system. “We calculate that about $1 trillion is taken out every year in transaction fees by ‘Big Energy’,” he said. “Our mission is to take that cost of transaction down to zero.”

Tem’s software is already being used by around 2,600 businesses, including Boohoo and Fever-Tree, to reduce electricity costs. Since launching Red in November 2024, the company says it has saved customers $35 million in energy bills. Two schools have also signed up, with one saving £55,000 a year, according to Tem.

McDonald said the inefficiencies of the current system made disruption inevitable. “I don’t see why every single electricity transaction won’t be run by infrastructure like ours over the next ten years,” he said. “There is too much inefficiency in the outdated process that 99 per cent of transactions currently rely on.”

Tem was founded by a team of energy specialists including Jason Stocks, Bartlomiej Szostek, Ross Mackay and McDonald. The latest raise takes total funding to $94 million, with existing investors including Hitachi Ventures and Atomico.

McDonald said Red had been launched partly to demonstrate what Tem’s technology could achieve. Over the longer term, the company plans to license its platform to utilities globally to reduce their cost per transaction. Two utilities are already using the software, although Tem has declined to name them.

“At the heart of the problem is the energy transaction itself,” McDonald said. “If I’m a business buying electricity, I’m typically paying 25 to 30 per cent more than the cost at which it’s generated. That’s because the transaction passes through up to seven intermediaries, each taking a cut.”

Tem says it has facilitated around two terawatt hours of electricity transactions so far, roughly equivalent to powering Liverpool for a year. Its Red service is run by two AI agents supported by a team of just four people.

“A traditional utility would need around 170 staff to serve the same number of customers,” McDonald said. “That shows how technology infrastructure can transform efficiency, while also improving the customer experience.”

With energy costs still a major concern for UK and international businesses, Tem is betting that AI-driven infrastructure, rather than incremental reform, will reshape how electricity is bought and sold.

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