Tuesday newspaper round-up: Retailers, Jack Wills, Cuadrilla Resources

British retailers have recorded the worst month for sales in July since records began, as consumers tighten their belts with Brexit approaching. According to British Retail Consortium sales data compiled by the accountancy firm KPMG, total sales increased by 0.3% in July, compared with a rise of 1.6% in July last year. – Guardian

The richest 1% in Britain have become increasingly concentrated in Londonover the past two decades, according to research that underlines the rise of inequality between the capital and the rest of the country. The Institute for Fiscal Studies said London had increased the proportion of top 1% highest income tax payers who live there by a fifth since the early 2000s, marking a growing concentration of income. – Guardian

Sports Direct owner Mike Ashley has added yet another struggling clothing chain to his retail empire after acquiring Jack Wills for £12.7m. The tracksuit tycoon, who recently admitted to regretting purchasing House of Fraser, snapped up the preppy high street brand in a pre-pack administration deal immediately after advisers KPMG put the business into administration on Monday. - Telegraph

The boss of the City regulator has been accused of exaggerating the way in which investors were warned of the risk that they could be trapped in Neil Woodford’s Equity Income Fund. Andrew Bailey, chief executive of the Financial Conduct Authority, has been criticised after telling MPs that Woodford Investment Management had “very clearly set out in the prospectus” the fact that dealing could be suspended. – The Times

The fracking company leading the search for shale gas in Britain is seeking more time to complete planned exploration near Blackpool. Cuadrilla Resources said that it would ask Lancashire county council for permission to keep drilling and fracking at its Preston New Road site beyond the effective November deadline stipulated by its planning consent. – The Times