A year on from Mayonnaise-gate, Terry Smith mounts another attack on Unilever January 10, 2023 Legendary City investor Terry Smith has written another excoriating review of Unilever’s business performance, a year after he made headlines for criticising its focus on the “purpose” of Hellmann’s Mayonnaise. In his annual letter to shareholders, the Fundsmith chief lists a series of complaints about the consumer goods firm, saying it had failed to engage [...]
Majestic: Brits taste for champagne and sparkling wine in December boosts sales with second-largest festive intake ever January 10, 2023 Brits guzzled down 20 per cent more wine at Christmas than before Covid, as Majestic posted its second-highest festive intake in 40 years. The UK’s largest specialist retailer, Majestic Wine, raked in a sales increase of 21.1 per cent against 2019, with English sparkling wine proving particularly popular. Majestic reported that sales rose 0.2 per [...]
London IPOs: 2023 outlook uncertain as value of cash raised in the capital slumps below global rivals January 10, 2023 The amount of cash raised through initial public offerings in London plunged 90 per cent last year as the market was buffeted by soaring inflation and the shocks of war in Ukraine, new figures show.
Spin Wars: PR outfit Tulchan bought by Teneo as City comms battle hots up January 10, 2023 PR and advisory giant Teneo has bought comms firm Tulchan, it confirmed this morning. It represents a sizable expansion for Teneo, with new UK CEO Nick Claydon – formerly senior partner at fellow Square Mile spinner Brunswick – hailing the pick-up as “strengthening our financial and political offer.” Tulchan – which employs around 70 people [...]
Amazon to close three UK warehouses impacting thousands of jobs January 10, 2023 Amazon has revealed plans to shut three UK warehouses in a move which will impact 1,200 jobs. The company has launched consultations over the closure of sites in Hemel Hempstead, Doncaster and Gourock, in the west of Scotland. All workers at the Amazon sites will be offered roles at other Amazon locations. The online technology giant has also [...]
BMW: How supply chain issues and China lockdowns have impacted its bottom line January 10, 2023 BMW’s sales have slumped in 2022 due to supply chain issues and the now-scrapped zero-Covid policy in China. A byproduct of the pandemic, supply chain issues such as chip shortages and higher raw material costs were magnified by Beijing’s decision to implement severe lockdown measures for the good part of last year. The German automotive [...]
Tangle Teezer launches innovation panel to fuel haircare brand’s future growth January 10, 2023 British haircare brand Tangle Teezer has launched an innovation advisory board panel which will bring together global business leaders and experts from across the retail, haircare, technology, ESG, and scientific communities. Last September the breakthrough British company announced record results of £43.5m for the full year 2021, a year-on-year hike of 46 per cent, the [...]
Plus500: Fintech group tops analysts’ estimates after boost in ‘high-value’ traders January 10, 2023 Fintech trading group Plus500 topped market expectations today as it said revenues for its full year swelled to around $832m on the back of a boost in "high value, long term" customers.
Up-up but not away: Branson’s historic Virgin Orbit UK rocket launch ends in failure after anomaly forces return to earth January 10, 2023 An attempt to make British space history by launching a rocket into orbit from UK soil has ended in failure after suffering an “anomaly” during the flight. After taking off from Cornwall, the Virgin Orbit plane flew to 35,000ft over the Atlantic Ocean where it jettisoned the rocket containing nine small satellites towards space. Organisers [...]
The Notebook: Victoria Scholar on defensive plays, BA’s new uniforms and Elon Musk’s fall from fortune January 10, 2023 | City Talk The Notebook is a new feature for 2023, allowing the City’s biggest names to get a few thoughts off their chest. Today it’s the turn of Victoria Scholar, Head of Investment at interactive investor It has been widely reported that the UK is on the brink of recession while a third of the global economy [...]