Tesco to shed 1,000 members of staff from distribution business in streamlining move January 9, 2017 Tesco is set to lay off 1,000 members of staff from its distribution network as part of a wider streamlining programme. The proposed changes will reduce the number of its distribution centres in the UK from 25 to 23 and will result in 1,000 redundancies. However, the move will also create 500 new jobs, leaving a net [...]
Marks and Spencer chairman rejects demand for reversal of company’s benefit cuts January 9, 2017 The chairman of high street stalwart Marks and Spencer has defended the company's decision to cut some of the benefits it offers to employees. Last year M&S staff were asked to sign new contracts ending benefits such as double pay for employees working on Sundays. MPs asked to meet M&S chief executive Steve Rowe to discuss the changes, [...]
AB InBev and Keurig are teaming up to build an in-home alcoholic drink maker January 9, 2017 Countertop coffee pod machines like the George Clooney-backed Nespresso have grown in popularity over recent years, changing the way people can get their caffeine fix. Now, coffee maker Keurig Green Mountain and brewer Anheuser-Busch InBev (AB InBev) are teaming up to create an in-home alcohol drink system in the same vein. The two announced this week they would enter a joint venture to focus [...]
Voyageurs du Monde eyes English-speaking market with 60 per cent stake in UK travel company Original Travel January 9, 2017 One of France's largest travel firms, Voyageurs du Monde, has said it will acquire 60 per cent of UK-based luxury tour operator Original Travel in an effort to further expand into English-speaking markets. The Euronext Paris-listed company has a 40 per cent share of the French market, but it's now eyeing up expansion in the UK, US, Canada, Singapore, [...]
Aldi bags record Christmas sales after a year of store openings January 9, 2017 Aldi boosted its Christmas sales in 2016 after a bumper year of store openings. The discount supermarket opened seventy new stores throughout the year, leading it to 15 per cent year-on-year sales growth in December – its highest growth since landing in the UK in 1990. Aldi did not disclose its like-for-like sales growth for the [...]
McDonald’s works to cut costs by selling a majority stake in its China and Hong Kong businesses January 9, 2017 McDonald's is set to sell 80 per cent of its China and Hong Kong businesses for up to $2.1bn (£1.7bn) in an effort to franchise more of its global restaurants. The deal with Chinese conglomerate Citic and US asset manager Carlyle will help McDonald's cut operating costs in its Asian businesses. Originally, the fast-food giant planned to raise up [...]
William Hill says trading was hit by poor football and horseracing results in December January 9, 2017 William Hill said today that trading was hit in the final month of last year due to unfavourable football and horseracing results, meaning the group's profit for 2016 was around £20m lower than expectations. Shares in the firm were down 3.5 per cent by mid-morning following the announcement. The bookmaker reported an operating profit of £260m, [...]
What Brexit? Full steam ahead for the UK’s £605m superyacht industry January 9, 2017 The UK's superyacht industry is posting revenues "not seen since the financial crash", according to new figures. While sharp ripples of uncertainty were caused in the wake of the Brexit vote, business confidence soon rebounded. According to a report by British Marine unveiled at the London Boat Show, the UK's leisure marine industry grew for [...]
Music to the industry’s ears as indie acts get £250,000 government funding boost to go global January 9, 2017 Some of the UK’s most succesful independent music acts have been given a £250,000 government funding boost to help grow their profiles overseas. MOBO-winning jazz saxophonist YolanDa Brown and Welsh singer-songwriter Cate Le Bon are among the 21 British acts to benefit from the eighth funding round of the Music Exports Growth Scheme (Megs). Funds [...]
Cameron Mackintosh takes home £35.5m dividend from theatre empire January 8, 2017 Theatrical producer Sir Cameron Mackintosh more than doubled his dividend payout last year to £35.5m, despite a slight dip in his company’s profits. Cameron Mackintosh Limited, which produces a range of West End hits including Les Miserables, Oliver!, and Cats, reported profits before tax of £27.7m in the year to March, down from £28.2m in [...]