Durex owner Reckitt Benckiser will buy a US baby formula maker for $16.6bn February 10, 2017 Reckitt Benckiser (RB) is set to buy US baby formula maker Mead Johnson for $16.6bn (£13.3) in cash. The British company behind such names as Lysol cleaners and Durex condoms said it will pay $90 a share for the American firm. The acquisition will open up a new market area for RB, who called the move a "significant step [...]
Just Eat chief executive David Buttress steps down over urgent family matter February 10, 2017 The chief executive of takeaway food delivery app Just Eat has resigned over “urgent family matters”. David Buttress will work full time until the end of the first quarter, before handing over to current chairman John Hughes. The company said it will start an immediate search for a successor. Buttress will continue to be a [...]
UK high street records worst January sales performance for four years February 10, 2017 The embattled UK high street has had its worst January of trading for the last four years, according to new figures, with fashion retailers taking the biggest hit. Like-for-like sales on the high street fell by 0.1 per cent in January, as compared to the same month last year, according to figures from accountancy firm [...]
Enterprise Inns becomes Ei as managed pub strategy pays off February 9, 2017 Enterprise Inns becomes Ei as managed pub strategy pays off Britain’s biggest pub owner Enterprise Inns expects to deliver full-year financial results in line with expectations after like-for-like income growth of 1.6 per cent in the 18 weeks to February 2017. Announcing a name change to Ei Group, the pub owner said its expansion strategy [...]
Insolvency Service ramps up investigation into collapse of BHS February 9, 2017 The Insolvency Service has ramped up its investigation into the collapse of BHS, and has told MPs that if it decides to take action against the company's former directors, it will do so before April 2019. BHS fell into administration in April last year after retail tycoon Sir Philip Green sold the store to serial [...]
DFS warns of margin squeeze due to currency movements February 9, 2017 DFS has flagged that its margins are being eroded due to the fall in the value of the pound. The furniture retailer said that it was offsetting the effect of currency movements by negotiating prices with its suppliers. It also said that its ability to manufacture in the UK gave it a "competitive advantage". The [...]
End of days: Waitrose is closing six of its stores February 9, 2017 Is this the end of the middle classes as we know them? Waitrose is planning to close six stores, putting 500 jobs at risks, it has been reported. The supermarket, beloved of the chattering classes, has begun consulting with staff at six locations in Hertford, Staines, Leek, Huntingdon, Cardiff and Palmers Green (although the latter [...]
Thomas Cook shares plummet almost 10 per cent as “cautious” outlook for coming year reflects political turbulence ahead February 9, 2017 Thomas Cook has reported it reduced its year-on-year loss in its first trading quarter, but warns it remains “cautious” for the coming year with an uncertain outlook across Europe. Shares fell by as much as 9.78 per cent in morning trading in London. The figures The group’s losses in the quarter fell by £1m to [...]
Dry January wasn’t much of a draw this year as two-thirds opted not to bin the booze February 9, 2017 Despite the grumbling you may have heard, not everyone did Dry January last month. In fact, according to research into the late night economy from The Deltic Group, over two thirds of people didn't take part this year. That was though, still more than last year when 84 per cent didn't take part. The report of [...]
Retailers look further afield to tackle lettuce crisis after vegetable shortage hits supermarkets February 8, 2017 The lettuce crisis (yes it has really been called that) has taken hold to such an extent that retailers are frantically searching for other options. The UK relies on a range of growers across southern Europe for its veg stocks in the winter, but some extreme weather has meant extremely bare supermarket shelves after the harvest [...]