Sainsbury’s to reveal how much its pension scheme has grown over the last six months November 6, 2016 Sainsbury's pension scheme deficit is expected to have ballooned by up to £900m over the last six months when the company releases its interim results on Wednesday. The supermarket's pension hole stood at £390m in March but analysts are predicting that a chasm will have developed. Market expectations are that the deficit will be between £900m and £1.3bn. Read [...]
Do you want to buy back your own company? Wetherspoon’s boss says no and asks for shareholder help November 6, 2016 Wetherspoon shareholders will meet on Tuesday to head-off an unfortunate pickle that its boss and major shareholder has found himself in. Tim Martin, who owns 29.9 per cent of the pub chain giant, is facing the prospect of having to make a takeover offer for the very business he founded 37 years ago, due to Takeover [...]
Sir Philip Green locked in battle with BHS administrator over fate of £35m charge November 6, 2016 Sir Philip Green is at odds with one of BHS' administrators over a charge worth millions that his Arcadia Group holds over the collapsed retail chain. BHS fell into administration this April, running a pension deficit worth £571m at the time, and it was later decided the company could not be saved and would need [...]
Three London Wahaca branches remain shut after suspected norovirus outbreak November 6, 2016 Three London branches of Wahaca remained shut this weekend, after a suspected norovirus outbreak led to hundreds falling ill across nine chains of the Mexican restaurant. UPDATE: Wahaca has now reopened all its restaurants. Read more here. Soho, Covent Garden and Oxford Circus are all still closed. The White City branch had reopened, but closed again [...]
M&S is braced for tumbling profits with boss Steve Rowe set to announce raft of store closures November 6, 2016 Marks & Spencer is braced to unveil tumbling profits in its interim results on Tuesday. Profit before tax is expected to have dropped by over 20 per cent to £216m according to analyst consensus, showing the scale of the challenge chief executive Steve Rowe faces. Clothing and home sales, which are measured at stores open for [...]
London’s most iconic department stores are unveiling their festive window displays: Here’s what’s on show so far November 4, 2016 It’s beginning to look a lot like Christmas, and that can only mean one thing – London’s most iconic department stores are unveiling their festive window displays. Here’s what’s been on show so far: Fortnum and Mason: Looking to deliver a Christmas message with a higher purpose than simple commercial gain, Fortnum & Mason have [...]
Marmite’s changes personalised jar service considers “Brexit” a profanity November 4, 2016 Whether you love or hate Brexit, there's no need to censor it. Mere weeks after the biggest news story of 2016, #MarmiteGate agitator Unilever is offering fans of the divisive yeast spread the opportunity to personalise a jar with their name for Christmas. Of course, the first thing any mature adult would attempt to do is fill the online form [...]
M&S to close dozens of stores November 4, 2016 Marks & Spencer will be closing dozens of UK stores and will cut its clothing offer in others, it's been claimed. Following reports from Bloomberg that M&S will be closing its Paris store and shops in China, Sky News has said that M&S boss Steve Rowe will announce UK store closures next week. It is expected that [...]
Aldi wants to lure craft beer fans with… craft wine November 4, 2016 You can see Aldi's thinking. "Craft beer's still doing well: what next?" And it's landed on… craft wine. The discount supermarket is cracking open a range of "craft-beer-style wines" this month which it says will turn traditional wines "on their head". It's betting on the "Whole Foods generation and millennial drinkers" toasting the new beverages as many [...]
M&S retail boss wrote to former chancellor George Osborne to defend benefit cuts for staff November 4, 2016 M&S management wrote to former chancellor George Osborne this summer as the business was under siege for cutting staff benefits. In an internal memo seen by City A.M., the retail director of M&S, Sacha Berendji, told staff he wrote to Osborne responding to criticism about cutting premium pay rates for staff. Read more: M&S shells out £100m for pension changes [...]