Tesco faces legal action from shareholders over accounting scandal October 3, 2016 Tesco faces fresh legal action over its accounting scandal in 2014. A group of investors are bringing a £150m lawsuit against the retailer, saying they have suffered financially due to the £328m black hole that was discovered in Tesco's accounts two years ago. After it emerged that Tesco had overstated its profits, its share price plunged [...]
Liberty owner teams up with Jack Wills founder to buyout fashion chain October 2, 2016 The owner of the Liberty department store in London has joined forces with the founder of Jack Wills as part of a multi-million pound buyout of the clothing empire. The fashion chain's joint shareholders are now the private equity firm which owns Liberty, BlueGem Capital Partners, alongside Jack Wills' founder and chief executive, Peter Williams. Read more: Liberty [...]
Sainsbury’s hires former Boots boss as retail and operations director September 30, 2016 Supermarket Sainsbury's has hired a veteran of the UK retail sector as its new retail and operations director. The company has appointed former Boots managing director Simon Roberts to the role. Roberts was most recently executive vice president of pharmaceutical retailer Walgreens Boots Alliance and president of Boots in the UK & Ireland. Prior to that, [...]
Brighton Pier waves losses goodbye as former Pizza Express chairman right-sizes operations September 30, 2016 Brighton Pier is back in the black and said that students had played a pivotal role in its return to profitability. The company revealed that it had sold 664,000 drinks under a "Loyalty Card" system during the last student year. This meant that on the assumption that every student moseyed down to the seaside for a pint, each one had consumed an [...]
Premier Foods’ chairman David Beever is stepping down September 30, 2016 The chairman of the company behind such classics as Angel Delight and Mr Kipling has announced plans to step down. Premier Foods said this morning David Beever plans to step down as chairman of the company next year, in order to reduce his work commitments. The board said it will now begin the search for a replacement. [...]
Imperial Brands “on track” but cigarette packaging changes and end of Philip Morris International distribution agreement take their toll September 29, 2016 Big Four tobacco group Imperial Brands is on track to meet its full-year expectations but has taken a hit from new packaging regulations and the termination of a distribution agreement with Philip Morris. The Winston and Gauloises maker is set to make £7.16bn in total tobacco revenue and total group adjusted profit of £3.51bn. This will [...]
Here’s how much more dough Paul Hollywood has than Mary Berry September 29, 2016 Paul Hollywood created quite a fuss last week when it emerged he would be judging the Channel 4 version of Bake Off. Mary Berry quit the show after it was announced Channel 4 would be taking Bake Off from the BBC. She said her decision was out of "loyalty" to the BBC. Much-loved hosts Mel and [...]
English winemaker Chapel Down uncorks growth in its beer and cider business as profits lift across the board September 29, 2016 English winemaker Chapel Down will be toasting its Curious Drinks beer and cider business today as growth in its brewing arm helped lift results across the board in the first half. The figures Turnover at Chapel Down rose by 26 per cent to £4.1m in the six months to 30 June, while gross profit grew by 28 per [...]
Argos is creating 10,000 jobs for Christmas September 29, 2016 Argos is looking to recruit 10,000 workers for the Christmas season. The retailer wants customer advisors and stock assistants to work in its 840 Argos stores during a period of high demand for its products. Argos also wants to employ some "Fast Track" drivers for the festive season who will be responsible for distributing Argos' [...]
City A.M. Unregulated podcast: How to make it big in craft beer September 29, 2016 Drinking caps on: it's time to talk about craft beer. This week we're joined by the people in charge of getting craft beer brands in front of consumers: David Voxlin from Craved London and Fraser 'Jam Boy' Doherty, who co-founded Beer 52, talk about the rise and rise of craft beer and what they look for in [...]