Lidl now highest-paying supermarket in UK with £39.5m investment in staff salaries September 22, 2022 Discount giant Lidl has committed £39.5 in salary increases to its store and warehouse staff, becoming the highest-paying supermarket in Britain. The retailer is increasing hourly rates from £10.10 to £10.90 outside the capital, and within London, hourly wages will go up to £11.30 and £11.95 inside the M25. , Some workers are set to [...]
PZ Cussons: ‘No rush to go shopping’ for further acquisitions until ‘right brands’ available September 22, 2022 PZ Cussons has said it is “not in any rush” to pick up further brands as the Carex maker saw quarterly sales rise. After snapping up the baby goods brand Childs Farm, PZ Cussons was in “no rush” to add more firms to its portfolio, the consumer goods giant’s CEO Jonathan Myers told CityA.M. on [...]
JD Sports’ chair: Governance changes won’t ‘kill entrepreneurial spirit’ of retailer September 22, 2022 JD Sports’ new chair Andrew Higginson has said corporate governance changes will bring the retailer up to pace without being too “heavy handed.” The trainer seller recently created distinct roles of chair and CEO, after the departure of former boss Peter Cowgill earlier this year. After decades at the helm of the London-listed firm, Cowgill [...]
Investindustrial to boost Eataly’s global presence as it takes majority stake September 21, 2022 The private equity powerhouse Investindustrial snapped up a controlling stake in Eataly this morning, paving the way for global expansion. Acquiring 52 per cent of the luxury Italian food brand, Investindustrial said the deal would lead to €200m in investment, as well as share purchases from existing shareholders. “The investment will allow Eataly to retire [...]
Games Workshop’s shares get hammered amid profit slump September 21, 2022 Despite its buoyant annual results this summer, costs appear to be finally taking their toll on the Warhammer maker Games Workshop. Shares slumped nearly ten per cent this afternoon after the firm revealed pre-tax profits slid 13 per cent in the last quarter to £39m. Commenting on this announcement, analysts at Peel Hunt said that [...]
Housebuilder shares rally after rumours of stamp duty cut September 21, 2022 Housebuilders shares rallied on Wednesday after reports Prime Minister Liz Truss is set to slash stamp duty in her mini-budget on Friday. Truss is expected to announce a cut to stamp duty as a rabbit in the mini-budget, a report in The Times newspaper suggested. The report, which suggested Truss intends the policy to fuel [...]
Sainsbury’s in talks to sell 18 supermarket stores to LXi REIT for £500m September 21, 2022 Supermarket Sainsbury’s is in discussions to sell more than dozen stores to real investment trust LXi REIT for around £500m. The businesses confirmed talks about a sale and leaseback deal on Wednesday, after a report by Sky News earlier this week. LXi REIT hopes to fund the deal through a combination of new equity and [...]
Businesses breathe sigh of relief after energy bill relief details but call for more tax support September 21, 2022 Businesses have said a freshly announced energy bill relief scheme will prevent thousands of firms going bust, but further support may be needed down the line. The scheme will offer firms a discount on wholesale gas and electricity prices and apply to energy usage from 1 October 2022 to 31 March 2023. Businesses including pubs [...]
Ten Entertainment scores yet another strike as it heads for expansion and keeps price freeze plans September 21, 2022 Bowling firm Ten Entertainment confirmed plans to open three new alleys in the next six months as it heads for a post-pandemic victory. The firm posted sales of £63.2m in the first half of 2022, up 53 per cent on pre-pandemic levels, while pre-tax profits rocketed 121 per cent to £15.7m. The Bedford-based company notably [...]
Marks and Spencer announces bumper £15m pay package for its 40,000 frontline staff September 21, 2022 Marks and Spencer has announced a bumper £15m pay package to support its 40,000 frontline staff during the cost of living crisis. The British high-street giant is also introducing an autumn pay review for the first time, while extending its benefits scheme for workers. More than 40,000 workers will get a boost to their hourly [...]