Cost of living crunch: Shoppers exposed to extra £380 on yearly grocery bill June 21, 2022 Shoppers are now facing an additional £380 to their annual grocery bill as grocery price inflation has hit its highest level in 13 years. According to freshly published data from insight firm Kantar, grocery price inflation hit 8.3 per cent over the past four weeks, the highest level since April 2009. It comes as all [...]
Legal challenge over retail price index changes could cost taxpayer $40bn, analysts warn June 21, 2022 The government could be forced to fork out as much as £40bn in compensation if a legal challenge launched today over the Treasury’s move to recalculate retail prices succeeds, analysts have warned.
Ocado raises £575m as it looks to widen online grocery market share June 21, 2022 Online retailer Ocado has raised £575m in a share placing, rallying extra funds as demand dries up. The London-listed firm announced the placing after the stock market closed yesterday, revealing just hours later that it had met its quota. The placing auctioned off 72.3m shares at 795p — a nine per cent discount to yesterday’s [...]
Tesco Mobile set to introduce EU roaming charges despite initial claims it wouldn’t June 20, 2022 Tesco Mobile have announced they will introduce EU roaming charges from 2023 onwards as telecom giants grapple with a post-Brexit landscape.
Retail chiefs to meet with Treasury amid fears of fading interest in online sales tax June 20, 2022 Top retail bosses will meet with a Treasury minister later this week with the hopes of reigniting government interest in launching an online sales tax and reforming the current rates system. According to a report by Sky News, executives from retail powerhouses including Amazon, Asda, ASOS, Currys and JustEat Takeaway, are to meet with the [...]
Rank Group warns over profits for second time in three months as people stay away from casinos June 20, 2022 Gambling giant Rank Group has warned investors profits will be hit following a "considerably weaker-than-expected" recovery from the pandemic.
Deliveroo poaches Money Supermarket chief financial officer June 20, 2022 Deliveroo has poached MoneySupermarket.com’s chief financial officer for the same role at the food delivery firm. The London-listed platform announced on Monday that Scilla Grimble will join the company as CFO and board director by no later than June 2023. Current CFO Adam Miller will initially be replaced by Deliveroo’s VP for investor relations David [...]
M&S names Alex Freudmann as new director of food June 20, 2022 M&S has named Alex Freudmann as its new managing director of food after Stuart Machin has taken up the job of chief executive. The retailer announced on Monday that Freudmann, who is currently the managing director of Australian alcohol seller Dan Murphy, would lead the supermarket’s grocery arm from November. As of 1 November, CEO [...]
Etsy accused of not paying enough UK tax, forking out £128,000 after pocketing £160m in sales June 20, 2022 Online marketplace Etsy has become the latest US retailer to be accused of not paying enough tax in the UK, having forked out just £128,000 as it pocketed £160m in sales. Etsy would have been liable to pay some £7m in corporation tax, had it booked all sales made in the UK at its [...]
The power of summer: Primark sales inch above pre-pandemic levels June 20, 2022 The owner of Primark has put recovering sales down to the power of summer, tourism and the march back to the office. Associate British Foods (ABF), which owns sugar ad agriculture businesses alongside the budget retailer, said sales over the past six months were four per cent higher than pre-pandemic levels, though they remain around [...]