Founders and chief executive buy back control of supermarket giant Iceland June 9, 2020 The founding family and boss of Iceland Foods have teamed up to take back full control of the supermarket’s shares, following the chain’s revenue boom amid the coronavirus pandemic. Chief executive Tarsem Dhaliwal and founder Malcolm Walker have today bought out South African investment firm Brait’s 63.1 per cent stake in Iceland for £115m, making [...]
Retailers suffer ‘another month of struggle’ in May amid coronavirus lockdown June 9, 2020 Retailers endured a second consecutive monthly drop in sales in May, as the high street continued to suffer from the effects of the coronavirus lockdown. The British Retail Consortium (BRC) said sales fell 5.9 per cent last month compared to May 2019. The monthly health check found record growth in online sales, as retailers continued [...]
DEBATE: Is the proposal to suspend Sunday trading laws misguided? June 9, 2020 Is the proposal to suspend Sunday trading laws for a year misguided? Rachael Maskell, Labour MP for York Central, says YES. Shop workers have been at the forefront of responding to our needs during this crisis. They immediately stepped up to meet the demands in their communities to ensure that everyone was able to receive [...]
Coronavirus: Cabinet ministers ‘push to cut two metre social distancing rule’ June 9, 2020 A majority of Boris Johnson’s cabinet ministers are said to be putting pressure on Downing Street to relax the two-metre social distancing rule to contain coronavirus. The Prime Minister, who will chair a cabinet meeting today, is thought to be sympathetic to calls to dispense with the two-metre rule, amid a clamour from the hospitality [...]
BAT warns of coronavirus pandemic revenue blow June 9, 2020 British American Tobacco (BAT) reduced its full-year revenue forecast today as a result of coronavirus, predicting a three per cent hit from the pandemic. The cigarette giant said it now expects revenue growth of between one and three per cent in 2020, compared to growth in the low end of a previous prediction of three [...]
British public support scrapping Sunday trading laws, says new poll June 8, 2020 The government’s plan to allow super markets in England and Wales to open for longer on Sundays has the public’s backing, according to new polling. A YouGov poll released today showed that 48 per cent of people supported the change, with 31 per cent opposing and 21 per cent unsure. Boris Johnson is poised to [...]
Number 10 pours cold water on speculation UK pubs will open on 22 June June 8, 2020 Downing Street has poured cold water on reports that parts of the hospitality industry will be re-opened two weeks ahead of schedule on 22 June. Reports in the Financial Times and The Times today said ministers were looking at re-opening the sector on 22 June for venues that can serve patrons in outdoor spaces. However, [...]
Mulberry looks to cut a quarter of workforce June 8, 2020 Mulberry is looking to cut 25 per cent of its global workforce as the British luxury brand looks to reduce its costs after demand for its products was dented by the coronavirus pandemic. Mulberry, which employs around 1,500 people globally, said it expected the recovery of its sales levels in the medium term to be [...]
Audit watchdog closes investigation into Tesco accounting scandal June 8, 2020 The Financial Reporting Council (FRC) has announced the closure of its remaining investigation into accountants at Tesco, ending a six-year probe linked to an overstatement of profit by the supermarket chain. The FRC said this morning it was closing an investigation into Tesco’s announcement in 2014 that it had overstated profits by £263m, a figure [...]
Morrisons extends faster payment scheme for small suppliers June 8, 2020 Morrisons will continue to make immediate payments to its smaller suppliers for a further three months to support them during the ongoing coronavirus crisis, the grocer announced this morning. The UK’s fourth largest supermarket chain introduced the faster payment scheme in March to help small farms and food producers hit by the closure of the [...]