Struggles continue at Asda as new owner looks to turn around supermarket giant November 12, 2024 The continuing struggles at supermarket giant Asda have been revealed with both Tesco and Sainsbury’s hoovering up its market share in the UK, according to new figures. Sales at the Leeds-based grocer totalled £4.242bn in the 12 weeks to 3 November, 2024, down from the £4.490bn it reported for the same period last year, the [...]
Businesses warn of £400m in extra costs after Reeves’s Budget tax raid November 8, 2024 Businesses across the UK are sounding the alarm over rising costs after Rachel Reeves raised taxes by some £40bn at the Budget last week. The Chancellor announced that employer’s national insurance contributions (NIC) will increase by 1.2 per cent to 15 per cent, and the threshold at which businesses start paying the levy will be [...]
Asda cuts jobs and demands three-days-a-week return to office November 6, 2024 Asda has announced job cuts and asked its staff to return to the office three days a week in the latest move in its turnaround plan. In an internal email on 5 November, the grocer said it was changing its office attendance policy at its George House site in Leicester as well as its Asda [...]
Asda takeover completes as Issa brothers split made official November 1, 2024 Asda is now under the majority control of private equity giant TDR Capital after billionaire Zuber Issa sold his shares in the supermarket giant. Funds managed by TDR Capital now hold a 67.5 per cent stake in the Leeds-headquartered company while Zuber’s brother Mohsin Issa retains his 22.5 per cent holding. A further 10 per [...]
Asda flies in Morrisons and M&S execs as turnaround plan gathers pace October 22, 2024 Asda has added two new members to its leadership team as it looks to bolster the firm amid a significant turnaround plan. Laura Lepley will join in December from Morrisons as vice president of central operations, while Mark Henry will join in January from M&S as vice president of retail in the south of England. [...]
Brand Architekts: Sales at owner of Skinny Tan and Super Facialist slump October 21, 2024 Brand Architekts, the beauty specialist behind British brands including Skinny Tan and Super Facialist, has reported a fall in sales as it pivots to fewer, bigger brands. The company reported an underlying loss of £0.4m compared to a loss of £1.2m for 2023, while its gross profit margin increased 1.5 per cent to 41.2 per [...]
Leon: Restaurant chain’s loss-making streak continues amid Asda takeover September 30, 2024 Restaurant chain Leon lost almost £20m in the year it was sold by the billionaire Issa brothers to Asda, it has been revealed. The company had been purchased by the brothers’ Lancashire-based EG Group in 2021 before most of the group’s UK operations were sold to the supermarket giant for £2bn in October 2023. At [...]
Lower costs help Co-op return to profit September 25, 2024 The Co-op said this morning that lower costs had helped the company return to profit in the first half of its financial year. Profit before tax grew to £58m in the first half of 2024 from a loss of £33m in the same period last year. The company, which also operates a funeral service, legal services, [...]
Asda workers ‘owed over £2bn in back pay’ as 159 MPs write to bosses September 24, 2024 Retail workers at supermarket giant Asda are owed more than £2bn in back pay, according to the GMB Union. The claim comes as 159 MPs wrote to bosses at the Leeds-headquartered company calling for an end to “pay discrimination” of its supermarket workers. The politicians have also called on TDR Capital, which is about to [...]
Mohsin Issa to step away from Asda as search for CEO continues September 18, 2024 Supermarket giant Asda has announced that Mohsin Issa will step away from his executive leadership role to focus on his position as sole chief executive of petrol forecourts business, EG Group. Lord Stuart Rose will assume Mohsin’s responsibilities alongside TDR Capital partner Rob Hattrell, the Leeds-headquartered grocer said, while Mohsin Issa will remain a co-owner [...]