Warpaint London to acquire fellow beauty specialist Brand Architekts December 5, 2024 Cosmetics firm Warpaint London has announced the acquisition of fellow beauty brand specialist Brand Architekts. Warpaint London, the company behind makeup brands W7 and Technic, told markets today it has reached an acquisition agreement for the entirety of issued and to be issued share capital of the Brand Architekts. The company said under the terms of [...]
Tesco Clubcard and Sainbury’s Nectar schemes do help consumers, regulator says November 27, 2024 A year-long probe into UK supermarkets’ pricing practices has found “very little” evidence that shoppers are being treated unfairly with loyalty programmes such as the Tesco Clubcard scheme and Sainsbury’s Nectar points. The Competition and Markets Authority (CMA) probe, which has been ongoing since November last year, investigated whether supermarket loyalty schemes cause inflation by faking the [...]
Lidl boss warns retailers are ‘reeling’ after Budget tax raid November 20, 2024 The boss of budget supermarket Lidl has warned retailers are “reeling” following Labour’s tax raid in the Autumn Budget. The German supermarket’s UK boss Ryan McDonnell said the discount brand was staring down the barrel of “tens of millions of pounds” in extra costs. This comes after the Chancellor unveiled a £25.7bn tax-raising package, with [...]
Retail bosses warn of £7bn cost burden after Budget November 19, 2024 UK retail bosses have written to the Chancellor to warn of the wide-ranging damage from the Autumn Budget on their sector, including “inevitable” job losses and price rises. In a letter coordinated by the British Retail Consortium (BRC), 79 signatories, including bluechip retailers Tesco, Next, and Greggs, said they had “significant concerns” about the impact [...]
Insolvencies set to rise as Budget hikes business costs, Begbies Traynor warns November 18, 2024 A combination of elevated interest rates and higher business costs resulting from the Budget is set to lead to a spike in insolvencies, Begbies Traynor has warned. In last month’s Budget, Chancellor Rachel Reeves increased the amount employers have to pay in NICs by 1.2 per cent, and lowered the wage threshold at which employers [...]
Badenoch claims Reeves’s Budget was designed to ‘milk private sector’ November 13, 2024 The Labour government’s “ideological” Budget was “designed to milk the private sector”, Tory leader Kemi Badenoch has claimed. Quizzing Sir Keir Starmer during Prime Minister’s Questions (PMQs) today, the Conservative leader accused the Labour leader of “having nothing to offer but platitudes”. She said: “Their ideological Budget was designed to milk the private sector and [...]
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 [...]
One Stop sales jump at Tesco-owned convenience store chain November 7, 2024 Sales at convenience store chain One Stop, which is owned by Tesco, jumped to almost £1.3bn during its latest financial year. The Walsall-headquartered business has posted a revenue of £1.29bn for the 12 months to 24 February, 2024, up from the £1.17bn it achieved in the prior year. Newly-filed accounts with Companies House have also [...]
Barclays completes £600m Tesco Bank takeover November 1, 2024 Barclays has completed its £600m takeover of Tesco’s banking arm after high court approval for the buyout came on 17 October. As part of a ten-year partnership between the two firms, Barclays will begin operating and managing Tesco Bank. Tesco will keep all of its existing insurance and money services activities, including ATMs, travel money [...]
Tesco ups guidance after first-half performance ‘exceeds expectations’ October 3, 2024 Supermarket giant Tesco has upped its profit guidance following another strong period of trading for the UK’s biggest grocer. Tesco increased its retail adjusted operating profit guidance to £2.9bn, from £2.8bn, after it “delivered volume growth ahead of expectations”. Continuing sales at the grocer grew 3.5 per cent in the 26 weeks ended 24 August [...]