Premier Foods defends its pay and stay tactics December 8, 2014 Premier Foods promised yesterday to “simplify” its practice of asking suppliers for payments in exchange for doing business with the firm after receiving widespread criticism for the so-called “pay-to-stay” practice. The food company behind some of Britain’s most renowned brands including Mr. Kipling, Ambrosia, Oxo and Bisto, did not apologise for its actions, which it [...]
South African retail billionaire to launch stores on UK high street December 7, 2014 SOUTH African retail magnate Christo Wiese is poised to make a move on the UK high street by opening a new discount fashion chain led by former Asda boss Andy Bond. Pepkor UK, a vehicle named after Weise’s holding company, was set up on Companies House earlier this year. Former Asda chief executive Andy Bond [...]
Former JJB boss Chris Ronnie to be sentenced for £1m-plus fraud December 7, 2014 The former chief executive of JJB Sports will be sentenced this week after being found guilty of accepting more than £1m in backhanders from suppliers. Christopher Ronnie was convicted last month of pocketing six-figure payments from three suppliers while in charge of JJB and failing to declare them to the board. He will be sentenced [...]
UK activist fund Crystal Amber vies for change at Sainsbury’s December 7, 2014 UK activist investment fund Crystal Amber is in talks with several overseas investors about buying shares in Sainsbury’s, as part of a plan to shake-up Britain’s third largest grocer. Aim-listed Crystal Amber is understood to be looking at Sainsbury’s on behalf of a big American investor interested in buying a sizeable stake in the food [...]
Qatar hopes to woo Songbird with higher bid December 4, 2014 QATAR Investment Authority (QIA) and Brookfield Property Partners have gone hostile in their attempt to take control of Canary Wharf’s owner after taking a higher offer of 350p last night directly to shareholders. The final all-cash offer for Songbird Estates, which came just hours before a deadline to submit revised bids, values the company at [...]
Pets at Home’s groom rooms help retailer’s profits jump to £40m December 4, 2014 Doting pet lovers spoiling their pooches and cats helped Pets at Home deliver a 10.2 per cent jump in sales to £381.5m in the six months to October. The retailer, which provides pet food, accessories and veterinary services from around 400 outlets, has doubled its profits to £40.5m from £21.3m in the first [...]
Mulberry “Win Christmas” campaign drives traffic after disastrous year but chairman Godfrey Davis is unfazed December 4, 2014 The luxury firm faces an uphill battle to win back shoppers but chairman Godfrey Davis is unfazed It has been a disastrous year for Mulberry. However, the luxury goods group puts on a brave face in its light-hearted Christmas campaign, which features a woman in an old country pile receiving more and more elaborate gifts [...]
International Greetings blames currency headwinds for sales fall December 3, 2014 INTERNATIONAL Greetings yesterday blamed volatile foreign exchange movements for a decline in half-year sales. The company, which makes greetings cards and gift packaging, said sales fell 1.5 per cent to £111.9m in the six months to 30 September due to a £2m hit from currency headwinds. However, sales were slightly up when excluding currency movements, [...]
Virgin Active hires boss of Woolworths SA December 3, 2014 VIRGIN Active has hired the boss of South African supermarket giant Woolworths to become its new chairman after Richard Baker stepped down from the gym group yesterday. Simon Susman has replaced him with immediate effect, Virgin Active said. Baker, who has been at the helm of Virgin Active since 2008, was poached this summer to [...]
Autumn Statement 2014: The big stamp duty shake-up December 3, 2014 Stamp duty will be cut for millions of house buyers but hiked on the most expensive properties as part of a radical shake-up of the system announced by George Osborne. The chancellor claimed some 98 per cent of buyers will see a cut in their stamp duty bill as a result of the move, seen [...]
