Gousto forced to slash jobs after food delivery service’s ambitious hiring plans fall flat February 24, 2023 Meal kit delivery service Gousto, is understood to have cut its workforce by some 14 per cent as the group’s ambitious hiring plans have taken a hit. According to reports in Sky News, the convenience service made all redundancies at the end of last year and fewer than 100 employees were let go. Earlier this [...]
Retailers demand scrapping of ‘£2bn’ waste strategy policy amid fears it will increase consumer costs February 24, 2023 The UK’s largest retailers are urging the government to scrap its waste strategy policy, or risk forcing prices up for consumers who are already facing a cost of living crisis. A draft letter obtained by Sky News, which it is understood will be sent to government officials next week, outlines industry concerns about the costs [...]
British Airways: Owner IAG shells out £352m to sweep up remainder of Spanish carrier February 24, 2023 British Airways’ owner International Airlines Group (IAG) will pay €400m (£352m) to Spanish firm Globalia for the remaining 80 per cent stake of its Air Europa carrier. IAG said the move will allow it to tap into the Latin America and Caribbean market as well as to increase ties to Asia. The owner of Britain’s [...]
Embattled Love Hemp dragged out of weeds by ‘special purpose’ CBD investor for undisclosed sum February 23, 2023 Embattled CBD brand Love Hemp has been rescued from collapse, weeks after the cannabis firm was forced to draft in administrators amid plummeting sales. The group, which has been promoted by boxer Anthony Joshua, was acquired for an undisclosed price by Portillion SPV1 Limited. The group has been recently founded by Kamran Sattar, the chief [...]
Hays CEO steps aside as recruitment firm’s half year profits fall amid fears of tougher labour market February 23, 2023 London-listed recruitment firm Hays is on the hunt for a new chief executive, as the firm sees net fees rise 15 per cent but profits fall during the last half of 2022. Alistair Cox, said he was stepping down after 15 years at the helm, however he will remain to steer the company until a [...]
Intel slashes dividends by two-thirds in wake of falling revenue February 23, 2023 Intel has been forced to slash its dividends with its shareholders by nearly two-thirds as the tech giant attempts to hold on to funds in the wake of falling revenue. According to a report in the Financial Times, the chipmaker is now set to give a small quarterly payout of 12.5 cents down from the [...]
WPP shares soar as ad giant defies fears of marketing slowdown February 23, 2023 London-based communications and advertising firm WPP has seen its shares soar over five per cent this morning after the group posted stellar earnings for 2022. The firm saw its revenues soar 13 per cent to £14.4bn in 2022, up from £12.8bn in the same period last year, assuaging fears that companies would pull back marketing spending [...]
Virgin Media O2 reveals plans to open new London HQ as it dials in earnings of £10.36bn February 23, 2023 Virgin Media 02 has said it is “confident” it will deliver its 2023 profit guidance, as the group posts strong revenues in its first few months of merging. For the year ending 2022, the broadband giant saw revenues of £10.36bn up slightly from the pro forma figure of £10.35bn the previous year. The group which [...]
Royal Mail tracked staff to see how fast they worked, admits disgraced boss to MPs February 22, 2023 Royal Mail boss Simon Thompson was forced to acknowledge that technology had been used to track workers after being dragged back to face a parliamentary committee. Weeks after his original hearing caused uproar amongst staff Thompson, who was on this occasion ordered to swear under oath, told parliament that had been 16 occasions in the [...]
Inflation bites into profits of Actimel owner Danone with sales up 13 per cent to £23.7bn February 22, 2023 French food giant Danone, producer of Actimel, has reported a full year increase in sales but admitted that soaring inflation and a hike in costs had impacted its profit margin. The food manufacturer said sales increased to €27.7bn (£23.7bn) in 2022, up 13.9 per cent on a reported basis and 7.8 per cent on a [...]