Issa Brothers double-up Asda and EG Group to create forecourts giant May 30, 2023 Asda has confirmed plans to acquire the UK and Ireland division of petrol giant EG in a deal that will create a UK consumer giant with £30bn-worth of revenues a year. The supermarket, which is headed by the billionaire Issa brothers, has purchased the brothers’ other business, the EG Group, for £2.27bn. Asda is now [...]
Brits put recession fears aside to bowl strikes at ten-pin operator May 30, 2023 Hollywood Bowl reported record revenues of £110.2m in its half year results this morning, up 20.7 per cent on 2022 amid strong sales, and said it would continue to eye expanding its UK estate and leisure centres. However, the bowling operator reported a drop in its pre-tax profits to £26.7m for the six months to [...]
Unilever CFO departs ahead of new CEO’s arrival May 30, 2023 Unilever has announced a shake up at the top with both its chief financial officer and chief digital and commercial officer departing their roles just weeks before new CEO Hein Schumacher takes the reins. Graeme Pitkethly, who headed the consumer goods giant’s finances, is retiring after 21 year at the business. He will retire from [...]
Are gone-off goods the answer to the cost of living crisis? May 30, 2023 An online grocery store which sells goods that would otherwise be sent to landfill is growing in popularity in the UK, as cash-strapped Brits search for new ways to save money amid the cost of living crisis. “I think there’s a lot of focus on price at the moment… and we can cater for something [...]
Grocery prices cool as government drafts supermarket price cap May 30, 2023 Food inflation cooled slightly in May as lower energy and commodity costs finally showed signs of filtering down to consumers. According to data by the British Retail Consortium, grocery inflation fell to 15.4 per cent in during the month, down from 15.7 per cent in April – but remained the second highest inflation rate in [...]
Fresh calls to end tourist tax as London risks ‘losing out’ to rival EU cities May 30, 2023 The policy chair of the City of London Corporation has made fresh calls for an end to tourist tax on foreign shoppers, warning that the capital could lose out to rival European cities. Writing in City A.M, Chris Hayward, said that London’s recovery is “not being maximised,” noting that the Treasury’s decision to scrap the [...]
Retailers hit with fresh blow as nearly 50 per cent of Brits think the high street is ‘no longer relevant’ May 29, 2023 Nearly half of Brits believe that high streets are no longer relevant, with new data showing that the public is craving a change to their local high street in order to continue visiting it. The data, published by IT company Accenture, comes as retail experts have forecasted that up to 18,000 stores could vanish off [...]
Can Dr Martens get off on the right foot with investors this week? May 29, 2023 All eyes remain on Dr Martens ahead of its full year results on Thursday as investors hope the boot maker can offer signs of a turnaround following disruptions in its US warehouse and its struggling share price. The London-based bootmaker has downgraded its profit forecast twice in three months, telling the markets in April that [...]
Boots owner to slash HQ jobs in cost-cutting push May 27, 2023 Walgreens Boots Alliance Inc WBA.O said on Friday it would slash its corporate staff by about 10%, as it streamlines operations and focuses on consumer-facing healthcare businesses. None of the 504 roles being cut are based at its stores, micro-fulfillment outlets or call centers, a company spokesperson told Reuters. Walgreens, one of the largest U.S. pharmacies, has [...]
Cazoo debtholders bring in bankers to advise on key talks May 26, 2023 Lenders to Cazoo, the online car retailer, have enlisted bankers to lead talks with the group about a £510m debt restructuring. According to reports today from Sky News’ Mark Kleinmann, funds with more than £500m held in the London-based firm, have enlisted PJT Partners to advise them on negotiations with the company. Cazoo has faced [...]