Introducing City AM Money March 23, 2015 Welcome to the first ever edition of City A.M. Money. At a time of volatility in the markets, and just a few weeks before the most important pension reforms in a generation are finally enacted, our aim has been to produce a magazine that will help you make the most of the exciting new investment [...]
Patrick Cescau exits Tesco board in clear-out – to be replaced by Richard Cousins March 23, 2015 Patrick Cescau, the senior non-executive Tesco director who led the search for the supermarket's new chairman, is leaving the firm's board, confirming speculation of his departure. Cescau's departure comes after six years with the retailer – it was widely believed he would depart after a new chairman was named to clear the way for a [...]
Halfords names Jill McDonald new chief executive to replace Matt Davies March 23, 2015 Halfords has named Jill McDonald as its new chief executive, filling the saddle left empty by Matt Davies who's departing to lead Tesco's business operations in June. McDonald will leave fast food chain McDonald's where she is UK chief and president of North West Europe. The former marketing chief joined the restaurant business in 2006 [...]
Aldi aims to leave rivals in its wake by adding 60 new stores March 23, 2015 Discount retailer Aldi looks set to outpace the big four this year as it ramps up plans for further expansion by opening 60 new stores in the UK this year. While the chain opened its first UK outlet 25 years ago, it was not until the onset of the financial crisis – and the subsequent [...]
Bid war looms as Silver Lake eyes Clubcard March 23, 2015 SILVER LAKE has entered the race to acquire customer data company Dunnhumby, which made its name through establishing the Tesco Clubcard. The American private equity firm’s announcement follows a statement from WPP’s Martin Sorrell last week saying the PR and advertising company was planning an offer. Dunnhumby, which is currently owned by Tesco, could fetch [...]
FTSE 100 CEOs: These are the men (and a few women) who run Britain’s biggest companies March 20, 2015 FTSE 100 Who runs Britain’s biggest companies What’s in a name? Well, quite a lot if you want to become the head honcho at one of the UK’s biggest companies. City A.M. research shows that the vast majority of the FTSE 100 are run by men with rather Biblical names. David comes out as the [...]
Tesco director Simon Belsham to become chief executive of online marketplace Notonthehighstreet March 20, 2015 Tesco's online managing director Simon Belsham is joining emerging etailer Notonthehighstreet.com as its new chief executive. Belsham, who has been at Tesco.com for just over two years, will join the online marketplace for small businesses in May 2015. Belsham has a strong background of online retail. Prior to his current role, he worked at [...]
Tesco takes over 21 superstores in £733m deal with British Land March 20, 2015 Tesco has sealed a £733m deal with British Land, in which the supermarket is taking back 21 of its superstores. The company says this will help it “strengthen its core UK business”. In exchange, British Land will take over Tesco's stake in three shopping centres, three retail parks and three standalone stores. These are currently [...]
DIY group Homebase shops at Tesco to pick new boss Echo Lu March 19, 2015 HOMEBASE has poached Tesco director Echo Lu to be its new managing director and lead a turnaround at the retailer that will see it close a quarter of its shops. Lu, who was previously head of group business planning and insight at Tesco, will join on 20 April, replacing its longstanding boss Paul Loft, the [...]
Homebase snaps up former Tesco exec Echo Lu March 19, 2015 DIY chain Homebase has poaches its latest managing director from the embattled supermarket Tesco. Echo Lu, who was previously head of group business planning and insight at Tesco, will join on April 20. John Walden, chief executive of Home Retail Group, said. Echo has significant, broad-based retail experience both in the UK and the rapidly evolving [...]