Shortages saga: A third of UK mid-size firms forced to slim down offerings October 4, 2021 With the UK’s supply chains riddled with labour shortages and continued Covid-19-related hang-ups, a third of mid-size firms have been forced to reduce their offering. More than 34 per cent of businesses already trimmed their product lines and services by mid-September – before the fuel crisis had gripped the nation, according to accountancy firm BDO. [...]
London markets look to put soggy week behind them October 4, 2021 Investors will be looking to put what was a soggy end to last week behind them today and kick off a fresh week in positive fashion. The FTSE 100 tumbled 0.84 per cent to 7,027.07 points last Friday as markets sweated over the global economic recovery from the Covid-19 crisis stalling after Wall Street registered [...]
Supermarkets bleed sales thanks to food shortages October 3, 2021 The country’s largest supermarkets have lost out on more than £2bn sales this year so far thanks to food shortages. Leading retailers – Tesco, Sainsbury’s, Asda and Morrisons – lost out on sales during the first nine months of the year, according to data shared with trade magazine The Grocer. The sector has been hit [...]
CD&R wins takeover battle for Morrisons at auction with £7bn bid October 3, 2021 US private equity firm Clayton, Dubilier & Rice has beaten the Fortress Investment consortium at auction for Morrisons with a bid of £7bn for the supermarket. Clayton, Dubilier & Rice (CD&R) bid 287 pence per share – 2 pence per share above their existing offer and just a penny above the 286 pence offered by [...]
Tesco gears up to announce interim results amid sector’s driver chaos October 3, 2021 Supermarket behemoth Tesco is expected to reveal a big share buyback programme this week, alongside setting out plans to overcome supply chain disruption. Tesco’s buyback scheme will run in parallel to its normal dividend, The Sunday Times reported, with no expected plans for a special dividend. The grocer will post its interim results on Wednesday, [...]
Analysis: What the fuel crisis is all about and what may happen next September 30, 2021 Despite the government urging people to stop “panic-buying” petrol and return to their normal pattern of purchasing, pumps have run dry in some forecourts. Here City A.M. helps you to understand what is happening and who is involved. So who are the biggest players? The UK’s biggest operator is the Motor Fuel Group. Other companies [...]
Crunch time: Morrisons takeover battle to culminate in one-day auction this weekend September 29, 2021 A months-long multibillion pound takeover battle for Morrisons will culminate in a one-day auction on Saturday, the UK’s takeover watchdog has confirmed. The stock market’s Takeover Panel said it would run a bidding process of up to five rounds this weekend because neither of the private equity bidders Clayton, Dubilier & Rice and the Fortress [...]
Judge rules in favour of Morrisons workers in £100m fight for equal pay September 28, 2021 Thousands of Morrisons retail staff are making progress with their £100m fight for equal pay following a new ruling at an employment tribunal. The ruling, by judge Davies at Leeds Employment Tribunal, confirmed that Morrisons’ shop floor workers can compare their pay with the supermarket giant’s distribution centre workers. The mostly female staff, both current [...]
MPs speak out as Morrisons bidder plans to run grocer from Cayman Islands September 26, 2021 The private equity eyeing supermarket Morrisons has lined up an entity in the tax haven Grand Cayman to run the supermarket giant, bid documents have revealed. Cross-party MPs have urged Clayton, Dubilier & Rice (CD&R) to assure it will pay UK corporate tax rates on Morrisons’ turnover, the Sunday Times reported. CD&R revealed full details [...]
Ex-Tesco boss Dave Lewis behind £16bn link to import clean energy from Morocco September 26, 2021 A £16bn project to build the world’s longest power link will supply seven million UK homes with ‘near constant, low-cost clean energy’ according to its new chair, former Tesco boss Sir Dave Lewis. The renewable energy plan by Xlinks will take power from 10.6 gigawatts of large-scale solar and wind farms in Morocco via a [...]