Poundland brings forward competition probe into 99p Stores deal May 6, 2015 Bargain store Poundland has bought forward a competition probe into its offer to buy rival 99p Stores for £55m. The Competition and Markets Authority (CMA) previously said the tie-up could create "a realistic prospect of less competition" in 80 local areas – and an additional 12 areas where they will be competitors in the near future. It said [...]
Greene King hit by drink-driving rules in Scotland May 5, 2015 Pub and restaurant group Greene King yesterday blamed recently tightened drink-driving laws in Scotland for flat sales. The company, whose brands include Old Speckled Hen and Abbot Ale, plus the Hungry Horse and Loch Fyne chains, reported just a 0.4 per cent increase in sales for the 51 weeks to 26 April, but said sales [...]
Zoopla snaps up price comparison website uSwitch in £190m deal April 30, 2015 ZOOPLA has bought price comparison website uSwitch for up to £190m as the property portal seeks to expand its reach into other household consumer services. Shares in the company rocketed 16.4 per cent yesterday as Zoopla announced it will pay £160m plus a performance-based fee of up to £30m for uSwitch’s parent company Ulysses Enterprises, [...]
Colder weather boosts Centrica in first quarter April 27, 2015 UTILITIES group Centrica delivered a more positive update to the market yesterday, following a profit warning and dividend cut announced along with its 2014 results in February, and said trading continues in line with previous guidance. The company said colder-than-usual weather in the UK and across North America in the year to date had led [...]
Consumer group lists demands for energy competition probe April 26, 2015 CONSUMER rights group Which has piled more pressure on the Competition and Markets Authority (CMA) by listing the criteria it will judge the CMA probe into household energy prices. The authority will publish the results of its closely watched study into the Big Six energy providers next month. Which says it wants remedies offered by [...]
Behold the era of market meddling: Whoever wins the General Election, the age of intervention is upon us April 23, 2015 In the run up to every General Election, the business community voices its concerns over what a Labour government would mean for UK plc. There is the regular letter to The Telegraph, signed by 100 business leaders, in a show of support for the Conservatives. There is much worry, and some hysteria too. Many readers [...]
The Original Bowling Company strikes to take over Bowlplex April 22, 2015 THE ORIGINAL Bowling Company yesterday announced it will take over rival Bowlplex in a deal funded by its private equity owner. Electra Partners, which invested £51m in The Original Bowling Company (TOBC) last September, said it will buy Bowlplex, for an unspecified sum, subject to approval from the Competition and Markets Authority. TOBC operates under [...]
Pork Farms and Kerry Foods’ merger cleared April 21, 2015 THE COMPETITION watchdog said yesterday it has provisionally cleared Pork Farms’ acquisition of rival Kerry Foods’ chilled savoury pastry business after threatening to carry out an in-depth probe over competition fears. Pork Farms, maker of scotch eggs and sausage rolls for supermarkets like Marks & Spencer, bought Kerry Foods’ chilled savoury pastry business last summer, [...]
Payday lender Wonga slips into the red as regulatory crackdowns take their toll April 21, 2015 The figures Things aren't looking good for much-maligned payday lender Wonga. Figures posted today showed it slipped into a pre-tax loss in 2014, to the tune of £37.3m, down from a profit of £39.7m this time last year, as various regulatory crackdowns took their toll on its figures. That pushed it to a net loss [...]
Retailers slammed for “dodgy” discounting practices in super-complaint to CMA April 21, 2015 Retailers could face an investigation into their discounts and promotional activity after consumer campaigning group Which filed a “super-complaint” to the Competition and Markets Authority. Which claims retailers are “confusing consumers with tactics that exaggerate discounts and manipulate shoppers”, arguing they create “the illusion of savings that don't exist”. The complaint comes on the [...]