Smiths News anticipates smaller than expected hit from McColl’s administration May 30, 2022 Newspaper distributor Smiths News has said it is anticipating a smaller than expected hit from McColl’s administration. The London-listed firm, which continues to supply McColl’s under Morrisons’ ownership, has said it has reduced its debt to £5.6m. After McColl’s went into administration, Smiths News took action to mitigate McColl’s bad debt risk, the supplier said [...]
Issa brothers’ EG Group sees fuel gross profit margins reduce slightly after war in Ukraine May 24, 2022 The Issa brothers’ EG Group has seen its fuel division’s gross profit margins slim slightly after Russia’s invasion of Ukraine. Across the firm’s fuel arm, gross profit hit $481m in the three months to 31 March, a 16 per cent increase compared to the first quarter of 2021. However, its gross profit margins were slightly [...]
Shops’ tax bill 755 per cent higher than online rivals amid war of words over sales tax May 23, 2022 Traditional brick and mortar retailers pay 755 per cent more – almost eight times – than their online rivals in business rates tax. The figures come after Sainsbury’s and Marks and Spencer execs have voiced differing opinions over the prospect of an online sales tax. Fresh analysis by real estate advisor Altus Group has found [...]
Want to really be Australian-style? Time to move our elections to a Saturday May 23, 2022 Australian elections are always held on a Saturday, meaning more people can get to the ballot booth
Australia election: New PM Albanese vows to ‘change the country’ in fast start May 22, 2022 Incoming Australian Labor Prime Minister Anthony Albanese has vowed to “change the country” and “change the way that politics operates in this country” a day after his historic election victory. Albanese, a former left-wing firebrand turned moderate pragmatist, said on Sunday that he would usher in a new era for Australians as he promises to [...]
Anthony Albanese to become PM of Australia as Labor Party ousts right-wing govt after a decade May 22, 2022 Australia’s Labor Party has ousted a near decade-long right wing coalition government to take control of the country’s 172-seat parliament. Incoming prime minister Anthony Albanese hailed the victory as an opportunity to “bring Australians together”. “I want to seek our common purpose and promote unity and optimism, not fear and division. It is a show [...]
Petrol retailers could face fines if they fail to pass on fuel duty cuts to consumers May 19, 2022 Petrol retailers could be fined if they fail to pass on fuel duty cuts to customers, warned the Competition and Markets Authority.
Supermarkets cheapest place to go for petrol, says AA May 18, 2022 Motorists looking for minimise the pain of record petrol prices should top-up their tanks at supermarkets, reveals motoring group AA.
Morrisons rescue deal for McColl’s totalled £182m May 18, 2022 Grocer Morrisons coughed up some £182m to snap up beleaguered convenience store operator McColl’s, defeating a rival bid from Asda owners the Issa brothers. The newsagent chain’s equity value was worth around £3m earlier this month while senior creditors were owed some £160m, documents from administrators PwC revealed. While the Issa’s EG Group had offered [...]
Morrisons owner CD&R eyes £2.5bn takeovers of facilities management titans May 17, 2022 Morrison private equity owner is reportedly planning to snap up and merge two facilities management firms. Clayton Dubilier & Rice (CD&R) is in discussions to buy significant stakes in Atalian Servest and OCS, Sky News reported. Last year, the New York-based private equity firm clinched a £7bn deal to takeover the grocer Morrisons. The deals [...]