CDR agrees pensions deal with Morrisons as takeover nears September 14, 2021 Private equity house Clayton, Dubilier & Rice (CDR) looks to have shored up its grip on takeover target Morrisons after coming to an agreement with trustees over the supermarket’s pension schemes. The supermarket has been at the heart of a bidding war between CDR and fellow private equity firm Fortress, with the former agreeing a £7bn [...]
Sainsbury’s to close all stores, Argos and Habitat on Boxing Day as a ‘thank you’ to its 170,000 employees September 13, 2021 Sainsbury’s, Britain’s second-largest supermarket chain will keep all of its supermarkets, convenience stores and petrol filling stations shut this Boxing Day as a “thank you” to its roughly 170,000 colleagues. Sainsbury’s added that all its Argos and Habitat stores will also remain shut for the day. The decision follows rivals including Morrisons, Waitrose and Marks [...]
Food sector boss warns of permanent shortages in restaurants and shops September 10, 2021 Shoppers in the UK should expect permanent shortages of products now, according to a food and drink industry leader. The food and drink sector was short of around half a million workers, CEO of the Food & Drink Federation, Ian Wright, told the Institute for Government’s panel on supply chain disruption. The nation would not [...]
Back to school in the City: Lessons for a CEO from M&A to COP26 September 10, 2021 It’s been back to school in the City this week, with the streets of the Square Mile once again flooded (if not quite packed) with people. On the surface, it may look similar to pre-Covid, as footfall ramps up and Transport for London reported the busiest month since March 2020. CEOs, however, cannot return to [...]
Morrisons to cut sick pay for unvaccinated staff amid rising costs September 10, 2021 Morrisons, the fourth biggest UK supermarket, will cut sick pay for unvaccinated employees who need to self-isolate in a bid to limit the “biblical costs” of the pandemic, according to reports. The news comes as the supermarket readies itself to be auctioned off next month and after it reported a slide in interim profit before [...]
Scott Morrison confirms climate targets dropped from UK-Australia trade deal September 9, 2021 Australian Prime Minister Scott Morrison has today confirmed the UK-Australia trade deal will not include binding commitments to climate change targets from the Paris Agreement. Morrison said it “wasn’t a climate agreement, it was a trade agreement”, which puts him at odds with the UK government who have claimed in the past 24 hours that [...]
Morrisons CEO: Higher prices are coming due to lorry driver shortage September 9, 2021 The boss of supermarket giant Morrisons has warned of pressure on prices due to the lorry driver shortage and higher costs. The takeover target – which is at the centre of a bidding battle between two US private equity firms – said it expects industry-wide retail price inflation in the coming months as a result [...]
Morrisons revenue tops £9bn, painting picture of health for bidders September 9, 2021 Morrisons has topped a revenue of £9bn in the past six months, as the bidding battle over the supermarket giant escalates. The retailer enjoyed a revenue lift of 3.7 per cent, including its fuel earnings, in its interim results for the six months to 1 August, painting a picture of health for potential buyers. The [...]
UK buckled under Australian pressure and removed climate goals in trade deal September 8, 2021 The UK bowed to pressure from the Australian government and agreed to take out climate commitments in a free trade deal, it has been revealed. The UK-Australia trade deal will not contain binding commitments on reaching climate goals set at the landmark 2015 climate summit in Paris, after Canberra pushed for it to be dropped [...]
Morrisons goes to auction: Fortress and CD&R escalate bidding battle September 8, 2021 The bidding battle over supermarket giant Morrisons has escalated, and appears to be heading for a conclusion after the supermarket confirmed it was headed for auction. Private equity bidders Fortress and Clayton, Dubilier & Rice have spent the past two months outbidding each other in an attempt to acquire what many analysts believe is an [...]