UK, US and Australia sign new defence pact to tackle China September 16, 2021 The UK last night announced a new “landmark” security pact with the US and Australia in a move that’s been widely seen as an attempt to tackle China. AUKUS, as the new partnership will be known, will initially focus on acquiring nuclear-powered submarines for Australia for the first time ever. But the deal, the biggest [...]
Sunak: Private equity raid on UK businesses ‘good news’ for economy September 14, 2021 Foreign investment firms’ recent surge of interest in British listed companies is a “sign of confidence” in the UK economy, chancellor Rishi Sunak said on Tuesday, while also touting British fintech and life sciences companies as “globally best in class.” On the same day that Clayton, Dubilier & Rice cemented its pole position in a [...]
CEOs plot acquisition spree as UK recaptures global attention September 14, 2021 With AA motoring group, Asda, Morrisons and Stock Spirits taken over by private equity firms such as CVC, the UK market has recaptured the globe’s attention, having seen an unprecedented wave of deals. Stemming from initial undervaluations due to Covid-19 and Brexit, on average, UK companies were being undervalued by around 30 per cent, according to recent data from Schroders. [...]
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 [...]