Supermarket sales grew at their fastest rate since June 2014 in the last 12 weeks March 7, 2017 Supermarket sales were growing at their fastest rate since June 2014 over the past three months as inflation started to bump up prices for key items such as tea, butter and fish. According to data from Kantar Worldpanel, supermarket sales grew by 2.3 per cent year-on-year for the 12 weeks ending 26 February. Kantar said [...]
Turnaround plan looks set to pay off for Morrisons March 5, 2017 The turnaround at Morrisons supermarkets headed by CEO David Potts looks set to gather speed this week as the company reports its best annual results in six years. The chain is likely to report a 54 per cent rise in pre-tax earnings to £335m on Thursday, according to predictions by banking firm Jefferies. The firm [...]
Ultimate Products’ London IPO has been priced at £105m ahead of it joining the main market next week March 1, 2017 Ultimate Products' offer price has been set at 128p, which will equate to a market capitalisation of approximately £105.2m. The offer comprises 41,084,800 shares, representing 50 per cent of the company’s issued share capital on admission. Shore Capital is acting as sponsor, global co-ordinator and bookrunner to the Company, and Cenkos is acting as joint bookrunner. [...]
The pound is well below $1.24 after Trump’s speech to Congress March 1, 2017 The pound fell below $1.24 for the first time since January this morning after Donald Trump gave an unusually statesman-like speech to Congress last night. The pound fell as low as $1.2356 overnight after Trump's address, in which he repeated pledges to introduce a border tax on imports, but gave few details on how he will [...]
Consumer goods group Ultimate Products heads for a £100m-plus IPO in the next few days March 1, 2017 Ultimate Products, the innovative consumer goods group, is set for a £100m-plus IPO in London within days. It will list on the main market under the name of UP Global Sourcing Holdings. The IPO’s pricing could take place as early as today. The placing is understood to be substantially oversubscribed with investors taking part believed [...]
Car smashes into City branch of Pret a Manger February 24, 2017 City workers in the Fenchurch Street area seeking their morning coffee and croissant fix will have a little further to go today. Police are investigating after a car smashed through the front of the Pret a Manger branch in Cullum Street last night, putting the store out of action. A Pret spokesperson said the company is helping the [...]
Here’s some food for thought: The courgette crisis is no joke – the UK’s food security is at stake February 17, 2017 News of the so-called courgette crisis has been greeted with a certain amount of mirth in the press. The image of middle-class diners looking lost without their spiralized suppers after an uncommonly soggy winter in Spain was never going to provoke an outpouring of sympathy. However, a new report commissioned by Morrisons today suggests we [...]
Morrisons starts search for more local food suppliers February 17, 2017 Morrisons is looking for the "Innocent Smoothies of tomorrow" in a bid to get more local food to their shoppers. The supermarket wants to recruit more than 200 new suppliers across England, Scotland and Wales over the next year. To find Britain's best local food suppliers, Morrisons will invite foodmakers to pitch their products at a series [...]
World stocks hit fresh record highs as investors around the world look for risk February 16, 2017 World stock markets have risen to fresh all-time record highs as investors around the globe anticipate economic growth after a sustained period of stagnating economies. The MSCI all-country world index added further to Wednesday’s record highs with small gains on Asian markets mimicking those in US markets, despite futures suggesting the rally may pause when [...]
Next chapter in leadership for the high street retailer as John Barton steps down as chairman February 14, 2017 Retailer Next today announced chairman John Barton will step down after 15 years with the company. Barton has been on the board of the firm since 2002 and was appointed chairman in 2006. He will be succeeded by the Michael Roney when he retires on 1 August 2017. Read more: Next and Morrisons: What a difference [...]