Waitrose axes 124 jobs amid closure of unprofitable stores September 16, 2020 Waitrose has announced plans to axe four unprofitable stores, putting 124 jobs at risk. The supermarket said it will close shops in Caldicot, Ipswich Corn Exchange and Shrewsbury, while a fourth branch in Wolverhampton will be sold to Tesco. Waitrose said today that trading at the stores had been “challenging” and it had not found [...]
The Hut Group raises £1.88bn in biggest London stock market listing since 2015 September 16, 2020 The Hut Group began trading on the London Stock Exchange this morning, raising £1.88bn in the largest UK initial public offering (IPO) since 2015. The Manchester-based online retail giant is valued at around £5.4bn following its stock market listing, which the firm said is the UK’s largest ever technology IPO. The Hut Group, which owns [...]
FTSE 100 and US stocks jump after strong Chinese industrial data September 15, 2020 The FTSE 100 rose sharply and US stocks opened higher as investors reacted well to stronger-than-expected economic data from China. Britain’s main stock index was up nearly one per cent during the afternoon session at 6,085 points. The FTSE 250 index – which is made up of slightly smaller firms – climbed 0.6 per cent. [...]
Eat Out to Help Out wipes £155m off supermarket sales September 15, 2020 The government’s Eat Out to Help Out discount scheme saw £155m knocked off supermarket sales last month as consumers ate fewer meals at home. Brits spent less at supermarkets in the four weeks to 6 September compared to July as the discount scheme encouraged people to venture out to restaurants and cafes. Alcohol supermarket sales [...]
Ocado sales surge as consumers switch to online shopping September 15, 2020 Ocado sales soared in the third quarter as more customers continued to switch to online shopping due to the pandemic. Retail revenue surged 52 per cent to £587.3m in the 13 weeks to 30 August due to high demand for home grocery deliveries. Ocado’s share price jumped 5.99 per cent this morning after it forecast [...]
Chicken feed: Deliveroo signs restaurant deal with Nando’s September 11, 2020 Chicken lovers will now be able to order Nando’s to their door after the restaurant chain signed a partnership with Deliveroo. The food platform today said it will roll out delivery for Nando’s meals nationwide, with 360 restaurants now taking orders. The peri-peri favourite previously offered its own delivery service, though this was only available [...]
Waitrose launches Deliveroo trial as Ocado partnership ends August 28, 2020 Waitrose has launched a partnership with Deliveroo as its deal with online supermarket Ocado comes to an end. The grocer said that more than 500 products will be available to order through Deliveroo as part of an initial 12 week trial. Customers will be able to order from stores in Bracknell and Clifton from Tuesday, [...]
Why digital infrastructure could emerge stronger from Covid-19 August 28, 2020 The Covid-19 pandemic has accelerated the need to modernise digital infrastructure networks. We expect that this will create new investment opportunities. Surging online activity Whether we like it or not, the Covid-19 pandemic has cemented our addiction to fast and reliable internet access. While speaking to colleagues remotely, food shopping online or monitoring our ‘smart [...]
Ocado finance chief steps down due to ‘family circumstances’ August 27, 2020 Ocado’s finance chief will step down after eight years with the online supermarket, citing family circumstances as the reason for his departure. Duncan Tatton-Brown, who was appointed as Ocado’s chief financial officer in 2012, will leave the role in November, but will continue as a non-executive director. Tatton-Brown said family circumstances meant that it is [...]
Rolls-Royce crashes to £5.4bn first-half loss on Covid-19 hit August 27, 2020 Engine-maker Rolls-Royce said today it had swung to a loss of £5.4bn for the first-half following the economic shock of the Covid-19 pandemic. The aero giant said revenue crashed 26 per cent to £5.8bn and reported a post-tax loss of £5.4bn and an underlying post-tax loss of £3.3bn in the six months to 30 June. [...]