UK supermarket shares rocket with Morrisons up 30 per cent after takeover bid June 21, 2021 Morrisons’ share price leapt 30 per cent just minutes after the market open this morning, in wake of news a private equity firm approached the supermarket with a £5.5bn takeover bid. In fact, shares in all major UK’s biggest supermarkets soared on this morning after Morrisons rejected a takeover bid from a US private equity [...]
London’s Capita sells government joint venture Axelos for £380m June 21, 2021 London-headquartered outsourcing firm Capita has sold its UK government joint venture Axelos for £380m, as Capita looks on track for growth for the first time in six years. Shares rocketed 6.03 per cent in this morning trading, taking its share price to 39.91p per share. The joint venture, set up by the firm with the [...]
Tesco bags over £10bn in sales as customers still favour home cooking June 18, 2021 Supermarket giant Tesco has taken in over £10bn in UK sales over the last quarter, with customers still in the habit of home cooking over restaurant dining as restrictions gradually lift. The UK, the chain’s main market, brought in a slight 0.5 per cent lift to sales in the 13 weeks to 29 May, in [...]
Tesco grapples with Brexit-driven lorry driver shortage June 18, 2021 Tesco is “working hard” to address a shortage of HGV drivers, the supermarket’s boss revealed in a call today following its quarterly results. “In terms of labour availability, we’ve seen some shortage specifically in HGV drivers, but we’re working really hard to address that,” Ken Murphy said in the post-results phone call this morning. “We’ve [...]
Speed shopping: Food delivery space in frenzy as well-funded newcomers eye Deliveroo’s market share June 9, 2021 Getir has become the latest in a raft of fast-growing grocery delivery operators to raise bumper cash injections to fuel ambitious growth plans. The Turkey-based company, which said it can deliver to customers in as little as 10 minutes and launched in the UK in January, secured almost £400m in investment last week, taking its [...]
Shell chair Andrew Mackenzie tapped to lead UK innovation agency June 8, 2021 The chairman of Royal Dutch Shell has been appointed to lead a government science agency charged with ramping up the UK’s innovation credentials after Brexit. Sir Andrew Mackenzie has be named as the preferred candidate to chair UK Research and Innovation (UKRI), which has an annual budget of almost £8bn. His nomination has been signed [...]
Tesco and Carrefour end three-year partnership June 7, 2021 Tesco and French retailer Carrefour will not extend their purchasing alliance beyond the three-year framework agreed in 2018. The deal between the two giants will formally end on 31 December 2021. Over the last three years, Tesco and Carrefour have enjoyed a number of joint buying opportunities across food and general merchandise, giving them each [...]
New tech regulation mustn’t be allowed to stifle innovation June 3, 2021 There is scarcely any market that could not be described as digital in 2021. In ten years time, the phrase ‘digital market’ will be, effectively, redundant. We should be concerned, then, by the creation of a powerful new regulator with a remit to cover all ‘digital markets’. Read more: UK says any global tax deal [...]
Tesco staff win legal argument against employer in European Court of Justice June 3, 2021 Thousands of current and ex-Tesco workers won a legal argument in the European Court of Justice today, in a fight they argue centres on equal pay. The court today ruled that employees working in stores can compare their roles to colleagues working in distribution centres for the purpose of equal pay. Mostly female supermarket shop [...]
Amazon to dethrone both Tesco and Sainsbury as UK’s largest retailers within four years June 3, 2021 Amazon is to overtake Tesco as the UK’s largest retailer within the next four years, with sales expected to hit more than £77bn by 2025, according to new research, shared exclusively with City A.M. this morning. Last year, Amazon UK’s total sales were £36.3bn while Tesco’s sales were almost double at £64bn. However, by 2025, [...]