Pounded: Poundworld collapse raises fears of worst year for retail since financial crisis June 12, 2018 Poundworld crashed into administration yesterday, putting more than 300 stores and 5,000 jobs at risk amid conditions described by analysts as the worst period for the high street since the financial crisis. The total number of retail store closures so far this year will total 1,398 if Poundworld is forced to shutter at least 100 [...]
British Airways-owner IAG in the spotlight over excessive exec pay June 12, 2018 British Airways-owner IAG has been criticised by a shareholder advisory group for excessive executive pay. Advisory group Pirc has recommended shareholders abstain on IAG’s remuneration report over concerns about excessive pay for its chief executive. Pirc said that the pay of chief executive officer (CEO) Willie Walsh was “unacceptable” when compared to an average employee, [...]
Having a house near a supermarket can boost your house price by as much as £43,000 June 9, 2018 Owning a home close to a chain supermarket could potentially boost the house price by £21,500 on average, according to research by Lloyds Bank. The new research also showed that areas within range of so-called premium supermarkets, such as Waitrose, Marks & Spencer and Sainsbury's, will command house prices which are on average 12 per [...]
Tesco boss blames business rates for retail chaos June 8, 2018 Tesco boss Dave Lewis has joined the outcry against business rates, blaming the system for the carnage on the high street. He said that the tax was partly responsible for the collapse of some retailers, and that it had created an "uneven playing field". "Are we allowing it to stay competitive, or are we by [...]
The City’s Pret employees celebrate £1,000 bonus after JAB Holdings takeover May 29, 2018 Pret A Manger employees in the City today celebrated news that they would be receiving a £1,000 bonus after the company announced it will be acquired by German conglomerate JAB Holdings. “I only just heard,” said Mohamed Naim, 19, who works at a store on Fenchurch Street. “I still can’t believe it. It’s a bit [...]
SFO brings further charges against two people in ongoing Unaoil investigation May 22, 2018 The Serious Fraud Office (SFO) has announced that it is bringing further charges in the ongoing investigation into accusations of bribery, corruption and money laundering at Unaoil. The SFO said today that Basil Al Jarah and Ziad Akle have been charged with conspiracy to give corrupt payments to secure the award of a contract worth [...]
MPs to launch select committee inquiry into Sainsbury’s Asda merger May 20, 2018 MPs are planning their own inquiry into the tie-up of Sainsbury’s and Asda, separate to the competition watchdog’s probe. The Environment, Farming and Rural Affairs (EFRA) committee is gearing up to investigate the deal due to concerns for the impact it could have on suppliers to the supermarkets, The Mail on Sunday reported. This comes [...]
Competition and Markets Authority starts scrutiny of Sainsbury’s-Asda merger ahead of formal investigation May 18, 2018 The Competition and Markets Authority (CMA) said today it was kicking off its scrutiny of the proposed merger between supermarket giants Sainsbury’s and Asda. Sainsbury’s announced at the end of last month that it intended to merge with Asda, which is currently owned by Walmart in the US. The two have said a deal will [...]
Morrisons earnings preview: Grocery chain faces uphill battle amid Asda-Sainsbury’s merger May 7, 2018 Grocery chain Morrisons is set to announce its first quarter trading results on Thursday, and the company may have a lot to prove. Analysts at Barclays forecast sales growth of 1.7 per cent, below the company’s figures for the fourth quarter of 2017. If so, it would be the lowest sales growth since the end [...]
Amazon eyed buying Waitrose but was held off by John Lewis Partnership May 6, 2018 Amazon considered an acquisition of Waitrose last year, but was blocked from entering formal talks, reports suggest. A senior executive at the online shopping giant’s UK arm pushed for a meeting with the John Lewis Partnership but was “shut down” by the board, the Sunday Times reported today. The tech company’s acquisition of Whole Foods [...]