Petrol price cut by 2p as big four supermarkets fuel price war brings £1 a lite petrol ever closer January 12, 2015 There seems to be no let-up in the supermarket fuel price war as another wave of cuts to the price of petrol was announced on Monday. The big four supermarkets are all slicing 2p off their petrol and diesel. Unfortunately for motorists, the supermarkets are still some way off being able to retail for below [...]
Tesco to shut stores in Hungary in cost-cutting drive January 12, 2015 Tesco is to close 13 stores in Hungary in a bid to secure the long-term profitability of its local operations. The beleaguered supermarket is in recovery mode after a devastating year marked by profit warnings, high-profile departures and a plummeting share price which fell to its lowest point for a decade. Tesco still [...]
At last – 99p petrol is here… in Birmingham January 12, 2015 Motorists can finally fill up their tanks for less than £1 a litre – as long as they’re prepared to drive to the Midlands. The bargain petrol went on sale at the Harvest Energy service station in Birmingham for 99.7p. The motoring organisation RAC said the price was the lowest it had seen in the [...]
Best of the Brokers for 12 January 2015 January 11, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com HILTON FOOD GROUP Numis reiterated its “buy” rating following a “very satisfactory” full year update. The broker noted that “everything is on track”, including the firm’s Tesco-related expansion, and pointed to good progress in its Australian joint venture. Target price is unchanged at [...]
Tesco share price rallies as chief Dave Lewis wins over City funds, but Moody’s issues junk rating January 8, 2015 Tesco boss Dave Lewis won the cautious backing of stock-pickers yesterday as he unveiled radical plans to cut hundreds of millions of pounds worth of costs in a bid to revive the fortunes of the troubled supermarket. Shares rallied 15 per cent, marking their biggest one-day gain in six years. Yet lenders to the retail [...]
Tesco store closures: Councils digest shock as Chesnut HQ staff move to Welwyn Garden City and outlets shut January 8, 2015 While investors rejoiced, councils and local planning authorities were left reeling yesterday after Tesco announced it would close its Cheshunt HQ, some existing stores and shelve new planing projects amid a raft of changes aimed at cutting costs. Britain’s biggest supermarket said staff at its north London base would move to its offices in Welwyn [...]
Tesco mulls dumping data arm Dunnhumby in asset sell-off January 8, 2015 Britain’s largest supermarket Tesco said yesterday it could sell off its Dunnhumby data business as it announced plans for widespread cost-cuttings and asset sales. The retail titan said it had appointed Goldman Sachs to explore the options for Dunnhumby – the company that helped to create Tesco’s customer clubcard scheme in 1995. Those options could [...]
Halfords share price plunges as chief executive Matt Davies poached by Tesco January 8, 2015 Shares in bikes-to-car parts retailer Halfords plunged 8.5 per cent yesterday after Tesco announced it had poached chief executive Matt Davies to head up its UK and Ireland business. The former Pets at Home boss was hired in 2012 to lead a turnaround of the tired chain, which had issued nine profit warnings in the [...]
Defined benefit plan to close for Tesco’s 350,000 scheme members January 8, 2015 TESCO will close its deficit-laden pension scheme next year, bringing the curtain down on one of the few remaining final salary schemes in the FTSE 100. The supermarket giant’s scheme, which has 350,000 members, will shut to current members in February 2016. Tesco will transfer members into a new plan. The group will launch a [...]
Tesco boss Dave Lewis: Drastic he may be but let’s not forget dapper January 8, 2015 Drastic Dave Lewis had his day in the spotlight yesterday, reeling off a list of admittedly quite drastic measures in a bid to save Tesco. But the one question The Capitalist wanted to ask was, how does Tesco boss Drastic Dave Lewis feel about constantly being called drastic? Maybe one day he’d like to be [...]