Tesco-backed coffee shop chain Harris + Hoole to close six stores August 19, 2014 Harris + Hoole confirmed yesterday its decision to shut six stores, raising questions over its performance less than two years after Tesco’s investment in the coffee shop chain. The group sparked controversy last year after it emerged that Tesco owned a stake despite its independent guise. Tesco bought a stake with the view of introducing [...]
Supermarkets spark Bank Holiday petrol price war by slashing costs August 18, 2014 Britain’s leading supermarkets have fired the latest salvo in a fuel price war after slashing prices at their pumps today in a bid to win over customers ahead of the Bank Holiday. Asda was the first to take action, announcing that it would cut the cost of petrol by up to two pence per litre [...]
London Report: FTSE rises as Ukraine-Russia fears subside August 18, 2014 THE FTSE 100 yesterday climbed on the back of investor relief that a feared escalation in the Ukraine crisis had failed to materialise. Tensions spiked on Friday when Ukraine said it had partially destroyed an armoured column that had crossed the border from Russia, triggering a sell-off in global shares. But Moscow made no threat [...]
Concern over Tesco dividend August 17, 2014 FEARS that Tesco may have to cut its £1bn dividend increased yesterday after a fresh warning from one of the supermarket’s activist investors. Harris Associates, which owns a three per cent stake, told The Sunday Times that the dividend “should be cut if it’s paid for by borrowing” and not covered by free cash flow. [...]
Asda sales ahead despite profit warning from owner Wal-mart August 14, 2014 ASDA is outperforming its leading supermarket rivals in the battle for customers’ loyalty after reporting a 0.5 per cent increase in like-for-like sales in the second quarter. The US-owned chain was the first of the big four to take action against the discounters by cutting its prices when it pledged in November to invest £1bn [...]
Dash! Trademark blues as Tesco’s Tevron dismissed as “devoid of any distinctive character” August 14, 2014 Tesco has lost its latest round with the Intellectual Property Office (IPO). The supermarket giant was hoping to trademark the blue dashes underneath the word Tesco in its logo, but the powers that be deemed the marks (known by Tesco insiders as Tevrons, our spies tell us) were too simple to represent the brand on [...]
Mitie forecasts good full-year revenue growth after securing £250m Vodafone deal August 11, 2014 Outsourcing firm Mitie yesterday said it expects good full-year revenue growth, after securing a string of high-profile contracts including a £250m deal with telecoms giant Vodafone. The FTSE 250-quoted company had already secured 90 per cent of budgeted revenues for this financial year by 30 June, with the start dates of a number of contracts [...]
Who will tell all? Tesco’s tricky results question as new CEO takes the reins August 11, 2014 The day one chief exec hands his reins over to the next is always going to be a complicated one, fraught with political tension and potentially awkward exchanges. Holding this momentous occasion on the same day as your half-year results certainly won’t help. Enter Tesco, stage left. On 1 October, the supermarket giant will wave [...]
Lansdowne takes a stake in luxury online retailer Achica August 10, 2014 Lansdowne Partners, one of the world’s largest hedge funds, has bought a stake in online luxury lifestyle store Achica. Lansdowne’s investment was disclosed in documents filed at Companies House, which also said that the company is considering an initial public offering at some point in the future. Achica’s chief executive Steve Robinson, who previously headed [...]
Tesco’s credit rating downgraded by S&P amid profit fears August 8, 2014 Tesco suffered a fresh blow yesterday after Standard and Poor’s (S&P) downgraded the troubled supermarket’s credit rating over concerns of rising competition in its home market and its recent profit warning. S&P said it had cut its long-term rating on Tesco to “BBB” from “BBB+”, but reiterated its “A-2” short-term corporate credit rating on the [...]