Tesco chief exec Philip Clarke relieved to be out as supermarket issues profit warning July 21, 2014 Tesco boss Philip Clarke has said he is relieved to be leaving the struggling supermarket as the retailer issued a profit warning. Britain's largest retailer said sales and profit in the first half of the year are below expectations. Clarke oversaw Tesco's attempt at repositioning in the face of tough market conditions and increasing competition [...]
Lake Capital in talks to back Engine Group July 21, 2014 The Engine Group, owner of PR firm MHP Communications and ad agency WCRS, is set to announce a major investment by Lake Capital by the end of the week. The London-based company’s 13 agencies provide services including advertising, lobbying and marketing to major brands including Tesco, Coca Cola and Lloyds Banking Group. MHP also advised [...]
The Hut Group in line for £100m KKR investment July 21, 2014 US private equity firm KKR, the owner of Boots, is set to take a major stake in online retailer The Hut Group, its first foray into the burgeoning online fashion market. A group of investors led by KKR will buy just under 20 per cent of the Manchester-based company from existing shareholders for about £100m. [...]
Tumbleweed moment for Tesco as Philip Clarke auction price stumbles July 21, 2014 Tesco suppliers, celebrity chefs, an Eastenders actor and a British touring car racer all gathered in Old Billingsgate on Friday night for the decidedly unsexy-sounding Tesco Packaged Food Summer Ball. But while chefs Raymond Blanc and Tom Kerridge mingled with Tesco’s suppliers, chief exec Philip Clarke was nowhere to be seen, something which later transpired [...]
Why free bank accounts will have to go to spur competition in banking July 21, 2014 The Competition and Markets Authority (CMA) is consulting on its provisional decision to launch a formal investigation into UK banks. In other words, the CMA wants to increase competition in banking to better meet the needs of consumers. And alongside other issues, it is concerned that the Big Four banks have a 77 per cent [...]
Tesco plans to build 4,000 new homes on vacant land it no longer wants for supermarkets July 18, 2014 Tesco is planning to build 4,000 homes across the UK on land it had previously bought to expand its supermarket locations but will no longer use. The Telegraph reports the UK’s largest supermarket is working on plans to either build the houses itself or sell off the land to property developers. Tesco is scaling back its [...]
Three’s the magic number for Carphone in joint mobile talks July 16, 2014 Carphone Warehouse is in advanced negotiations with mobile operator Three to launch its own branded mobile offering on the network, akin to Tesco Mobile or Virgin Mobile. While branding and details are yet to be decided, people close to the talks told City A.M. that Carphone could launch its mobile offering by the end of [...]
Lidl goes on claret offensive with wine range to tempt wealthier Londoners July 16, 2014 Lidl is ploughing £12m into a wine range designed to attract wealthier customers away from rival British supermarket chains. The discount retailer which has flourished in recent penny-pinching times is heavily investing in the premium wine range, priced between £4.99 and £25.99, in a bid to attract middle class customers away from suffering supermarkets, the [...]
Best of the Brokers for 15 July 2014 July 14, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com TESCO Cantor Fitzgerald has upgraded to “buy” from “sell”, raising the target price to 325p from 282p. The broker thinks Tesco is undervalued compared to peers, with potential in the reconfiguration of its UK operations, and online and convenience sales growing ahead of [...]
Sunday trading laws are outdated: They hurt us consumers in our wallets July 14, 2014 If you woke up early yesterday morning and thought it might be a good time to get the weekly shop done, you would have had to forget it. Sorry, this is England. If you want to go shopping, move to Scotland, where big supermarkets like Sainsbury’s open early and stay open until 10pm on a [...]