Stobart confident after tough first half October 25, 2012 HAULIER Stobart said yesterday it plans to push further into the air and biomass sectors after the group relied on tight cost management to offset the pressure being placed on its core transport business by nervous retailers. The company, whose Eddie Stobart trucks deliver goods to retailers like Tesco, on Thursday reported underlying pretax profit [...]
Higher spenders would be better than a new strategy October 24, 2012 WHAT does the future of retail look like? Clicks-and-mortar is the buzzword of the moment (Tesco calls its version Clicks and Bricks), a Frankenstein-like stitching together of physical retail locations with online, anytime ordering. When Home Retail Group (HRG) announced its strategy to turn around Argos yesterday that’s very much what it had in mind, [...]
Leading firms support supply chain finance October 23, 2012 LEADING British firms including Tesco, BAE Systems and BT yesterday gave their backing to the government’s “supply chain finance” scheme, which aims to boost working capital for small businesses. David Cameron hosted business leaders at a Downing Street roundtable, where 38 leading firms agreed to actively consider implementing the scheme. Rolls-Royce and Vodafone, who already take [...]
Tesco moves key UK director October 23, 2012 ■ Tesco yesterday said it has moved one of the senior executives tasked with delivering the firm’s £1bn turnaround plan in its home market. The grocer said its UK fresh food commercial director Andrew Yaxley would leave the post he has held for over two years to prepare for a new management role. Yaxley’s duties [...]
City Moves | Who’s switching jobs October 18, 2012 Barclays Mike Rigby has been appointed head of manufacturing, transport and logistics in Barclays’s corporate banking division. He joined the bank in 2008, and was previously corporate director in the manufacturing team. Rigby has also held roles at HSBC. Ernst & Young John Clarke has been appointed partner in the professional services firm’s operational transaction [...]
Firms turning to bond market to raise money October 17, 2012 LARGE companies are turning to the bond market in growing numbers as more traditional sources of cash remain in the doldrums, research out today claims. In the first eight months of the year, non-financial firms raised $75bn (£48bn) in corporate bonds, compared to £35bn raised in syndicated loans, according to TheCityUK, an interest group for [...]
City A.M. Awards 2012 Winners October 17, 2012 City A.M.'s third annual awards celebrating the best and brightest of London's business, financial and investment communities. Over 500 guests from 116 different firms attended the celebration, held at the Grange Hotel in St Paul's. PERSONALITY OF THE YEAR Lord CoeLocog chairman Former Olympic middle distance runner and politician Lord Coe was a clear stand-out [...]
McBride issues profit warning as sales slide October 15, 2012 MCBRIDE, Europe’s biggest maker of retailer own-brand cleaning products, yesterday warned that first-half profits will be hit by a sharper than expected dent in sales after the wind- down of its contract manufacturing business. The firm said trading profit in the year to the end of June 2013 will be about £2m lower than previously [...]
WH Smith boss Kate Swann to leave retailer October 11, 2012 WH Smith yesterday announced Kate Swann is to step down as chief executive next year after heading the retailer for almost a decade. Swann will hand over the reins to Steve Clarke, managing director of the group’s high street division, next July after overseeing its crucial Christmas period and ensuring “a smooth transition” of the [...]
Paralympic win for Sainsbury’s as its sales rise October 9, 2012 J SAINSBURY’S sponsorship of the Paralympic Games and Brand Match campaign has helped the British supermarket steal market share from its three biggest rivals. New figures from industry experts Kantar Worldpanel showed that Sainsbury’s sales rose 5.6 per cent in the 12 weeks to 30 September, boosting its share of the UK grocery market to [...]