Lloyds private equity bid for UK manufacturer in trouble November 24, 2011 THE PRIVATE equity arm of taxpayer-owned Lloyds bank has run into trouble in its bid for a family-owned British manufacturer in a deal worth about £70m, City A.M. can reveal. The family that owns Benson Group, which produces packaging for well-known brands sold in Asda, Tesco and Boots, has been trying to sell out of [...]
Tesco stokes up shop price war November 23, 2011 TESCO, Britain’s biggest retailer, is expanding its price-cutting campaign as grocers battle to lure cash-strapped shoppers in the run up to the key Christmas trading period. Tesco, which takes more than one in every ten pounds spent in British shops, said yesterday it was reducing the price of 1,000 staple products, including meat, fruit and [...]
Outsourcer Mitie sees healthy sales pipeline November 21, 2011 Outsourcing group Mitie has posted a small profit rise and said a significant bid pipeline leaves it confident of further growth, as governments and businesses seeking to cut costs sign up for its support services. Mitie, whose customers include Tesco and London’s Royal Opera House, said its pre-tax profit before one-off items for the six [...]
Branson’s challenge: change banking November 17, 2011 FOR a man who built much of his empire on the back of Boeing jumbo jets, it was fitting to see Sir Richard Branson’s Virgin pay out £747m for Northern Rock. George Osborne was right to sell the Rock – there was no guarantee that holding on would have engineered a better deal for the [...]
Sales are strong at Asda but high fuel costs keeping shoppers away November 15, 2011 SUPERMARKET group Asda yesterday reported a pick up in third-quarter sales growth, helped by revamped own-brand food ranges and a pledge to be cheaper than rivals. Sales at stores open more than a year rose 1.3 per cent, excluding fuel and VAT sales tax, in the three months to September, Britain’s second-biggest supermarket group said [...]
The dubious rise of the Energy Man November 14, 2011 AN advert on the Tube recently caught my eye. It was for an energy drink with two versions: a his and hers. His was called Wellman; her’s Wellwoman. The Boots logo on the bottom told me that this is a humdrum, mainstream product. The ad was striking for one big reason: its extremely traditional idea [...]
UK’s plan to cut sick bills November 13, 2011 WHITEHALL Mandarins are understood to be close to finalising a deal aimed at cutting the UK’s £13bn sickness absence bill. Officials hope to have new rules ready by the end of the month to discourage sick leave, including enrolling workers on a health insurance scheme. The plan could see workers – as well as employers [...]
ANALYST VIEWS: HOW HAS MORRISONS FARED COMPARED TO ITS RIVALS? November 10, 2011 CLIVE BLACK | SHORE CAPITAL Morrison’s provides the market with the first official indication of supermarket trading momentum since Tesco UK introduced its ‘Big Price Drop’. Total sales from the Bradford based group…seem to have weathered the price cutting storm reasonably well with ex-fuel, ex-VAT sales up by 4.6 per cent. DAVE MCCARTHY | EVOLUTION [...]
Morrisons sales at top end of forecasts November 10, 2011 Wm Morrison confirmed its position as the fastest-growing of Britain’s top four supermarket groups on Thursday with a rise in third-quarter sales driven by a focus on fresh foods and low prices. The fourth-biggest grocer behind J Sainsbury, Wal-Mart’s Asda and market leader Tesco said sales at stores open a year rose 2.4 per cent [...]
Sainsbury’s in profits boost from new stores November 9, 2011 New stores and demand for online and convenience shopping helped grocer J Sainsbury to meet forecasts with a rise in first-half profit in a tough trading environment that the group said was set to continue. Britain’s third-biggest supermarket group behind Wal-Mart’s Asda and industry leader Tesco said profits before tax and one-off items rose 6.6 [...]