Property firm St Modwen sees big year December 1, 2011 PROPERTY regeneration company St Modwen expects its full-year results to buck the economic downturn, coming in at the upper end of forecasts. The company, which owns the Elephant and Castle and Edmonton Green shopping centres in London, said in a trading update that sales and buyer interest in its new sites have both been high, [...]
Tesco launches second inflation linked bond November 30, 2011 TESCO Bank yesterday launched a follow-up to its sell-out retail bond, offering investors a return of retail price inflation (RPI) plus one per cent over the next eight years. The inflation-linked bond will pay interest twice a year, with the full amount repaid at maturity even if RPI has fallen. Tesco’s latest issue comes a [...]
Broadbent takes over as new chairman of Tesco November 30, 2011 SIR RICHARD Broadbent has officially taken over as Tesco’s new chairman, replacing David Reid, who has spent almost two decades on the board of the UK’s leading supermarket chain. The appointment, seen as one of the biggest corporate roles in the UK, was first announced in May, with Sir Richard joining the board as a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 28, 2011 FINANCIAL TIMES LLOYDS SET TO EASE PRESSURE ON CHIEF Lloyds Banking Group is exploring ways to reduce the workload on António Horta-Osório, its chief executive, as it attempts to convince investors he will be able to make a successful comeback from a period of medical leave. The state-backed bank is considering fortifying the support around [...]
Sainsbury’s stays neutral in supermarket price war November 28, 2011 J SAINSBURY says it will not join the wave of discounting sweeping the retail sector, believing shoppers will splash out on Christmas despite a gloomy economic backdrop. Commercial director Mike Coupe made the vow as Britain’s third-biggest supermarket group unveiled its biggest ever Christmas range, including around 500 groceries and 700 non-food items. “The evidence [...]
Travelodge bets on convenience stores to spur £130m budget hotel expansion November 27, 2011 E-TILLS ARE RINGING FOR CYBER MONDAY TRAVELODGE has joined forces with Waitrose, the supermarket chain, to build three mixed use hotel and retail sites in a £27m scheme. The budget hotel chain said yesterday that it is also looking at 25 other sites next to big supermarkets in a £130m expansion that is expected to [...]
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 [...]