RAINMAKING WON’T STOP PLAY AT CITY’S CHELSEA POWER SHOW May 22, 2011 TONIGHT the worlds of high finance and horticulture will collide at the most popular fixture in the City year: the Chelsea Flower Show charity gala. BSkyB chief executive Jeremy Darroch was spotted eyeing up garden sheds at last year’s Chelsea preview, while Topshop boss Sir Philip Green – known in the City as “PG” – [...]
Dairy Crest performance up thanks to Country Life May 19, 2011 DAIRY Crest yesterday said that market-beating performances by brands including Cathedral City cheese and Country Life butter helped profits rise five per cent. The dairy giant reported a seven per cent rise in sales for its five key brands, while the volume of milk sold to major retailers jumped nine per cent after a new [...]
Ageas hit by sovereign bonds May 18, 2011 BELGIAN insurance giant Ageas posted a bigger-than-expected quarterly loss yesterday as a positive performance in the UK failed to offset large declines in its holdings of government bonds. Ageas, reborn from the insurance arm of the European banking group Fortis after the firm was part-nationalised, made a group loss of €154m (£135m), worse than the [...]
Speedy Hire sees bumpy road May 18, 2011 Tool-rental firm Speedy Hire expects the next 18 months for the business to be “bumpy”, and said its finance director Justin Read had resigned to join a bigger UK firm. Speedy Hire, whose customers include Tesco and British engineering firm Costain, forecast a further 0.8 per cent fall in construction output this year. Speedy Hire [...]
Lloyds branch sale on track amid pay backlash May 18, 2011 Lloyds Bank expects to find a buyer for the 600 branches it has put up for sale by the end of this year, despite concerns that it may have to sell still more in future. The part-nationalised high street bank is pushing ahead with the asset sale dubbed “Project Verde” despite the Independent Commission on [...]
Ex-Tesco boss to advise US firm May 17, 2011 Former Tesco’s boss Sir Terry Leahy is to become a part-time senior adviser to US private equity house Clayton Dubilier & Rice. The position will be Sir Terry’s first major role since standing down as chief executive of the supermarket chain earlier this year.
Hilton Food in line with forecasts May 17, 2011 Hilton Food Group has said its trading is in line with expectations, and is set to continue that way for the remainder of the financial year, despite falling consumer spending. The meat packaging company has revealed that volumes continue to build at Tesco stores abroad, resulting in double-digit volume growth.
Mary Queen of Shops in high street review May 16, 2011 RETAIL guru Mary Portas is launching a rescue campaign to save Britain’s struggling high streets, after being called in by Prime Minister David Cameron. TV’s “Queen of Shops” wants giant supermarket chains like Tesco to hand over some of their profit to help independent shops. The management consultant has been identified as someone with the [...]
UK retailers are serving up higher high street prices May 16, 2011 ACCORDING to a report issued by economic forecasting group Ernst and Young ITEM Club yesterday, UK retailers are in for a difficult time in the years ahead. The report points to rising inflation and energy bills – without corresponding wage increases – leaving households with less disposable income. “World prices for food, fuel and fibres [...]
RSA limits losses and boosts income May 12, 2011 HOME insurer Royal and Sun Alliance (RSA) reassured investors yesterday with solid quarterly numbers that moved on from heavy winter losses in the UK and Europe. RSA’s net written premiums rose eight per cent to £2.1bn in the three months to March from 2010 as rates rose and it felt the benefit of takeovers in [...]