£200m boost for all Tesco shop staff and warehouse workers as pay jumps to £10.10 per hour April 7, 2022 Supermarket giant Tesco has announced it will hike hourly wages by 5.8 per cent from £9.55 to £10.10, as Brits face a cost of living crunch. New hourly rates for store and warehouse staff will be effective from 24 July, the grocer revealed on Thursday afternoon. The supermarket also confirmed workers in London would be [...]
Co-op profit hammered by supply chain disruption as chair warns of ‘stark headwinds’ April 7, 2022 The Co-operative Group’s profit has taken a battering after “significant supply chain disruption” last year, as the grocer pledges to support customers amid a cost of living crunch. The supermarket reported profit before tax of £57m for 2021, down £70m on the year before when it pocketed £127m. The Manchester-based grocer did mark higher profit [...]
The City View: Innovate Finance summit roundup, and two Lidl adverts banned April 6, 2022 Today Andy Silvester chats to City A.M. reporter Charlie Conchie, and whistles through the main headlines you need to know. Andy and Charlie go through this week’s fintech Innovate Finance summit — they discuss the London Stock Exchange CEO’s comments yesterday on bosses needing a pay boost; Ron Kalifa’s views on the mindset shift needed [...]
Two Lidl adverts banned after complaint from rival Aldi April 6, 2022 Lidl has been hit with a ban for two adverts after it claimed shoppers could save certain amounts of money compared to Tesco – following a complaint from rival grocer Aldi. The advertising watchdog said the adverts, which were shown in Scotland, were likely to mislead consumers. One advert claimed shoppers could save more than [...]
Exclusive: City heavyweights are top firms for career growth, says LinkedIn April 6, 2022 City headquartered firms have been named as the top companies to work at for career growth, according to LinkedIn research shared exclusively with City A.M. today. Barclays retained its crown, wrestling with Lloyds Banking Group and HSBC, which make the top three companies on the list – all with London HQs. Chasing the coattails of [...]
After an explosion of apps and billion dollar valuations, is the ultra-fast bubble about to burst? April 1, 2022 Any Londoner on a stroll down a main road in the city is bound to encounter a handful of instant grocery delivery riders zipping past. With Getir, Gorillas and Gopuff among other players on the scene, the category has exploded over the past couple of years with some receiving billion-dollar valuations. The pandemic saw many [...]
Egg farmers: Supermarkets must raise prices by 40p to avert sector crisis March 31, 2022 Egg farmers have called on supermarkets to up the price of a dozen eggs by 40p as producers face cost pressures. Many free range egg farmers are bleeding cash on every egg laid by one of their hens, according to the British Free Range Egg Producers Association (BFREPA). Shoppers in the UK were unable to [...]
Tesco to stock £2 lateral flow tests from Friday March 31, 2022 Tesco is going to stock £2 lateral flow tests in store and online as of tomorrow. The supermarket giant signed a deal with healthcare firm Everything Genetic, as the government ends access to free lateral flows. The £2 kits, which are “less than a price of a takeaway coffee” will be available in more than [...]
Gorillas on the hunt for fresh $500m funding injection March 27, 2022 Rapid grocery delivery firm Gorillas is looking for a fresh $500m funding injection to fuel its growth as investor cash continues to pour into the sector.
Lockdown DIYers push B&Q owner Kingfisher past £1bn profit March 22, 2022 Kingfisher’s sales shot up last year as the B&Q owner became the third UK retailer to exceed £1bn profit. The home improvement behemoth joined retail titans Tesco and Marks & Spencer when it revealed its profits had reached record levels on Tuesday. Lockdown DIYers sent sales past £13bn for the year to 31 January, thanks [...]