Iceland cheers higher profits June 7, 2010 FROZEN foods chain Iceland raised its pre-tax profit by almost 20 per cent last year, after taking advantage of the demise of Woolworths to expand into 51 town centres. Sales at the retailer rose by more than 10 per cent to a record £2.3bn, boosting pre-tax profit for the year to £135.4m. Underlying earnings also [...]
Asda takes over Netto in £778m deal May 27, 2010 ASDA has bought the Netto supermarket chain in the UK for £778m. Netto has 193 stores, which will be converted to small Asda stores by next Summer, if regulators give the deal the go-ahead. Asda plans to employ up to twice as many staff in each of the stores it has acquired. It sees the [...]
Taking stock of massive economic turbulence February 22, 2010 Excuse my philosophical mood – but there are times in life when you feel the urge to take stock of the world. I’m at one such crossroad. On Friday I’ll hang up my microphone for the last time this year before I leave CNBC to have my first baby. It all makes me wonder what [...]
Thorntons revels in sweet profit figures February 17, 2010 THORNTONS reported a 25 per cent rise in first half profits yesterday – with the company hoping its new ice cream lines will boost summer figures. Pre-tax profits jumped to £9.1m in the 28 weeks to 9 January as the group managed to shift most of its Christmas stock. Thorntons’ chocolates are sold through supermarkets [...]
Doors close yet again at February 8, 2010 Beleaguered clothing retailer Ethel Austin has gone back into administration just two years after it found an eleventh-hour saviour. The 300-store firm looks set to finally close its doors after 76 years, with 3,700 jobs at risk. Its sister company, homeware chain Au Naturale, has also gone into administration. Ethel Austin was saved in 2008 [...]
Shop Direct will slash 1,500 jobs amid fresh wave of cuts January 28, 2010 HOME shopping group Shop Direct is to cut 1,500 jobs, according to the GMB union. The group, which runs Littlewoods, Kays and Woolworths.co.uk, is to slash 900 positions in Sunderland. Other jobs will go in Burnley and Newtown, Wales, as the company seeks to cut costs. The union is now in a 90-day consultation with [...]
CARE HOME MOGUL GETS BOOST FROM REALITY TV January 6, 2010 A REALITY television appearance is usually more of a kiss of death than a gateway of opportunity, but the case of Balhousie Care Group chairman Tony Banks has proved an exception to the rule. Banks became a household name last year when he travelled to Liverpool on Channel 4’s Secret Millionaire programme and subsequently had [...]
Shop Direct sales surge on internet January 5, 2010 LITTLEWOODS owner Shop Direct enjoyed a 6.3 per cent sales rise in the run-up to Christmas as shoppers flocked to buy over the internet. The home shopping group, which also operates the Woolworths.co.uk, Kays and Very.co.uk brands, said online sales were up 19 per cent on the previous year in the six weeks to 1 [...]
Harding walks to TalkTalk December 15, 2009 DIDO Harding, the former Tesco executive who heads Sainsbury’s convenience stores, is to join TalkTalk as its chief executive when it demerges from Carphone Warehouse. TalkTalk will be Britain’s biggest residential broadband provider when it splits from the retail arm of Carphone Warehouse next year. Harding, who previously held management positions at Thomas Cook and [...]
Mamas & Papas to sell online through tie-up with Shop Direct November 29, 2009 MAMAS & Papas, the baby clothing to pushchair brand, is set to profit from an online sales boost due to a tie-up with Sir David and Sir Frederick Barclay’s Shop Direct business. Shop Direct, the UK’s biggest catalogue group, will sell Mamas & Papas’ range through its online department store Very.co.uk. Very’s marketing campaign is [...]