Justin King’s reign over at Sainsbury’s January 29, 2014 JUSTIN KING yesterday said he would step down as chief executive of Sainsbury’s in July after a decade at the helm. The 53-year old is credited with transforming the fortunes of the UK’s third-largest supermarket chain, and the announcement comes just weeks after it said it had seen its “best Christmas ever”. “This was not [...]
Sainsbury’s takes full ownership of banking arm from Lloyds February 3, 2014 Sainsbury’s has confirmed it’s taken full ownership of Sainsbury's Bank, having completed buying the remaining 50 per cent shareholding from Lloyds Banking Group. The supermarket announced back in May 2013 that it would acquire the rest of its banking arm, which is now a wholly owned subsidiary of the company. The transaction was completed on [...]
Hedgies demand cashback from UK supermarkets January 26, 2014 BRITAIN’S biggest supermarkets are coming under pressure from a US hedge fund to split their vast property empire to drive up value for shareholders. Morrisons, Tesco and Sainsbury’s are all being asked to replicate a model used by one of Canada’s largest supermarkets, Loblaw Companies, to put some of its property into a real estate [...]
Grocery sales grow at slowest pace since 2005 February 11, 2014 BRITAIN’S grocery market is growing at its slowest pace since 2005, with only discounters as well as Waitrose and Sainsbury’s defying the downturn and growing market share. Figures out yesterday from Kantar Worldpanel showed that grocery sales rose by 2.4 per cent in the 12 weeks to 2 February compared with the same time last [...]
City Moves for 5 March 2014 | Who’s switching jobs March 4, 2014 DAC Beachcroft The law firm has announced the appointment of Ruth Connorton as a commercial contracts partner. She specialises in non-contentious procurement matters. Connorton joins from Eversheds, where she was head of procurement law. Ashburton Investments The investment management firm has appointed Swati Jain to its London-based distribution team. She was most recently at IIFL Wealth, where [...]
MPs demand overhaul of business rates March 3, 2014 A GROUP of MPs has waded into the debate on business rates by demanding a complete reform of the current system, calling for a tax based on sales instead of the value of a property. Suggesting a series of reforms that could hit online retailers such as Amazon and Asos, the Business, Innovation and Skills (BIS) [...]
Here’s why the UK’s food sector has a rocky road ahead March 11, 2014 With some dire Christmas sales, heavy discounting and a ramping up of online shopping, the UK food retail sector feels unloved. That’s according to Barclays, which points out that the UK’s sector is now trading at a clear price-to-earnings discount when compared with continental Europe. It hasn’t always been like this for UK companies. Expansion [...]
Discount stores feast on Tesco’s market share March 12, 2014 TESCO’S market share has fallen to its lowest level in almost 10 years as the supermarket and its mid-market peers lose ground to hard discounters Aldi and Lidl. Britain’s biggest supermarket, which announced plans earlier this month to win back shoppers by cutting prices, saw its market share decline to 28.7 per cent in the [...]
Discount stores feast on Tesco’s market share March 11, 2014 TESCO’S market share has fallen to its lowest level in almost 10 years as the supermarket and its mid-market peers lose ground to hard discounters Aldi and Lidl. Britain’s biggest supermarket, which announced plans earlier this month to win back shoppers by cutting prices, saw its market share decline to 28.7 per cent in the [...]
Morrisons shares are buzzing on this takeover rumour February 12, 2014 Morrisons shares jumped over five per cent this morning on rumours that the founding family is planning to take the company private. According to Bloomberg, a number of private equity firms have been approached to see if any is interested in a buyout, which would be valued at over £7bn. Reported names include CVC Capital [...]