Scottish independence: Now Tesco Bank says it will move to England September 11, 2014 Tesco Bank has confirmed it will redomicile in England in the event of Scotland gaining independence, following commitments from four other major banks this morning. The supermarket's personal finance arm issued a statement this afternoon saying that it had been “developing contingency plans…. regardless of the outcome of the referendum” throughout the campaign. [...]
Everything is not awesome: Lego to drop Shell contract after Greenpeace oil spill video goes viral October 9, 2014 Greenpeace knows the value of social media. So does Lego. And, if it didn't before, now Shell does too. The toy manufacturer has announced it will not renew its multi-million-pound contract with the oil giant, after a parody video using Lego blocks to depict an Arctic oil spill went viral, notching up nearly six [...]
Indian summer hurts shop sales in September October 7, 2014 HIGH street sales growth came to a grinding halt last month for the first time since February after Britain’s Indian summer put shoppers off stocking up on winter clothing, according to new research out today. Accountancy firm BDO’s monthly high street sales tracker shows sales dipped by 2.9 per cent in September, ending the first [...]
BG vote against £12m share award may make a Norwegian blue November 19, 2014 Desperate times call for desperate measures. How else to interpret the crude insinuation from BG Group that its newly anointed chief executive might not join if investors vote down a one-off share award worth £12m? The FTSE 100 oil producer certainly falls into the camp signposted “urgent need”, which explains why the lavish pay [...]
End of the Terry Leahy era for Tesco as Ken Hanna and Stuart Chambers step down May 5, 2015 The last two non-exec directors who served during Terry Leahy’s reign at Tesco are to step down, in another shake-up of its board following last year’s profit scandal. Tesco said yesterday that Ken Hanna and Stuart Chambers would retire at the firm’s annual general meeting on 26 June, after serving on the board for six [...]
Cold snap helps sales warm up at John Lewis November 11, 2013 JOHN LEWIS’ sales jumped seven per cent last week, boosted by the colder weather, which prompted consumers to stock up on warm clothing. The retailer yesterday posted sales of £91m in the week to 9 November, with online sales up by almost a quarter (23.1 per cent), compared with the same time last year. However [...]
Tesco loses more market share as supermarket sector slows to record low September 23, 2014 Growth in the supermarket sector has slowed to an all-time low, with Tesco once again losing market share to Asda, Aldi and Lidl. The troubled supermarket, which yesterday revealed a £250m black hole in its profits, saw its market share drop 4.5 per cent in the 12 weeks to September 14. During the [...]
FTSE 100 weighed down by record £6.4bn Tesco loss April 22, 2015 The largest full-year loss ever felt by a British retailer unsurprisingly made a dent on the FTSE 100 on Wednesday, as shares in Tesco fell by 5.5 per cent. The embattled supermarket was the biggest faller on the FTSE after reporting an annual loss of £6.4bn – a "difficult year" in the words of chief [...]
Warm welcome for Rolls-Royce chief executive April 22, 2015 SHARES in engineering company Rolls-Royce jumped by 4.07 per cent yesterday after it announced that chief executive John Rishton is to be replaced by tech veteran Warren East. Rishton is retiring, with effect from 2 July, after deciding “it is time for a change in lifestyle”. East, who previously led software company Arm Holdings, has [...]
Carve Tesco into three, says former director August 26, 2014 A former Tesco executive has called for the business to be radically restructured by its incoming boss, creating three separate entities. Bruno Monteyne, an analyst at Bernstein Research and previously Tesco.com's development director, has argued that carving the supermarket up could be the only way to halt its decline. He suggests dividing it [...]