How FMCG giants can beat the challengers June 18, 2018 It is not a good time to be a fast-moving consumer goods (FMCG) giant. The old certainties of rising incomes, abundant retail space, and established marketing techniques are fast vanishing, and the pressure is on. According to the 2017 edition of the FMCG Global 50 from OC&C Strategy Consultants: “Revenue growth for the Global 50 [...]
Tesco hit with new damages claim over accounting scandal January 25, 2017 Tesco is fighting off a new damages claim from an investor over its 2014 accounting scandal. According to the Financial Times, U.S. fund manager Manning & Napier has claimed it lost $212m (£164m) due to the scandal, in which Tesco overstated its profit by £326m. The scandal led to a crash in Tesco's share price and [...]
Asda, Morrisons, Sainsbury’s and Tesco are cutting petrol and diesel prices across the UK by up to 2p March 14, 2017 Asda and Morrisons announced yesterday that they are cutting fuel prices by up to 2p a litre across the country, and now Tesco and Sainsbury's are following suit. This will bring unleaded fuel to a new national price cap of 114.7p per litre at Asda's 301 filling stations, while diesel will cost consumers 116.7p per litre. “Over half our forecourts have already reduced the price of [...]
Tescooker? Everything you need to know about Tesco eating Booker January 27, 2017 The UK's largest supermarket, Tesco, announced this morning that it will merge with wholesaler and convenience store supplier Booker Group. Share pries for both companies flew, with Tesco finishing the day nine per cent higher, at 206.3p, while Booker rose 16 per cent to 212.3p – above Tesco's offer price. Here's everything you need to know about the [...]
Five numbers that explain the merger between Tesco and Londis owner Booker January 27, 2017 This morning, Tesco announced it would be making the biggest supermarket merger in UK history and would be gobbling up wholesaler Booker Group. Here are five key numbers that explain the landmark deal. £3.7bn The deal has valued Booker at £3.7bn; each Booker shareholder will get 0.861 shares and 42.6p in cash for every Booker share. [...]
Audit’s perfect storm: How bean counters found themselves at the centre of a public uproar October 21, 2018 On the the surface, there is little reason for audit to get the blood pumping. The reality, however, is quite different, and threatens to present the sector’s biggest players – sprawling multi-nationals used to finding that all news is good news when you count the beans – with the toughest challenge they have seen in [...]
Sainsbury’s takes full control of Nectar in £60m deal with Aimia February 1, 2018 Sainsbury’s has paid £60m to take full control of the Nectar loyalty scheme, giving it greater access to information about customer habits. It said the decision to acquire the shares in the programme from analytics firm Aimia Inc UK was part of a strategy “of knowing its customers better than anyone else”. While consumers will [...]
Compass CEO Richard Cousins and family killed in plane crash: The City pays tribute January 2, 2018 Tributes have been paid to the FTSE 100 chief executive who was killed alongside his family in a New Year’s Eve plane crash. Richard Cousins, 58, the outgoing CEO of the world’s largest catering firm, Compass Group, died in a seaplane crash near Sydney Harbour on 31 December 2017. Also killed were Cousins’s two sons [...]
Ditched auditor brought back to investigate Tesco Bank hack January 11, 2017 Tesco has turned to its former auditor, which it axed after more than 30 years in the wake of a profit blackhole, to investigate a cyber attack on its bank. PwC was brought in by Tesco Bank to investigate an attack in November which forced it to repay £2.5m to customers who had been targeted by [...]
Nisa shopkeepers try to block Co-op takeover ahead of vote November 5, 2017 A set of Nisa shopkeepers are hoping to block a takeover of the business by the Co-operative Group. The Co-op made an offer to buy convenience store Nisa for £137.5m last month, with the board unanimously voting in favour of the deal. The shopkeepers will vote on the merger on 13 November. More than half [...]