Prices will go up: Retail bosses issue Brexit “catastrophe” warning May 22, 2016 Retail heavyweights have come out against Brexit, warning that leaving the European Union would be a "catastrophe" for Britain and a "massive shock to the system". The former bosses of four of Britain's biggest retailers – Tesco, Sainsbury's, M&S and B&Q – have warned Brexit will cause prices to rocket, a spike in inflation, job losses and the pound [...]
Poundland appoints Kevin O’Byrne as chief executive as Jim McCarthy retires March 2, 2016 Poundland has appointed former B&Q boss Kevin O'Byrne as chief executive, replacing Jim McCarthy who will retire after 10 years in the role. O'Byrne will initially join as chief executive designate from 4 April, taking on the full reins on 1 July. McCarthy will remain available to the board until he retires at Poundland's AGM in September. [...]
Can you blame employers for cutting benefits and perks because of the National Living Wage? May 9, 2016 Since the introduction on 1 April 2016 of the National Living Wage (NLW) there’ve been plenty of employers in the news for making cuts to staff perks. Le Pain Quotidian, Zizzi, Caffe Nero, Eat, Tesco, the John Lewis Partnership and B&Q have all cut back on certain benefits. Most of these businesses have denied that the changes are being introduced because of the NLW, but either [...]
Poundland says it is on track to meet profit expectations despite accelerating like-for-like sales fall April 14, 2016 Poundland believes it is on track to meet profit expectations despite its like-for-like sales fall accelerating. The figures In the year to 27 March 2016, like-for-like sales decreased by 3.9 per cent. The fall was steeper – 4.9 per cent – in the second half of the year. In the fourth quarter, Poundland reported a sales [...]
Kingfisher hires new UK boss for B&Q June 18, 2015 Kingfisher, Europe’s largest home improvement retailer, yesterday said it has hired Michael Loeve to head up the UK & Ireland division of its struggling DIY chain B&Q. Loeve will join in September from Danish supermarket giant Coop Danmark. The hire gives hopes of a turnaround for B&Q, after Kingfisher said that it would close 60 [...]
Kingfisher kicks off B&Q store closures as quarterly profits rise May 28, 2015 Kingfisher, Europe’s biggest home improvement retailer, said it has found buyers for a quarter of its stores earmarked for closure as it posted a rise in first quarter retail profit yesterday. Kingfisher plans to close 60 B&Q stores over the next two years in a major overhaul of the business revealed by new chief [...]
Kingfisher share price up after chief executive says company is “very confident” it can deliver five-year plan March 23, 2016 Kingfisher's share price rose by more than three per cent this morning after the DIY giant said its five-year plan was on track. The figures The company, which owns B&Q and Screwfix, reported adjusted sales of £10.3bn. This was down from £10.6bn in the year to 31 January 2015. But it reported small increases in [...]
Australia’s Wesfarmers in advanced talks to buy Home Retail Group’s Homebase for £340m January 13, 2016 Home Retail Group last night signalled the break-up of its retail empire after revealing that it is in advanced talks to sell Homebase to one of Australia’s biggest listed companies for £340m. The Perth-based Wesfarmers, which operates department stores and supermarkets as well as coal production facilities, began talks with Home Retail in September before [...]
What Brexit? UK startup funding has bucked a global slowdown October 13, 2016 Cash being ploughed into the UK's tech startups has defied a global slowdown as the impact of Brexit turns out to be limited – so far, at least. Venture capital investment inched up 10 per cent to $834m in the third quarter of the year, fueled by high profile rounds for several star startups including Deliveroo and Darktrace. [...]
Weaker French demand weighs on Kingfisher September 16, 2015 SHARES in Kingfisher took a hit yesterday after the B&Q and Castorama owner said weaker-than-expected demand in France offset a stronger sales performance in Britain. The DIY giant, which also owns Brico Depot and Screwfix, said adjusted pre-tax profits fell by 2.3 per cent to £384m in the six months to 1 August, blaming adverse [...]