Morrisons FD gets £1.25m bonus May 11, 2011 Supermarket chain Morrisons gave finance director Richard Pennycook a £1.25m bonus in shares last year according to its annual report. Pennycook was one of the contenders for the chief executive job when Marc Bolland left the company for Marks & Spencer, but he lost out to Dalton Philips. He was paid £981,000 for 2010 before [...]
Morrisons FD gets £1.25m bonus May 11, 2011 Supermarket chain Morrisons gave finance director Richard Pennycook a £1.25m bonus in shares last year according to its annual report. Pennycook was one of the contenders for the chief executive job when Marc Bolland left the company for Marks & Spencer, but he lost out to Dalton Philips. He was paid £981,000 for 2010 before [...]
FTSE solid as banks edge up January 9, 2012 The FTSE 100 saw modest advances today ahead of talks between France and Germany on how to create the environment for a sustained recovery in the Eurozone. The bloc’s debt crisis will be top of the agenda when German Chancellor Angela Merkel and French President Nicolas Sarkozy meet in Berlin. Later this week the European [...]
FTSE solid as banks edge up January 9, 2012 The FTSE 100 saw modest advances today ahead of talks between France and Germany on how to create the environment for a sustained recovery in the Eurozone. The bloc’s debt crisis will be top of the agenda when German Chancellor Angela Merkel and French President Nicolas Sarkozy meet in Berlin. Later this week the European [...]
BEST OF THE BROKERS November 1, 2011 XCHANGING Panmure Gordon has upgraded the outsourcing company from “sell” to “hold” with a target price of 70p, seeing long-term value in the business, whose shares have lost more than 30 per cent in the last three months. The broker says good progress has been made this year since the appointment of Ken Lever as [...]
TESCO TO BET £500M ON UK FIGHTBACK January 12, 2012 A RATTLED Tesco is set to splash around £500m on revamping its UK store network and recruiting new staff after it stunned the City with its first profit warning in twenty years. Chief executive Philip Clarke is ready to sanction an investment of “hundreds of millions” of pounds in Britain after the supermarket yesterday posted [...]
Banks steady FTSE but retailers dive January 12, 2012 The FTSE 100 index saw modest rises this morning as banks performed well in stark contrast to the retail sector which was pulled down by a string of poor results from heavyweights including Tesco. Investors were also digesting the results of a Spanish sovereign debt auction which showed yields going in a positive direction. Spain [...]
Supermarkets vie to promote value for money November 1, 2011 WITH the economic outlook still looking bleak and consumers (as shown by YouGov’s Household Economic Activity Tracker) increasingly price conscious it is not surprising that a number of big supermarkets are keen to emphasise their value. Sainsbury’s launched its “live well for less” advertisements on 15 September and Tesco’s “Big Price Drop” campaign came out [...]
Travelodge bets on convenience stores to spur £130m budget hotel expansion November 27, 2011 E-TILLS ARE RINGING FOR CYBER MONDAY TRAVELODGE has joined forces with Waitrose, the supermarket chain, to build three mixed use hotel and retail sites in a £27m scheme. The budget hotel chain said yesterday that it is also looking at 25 other sites next to big supermarkets in a £130m expansion that is expected to [...]
MORRISONS’ FINANCE CONTROLLER COOKS UP WINNING WEB STRATEGY May 10, 2011 WITH a name like Richard Pennycook, there was only ever one possible vocation for Morrisons’ group finance director (FD), who proved he is worthy of the title by restoring the grocer’s profits after the slump when it bought Safeway in 2005. So keep those “cooking the books” jokes to yourself, because Pennycook last night received [...]