Ocado shares slide on plans to raise £1bn amid coronavirus online boom June 11, 2020 Ocado shares fell this morning after the announcement that it plans to raise £1bn to help it capitalise on the online grocery market boom triggered by the coronavirus crisis. The British online supermarket and technology group said yesterday that it would raise about £657m through an equity placing and retail offer, and about £350m through [...]
Fuel prices rise for second consecutive month as oil price steadies August 4, 2020 The average price of petrol and diesel rose for the second consecutive month in July, adding nearly £2 to a fill up, according to RAC Fuel Watch data. The second consecutive month of price rises means unleaded is now 7p a litre more expensive than it was at the end of May, while diesel is [...]
Jobs at risk as Iceland launches review of management structure January 26, 2020 Frozen food retailer Iceland has launched a review of its management structure, in a move that could see some roles axed. The supermarket said it will review the structure to ensure it is running the “business as efficiently and economically as possible”. The review is ongoing and no final decisions have been made, although no [...]
Sainsbury’s Christmas sales slip despite online boost January 8, 2020 Sainsbury’s suffered the biggest drop in Christmas sales of general merchandise since it bought Argos in 2016, as consumer demand for toys and games weakened. General merchandise sales, which includes Argos, dropped 3.9 per cent in the 15 weeks to 4 January, driving a 0.7 per cent decline in total retail sales excluding fuel. However, [...]
UK supermarkets win ATM business rates legal battle May 20, 2020 UK supermarkets including Tesco, Sainsbury’s and Co-op will not have to pay business rates on ATMs at their stores after winning a long-running legal battle. The Supreme Court judged today that retailers were not liable to pay business rates on ATMs inside or outside stores. The ruling against the Valuation Office Agency will result in [...]
Asda: Private equity firms race to buy majority stake March 1, 2020 Private equity firms are vying to buy a majority stake in Asda after its US owner Walmart decided to offload the supermarket following the competition watchdog’s decision to block its merger with Sainsbury’s. US buyout firm Lone Star has reportedly made an offer for a stake in the grocer, with private equity firms Apollo and [...]
FTSE 100 and US stocks slip amid rising coronavirus cases September 18, 2020 The FTSE 100 and US stocks slipped as investors weighed up rising coronavirus cases and the latest decisions by the Bank of England and US Federal Reserve. London’s main stock index fell 0.5 per cent to 6,017 points at 3pm. Mid-cap firms were hit harder, with the FTSE 250 dropping one per cent. Read more: [...]
Failed Asda merger ‘trigger’ for Sainsbury’s CEO Mike Coupe’s exit January 22, 2020 The departure of Sainsbury’s boss Mike Coupe’s was sparked by the failure to merge the supermarket with rival Asda, analysts said today. Industry experts said it was impossible to look beyond the failure of the Asda merger, and felt his resignation – announced today – was simply a matter of time. Coupe was caught on [...]
We are on the precipice of a price war, and the losers will be workers September 11, 2020 James Reed argues that nobody stands to gain from a price war in the long run – least of all Britain’s workers. Over 100m meals were claimed on the government’s Eat Out to Help Out scheme last month, but the end of the measure on 31 August has left businesses in the hospitality sector split [...]
Morrisons axes 3,000 management jobs January 23, 2020 Morrisons is preparing to cut 3,000 management jobs across its supermarkets, as it adds more hourly paid roles. The retailer announced today that it will create 7,000 new hourly paid jobs across its stores, which will result in a net 4,000 new jobs. The affected managers will be able to apply for the new roles, [...]