Tesco reveals budget supermarket chain, Jack’s, to rival Aldi and Lidl September 19, 2018 Tesco officially unveiled its new discount shopping brand today, called Jack’s. Named after Tesco’s founder, Jack Cohen, the budget brand will open between 10 and 15 stores across the UK over the next six months, with the first two set to open in Chatteris, Cambridgeshire and Immingham, Lincolnshire, tomorrow. Read more: Jamie Oliver joins up [...]
Travelex owner Finablr planning for ‘potential insolvency’ March 17, 2020 Finablr, the owner of foreign exchange firm Travelex, has appointed advisers to prepare for a possible insolvency after the FTSE 250 company became mired in an accounting scandal. In an update to the stock exchange this morning, Finablr’s board said it had engaged an accounting firm “to undertake rapid contingency planning for a potential insolvency [...]
Click and collect services could boost in-store sales October 16, 2019 Investment in click and collect services could boost bricks and mortar sales as customers make last minute purchases when they pick-up items in store. More than eight in 10 customers said they buy extra items in store when using click and collect, according to the latest research, and more than three quarters of retailers said [...]
Tesco execs stayed silent about a massive hole in its accounts say prosecutors October 9, 2018 Two senior former Tesco executives on trial for fraud in London were presiding over a “car crash waiting to happen” Southwark Crown Court heard today. Sasha Wass QC, prosecuting for the Serious Fraud Office (SFO), said Tesco’s former UK managing director Chris Bush and ex-UK food commercial director John Scouler were aware of a shortfall [...]
Finablr shares plunge after owner pledges stock as collateral for Travelex debt January 24, 2020 Shares in payments firm Finablr plunged to a record low today after its owner pledged more than half the company’s stock as security for debts incurred buying foreign exchange company Travelex. In an update to the stock exchange this morning, Finablr disclosed that majority owner B. R. Shetty had pledged 392.2 million shares, over 56 [...]
Walgreens Boots Alliance profit hit by cost-cutting charges October 28, 2019 Walgreens Boots Alliance reported plunging profit in the fourth quarter as the owner of UK high street giant Boots took a hit from cost-cutting charges. Profit in the fourth-quarter plunged 55 per cent to $677m, compared to the same quarter in the previous year as the group closed stores. Read more: Big boots to fill: [...]
Recruiter Cordant scrambles to raise cash after clash with lenders February 23, 2020 Cordant, one of the largest recruitment agencies in the UK is rushing to raise new cash after coming close to collapse following a row with its lenders. The company, whose clients include Lloyds, Amazon and Tesco, is racing to secure a deal with investors that would end the majority ownership of the Ullmann family, who [...]
Covid-19: Govt to pay sick leave from first day of illness March 4, 2020 Boris Johnson has announced that statutory sick pay will be paid from the first day workers take off in an attempt to encourage people to stay away from work if they are unwell. The decision, which was revealed at Prime Minister’s Questions today, means that workers will no longer have to wait four days before [...]
Asda donates money to help food banks during coronavirus crisis as supermarkets offer new jobs March 23, 2020 Supermarket chain Asda will donate £5m to partner charities. The donation to the Trussell Trust and FareShare is part of an effort to help four million vulnerable families. “This funding will help us recruit and train new food bank volunteers across the UK, and support the coordination of packing and delivering pre-made food parcels to [...]
Tesco Bank to face City watchdog’s largest ever cyber security fine September 24, 2018 The banking arm of supermarket chain Tesco could be facing a fine of more than £30m from the Financial Conduct Authority (FCA), over its role in a cyber hack on its systems in which numerous customer accounts were compromised. Tesco Bank is thought to be contesting the fine in active negotiations with the regulator, which could be reduced [...]