Finance news – Page 322
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NewsPoundland to temporarily close 100 stores
Staff are to be furloughed in the government’s job retention scheme or transfered to another store where possible
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NewsStockpiling reaches £3.2bn high in third week of March
An extra £1bn in sales saw weekly grocery spend veer close to the amount spent during the peak week of Christmas 2019
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NewsCity snapshot: Grocery sales surge to decade-long high amid coronavirus lockdown
Grocery sales have surged to the highest level in more than a decade amid the UK coronavirus lockdown, with industry growth at more than 20% in the past four weeks. Plus, Nichols warns of coronavirus impact, WH Smith and Sainsbury’s team up for NHS stores, Imperial Brands and BAT raise cash and all the rest of the latest news from the City.
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NewsMedia Bites 31 March: Online operations, M&S, Veg suppliers
Retailers fight to keep their online operations open, food retailers to benefit the most from business rates suspension and M&S offers essential boxes for £30
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NewsRestaurant chain Carluccio’s falls into administration
The Italian restaurant chain has entered administration, becoming the first major casual dining casualty of the coronavirus lockdown
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NewsCoronavirus: crisis drives £160m additional spend on supermarket booze
Off-trade alcohol sales hit £356.5m over the week to 21 March, rising from £252.5m the prior week
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NewsCoronavirus: ‘Force majeure’ will not apply for many businesses, lawyers warn
The clause has come into sharp focus as businesses seek to confirm whether they are liable for not meeting contractual obligations
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NewsIndustry leaders call for mass coronavirus testing of food sector workers
It has emerged online delivery company Ocado had privately ordered 100,000 Covid-19 testing kits for staff
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NewsCoronavirus: 2 Sisters boss makes urgent appeal for staff
Ronald Kers said several hundred permanent and temporary roles were on offer
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NewsOnline platform launched to match idle lorries with struggling food producers
The British Frozen Food Federation has launched the service to ‘fill gaps in demand in the supply chain’
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NewsCity snapshot: Greencore suspends financial guidance as coronavirus hits retail sales
The sandwich manufacturer said following the implementation of a UK-wide lockdown, it experienced a “marked reduction” in demand for its food-to-go options in retail
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NewsMedia Bites 30 March: Supermarkets/coronavirus, High Street, Poultry
The week ahead will be another nail-biter for the country’s food retailers as they try to make good on their promise to feed the nation.
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NewsCity News: Investors heed SSP Group’s call for £216m of emergency cash
Travel food specialist SSP Group was forced to tap shareholders for £216m of emergency cash this week to try to overcome a collapse in sales as the coronavirus outbreak halts travel.
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NewsChristine Tacon calls for retailers to help suppliers facing cashflow problems
Tacon has always previously refused to give any guidance on payment terms, because the issue is not covered in GSCOP
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NewsTilda returns to growth ahead of Ebro Foods sale
The rice brand reported sales of £115.9m in the year ended June 2019, a 6% increase on the prior year
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NewsCoronavirus: Crisis talks as food & drink companies struggle to access bailout cash
Food and drink leaders are in crisis talks with the Treasury over fears hundreds of companies face going out of business as they struggle to access bailout cash pledged by the government last week
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NewsSykes acquires European shrimp processor, creating €300m seafood business
Liverpool-based seafood provider Sykes Seafood has acquired European shrimp processor Klaas Puul, despite the coronavirus outbreak halting almost all M&A activity
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NewsWelcome Break deal sends Applegreen sales soaring but coronavirus threatens 2020 growth
The addition of Welcome Break’s network of motorway services has boosted the annual sales of forecourt operator Applegreen to over €3bn, with profits more than doubling.
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NewsCoronavirus: ‘US trade negotiations must be delayed’
It a letter to the prime minster, 17 charities argue it is inappropriate for trade talks to continue with both countries in lockdown
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NewsCity snapshot: Domino’s reports sales surge during coronavirus crisis
Domino’s Pizza Group has reported a jump in UK sales in recent weeks as consumers order more takeaway deliveries during the coronavirus-driven social lockdown. Plus, annual results from Applegreen, coronavirus trading updates from Coca-Cola HBC, Finsbury Food Group, Total Produce and all the rest of the latest news from the City.