Finance news – Page 303
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NewsWilko appoints Karen Mackay as group chief financial officer
Mackay joins the home and garden chain from Optegra International, where she has been group chief financial officer for five years
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NewsCMA drops convenience stores from pandemic price gouging investigation
A pharmacy is now at the centre of the CMA’s only remaining investigation into excessive pricing during the pandemic
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NewsCity snapshot: Ocado first half retail sales top £1bn but pre-exceptional losses mount
Ocado has posted first half retail sales growth of 27.2% amid “unprecedented and sustained demand”, but its pre-exceptional losses rose by 64% to almost £80m amid mounting costs. Plus, Fever-Tree buys German distributor and updates on sales, McBride guides to better second half than expected and all the rest of the latest news from the City.
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NewsMedia Bites 14 July: Face masks, Retail sales, Ocado
Face coverings will become mandatory in shops and supermarkets with fines of up to £100 for anyone who fails to adhere to the new rules
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NewsMighty Pea secures £1m funding in UK government Future Fund scheme
The company was one of a handful of brands to receive cash under the Future Fund, with only about 10% of applications having been accepted so far
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NewsWarburtons partners with Mission Ventures to support next generation of baking businesses
Batch Ventures combines equity funding and hands-on support from entrepreneurs and industry professionals to help the selected cohort of businesses grow and succeed
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NewsRetail footfall slumps 57% in June despite reopening ‘spike’
Retail footfall remained at historic lows in June, but it experienced ‘signficant’ improvement after the ‘turning point’ of the reopening of non-essential retail stores in mid-June.
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NewsMedia Bites 13 July: Asda, Tesco, ABF
The UK’s highest court will today begin hearing one of the country’s biggest ever equal pay cases over a claim brought by more than 43,000 supermarket workers against US-owned Asda
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NewsC&C Group shares boosted by appointment of new CEO David Forde
Forde, currently Heineken’s UK MD, will join the FTSE 250 brewer and wholesaler “no later than early 2021”
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NewsSupermarket price inflation falls back as deals return and price war looms
Offers and promotions have started to rematerialise, damping grocery price inflation
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NewsPoor potato harvest hits McCain profits
Profits more than halved at frozen foods specialist McCain last year as “one of the worst potato harvests in 40 years” hit its bottom line.
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NewsBrakes records £25m loss and warns over coronavirus impact
The loss came in the wake of £39.3m pre-tax profit from the previous year
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NewsConsumer confidence rising as lockdown is eased, says IGD
IGD’s Shopper Confidence Index shows a combination of the easing, warm weather and low inflation has driven up confidence levels
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NewsCity snapshot: Supermarket inflation falls back in June to 0.9%
Supermarket inflation fell back in June as the return of promotions and the threat of a price war took the sting out of pandemic-driven price hikes.
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NewsMedia Bites 10 July: Retail job losses, John Lewis, Boots, Brexit tariffs
“Help us stem tidal wave of job losses, beg shops”, writes The Times as John Lewis, Boots and Burger King cut nearly 7,000 jobs.
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NewsJohn Lewis to close eight stores as Boots axes 4,000 jobs
The John Lewis shops identified for closure include two full-size department stores in Birmingham and Watford
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NewsAlex Russo to take over as B&M chief financial officer in November
Russo will become CFO and executive director of the company on 16 November following a handover from Paul McDonald
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NewsFrozen food sales remain high as freezer filling trend sticks
Value sales of frozen food in the 12 weeks to 14 June surged 19.4%, on volumes up 17.5% – a whopping £285m increase
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NewsTesco responds to ‘speculation’ around Aldi ‘price war’
Despite concerns about the short time frame for the ‘tough negotiations’, Groceries Code Adjudicator Christine Tacon says she’s received no complaints
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NewsPoundland revenues flat as rivals open in former Poundworld sites
Like-for-like growth had been driven by Pep&Co, while the positive impact of Poundworld’s demise had been offset by competitors opening in the chain’s former sites, according to newly filed accounts