Finance news – Page 338
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NewsTyphoo Tea secures multimillion-pound backing from ‘major’ shareholder
The company has struggled in recent times, slumping to a £20m loss after a challenging trading period
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NewsEat returns to profitability as Veggie Pret transformation gets underway
Pret a Manger has pledged a transformation of as many Eat stores as possible into Veggie Prets
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NewsCity Snapshot: CMA threatens £6bn Just Eat merger
The UK Competition and Markets Authority has thrown a spanner into the merger of Just Eat and Takeaway.com by announcing it has opened an investigation into the deal just as it was poised to complete. Plus, trading updates from Marston’s, Carrefour and all the rest of the latest news from the City.
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NewsMedia Bites 24 Jan: Morrisons, Just Eat, Tesco/Plastic
About 3,000 management jobs are being cut at Wm Morrison as part of a shake-up of its stores that will also involve the hiring of thousands of shopfloor workers
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NewsCell-based meat company Memphis Meats banks $161m to bring range to consumers
Source: Memphis Meats Memphis Meats plans to use the cash raised to bring its products – including lab-grown duck – to the market US-based lab-grown meat company Memphis Meats has secured a “breakthrough” $161m investment as it looks to launch its products to consumers for the first ...
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NewsKennelpak profit falls amid one-off costs and rebrand
Private equity-owned wholesale petfood supplier and retailer Kennelpak has reported a drop in profits amid an Environment Agency fine for failing to meet recycling obligations
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NewsMorrisons to axe 3,000 manager roles in push for frontline staff
Morrisons said around six management positions per store would go, but on average 14 new frontline roles would be created
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NewsCity snapshot: Hotel Chocolat sales jump 14% on new openings
The UK premium chocolatier has reported double-digit sales rise in the first half, boosted by new openings in the UK, US and Japan
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NewsMedia Bites 23 Jan: Sainsbury’s/Mike Coupe, Agriculture overhaul, Retail jobs
The news of Sainsbury’s CEO Mike Coupe’s retirement came with little surprise as his job had been on the line since the failed Asda merger last year
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NewsBritish Honey rescues The London Distillery out of administration
The acquisition was part of British Honey’s “ambitious” growth plans, which will see the two companies ranges joined into one portfolio
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NewsSainsbury’s slashes hundreds of management roles in Argos integration
CEO Mike Coupe said the senior leadership team had been reduced by more than 20% since the start of the financial year in March 2019
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NewsSainsbury’s CEO Mike Coupe to retire, replaced by Simon Roberts
Sainsbury’s CEO Mike Coupe has announced his intention to retire in May, when he will be replaced by current retail and operations director Simon Roberts
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NewsMedia Bites 22 Jan: Sainsbury’s, Aldi, Deliveroo
Sainsbury’s is poised to axe hundreds of managers in a cost-cutting drive at the supermarket chain.
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NewsAvara sales top £1bn but profitability hit by labour and integration costs
The poultry giant saw turnover rise to £1.14bn, according to its latest accounts, with pre-tax profits at £13.7m
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NewsShopping centre owner Intu appeals to shareholders to reduce debt
The owner of some of the UK’s biggest shopping centres is asking shareholders for more cash to help tackle nearly £5bn in debt.
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NewsAldi to become UK’s top paying supermarket with basic rate boost
Aldi store employees will receive a minimum hourly rate of £9.40 nationally and £10.90 inside the M25 from 1 February
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NewsScottish Spar operator CJ Lang hails strong Christmas sales
The business pointed out the results were particularly positive given it enjoyed a strong festive period the previous year
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NewsDrop Drinks turns to the crowd to fund soft drinks range expansion
The startup, which produces soft drinks and mixers inspired by traditional British sweets, is looking for £80k to fund the launch of three additional flavours
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NewsCity snapshot: SSP Group’s first quarter sales grow as it buys Germany’s Station Food
Travel food specialist SSP Group has had a “robust” start to its financial year and announced the acquisition of German travel catering business Station Food. Plus, Aldi raises pay for staff to maintain its position as the UK’s highest-paying supermarket and all the rest of the latest news from the City.
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NewsMedia Bites 21 Jan: FeverTree, Itsu, Stock Spirits
Fevertree is being tipped as a potential bid target after a warning over poor Christmas trading sent its shares tumbling by more than a quarter.