Asda has been accused of using “fire and rehire” threats to reduce pay for 7,000 staff as it restructures the business before a possible merger with EG Group in the UK (The Times £). Asda has been accused of threatening to “fire and rehire” 7,000 employees in a pay dispute, as the supermarket’s owners prepare to merge their petrol and forecourt business (The Telegraph £).
Asda is planning to cut pay for about 7,000 workers in stores close to London by about 5% despite the surge in the cost of living in Britain (The Guardian). Supermarket chain Asda is consulting on whether to cut the pay of 7,000 staff who have historically been paid more to offset the cost of living near London (The Daily Mail). Supermarket chain Asda is considering whether to cut the pay of 7,000 staff in the south east of England to bring it in line with its other stores (The BBC).
7,000 Asda staff could face the sack unless they agree to a ‘shameful’ pay cut, union claims. The supermarket says it is talking to staff about the proposals and that nothing is confirmed yet. However, the GMB union says the idea of cutting pay when people are struggling with rising prices is deeply concerning. (Sky News)
The organic vegetable box company Riverford is to become 100% owned by its staff after its founder, Guy Singh-Watson, agreed to sell his remaining 23% stake for almost £10m. (The Guardian)
UK consumer confidence rose for the fourth consecutive month in May to the highest level since Russia’s full-scale invasion of Ukraine, according to a closely watched barometer (The Financial Times £). Consumer confidence in the UK has continued its steady recovery since last year’s record lows, as households have been buoyed by a stronger-than-expected economy (The Times £).
The rising cost of food will overtake the price of energy as the driving force behind inflation over the summer, hitting poorer households the hardest, a leading thinktank has forecast. (The Guardian)
Don’t make UK supermarkets the ‘greedflation’ bogeymen, writes Helen Thomas in The FT. “Making the supermarkets the focus of concerns about so-called greedflation, where businesses capitalise on inflation to bolster their own profitability, is unhelpful… The UK is managing to discuss — in the same week — whether supermarket prices are egregiously high or problematically low, without really addressing the contradiction.” (The Financial Times £)
Premier Foods’ turnover reached £1bn last year thanks to price hikes and customers turning to the firm’s affordable meal ranges amid soaring inflation. (The Daily Mail)
Walmart reported stronger than expected earnings in the three months to the end of April, allowing it to raise its full-year estimates and buck the more wary tone about US consumer spending set by rivals Home Depot and Target this week. (The Financial Times £)
“Walmart: come for the everyday low prices, stay for the side hustles,” writes The FT’s Lex column. “Diversifying from low-margin grocery sales is bearing fruit for America’s biggest bricks-and-mortar retailer.” (The Financial Times £)
Food delivery apps could help tackle the obesity crisis by making lower-calorie options more prominent on their sites, research suggests. (The Guardian)
The investor revolt at The Restaurant Group intensified yesterday when the hedge fund leading the rebellion accused the Wagamama operator of excluding “certain” shareholders from key information ahead of next week’s annual meeting. (The Times £)
Mitchells & Butlers has reported weaker half-year profits following added inflationary pressures and the end of a temporarily lower VAT rate on hospitality businesses. (The Daily Mail)