The trustees of Morrisons’ pension funds have warned that either of the takeover bids for the supermarket chain would “materially weaken” its retirement schemes (The Financial Times £). The proposed debt-fuelled buyouts of Morrisons would “materially weaken” its ability to support the retirements of 85,000 current and former workers, the private equity firms vying for the grocer have been warned by pension trustees (The Telegraph). Pension funds responsible for the retirement benefits of 85,000 current and former Morrisons employees have put down their marker in the battle for the supermarket group, warning they would be seeking mitigating concessions from both prospective bidders (The Times £). Trustees of Morrisons’ pension schemes have broken cover to warn that a £7bn private equity takeover threatens to “materially weaken” their financial position, and demanded additional security over some of the supermarket’s assets (The Guardian). The private equity takeover of Morrisons will ‘materially weaken’ staff retirement plans, trustees of its pension schemes have warned (The Daily Mail). The £7bn US private equity takeover of Morrisons could “materially weaken” the security of its pension schemes, trustees of the funds have warned (Sky News).
Lord Rose of Monewden, the former boss of Marks & Spencer, has been lined up as chairman of Asda as it searches for a replacement chief executive. (The Times £)
More than 1,500 jobs are to be created in Sunderland by Just Eat after the online food delivery group decided to move customer service roles that it had outsourced overseas to Britain (The Times £). The takeaway company Just Eat is planning to open a customer service site in north-east England, which will employ 1,500 people as it brings jobs back from India and Bulgaria (The Guardian). Takeaway delivery platform Just Eat has announced plans to create more than 1,000 customer service roles at its new office near Sunderland (Sky News). Just Eat will create more than 1,500 customer service jobs in north-eastern England in the next 12 months (The BBC).
McDonald’s has run out of milkshakes and bottled drinks at 1,250 outlets after becoming the latest victim of the supply chain chaos (The Telegraph). McDonald’s has been forced to pull milkshakes and bottled drinks from its menu due to supply chain issues (Sky News). McDonald’s has run out of milkshakes and some bottled drinks at restaurants in England, Scotland and Wales (The BBC).
Shops are at risk of being left with empty shelves in the run-up to Christmas as recruiters warned that the labour crisis gripping the economy is set to continue until next year (The Telegraph). Supermarkets are delivering to stores less frequently and prioritising the most profitable and easily transported products as they grapple with shortages that are causing alarm among many British businesses (The Financial Times £). Britain’s economy has been plunged into a supply chain crisis, with major retailers’ stock levels at their the lowest since 1983 as a result of worker shortages and transport disruption caused by Covid and Brexit (The Guardian).
Marks & Spencer shares hit their highest level since the pandemic started as a couple of City analysts gushed over last week’s update (The Times £). Shares in Marks & Spencer rallied for a third day after two brokerages heaped praise on the retailer (The Daily Mail).
Online marketplace Amazon is offering new warehouse workers a £1,000 joining bonus as it tries to compete in the current hiring crisis (Sky News). Amazon is offering new warehouse workers a £1,000 joining bonus in a bid to attract new recruits (The BBC).
Britain has become a nation of spenders as households that hoarded cash during the pandemic open their wallets. (The Daily Mail)
Walmart is planning to share its delivery network with other retailers in a new business that will open another competitive front between the world’s largest big-box store chain and online retailer Amazon. (The Financial Times £)
The maker of Mr Kipling and Bisto Gravy has told its office staff they can work wherever they want in the latest shift in post-pandemic workplaces. (The Times £)
BBQ manufacturers and retailers have taken advantage of a sales surge to go public. Weber, the world’s leading outdoor grill manufacturer and its smaller rival Traeger have both raised money via initial public offerings in the past month. BBQGuys, the online BBQ products retailer backed by retired American football stars Eli and Peyton Manning, went public through a blank cheque merger at a valuation of nearly $1bn. (The Financial Times £)