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Royal Mail has put plans in place to sell half of its sorting office in the centre of London, with the land set to be transformed into flats in a move that will see the postal service net as much as £1bn. The redevelopment of the flagship office at Mount Pleasant just outside the city’s financial [...]
(Read More)4th May 12
Discount battle leads to sales decline at Morrisons
by Katie Naylor
Morrisons has delivered its first drop in underlying sales for almost seven years, which the retailer blamed on a raft is discounting coupons from competitors as well as the impact of higher fuel prices on households. The chief executive Dalton Philips said that consumer spending had deteriorated further, although pointed out that London and the [...]
(Read More)26th Apr 12
Sports Direct chief Ashley to get £23.4m in shares
by Katie Naylor
Sports Direct has increased its share bonus payout to its biggest shareholder, Mike Ashley, by 30 per cent as the Newcastle United owner plans to catch up with employees who stand to receive bumper payouts because of its recent strong performance. Billionaire Ashley is now set to receive eight million shares, two million more than [...]
(Read More)24th Apr 12
Wal-Mart shares drop after Mexico bribery allegations
by Katie Naylor
The world’s biggest retailer Wal-Mart is faced with a Congressional investigation following allegations that it failed to probe bribery accusations at its Mexican operations in the correct manner. The revelation about the investigation by top Democrats on both the House Energy and Commerce Committee and the House Oversight and Government Reform Committee capped a terrible [...]
(Read More)19th Apr 12
Tesco reports fall in profits
by Katie Naylor
Tesco will inject £1bn into a complete refurbishment of its domestic stores this year after profits in the UK fell for the first time for over two decades. The retailer is also dramatically reducing the amount of new outlet space it will open, scaling back by almost 40 per cent as it focuses on refurbishing [...]
(Read More)10th Apr 12
Thomas Cook close to agreeing £1.2bn deal with lenders
by Katie Naylor
Embattled tour group Thomas Cook is in advanced discussions with its lenders about reaching a £1.2bn agreement to secure the company’s future. The beleaguered travel operator revealed that it was close to striking the deal with its banking group, just months after its most recent refinancing deal saw it secure an additional £200m. Thomas Cook [...]
(Read More)6th Apr 12
Former JJB chief charged in fraud case
by Katie Naylor
JJB Sports’ former chief executive Chris Ronnie has been charged by the Serious Fraud Office with seven offences in relation to an alleged £1m fraud. Ronnie was charged with David Bell, the owner of one of JJB’s suppliers, Fashion & Ball. The charges are related to contracts which Ronnie signed while chief executive of the [...]
(Read More)20th Mar 12
Youth wage freeze splits opinions among employers
by Katie Naylor
Plans to freeze the minimum wage for youths following fears it is pricing the country’s young people out of the employment market have split opinion among British business leaders. Employers’ groups such as the British Chambers of Commerce and the CBI have supported the government’s decision to hold the pay rates for those in the [...]
(Read More)16th Mar 12
Argos owner sees continuation of sales slump
by Katie Naylor
Home Retail, which owns Argos and Homebase, predicted another year of declining sales, as the company’s chief executive Terry Duddy encouraged the government to assist low and middle-income people in next week’s budget. Like-for-like sales at Argos slumped by 8.5 per cent during the fourth quarter, while Homebase’s sales dropped by 6.5 per cent. The [...]
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12th Mar 12
EDF to pay millions back to customers
by Katie Naylor
British energy company EDF has agreed to a payment package £4.5 million after Ofgem found problems with the way it tried to make customer sales. In the biggest payment of its kind imposed by the regulator, £3.5 million will be given straight back to customers. EDF claims the move is not a fine or [...]
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