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Apr 28, 2014

UK regulator says will not investigate Royal Mail sell-off

LONDON, April 28 (Reuters) – Britain’s financial regulator
will not investigate the government’s sale of Royal Mail
, it said on Monday, rejecting calls from lawmakers who
said a sharp rise in the firm’s share price should have set
alarm bells ringing.

Last October, Britain sold 60 percent of the postal firm at
330 pence per share, ending 500 years of state control and
raising 2 billion pounds ($3.36 billion) for the public purse.

Apr 25, 2014

UK government, bankers back in spotlight over Royal Mail sale

LONDON, April 25 (Reuters) – British government ministers
and bankers responsible for the sale of Royal Mail will face
another round of questioning by lawmakers next week over whether
the state postal operator was sold off too cheaply.

Last October, the government sold 60 percent of Royal Mail
at 330 pence per share, ending 500 years of state
control and raising 2 billion pounds ($3.36 billion) for the
public purse.

Apr 17, 2014

Mulberry sees rocky road ahead as it reverts to lower-priced handbags

LONDON (Reuters) – Britain’s Mulberry (MUL.L: Quote, Profile, Research, Stock Buzz) could take up to two years to return to profit growth after deciding to scrap an unpopular push into higher-priced handbags and return to more affordable luxury, its acting head said on Thursday.

Mulberry’s push to swap its “affordable luxury” tag for a more exclusive position was led by Bruno Guillon, ousted as chief executive in March after the strategy was undone by its core shoppers turning to cheaper affordable luxury rivals such as Michael Kors (KORS.N: Quote, Profile, Research, Stock Buzz).

Apr 16, 2014

Tesco sees no respite as annual profit slumps

LONDON (Reuters) – Britain’s biggest retailer Tesco (TSCO.L: Quote, Profile, Research, Stock Buzz) said it saw no let up in sight as it posted a 6 percent fall in annual profit, its second straight year of decline, piling pressure on Chief Executive Phil Clarke.

The group, the world’s No.3 retailer, showed trading had deteriorated throughout the 12 months, with the key figure of sales at its British stores open over a year, excluding fuel and VAT sales tax, down 3 percent in the fourth quarter, its worst drop in Clarke’s three-year tenure.

Apr 15, 2014

Debenhams to cut back promotions after profit drop

LONDON, April 15 (Reuters) – Britain’s No.2 department store
operator, Debenhams, said it would cut back on
criticised promotions, improve its online business and boost
ranges with retailer tie-ups to try to reverse a slide in
profits.

The firm has endured a tough 12 months, issuing its second
profit warning in less than a year in December and losing its
finance chief after a long-held strategy of slashing prices
failed to boost its crucial Christmas sales.

Apr 10, 2014

Struggling Mothercare shares boosted by better Q4 trade

LONDON (Reuters) – British baby products retailer Mothercare (MTC.L: Quote, Profile, Research, Stock Buzz) said on Thursday better fourth-quarter trading at home and overseas had put on track to hit annual profit forecasts, boosting its shares.

In Britain, which accounts for about 70 percent of its sales, Mothercare has pushed to close underperforming stores, revamp others and expand online amid fierce competition from Internet rivals and supermarkets.

Apr 10, 2014

Struggling Mothercare shares boosted by better fourth-quarter trade

LONDON (Reuters) – British baby products retailer Mothercare (MTC.L: Quote, Profile, Research) said on Thursday better fourth-quarter trading at home and overseas had put on track to hit annual profit forecasts, boosting its shares.

In Britain, which accounts for about 70 percent of its sales, Mothercare has pushed to close underperforming stores, revamp others and expand online amid fierce competition from Internet rivals and supermarkets.

Apr 10, 2014

Government allows G4S to bid for work again

LONDON (Reuters) – Security group G4S will again be considered for government contracts after ministers said on Wednesday they were satisfied with the firm’s efforts to overhaul itself following a series of damaging failures.

Last month G4S, the world’s biggest security group, agreed to repay 108.9 million pounds to the government after overcharging it on a contract to tag criminals. That mistake followed its failure to provide enough guards for the London Olympics in 2012.

Apr 9, 2014

Royal Mail warns over watchdog’s price hike probe

LONDON (Reuters) – Britain’s newly-privatised Royal Mail warned an investigation into a rival’s complaint over wholesale mail price rises would lead to a long period of uncertainty around the prices it charges other postal operators.

Royal Mail’s regulator Ofcom on Wednesday said it would investigate the complaint from Britain’s No.2 postal operator, TNT Post under its Competition Act powers, a process that can take up to two years.

Apr 9, 2014

Britain’s Royal Mail warns over watchdog’s price hike probe

LONDON, April 9 (Reuters) – Britain’s newly-privatised Royal
Mail warned an investigation into a rival’s complaint
over wholesale mail price rises would lead to a long period of
uncertainty around the prices it charges other postal operators.

Royal Mail’s regulator Ofcom on Wednesday said it would
investigate the complaint from Britain’s No.2 postal operator,
TNT Post under its Competition Act powers, a process that can
take up to two years.

    • About Neil

      "I'm a company news reporter covering the retail and leisure sectors. Based in London I write on everything from the big retailers to fashion chains, hotels, drinks firms, pubs and coffee shops. I've previously covered the outsourcing sector and before that worked on Reuters sport for three years. You can follow me on Twitter @ReutersMaidment"
      Joined Reuters:
      2008
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