LONDON, Nov 20 (Reuters) – Premier Foods is to axe
around 900 jobs at its bread division as part of an ongoing move
to cut debt that will see Britain’s biggest food producer close
two bakeries and four distribution centres.
The shake-up, designed to help the performance of Hovis – a
key brand, will result in an initial charge of 28 million pounds
($45 million) that should be recovered through site disposals
and more efficient operations, Premier Foods said.
LONDON (Reuters) – British mobile phone retailer Carphone Warehouse (CPW.L: Quote, Profile, Research, Stock Buzz) would consider buying out Best Buy (BBY.N: Quote, Profile, Research, Stock Buzz) from the two firms’ European joint venture if a bid for the U.S. group succeeds, it said on Wednesday.
Carphone, Europe’s biggest independent mobile phone retailer, would be entitled to buy Best Buy’s 50 percent stake in CPW Europe if Best Buy founder Richard Schulze succeeds with a bid for the U.S. firm expected in December.
LONDON, Nov 13 (Reuters) – Britain’s state-owned Royal Mail
Group posted a large rise in first half operating
profit on Tuesday, paving the way for one of the country’s most
high profile privatisations in decades.
An increase in profits was seen as a key target in plans for
a flotation now expected as early as the third quarter of next
year, as Royal Mail shows potential investors the impact of its
move from a letters-based to parcels-based business.
LONDON, Nov 13 (Reuters) – British banknote printer De La
Rue warned its annual profit would be lower than
expected after a number of key currency orders expected in the
second half of this year were pushed back.
“It will now be too late for these orders to benefit the
current financial year, and as a result the board expects that
the financial results of the group for 2012/13 will be similar
to those for 2011/12,” the firm said in a statement on Tuesday.
LONDON, Nov 8 (Reuters) – Security group G4S missed
out on contracts to run British prisons on Thursday, paying the
price for embarrassing the government by failing to provide
enough guards at the London Olympics.
The Ministry of Justice (MoJ) was widely expected to hand
the majority of seven contracts to manage state-run prisons to
the private sector, but instead said it would keep three under
public sector management after the bids failed to impress.
LONDON, Nov 6 (Reuters) – Security firm G4S, whose
reputation was tarnished earlier this year by its failure to
provide enough guards for the London Olympic Games, said it was
fighting back thanks to strong emerging markets and new UK
The world’s biggest security firm reported on Tuesday a pick
up in underlying revenue growth in the third quarter.
LONDON, Oct 30 (Reuters) – Imperial Tobacco has
taken a 1.2 billion-pound ($1.93 billion) writedown on its
Spanish business as the impoverished country’s smokers turn to
cheaper black market cigarettes.
The world’s fourth-largest cigarette group, which counts
Davidoff, JPS and Lambert & Butler among its brands, said its
pretax profit halved to 1.1 billion pounds in the year ending
last month, although it raised its dividend by 11 percent to
reflect higher tobacco prices.
LONDON, Oct 23 (Reuters) – Whitbread, Britain’s
biggest hotel and coffee shop operator, said sales growth would
slow over the remainder of the year after a boost from the
Olympic Games and a wet summer helped push first-half profit up
Whitbread, which operates Premier Inn hotels and Costa
Coffee shops, said on Tuesday that pressure on consumer spending
meant underlying sales growth would be less than the 4.3 percent
achieved in the six months to Aug. 30.
LONDON, Oct 12 (Reuters) – Bosideng International Holdings
, China’s largest maker and distributor of down
clothing, is eyeing store openings in Milan and New York if its
first overseas venture in London proves a hit with the British
The group, which has over 8,000 retail outlets in China,
made its first international foray in July, opening a flagship
store in London’s South Molton Street, close to some of the
city’s most prestigious retail haunts.
LONDON, Oct 11 (Reuters) – Greggs, Britain’s largest
seller of food on the go, expects its underlying sales to keep
falling for the rest of the year after quarterly trading was hit
by poor weather and recession-wary shoppers.
The company also said on Thursday next year would provide
little relief for recession-battered consumers, adding they
would likely have to pay more for breads and savouries as weak
global harvests impact on commodity prices.