Company News Reporter, London
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Nov 6, 2014

Sainsbury takes fight to discounters with Netto store opening

LEEDS, England, Nov 6 (Reuters) – British supermarket
operator J Sainsbury Plc’s answer to discounters Aldi
and Lidl was unveiled on Thursday, with the opening of its first
Netto-branded store in northern England tasked to win over
thrifty shoppers.

Like the UK’s other big players Tesco, Asda and
Morrison, Sainsbury is enduring a squeeze on sales as
cost-conscious customers switch allegiance to the
straightforward, cheap offers of the German discounters.

Nov 4, 2014

Pub firm Greene King to buy rival Spirit for 774 million pounds

LONDON (Reuters) – Greene King (GNK.L: Quote, Profile, Research) has agreed to buy smaller rival Spirit Pub Company (SPRTC.L: Quote, Profile, Research) for almost 774 million pounds a deal that will boost its network of food-led pubs and hand it a bigger slice of Britain’s lucrative dining market.

The deal creates one of the biggest pub groups in Britain, with over 3,000 pubs, restaurants and hotels.

Nov 4, 2014

Pub firm Greene King to buy rival Spirit for $1.24 bln

LONDON (Reuters) – Greene King (GNK.L: Quote, Profile, Research, Stock Buzz) has agreed to buy smaller rival Spirit Pub Company (SPRTC.L: Quote, Profile, Research, Stock Buzz) for almost 774 million pounds ($1.24 billion), a deal that will boost its network of food-led pubs and hand it a bigger slice of Britain’s lucrative dining market.

The deal creates one of the biggest pub groups in Britain, with over 3,000 pubs, restaurants and hotels.

Oct 31, 2014

Warm weather set to push M&S non-food sales down again

LONDON (Reuters) – Marks & Spencer (MKS.L: Quote, Profile, Research) is set to report a 13th straight quarterly fall in underlying non-food sales, with trading hurt by Britain’s warm autumnal weather, the continuing “settling in” of a new website and a sluggish economic recovery.

Marc Bolland, M&S CEO since 2010, has spent over 2.3 billion pounds to address decades of under-investment, overseeing the redesign of products and stores. But a new clothing team he set up in 2012 has so far failed to deliver a sustained increase in sales and, for the first time, M&S earned less in the year to the end of March than faster-growing rival Next.

Oct 31, 2014

SuperGroup shares slide as firm warns on profit

LONDON, Oct 31 (Reuters) – SuperGroup, the British
company behind the Superdry fashion brand, warned that full-year
profit would fall short of market forecasts, becoming the latest
retailer to see a warm autumn hit demand for winter clothes.

The firm’s surprise statement follows one on Wednesday from
Next, Britain’s No. 2 clothes retailer, which also cut
its profit forecasts due to the warm weather, prompting analysts
to expect more promotions ahead of Christmas as retailers battle
to shift unwanted stock.

Oct 30, 2014

Serious Fraud Office launches probe into Tesco accounting scandal

LONDON (Reuters) – Serious Fraud Office (SFO) has opened a formal criminal investigation into accounting errors at Tesco, raising the stakes in a scandal that has hammered the reputation of the country’s biggest grocer.

Already battling challenges on multiple fronts, Tesco said on Wednesday it had been notified of the SFO’s new investigation into the 263 million-pound ($424 million) overstatement of its first-half profits that has led to the suspension of eight senior members of staff.

Oct 30, 2014

Britain’s Fraud Office launches probe into Tesco accounting scandal

LONDON, Oct 29 (Reuters) – Britain’s Serious Fraud Office
(SFO) has opened a formal criminal investigation into accounting
errors at Tesco, raising the stakes in a scandal that
has hammered the reputation of the country’s biggest grocer.

Already battling challenges on multiple fronts, Tesco said
on Wednesday it had been notified of the SFO’s new investigation
into the 263 million-pound ($424 million) overstatement of its
first-half profits that has led to the suspension of eight
senior members of staff.

Oct 29, 2014

SFO launches criminal probe into Tesco accounting

LONDON (Reuters) – Britain’s Serious Fraud Office (SFO) has launched a formal criminal investigation into accounting errors at Tesco (TSCO.L: Quote, Profile, Research), adding to the intense scrutiny of the country’s biggest grocer.

Tesco was already being investigated by the Financial Conduct Authority (FCA) after the group revealed the discovery of a 263 million pound hole in its accounts, adding to a string of recent profit warnings and management departures to nearly halve the company’s market value this year.

Oct 29, 2014

Britain’s Fraud Office launches criminal probe into Tesco accounting

LONDON (Reuters) – Britain’s Serious Fraud Office (SFO) has launched a formal criminal investigation into accounting errors at Tesco (TSCO.L: Quote, Profile, Research, Stock Buzz), adding to the intense scrutiny of the country’s biggest grocer.

Tesco was already being investigated by the Financial Conduct Authority (FCA) after the group revealed the discovery of a 263 million pound ($424 million) hole in its accounts, adding to a string of recent profit warnings and management departures to nearly halve the company’s market value this year.

Oct 29, 2014

UK’s Next cuts profit guidance as sales feel the heat

LONDON, Oct 29 (Reuters) – Britain’s No.2 clothing retailer
Next Plc cut its profit guidance after an unusually warm
autumn left its coats, scarves and jumpers stuck on shop
shelves, sending an ominous sign to rivals ahead of the
Christmas season.

Shares in Next fell as much as 4.4 percent, dragging down
rivals Marks & Spencer and Debenhams as the
company spelt out the impact on demand of Britain’s driest-ever
September and mild October.

    • 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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