Company News Reporter, London
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May 14, 2015

Manchester United set to spend to support trophy push

LONDON, May 14 (Reuters) – English Premier League soccer club Manchester United hinted on Thursday at another spending spree this summer after promising to have a squad capable of competing with the best teams in Europe next season.

Led by new coach Louis van Gaal, the 20-times champions spent around 150 million pounds ($237 million) last year after slumping to a shock seventh place in 2013/14 when they failed to qualify for the lucrative European Champions League for the first time in 19 years.

May 12, 2015

Enterprise Inns unveils overhaul in response to new tenant powers

LONDON, May 12 (Reuters) – British pub landlord group
Enterprise Inns plans to sell 1,000 pubs, create a large
property rental arm and expand its own managed pubs unit in
response to a new tenant law that stands to hit profits.

The law that will allow publicans to choose where they buy
their beer, threatening future profits of landlords who under a
system known as the “beer-tie” charge tenants above-market
drinks prices and offer subsidised rent and benefits in return.

May 7, 2015

Equinix moves to gatecrash Telecity, Interxion deal

LONDON, May 7 (Reuters) – British data centre provider
Telecity Group Plc has opened talks on a possible 2.3
billion pound ($3.5 billion) takeover by Equinix Inc,
throwing into doubt Telecity’s deal to buy Interxion Holding NV
agreed three months ago.

Telecity, which runs some of the huge computer centres which
process traffic on the Internet, said on Thursday it believed it
was duty-bound to enter talks with U.S. group Equinix over a
possible offer of 1,145 pence per share, a 27 percent premium to
Wednesday’s closing price.

Apr 29, 2015

Home Retail cautious on first half prospects at Argos

LONDON, April 29 (Reuters) – Home Retail, Britain’s
biggest household goods retailer, warned first half sales at
Argos would likely decline this year as it works through revamps
to the business and battles weaker demand for tablets, consoles
and TVs.

The group, which also runs DIY chain Homebase, is
transforming its larger, more profitable Argos arm from a
catalogue-based retailer into an online business, targeting
higher sales from mobiles and tablet PCs and making collections
faster and easier.

Apr 28, 2015

Costa Coffee owner ramps up expansion plans as CEO departs

LONDON, April 28 (Reuters) – The boss of Costa Coffee and
Premier Inn hotels operator Whitbread on Tuesday
announced plans to leave by February next year, as the company
posted another surge in profits and stepped up its expansion
targets.

Whitbread’s stock market value has grown from 2.5 billion
pounds ($3.8 billion) to almost 10 billion pounds since Andy
Harrison joined from easyJet as chief executive in September
2010, as it tapped demand from cost-conscious customers for
affordable hotels and takeaway coffee.

Apr 23, 2015

Tesco counts cost of decline with record 6.4 billion pound loss

LONDON (Reuters) – Tesco (TSCO.L: Quote, Profile, Research) revealed the cost of its spectacular decline on Wednesday with an annual loss of 6.4 billion pounds ($9.5 billion), one of the biggest in British corporate history, and warned investors there could be more pain to come.

The 96-year-old group, which dominated the British retail landscape for decades, wrote down the value of its business by 7 billion pounds, suffering in an industry price war sparked by the challenge from German discount chains Aldi [ALDIEI.UL] and Lidl [LIDUK.UL].

Apr 22, 2015

Tesco suffers record annual loss

LONDON (Reuters) – Tesco (TSCO.L: Quote, Profile, Research, Stock Buzz) plunged to an annual loss of 6.4 billion pounds ($9.5 billion) on Wednesday, the worst in its 96-year history, after shoppers deserted Britain’s biggest retailer and forced it to write down the value of its stores.

Hurt by an accounting scandal and a price war sparked by the march of discount groups Aldi [ALDIEI.UL] and Lidl [LIDUK.UL], the supermarket wrote down the value of its business by 7 billion pounds to reflect restructuring charges and the lower sales its stores were making.

Apr 22, 2015

Tesco suffers record annual loss of 6.4 billion pounds

LONDON, April 22 (Reuters) – Tesco plunged to an
annual loss of 6.4 billion pounds ($9.5 billion) on Wednesday,
the worst in its 96-year history, after shoppers deserted
Britain’s biggest retailer and forced it to write down the value
of its stores.

Hurt by an accounting scandal and a price war sparked by the
march of discount groups Aldi and Lidl,
the supermarket wrote down the value of its business by 7
billion pounds to reflect restructuring charges and the lower
sales its stores were making.

Apr 21, 2015

UK supermarkets face possible probe over pricing practices

LONDON, April 21 (Reuters) – Britain’s embattled
supermarkets face a possible probe by competition regulators
after UK consumer watchdog Which? demanded an investigation into
grocers’ pricing practices.

Which? said on Tuesday it had made a “super-complaint” to
the Competition and Markets Authority (CMA) after identifying
“misleading and confusing” pricing tactics over seven years in
areas such as multi-buy offers, at the likes of Tesco
and Asda (part of Wal-Mart Stores Inc ).

Apr 17, 2015

Poundland may scrap 99p Stores acquisition after competition questions

LONDON, April 17 (Reuters) – British discount retailer
Poundland warned on Friday it may walk away from its
planned 55 million pounds ($82 million) acquisition of rival 99p
Stores rather than be subject to a lengthy probe by the UK
competition watchdog.

Britain’s Competition and Markets Authority (CMA) said last
week the agreed deal could result in a substantial lessening of
competition and would be subject to a further investigation in
the absense of undertakings, such as selling some stores.

    • 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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