Today’s news in brief

Redwheel, the leading shareholder of Currys, has voiced concerns over the undervaluation of UK stock markets compared to their true potential. The firm warned that the UK’s declining market values, coupled with a shift in investor focus towards the US, could prompt more foreign entities to pursue acquisitions of British companies. Redwheel’s remarks follow the rejection of a takeover bid for Currys by US hedge fund Elliott, which the shareholder supported, asserting that the retailer is worth substantially more than the bid price offered. The situation underscores broader issues within the UK equity market, with Redwheel highlighting the need for a reversal in this trend to maintain a healthy economy.

BP has appointed David Phillpot as European convenience trading director as part of its strategic efforts to bolster retail capabilities and pursue convenience growth plans. Phillpot, who brings over 25 years of experience in diverse food retail roles, will be instrumental in driving performance across BP’s European network of company-owned stores.

Angling Direct has reported a 10.2% increase in revenue despite facing challenges from disruptive weather and a challenging consumer landscape. The company’s growth was fueled by strong UK store sales and a significant uptick in online sales, particularly in Europe. CEO Steve Crowe expressed confidence in Angling Direct’s market share gains and growth prospects.

Shopify has announced leadership team changes in its EMEA division, aimed at driving growth and better supporting merchants and partners across the region. The company has appointed Emilie Benoit-Vernay as director of partnerships for EMEA, Benjamin Lang to oversee Northern Europe and DACH, and Lara Rosquët as the new country lead for France.

Aldi, the UK’s fourth-largest supermarket chain, has revealed plans to create 5,500 new jobs throughout 2024. The company’s expansion efforts include roles for store assistants, managers, and cleaners at new stores, as well as positions in regional distribution centres and the head office.

Walmart has reported robust fourth-quarter results, driven by its successful omnichannel model and strong e-commerce sales growth. The retail giant saw a 5.7% increase in revenues over the holiday quarter, with consolidated operating income up by 30.4%. Walmart’s performance was buoyed by its focus on grocery and health and wellness products, alongside significant gains in e-commerce sales.