News
The latest news, updates and analysis on the the UK retail industry. Covering every segment of the market, Retail Sector’s business journalists keep you in the picture.
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Jul- 2018 -10 July
Tesco UK boss Charles Wilson resigns due to cancer diagnosis
Charles Wilson, CEO of Tesco UK and Ireland, has announced that he is to step down from the board after being diagnosed with throat cancer. Tesco said the diagnosis was found following an operation to remove his tonsils in April of this year, and that Wilson had been undergoing daily…
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10 July
Home Bargains ‘underpaid staff £272k’
Discount retailer TJ Morris Limited, trading as Home Bargains, has failed to pay the national minimum wage to its staff according to the UK government. Home Bargains appeared second in a government list of nearly 240 employers who had not paid the National Living and Minimum Wage, with the retailer…
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9 July
200,000 companies sued over business rates
Over 200,000 businesses were taken to a Magistrates court for failing to pay for businesses rates under the first year of the new business rates revaluation, an investigation has revealed. Real estate advisor Altus Group collated information procured under the Freedom of Information Act (FOI) from all councils in England. They were…
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9 July
Costcutter rejects Co-op’s £15m takeover bid
The parent company of Costcutter, Bibby Line, has rejected a £15m bid from the Co-op which would have resulted in a full takeover of the company’s convenience stores. The deal would have seen Co-op become a retail business with over 4,000 stores, up from circa 2,500. It is understood the…
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9 July
Asda CEO: Hard Brexit could have ‘significant consequences’ for food supply and quality
Asda CEO Roger Burnley has expressed his concerns that a ‘hard’ Brexit could have “significant consequences” for food supply and quality. He described the prospect of holdups at the UK border as “scary”, adding: “You’d be eating into the life of products with all sorts of implications for waste, for…
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9 July
Matalan continues strong performance with 4.9% revenue boost
Fashion and homeware retailer Matalan has reported a 4.9% increase in revenue for the 13 weeks ending 26 May 2018. Total revenue increased by £15.5m to £265.9m, with the group pointing to its children’s ranges as the “highlight this season” in addition to strong performance across the board. Jason Hargreaves,…
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9 July
Mothercare adds 10 store closures to CVA after Childrens World administration
Mothercare has earmarked another 10 stores for closure as part of its CVA bringing the total to 60 stores, after the group’s Childrens World division entered administration. The new store closures mean that up to 900 jobs will be lost by June 2019. The news comes after the CVA proposal…
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6 July
UK Treasury rejects retailers’ business rates reform calls
The UK Treasury has today rejected calls from retailers who say business rates should be reformed to create a level playing field with online retailers. During a meeting of parliament’s Treasury Select Committee, chancellor Philip Hammond said reforming international corporation tax was a higher priority for the government, adding that…
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6 July
Boots owner reacts to Amazon threat with investment in Chinese firm GuoDa
Walgreens Boots Alliance has reacted to a tanking share price in the wake of Amazon’s entry to the pharmacy market by acquiring a stake in Chinese pharmacy firm GuoDa. Boots’ share price plummeted by 10% last week following the announcement Amazon had acquired medicine delivery company Pillpack. In what is…
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6 July
England game could bring additional £860m in grocery sales
Grocery sales could rise by up to 5% ahead of England’s quarter-final match against Sweden on Saturday according to data from Kantar Worldpanel. The data consultancy company said an additional £860m of groceries sales could be generated on Friday and Saturday this week. An extra 1.4 million trips are expected…
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