M&S names Alex Freudmann as new director of food June 20, 2022 M&S has named Alex Freudmann as its new managing director of food after Stuart Machin has taken up the job of chief executive. The retailer announced on Monday that Freudmann, who is currently the managing director of Australian alcohol seller Dan Murphy, would lead the supermarket’s grocery arm from November. As of 1 November, CEO [...]
Etsy accused of not paying enough UK tax, forking out £128,000 after pocketing £160m in sales June 20, 2022 Online marketplace Etsy has become the latest US retailer to be accused of not paying enough tax in the UK, having forked out just £128,000 as it pocketed £160m in sales. Etsy would have been liable to pay some £7m in corporation tax, had it booked all sales made in the UK at its [...]
The power of summer: Primark sales inch above pre-pandemic levels June 20, 2022 The owner of Primark has put recovering sales down to the power of summer, tourism and the march back to the office. Associate British Foods (ABF), which owns sugar ad agriculture businesses alongside the budget retailer, said sales over the past six months were four per cent higher than pre-pandemic levels, though they remain around [...]
Asda chair calls for business tax relief amid historic inflation levels June 19, 2022 Retail grandee Stuart Rose has said the government was too slow to move on the cost of living crisis and historic levels of inflation. The Asda chair and former Marks & Spencer boss has urged ministers to help struggling households amid the “tough times.” Speaking on Aquis Exchange’s Full & Frank podcast, Rose said Asda [...]
Concerns over Boots auction as buyers struggle to raise finance June 19, 2022 There has been speculation that the sale of Boots may collapse as potential buyers face difficulty with lenders as consumer confidence dwindles. It comes as New York-based private equity firm Apollo and Mukesh Ambani’s Reliance Industries have reportedly proposed an offer of between £5bn and £6bn. The Sunday Times reported that the joint bid was [...]
Gatwick cuts flight numbers over summer in bid to avoid more disruption June 17, 2022 Following months of air travel disruption, Gatwick Airport said it will cut the number of flights over the school holiday period in a bid to improve services. Britain’s second biggest airport will limit the number of take-offs from a reported daily average of 900 over recent months to 825 in July, and then up to [...]
Tesco profit guidance ‘unchanged’ despite 1.5 per cent fall in sales amid ‘incredibly challenging’ environment June 17, 2022 Tesco said its profit guidance for the coming year remained “unchanged” despite experiencing a 1.5 per cent fall in underlying sales in the first quarter of 2022. Britain’s biggest grocery store recorded its sales for the first 13 weeks up until the end of May, and said its profit and cash outlook will stay the [...]
McDonald’s to cough up more than €1bn to settle French tax dodging case June 16, 2022 Fast food titan McDonald’s is set to cough up more than €1bn to tie up a spat with French authorities over tax dodging. An agreement between McDonald’s fiscal authorities was given the greenlight in a tribunal in Paris on Thursday. The US giant will pay back €737m in unpaid taxes and a €508m fine, a [...]
Unilever shareholder accuses firm of concealing Ben & Jerry’s Israel boycott June 16, 2022 A Unilever shareholder has sued the firm over claims it hid the decision by its subsidiary Ben & Jerry’s to pull out from Israeli-occupied Palestinian territories.
Revlon files for bankruptcy as lipstick seller reassures customers trading will continue June 16, 2022 Revlon has filed for bankruptcy as the cosmetics firm has struggled under the weight of hefty debt, supply chain disruption and sky-rocketing headwinds. The 90-year-old make-up maker said that it anticipated some $75m in financing from existing lenders, contingent on court approval. The rescue cash will help it to keep daily operations up and running. [...]