Conviviality has confirmed that is undergoing a review of the business while holding “constructive” negotiations with lenders, as part of an update on the measures it is taking to handle its £30 million tax bill. Earlier this week, the company said that the bill due for payment to HMRC on March 29 had only been discovered on March 13 and had not been accounted for in its short-term cash flow projections. This prompted a suspension of Conviviality’s shares on the junior market and the cancellation of an £8 million dividend payment that was due to shareholders today.
Acquiring the consumer goods e-commerce site is a logical play for a number of retailers as consumers increasingly do their grocery shopping online.
Tesco has appointmented Guus Dekkers as its new chief technology officer to replace Edmond Mesrobian who is resigning. Dekkers will join Tesco on April 16, reporting directly to group chief executive Dave Lewis. Meanwhile, Mesrobian is returning to his home city of Seattle with his wife Holly and their four children
Conviviality has announced that an £8 million dividend payment due to shareholders on Friday has now been cancelled as it grapples with a surprise £30 million tax bill.
John Lewis Partnership cashed in on Mother’s Day last weekend, posting a 13.2 per cent rise in year-on-year sales to £228.24.
Retail footfall continued to fall year-on-year in February across most retail destinations, even before the impact of the snow during the last two weeks. According to the latest Footfall and Vacancies Monitor from the British Retail Consortium (BRC) and Springboard covering January 28 to February 24, year-on-year, footfall decreased by 0.5 per cent. While it is a slowdown compared to the one per cent growth seen in the same period last year, the decline was still less than a third of that recorded in January, lower than the three-month average of -2 per cent decline, and lower that the 12 month average of -0.7 per cent
Morrisons is en route to outperform its rivals once again with amid predictions it would report an increase in full-year sales and profits next week. Ahead of the release of its annual report on Wednesday, City analysts have said they expect the grocery giant to post a 10 per cent rise in underlying pre-tax profits to £371 million and a like-for-like sales uptick of 2.7 per cent
Grocery giant Co-op has become the target of an investigation by an industry regulator over its treatment of suppliers. According to the Groceries Code Adjudicator (GCA), a supermarket regulatory body set up to ensure large supermarkets treat suppliers fairly, the retailer is suspected of breaching GCA rules in the way it de-listed its suppliers.
Two separate grocery market share data have shown that British supermarkets continued to record soaring sales, spurred on by festivities such as Valentine’s Day and Chinese New Year. According to the latest figures from Kantar Worldpanel, published today for the 12 weeks to February 25, grocery sales increased in value by 3.2 per cent compared to the same time last year – marking the 12th consecutive period that total sales exceeded three per cent
Morrisons has become the latest of the Big 4 grocers to be faced with an equal pay compensation claim that could cost the company £100 million. More than 170 possible claimants, predominantly women, are reportedly preparing to launch a legal challenge for being underpaid for work of “equal value” compared with colleagues, often men, working in distribution centres and warehouses. The claimants, many of whom are customer assistants, believe they have been underpaid almost £2 per hour and are owed thousands in back pay.