Latest: Company News

Co-op announces ring-fenced Christmas savings scheme

Co-op announces ring-fenced Christmas savings scheme

The Co-operative Group is launching a Christmas Savings scheme in the New Year, which will protect savers’ money if the company collapses. All money saved in the new scheme will be placed into a special trust and kept separate from the Co-op’s other finances. This means that it would not be considered an asset of […]

November 9, 2012 More
Farepak’s collapse costs £8.2m in fees

Farepak’s collapse costs £8.2m in fees

Fees for dealing with the administration and liquidation of Farepak, which ran a Christmas savings club, have now totalled £8.2m, far more that the £5.53 million of compensation promised to customers. Farepak collapsed in 2006, when nearly 120,000 Christmas club members lost an average of £400 each. Just 6,000 customers, who made cash deposits immediately […]

November 28, 2011 More
Apple co-founder, Steve Jobs, dies aged 56

Apple co-founder, Steve Jobs, dies aged 56

Tributes for Steve Jobs, co-founder and former chief executive of US technology company, Apple, are pouring in after he died yesterday aged 56. Flags are being flown at half-mast outside the Apple headquarters in California and many have left tributes outside Apple shops throughout the world. Mr Jobs’ family were with him and said he […]

October 6, 2011 More
CBI: Retail sales weaken in September

CBI: Retail sales weaken in September

According to the latest Confederation of British Industry (CBI) distributive trades survey, the volume of sales on the UK High Street were lower this month versus a year ago. The figures suggest continue to be cautious about the economic outlook and rein in their spending on the back of rising unemployment, higher inflation and slow […]

September 27, 2011 More
Accountant fails energy bill test

Accountant fails energy bill test

Energy tariffs are so complicated that even an accountant could not calculate how much they should be paying, according to latest research from Which?. The consumer group asked 36 people including a solicitor, an engineer and an accountant, to work out their domestic energy bill using only the information from the supplier’s website, and a […]

September 22, 2011 More
Debenhams exceeds profits forecasts

Debenhams exceeds profits forecasts

Debenhams, which is Britain’s second largest department store after John Lewis, has today exceeded market expectations after reporting growth of 0.4% in the nine week period to the end of August on a like-for-like basis. The retailing giant said aggressive summer discounting and promotions had helped increase its market share. The company said growth came […]

September 20, 2011 More
Vince Cable attacks excessive fat cat pay

Vince Cable attacks excessive fat cat pay

At his keynote speech to the Liberal Democrat conference, Business Secretary Vince Cable is today expected to say that shareholders should have more of a say when it comes to bonuses paid to executives. He is also expected to outline plans which will force firms to disclose their excessive pay packages. Mr Cable is expected […]

September 19, 2011 More
ONS: UK retail sales fall 0.2% in August

ONS: UK retail sales fall 0.2% in August

The Office for National Statistics (ONS) has today revealed UK retail sales fell by 0.2% in August after riots earlier in the month affected trade. The fall followed slower growth in the previous two months after sales rose just 0.2% in July and 0.8% in June. In the meantime, food sales were also down – […]

September 15, 2011 More
Comet sales fall sharply

Comet sales fall sharply

Figures today show consumers continue to cutback in the face of higher inflation and rising unemployment after Kesa, the parent company of electrical retailer Comet, revealed a sharp fall in sales. Total revenue in the previous three months fell by 9.8% on a like-for-like basis while sales slumped almost 22% after the company blamed weak […]

John Lewis reports challenging trading environment

John Lewis reports challenging trading environment

The John Lewis Partnership, which is regarded as a barometer of British retailing, has reported a marginal increase in sales and said trading conditions are “extremely challenging”. The renowned employee-owned chain, which owns the Waitrose supermarket chain, said sales rose 1% on a like-for-like basis in the six month period to 30 July. However, across […]

September 14, 2011 More
Argos and Homebase sales down, Morrisons sales higher

Argos and Homebase sales down, Morrisons sales higher

There is a mixed bag of retail sales figures today after Home Retail Group announced a drop in sales at both its Argos and Homebase chains. The figures are further evidence of a cutback in consumer spending after electrical goods group, Dixons Retail, yesterday posted a fall in sales. At Argos, like-for-like sales in the […]

September 8, 2011 More
Dixons Retail sees sharp drop in sales

Dixons Retail sees sharp drop in sales

There is further evidence of a cutback in consumer spending today after electrical goods group Dixons Retail posted a drop in sales. The group, which is Europe’s no.2 electricals retailer, said like-for-like sales were 7% lower in the three months to 23 July compared with a year ago, which included a 10% fall in the […]

September 7, 2011 More
Union leaders criticise fat cats over pay

Union leaders criticise fat cats over pay

Unions have vented their anger at directors today after a report found that the average annual bonus for a director in a FTSE 100 company has soared by 187% in the last decade. The findings were in a report by the High Pay Commission and discovered that top executives received a bonus worth 90% last […]

September 6, 2011 More
Co-op hit by falling food sales

Co-op hit by falling food sales

Co-operative Group has reported a fall in first-half underlying profit to £230.8 million, down from £262.3 million a year earlier. The mutual has been hit by declining food sales in the face of strong competition, reduced government funding for prescriptions and a change in the income recognition policy on the sale of its funeral bonds. […]

August 25, 2011 More
Steve Jobs steps down at Apple

Steve Jobs steps down at Apple

Steve Jobs has stepped down as chief executive of technology giant, Apple, to be replaced by Tim Cook, previously the group’s chief operating officer. In his resignation letter, Mr Jobs, who has been on medical leave following a diagnosis of cancer, said: “I have always said if there ever came a day when I could […]

Business confidence falls as profit growth weakens

Business confidence falls as profit growth weakens

Confidence among British businesses has declined as both UK and global economic turmoil impact on firms’ plans for the future. The latest ICAEW/Grant Thornton UK Business Confidence Monitor shows confidence at its lowest level since the third quarter of 2009, when the UK was still in recession, with firms seeing turnover and profit growth weakening […]

August 22, 2011 More
BAA reports 2.5% rise in July passenger numbers

BAA reports 2.5% rise in July passenger numbers

Airports operator BAA has today reported a rise in passenger numbers at its six British airports in July. BAA, which is majority-owned by Spain’s Ferrovial, said 11 million passengers flew from its UK airports during the month – a rise of 0.8% on an annual basis. Meanwhile, Heathrow, which is the UK’s main airport, saw […]

August 11, 2011 More
HSBC offloads US credit card division in $32.7bn deal

HSBC offloads US credit card division in $32.7bn deal

Banking giant HSBC has today announced it has disposed of its US credit card division to Capital One Financial, as part of a global strategic cost-cutting exercise. The announcement comes shortly after the bank said it would slash its underperforming US branch network by half and also announced it would axe 30,000 jobs globally in […]

August 10, 2011 More
BRC warn of riot costs to British businesses

BRC warn of riot costs to British businesses

The British Retail Consortium (BRC) has warned that the riots will cause significant harm to British businesses as they count the costs of stolen and damaged goods. The weekend riots in London have already spread to other parts of the UK and the BRC warned that retailers of all sizes had suffered damage. Prime Minister […]

August 9, 2011 More
ONS: UK retail sales post modest rise in June

ONS: UK retail sales post modest rise in June

Early summer sales on the High Street have led to a modest rise in retail sales, the Office for National Statistics (ONS) said today. According to the ONS, like-for-like sales excluding petrol rose 0.8% in May, while they were 0.2% higher on an annual basis due to heavy discounting. The figures were broadly in line […]

July 21, 2011 More