M&S staff face £60m bonus
Marks & Spencer is expected to announce its 70,000 permanent staff will share a £60m bonus after the retailer saw better-than-expected performance.
From The Sunday Telegraph
Somerfield sale leads to legal dispute
The £1.6bn sale of the Somerfield convenience store chain has attracted a legal dispute from a company controlled by Vivian Imerman claiming it is owed millions from the sale. Imerman is the former brother-in-law of Robert Tchenguiz, who controlled part of the Somerfield business.
From The Observer
Takes rules out Northern Rock
Tesco has ruled itself out of the Nothern Rock takeover and outlines plans for its own branded bank offering current accounts and mortgages in UK and abroad.
From The Guardian
Morrisons negotiates with suppliers over promotions
Morrison’s is starting negotiations with suppliers to fund in store promotions in a bid to keep up with rivals now food prices have stopped rising.
Warm weather could make retailers discount
Unusually mild winter weather has left retailers trying to sell heavy winter knits while the sun shines. It could mean higher levels of discounting.
M&S shareholders raise concerns over CEO hunt
Some of Marks & Spencer’s biggest shareholders have raised concerns that the retail chain would be better placed to find a new chairman to replace Sir Stuart Rose, before finding a new chief executive.
Blair in talks with Tesco over Middle East
Former Prime Minister Tony Blair is said to be in talks with Tesco to help the chain open stores in the Middle East, for a £1m payout. Blair is a peace envoy in the region. Blair’s proposed role was thought to involve acting as a figurehead for Tesco to break into the Middle East market.
From The Financial Times
KPMG appointed as Threshers administrator
First Quench, which owns the Threshers off-license chain, appointed administers KPMG to find potential buyers on Friday. US-based restructuring specialist Gordon Brothers is thought to be interested.
Black’s Leisure faces pressure from creditors
Outdoor clothing retailer, Black’s Leisure, is facing pressure from creditors said to be unhappy with restructuring proposals and the prospect of a coup by a former chairman.
Pawnbrokers in merger talks
Pawnbrokers Albemarle & Bond and H&T, have held initial merger talks that could mean the formation of the UK’s largest pawnbroking business, with 252 outlets, valued at more than £230m.
From The Mail on Sunday