Category: <span>Markets</span>

Compass Group profits slump as Covid keeps office canteens closed
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Compass Group profits slump as Covid keeps office canteens closed

Sales and profits have slumped at the catering firm Compass Group as the pandemic kept canteens closed at factories, offices and schools. Operating profit fell to £290m in the six months to the end of March, down 65% from £817m a year earlier, while revenue was down almost a third to £8.6bn. However, the figures were an...

Sainsbury’s hires Paula Nickolds to take charge of clothing and homeware
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Sainsbury’s hires Paula Nickolds to take charge of clothing and homeware

Sainsbury’s has hired the former boss of John Lewis Paula Nickolds to take charge of its near £8bn clothing and homewares division, in a move that underlines it ambitions to make its larger outlets feel like department stores. Sainsbury’s said Nickolds, who will join its operating board, would be responsible for the commercial success of its £7.8bn general merchandise...

Sainsbury’s slumps to £261m loss on back of Covid costs
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Sainsbury’s slumps to £261m loss on back of Covid costs

Sainsbury’s has dived to a £261m annual loss despite booming sales of groceries during the pandemic, as it spent millions of pounds on protecting staff and customers from the coronavirus. The UK’s second biggest supermarket said it had spent £485m on special bonus payments for staff who worked through the pandemic, extra staff to cover those...

Barnsley posts UK’s strongest growth in job opportunities
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Barnsley posts UK’s strongest growth in job opportunities

Northern and Midlands towns with sprawling warehouse distribution centres have emerged as the places in Britain with the strongest growth in job opportunities as the economy exits lockdown. Reflecting the online shopping boom during the pandemic, data compiled by the jobs website Indeed and the Centre for Cities thinktank showed that Barnsley, Mansfield and Stoke-on-Trent –...

MusicMagpie plans £208m flotation on London stock market
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MusicMagpie plans £208m flotation on London stock market

MusicMagpie, the online reseller that specialises in secondhand tech such as smartphones and games consoles, has announced plans for a £208m flotation. The initial public offering of MusicMagpie, which was founded in Stockport in 2007 and also has operations in the US under the Decluttr brand, is expected to raise £95m for selling shareholders. After the listing...

UK consumers need clear idea of cost of EU purchases, Which? says
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UK consumers need clear idea of cost of EU purchases, Which? says

Consumers in Britain should be given a clearer idea of the costs they face when buying from EU retailers following Brexit so they are not left with unexpected fees or scammed, the consumer group Which? has said. Since the transition period ended, many customers buying from the EU have faced bills for VAT and, when the item has...

UK restaurants and pubs see surge in bookings for planned reopening
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UK restaurants and pubs see surge in bookings for planned reopening

Restaurants and bars with outdoor seating say bookings are at unprecedentedly high levels before a possible reopening next Monday, with people eager not to miss their first chance to eat out since lockdown was imposed. Some venues have invested vast amounts of money to accommodate guests outside before the government’s planned reopening of outdoor hospitality...

‘We’ve been sold a dud’: small firms suffer decline in post-Brexit exports
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‘We’ve been sold a dud’: small firms suffer decline in post-Brexit exports

Small businesses have reported a marked drop in exports to the EU as another company bemoaned the post-Brexit “nightmare” of delivery delays and increased costs. The Federation of Small Businesses (FSB), a lobby group, said 35 of the 132 exporters it surveyed had temporarily suspended trade with the EU or stopped it permanently. One in...

UK shift to local shopping could last beyond pandemic
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UK shift to local shopping could last beyond pandemic

Small local grocery stores and online retailers are likely to benefit from permanent changes in shopping habits after a year of Covid-19 restrictions, according to a report one year on from the first lockdown. More than nine in 10 of people who have shopped locally say they will continue to do so, a survey by...

Silicon Valley’s Stripe valued at $95bn after fundraising
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Silicon Valley’s Stripe valued at $95bn after fundraising

The digital payments firm Stripe has been valued at $95bn after a funding round that makes the company the most valuable private business to come out of Silicon Valley. The company, which is dual-headquartered in San Francisco and Dublin, raised $600m (£430m) from investors including Ireland’s National Treasury Management Agency (NTMA), Allianz X, Axa, Baillie Gifford, Fidelity Management...