Housebuilder Barratt Developments is set to acquire its smaller rival Redrow in a deal worth £2.5 billion. However, the merger will result in job losses for some employees. Around 900 workers, which is approximately ten percent of the combined workforce, are expected to be laid off. The two companies have a total of 92,345 planned homes and the capacity to build over 22,000 per year. While construction site workers will be unaffected, overlapping roles will be cut and several offices may be closed.
Barratt set to dominate the market
Barratt Developments is already the largest housebuilder in the UK, and this acquisition will further strengthen its position in the sector. The company's executives claim that the deal will expedite the delivery of much-needed homes in the country. The merger is subject to approval from shareholders and the financial watchdog. A vote is expected to take place in mid-May, with completion targeted for the second half of the year.
Co-op calls for change in shoplifting laws
Co-op, the UK supermarket chain, has suggested that a change in the law is necessary to combat store crime. Criminology professor Emmeline Taylor argues that shopworkers require greater legal protection. Co-op reported over 300,000 incidents of shoplifting, abuse, violence, and anti-social behavior in its stores last year. The company has invested more than £200 million in recent years to enhance safety measures in its shops and communities.
UK musicians receive funding for international exposure
British musicians will receive £1.6 million in support to promote their music overseas. The UK has been losing ground to stars from South Korea and Latin America. The government's Music Export Growth Scheme (MEGS) has already supported artists such as Rina Sawayama, Dave, Jungle, Kae Tempest, and Ezra Collective. Business Secretary Kemi Badenoch announces additional funding for the scheme, aiming to showcase new acts and bolster Britain's share of the global music market.
Sainsbury's focuses on food
Supermarket chain Sainsbury's plans to reduce its offering of general merchandise and clothing to make room for more food products. CEO Simon Roberts wants the company to be the go-to destination for groceries. Sainsbury's also intends to open 75 new convenience stores as part of its "Next Level Sainsbury's" strategy, expand electric vehicle charging points, and improve its Nectar loyalty card program. The grocer aims to save £1 billion over the next three years through technology and artificial intelligence investments.
Asda workers to strike over working conditions
Employees at an Asda store are planning a 48-hour strike due to claims of a "toxic" working environment. The GMB union reports that its members rejected a company offer aimed at resolving the dispute in Gosport, Hants. GMB officer Nicola Nixon emphasizes the importance of a safe and respectful work environment for employees. Asda states that it has been working to find a fair solution to the issue.
PZ Cussons faces losses due to currency devaluation
Soap-maker PZ Cussons experienced a loss of £94.2 million in the six months leading up to December, compared to a profit of £40.5 million the previous year. The company attributes the loss to a currency devaluation in Nigeria, its largest market, resulting in foreign exchange losses of around £88 million. PZ Cussons' CEO Jonathan Myers acknowledges the challenges faced but highlights the successful turnaround of the company's UK business.
Halifax reports continued increase in UK house prices
The average house price in the UK rose by £3,785 in January, marking the fourth consecutive month of increases, according to Halifax. The report states that house prices increased by 2.5% over the year, the highest annual growth since January 2023.
Pandora reports record revenues, plans store expansion
Jewelry company Pandora announces record revenues of £3.2 billion in 2023. The company has been working on transforming its brand perception to be known as a full jewelry brand rather than just for charm bracelets. Pandora sold 107 million pieces of jewelry last year, prompting plans to expand its store network. The company aims to open up to 275 additional concept stores and up to 225 in-store sites by 2026.
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