Sunday News Roundup
Yorkshire Provender doubles factory size, The young entrepreneur ready to make millions from broken phones, Tesco suppliers dragged into SFO investigation, The good times are coming, says ex-Tesco chief, 'Panic Saturday': shopping bonanza, Linley shake-up, Two more years of pain, warns Sainsbury chief
Fresh soup maker Yorkshire Provender is planning to double the size of its local factory to meet growing demand. The company has received £2.4m of funding to expand its site in North Yorkshire where its soups are made by 12 staff. The new facility, which is expected to be completed by next September, will employ 30 workers.
A young entrepreneur who set up an iPhone repair business while at university is looking to raise millions of pounds to help fund a high street expansion plan. Julian Shovlin, who taught himself how to fix phones during his business and economics degree, has already opened four iSmash stores in prime London locations.
Some of the world’s biggest consumer goods groups are to be dragged into the accounting scandal that has engulfed Tesco. The Sunday Telegraph understands that leading UK suppliers to Tesco, including Diageo and Unilever, expect to be interviewed by the Serious Fraud Office as part of its investigations into accounting practices at the toubled supermarket giant.
Mail on Sunday
Tesco's former chief executive Sir Terry Leahy has fuelled hopes of a more buoyant Christmas for the retail sector amid growing signs of an early recovery in the economy. Speaking exclusively to The Mail on Sunday, with just four shopping days to go before Christmas Day, the retail industry grandee said consumers are better off than a year ago, explaining that improving trends in wages and employment coupled with falling fuel prices are nurturing optimism. He said: ‘I think the consumer is feeling a little better.
Black Friday was followed by Panic Saturday as shoppers thronged town centres preparing to spend an estimated £1.2bn on last-minute gifts before Christmas Day. Special crowd-control measures were enforced at Birmingham’s New Street station, and stores across the country were forced to hire extra security in the wake of last month’s ugly scenes, when shoppers fought over access to bargains.
The design business founded by the Queen's nephew has poached the boss of Asprey, the luxury jeweller. Linley, which makes bespoke furniture and designs interiors for private jets and yachts, has hired Paddy Byng as its new leader. He replaces Anna Sweeting, a 30-year-old former hedge fund executive, who is understood to be in talks to join another retailer. Byng, 49, previously ran Smythson, the high-end stationer where Samantha Cameron is a consultant.
Supermarkets face up to another two years of pain as consumers continue to cut back and food price inflation disappears, the boss of J Sainsbury has warned. Mike Coupe said he had told shareholders to expect “extremely challenging” conditions for the foreseeable future. Data from the research firm Kantar Worldpanel this month showed prices across the industry down 0.7% year-on-year, with Asda, Morrisons, Sainsbury’s and Tesco trying to react to the rising popularity of the German discounters Aldi and Lidl.
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