Retail news round-up on May 16, 2014: B&M set to announce plans for £2bn IPO, Boots UK staff miss out on bonus, Tesco to pilot high-speed checkouts, Iceland’s Irish store growth stalls,
B&M poised to announce £2bn share listing next week
UK discount retailer B&M is set to announce plans next week for a share listing on the London stock exchange in a deal which could value the company at least £2bn, Reuters reported citing several people familiar with the matter. The company’s flotation plans come two months after another British discount chain Poundland had its London debut.
Boots’ UK boss and staff to miss out annual bonus
Pharmacy and beauty retailer Alliance Boots’ nearly 60,000 UK staff, including UK health and beauty boss Simon Roberts, are to lose out on annual bonuses after the business failed to meet profit targets, Express reported. Employees were told that no bonuses – normally thought to be between 1.5% and 8% of salary – would be paid this year, although a one-off payment would be awarded as a gesture of goodwill. The company declined to confirm how much but it is thought to be around 1%.
Tesco to pilot high-speed retail checkout system
UK retail giant Tesco is to pilot a new, high-speed retail checkout system made by NCR, Atlanta Business Chronicle reported. The new retail checkout system features new imaging technology from Datalogic that automatically finds the barcode on any side of the product without the need to orient the item on the conveyor belt. It is capable of scanning up to 60 items a minute. The pilot for the system includes four units at the new Tesco Extra 24-hour store in Lincoln, U.K.
Iceland’s Irish store openings held back by lack of sites
UK retail chain Iceland Foods’ founder Malcolm Walker says its aim to open between 50 and 60 new stores in Ireland is being held back by difficulties acquiring suitable sites. Walker said it was a ‘real problem’ that most empty retail sites in the country are under the control of banks and insolvency practitioners. He said the company had found it problematic trying to acquire sites previously controlled by insolvent businesses.
Morleys Stores taps David Hordle as new managing director
UK department store group Morleys Stores has poached David Hordle as managing director, Drapers reported. Hordle will replace David James, who will exit at the end of May. Hordle joins from Alliance Boots, where he has spent four years. His roles have included acting divisional director and regional manager, and he was latterly head of region.