Retail news round-up on March 7, 2016: Tory MPs against Sunday trading extension, Morrisons' complaint against Aldi ad and Jigsaw eyes sale.
Sunday trading extension faces revolt from Tory MPs
Several Tory MPs are preparing to revolt against the Government’s plans to relax Sunday trading laws, Sky News reported.
David Burrowes, the Conservative MP for Enfield Southgate, claims dozens of ministers and parliamentary private secretaries (PPSs) are threatening to quit or abstain over plans to allow shops to open for longer on Sundays.
"There are 23 Conservatives who have signed up to stop the Government's plan to deregulate Sunday trading for large shops and more lined up to oppose or abstain including ministers and PPSs," he said.
Morrisons has complained to the Advertising Standards Authority (ASA) over Aldi’s latest advert claiming to be 30% cheaper than nearest rivals.
Morrisons has lodged a complaint to the Advertising Standards Authority (ASA) against Aldi’s ‘anti-Price Crunch’ advert.
The supermarket retailer said Aldi’s latest ad that claims to be 30% cheaper than rivals is unfair given its comparison of Aldi’s own-brand products to those of branded goods in other supermarkets.
The ASA spokesman confirmed to The Telegraph that Morrisons, and others, “challenged whether Aldi's comparison of exclusive own-brand products with premium branded products during Morrison's 'Price Crunch' is misleading and presents an unfair and unrepresentative price advantage.”
Sir Philip Green offers to contribute to BHS's pension deficit
Sir Philip Green is thought to have offered to contribute £40m in cash to BHS’s stricken pension scheme and to hand over the £40m in loans that the retailer owes to Arcadia, according to The Sunday Times.
Talks are understood to be continuing between his representatives and BHS’s advisers.
The Pension Protection Fund (PPF), the safety net for the pension funds of failed companies, is assessing the implications for the company’s 20,000 existing and prospective pensioners.
If the fund is taken over by the PPF, its 14,000 members who have not yet retired will lose at least 10% of their entitlements.
Jigsaw owners explore potential sale
Fashion retailer Jigsaw is understood to have held discussions with City financial advisers including investment bank Rothschild in recent weeks about a possible sale of the business, according to The Sunday Times.
The sale, likely to be worth more than £50m, would hand a windfall for the high street chain’s owners – John and Belle Robinson.
The duo are believed to be eyeing a sale of a majority or minority stake, or a float, the newspaper said citing sources.
An adviser is yet to be appointed.