Up-to-date coverage of the latest events in UK retail.
Sainsbury’s warns suppliers over no-deal Brexit tariffs
Sainsbury’s has warned its suppliers that they will be expected to pay for import tariffs that could arise from a no-deal Brexit.
According to The Sunday Times, the grocer’s food commercial director Paul Mills-Hicks has written to suppliers asking for confirmation that they would continue to deliver goods with delivery duty paid (DDP), even in the event of a no-deal Brexit.
Delivering goods with DDP means that suppliers pay transport costs, including tariffs, which could jump as high as 46% on cheese and 40% on beef imported from the EU, should the UK leave without a deal.
Sainsbury’s said the letter “simply confirms our existing arrangements”.
Ted Baker to tap City for cash
Ted Baker bosses are preparing to tap up investors for a cash injection as it seeks to shore up its finances.
The retailer’s boss Lindsay Page, outgoing finance boss Charles Anderson and commercial director Phil Clark will kick off a week-long roadshow following Ted Baker’s half-year results on Thursday, according to The Telegraph.
Ted Baker declined to comment on the suggestion that the business could be seeking to tap the City for finances.
Goals accounting hole could be ‘materially’ bigger
Goals Soccer Centres has warned the shortfall in its accounts could be “materially higher” than the £12m it previously revealed.
The embattled business, which is the subject of a £4m takeover bid from Mike Ashley’s Sports Direct, admitted there had been a misdeclaration of VAT.
But it said that “due to the identification of improper behaviour on the part of a small number of individuals historically within the company” it is yet to find out exactly how much it owes to HMRC.