E.ON Job Cut
Energy supplier E.ON is to close a call centre with the loss of 600 jobs in moves to streamline its customer service operations.
A further 200 posts will go from elsewhere in the company. Unions have called on the government to step in to prevent the closure of the call centre in Rayleigh, Essex.
The company continues to make massive profits. They have no need to make these outrageous cuts.
JD Wetherspoon Sales Down
The big freeze knocked down sales at JD Wetherspoon pubs as drinkers stayed at home.
All 744 outlets remained open during the snow but, with reduced footfall, the company’s sales for the 12 weeks to January 17th were down by 0.3% on a year earlier. The weather also caused higher levels of spending on repairs but Wetherspoon said this was offset by a year-on-year fall in energy costs.
Overall, the company announced that it was confident in its prospects for the financial year to July 25th.
Junk Mail Help UK Mail
A jump in the amount of junk mail helped Royal Mail rival UK Mail to a better-than-expected rise in revenues. UK Mail said group sales for the three months to December 31 were 4% higher than the same period in 2009, helped by Growth in both its mail and parcels businesses.
A spokesman said that the company, which delivers mainly for clients such as banks, ‘definitely saw a pick up in volume’ after Royal Mail strike.
Britvic See Rise in Sales
Britvic has seen an 11% rise in sales, to £242.7 million.
The company said British and international sales of fizzy drinks were up by 20% in the three months to December 20 which offset a dip in the Irish market.
However, Britain’s second biggest fizzy drinks supplier warned its second quarter performance was likely to show a relative slowdown in sales. It said that the bad weather this month had affected demand and sales during the same period in 2009 were very strong.
Pet Store Snapped up by Private Equity Giant
UK’s biggest pet store is being snapped up by private equity giant Kohlberg Kravis Roberts. Pets at Home owner, Bridgepoint Capital, agreed to sell to KKR for a reported £950 million.
Cheshire-based Pets at Home, which has more than 250 stores and 4200 staff, will join a stable of KKR retail investments, including Alliance Boots and Toys R Us. Pets at Home, which also runs 54 veterinary centers, has enjoyed strong growth and been weighing up a sale or flotation for several months.
As well as pet food, the winter chill saw a 70% surge in demand for dog coats, while sales of rabbit hutch covers also rose.
Investment in Commercial Property across Europe Indicate 42% Rise
Commercial real estate investment has risen 42% in Europe in the past quarter, compared with the previous quarter to the highest level ever since the collapse of Lehman Brothers in 2008. According to the property consultancy, more than €25.7bn of property deals were done in the fourth quarter of 2009, which doubled the levels being traded in the first two quarters of the year, according to CB Richard Ellis. This is the highest quarterly trade ever since the collapse of Lehman Brothers and the beginning of the sharpest point of the property slump. The data support anecdotal evidence of a rush back to property investment by a range of institutions after a bounce in values in markets such as the UK ever since the summer. The rise in fourth quarter activity brought total 2009 turnover to €70bn, still lower than the €121bn recorded in 2008. Almost every European market saw an increase in investment activity in the fourth quarter. The UK took by far the largest share of the new investment, with more than a third spent on British property. Investment in the UK rose 64% in the second half compared with the first six months of the year. The next largest market was Germany, which accounted for about 15% of investment activity. The fourth quarter is generally one of the busiest periods owing to the rush of deals being completed towards the end of the year, although CBRE said the turn round was expected to be sustained into 2010. The upturn in investor interest began in the most important European markets but was spreading further in the region. The strongest growth occurred in central and eastern Europe, an area traditionally seen as higher risk than more established markets in western Europe, though the pick-up came from a lower base. There was also significant increase in cross-border investment in the second half of the year. German open-ended funds alone spent more than €1bn in December, with at least 13 acquisitions across seven markets. Sovereign wealth fund from outside Europe also contributed to the rise in activity.
It is a Case of US and Them
The sale of Cadbury to food giant Kraft in the US is another example of corporate short-termism. It may be fine for Cadbury’s board members and shareholders, but to fund the huge acquisition, there will be thousands of British jobs losses to pay for it inevitably.
The sooner we have a government that retains the industries that are so vital for future generations, the sooner we’ll be able to rebuild the economy of this once great nation. But with inevitable job and industry losses like that of the Cadbury deal, sadly we have no chance.
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