BrewDog to close six pubs due to spiralling costs and 'no prospect of help from clueless government' - Sky News

BrewDog has announced it will close six of its pubs, blaming spiralling costs and a "clueless government".

The craft beer firm will shut the Hop and Anchor in Aberdeen, Smithfield Market Arms in London, Hop Hub in Motherwell and its BrewDog bars in Dalston, east London; Old Street, east London; and Peterhead, Scotland.

James Watt, founder and chief executive of the company, said in a LinkedIn post that the hospitality sector faces "sheer 'rabbit in the headlights' paralysis of this zombie government" as rocketing costs threaten the future of many pubs, restaurants and bars.

Cost of WFH v commuting outlined - cost of living latest

He said it was "heart-breaking" to lose the six pubs but added: "Reality in the hospitality space is starting to bite and bite hard. And the government needs to get a grip, now.

"If nothing happens, the UK looks set to lose half of its pubs and bars and all the millions of jobs these locations provide, as well as the vital role they play in local communities."

A spokesman for the company said staff at the affected pubs had been redeployed in other venues, and no jobs would be lost.

It comes just two weeks after BrewDog opened its largest bar in London's Waterloo station, with Mr Watt saying this location had received more than 20,000 visitors since then.

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However, he said it was important not to let this success "blind us all to the reality we as a sector are facing", adding that he had no choice but to close the six pubs.

Read more on Sky News:
'Nobody expected to be hit with this crisis': Hospitality businesses call for urgent VAT cut
Who is going on strike in August and September - and for how long

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"I warned a few weeks ago, costs are rising to such a degree, with no prospect of any help from a clueless government, that these very difficult decisions have to be made," he said.

"It was going to be simply impossible to get these bars even close to financial viability in the foreseeable future. We had no choice but to close them.

"I am so, so happy that due to the strength in other parts of our bar estate, every single person has been offered a role in a separate bar nearby, so there will be no job losses. But I pray this is not a sign of things to come."

It comes a day after trade group UKHospitality called on the government for urgent support, including VAT cuts, to prevent "tens of thousands of job losses".

The call was backed earlier in August by Manchester's night time economy adviser Sacha Lord and chef Simon Wood, who both said government needed to cut VAT for hospitality businesses.

At the time, Mr Wood said the energy bill for his restaurant WOOD Manchester had gone from £6,000 a month to £16,000.

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2022-08-31 16:59:35Z
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Asda confirms plans to buy 132 Co-ops as part of plans to open corner shops... - The Sun

ASDA has confirmed plans to open buy 132 Co-op sites across the country.

The supermarket giant said the move is part of its plans to open more local, convenience stores.

Asda confirms plans to buy 123 Co-opsCredit: Getty

The deal includes 129 retail sites with attached petrol stations, plus three development sites.

Around 2,300 workers currently employed by Co-op stores will transfer to Asda's employment following the completion and transition period.

Asda say its new stores will be located nationwide and will see the supermarket create "new and distinct format in the convenience market."

The Sun has approached Asda for the full list of Co-ops included in the plans.

READ MORE IN MONEY

Mohsin Issa, co-owner of Asda, said: “We have always been clear in our ambition to grow Asda and are hugely excited to create this new and distinct part of our business, giving us the opportunity to bring Asda value in fuel and groceries to even more customers and communities across the UK."

Asda will pay £438 million in cash and take on around £162 million of lease liabilities as part of the deal.

The final amount set to be confirmed on completion later this year.

The Co-op Group say the petrol forecourts being sold to Asda make up 5% of its retail estate, which contains 2,564 stores.

Earlier this month, Asda announced it is to remove the "best before" dates from almost 250 fresh fruit and vegetable products from tomorrow.

Co-op also announced it was to scrap use-by dates on its yogurts.

It comes after Waitrose and Marks and Spencer removed the dates form hundreds of fresh products.

Tesco lead the way when it got rid of them in from more than 100 items in 2018.

Read More on The Sun

We've also revealed the three things you should always buy at Asda.

The Sun has also put together a guide to the little-known supermarket discounts you should be taking advantage of.

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2022-08-31 16:26:18Z
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Food prices in August rose at the fastest rate since 2008, says British Retail Consortium - Sky News

Food prices rose at their fastest rate since 2008 in August - up 9.3% after a 7% increase last month.

The figure comes from the British Retail Consortium (BRC) and NielsenIQ index, which blamed the Ukraine war and its effect on the price of animal feed, fertiliser, wheat, and vegetable oils.

Fresh food prices were 10.5% higher than last August, up from the 8% annual increase recorded in July, with products such as milk and margarine seeing the biggest rises.

Shop price annual inflation also increased to 5.1% in August, up from 4.4% in July, and is now the highest since 2005 when the BRC index started.

The rise in food prices is one of the key drivers of inflation, which hit 10.1% in the 12 months to July, up from 9.4% in June, according to the Office for National Statistics (ONS).

Some analysts believe it could exceed 18% next year, when more huge energy price rises are set to kick in.

BRC chief executive Helen Dickinson said the outlook was "bleak for both consumers and retailers", but that businesses would support people through "discounts to vulnerable groups, expanding value ranges, fixing prices of essentials, and raising staff pay".

More from Business

But she said mounting costs meant "there is only so much they can shoulder".

"The new prime minister will have an opportunity to relieve some of the cost burden bearing down on retailers, like the upcoming increase in business rates, in order to help retailers do more to help their customers," added Ms Dickinson.

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Data earlier this month showed workers had suffered a record real-term wage slump, prompting millions of public sector employees to vote for what could be the biggest wave of strike action since the 1970s.

Mike Watkins, head of retailer and business insight at NielsenIQ, said: "Inflation continues to accelerate and shoppers are already cautious about how much they spend on groceries, with a fall in volume sales at supermarkets in recent months.

"We can expect this level of food inflation to be with us for at least another six months but hopefully some of the input cost pressures in the supply chain will eventually start to ease.

"However, with further falls in disposable incomes coming this autumn as energy costs rocket again, retail spend will come under pressure in the all-important final quarter of the year."

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2022-08-31 01:07:52Z
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Rail strike: Staff at nine train companies to stage 24-hour walkout in September, TSSA union says - Sky News

Staff at nine train companies will take part in a 24-hour strike starting at midday on 26 September, the TSSA union has said.

The industrial action is over pay and working conditions, the union said, and will also include Network Rail, the owner of Britain's train infrastructure.

TSSA said it remained in discussion with National Rail over the possibility of a settlement that would avoid the strike.

But union boss Manuel Cortes blasted Transport Secretary Grant Shapps on Wednesday morning, saying that he was getting in the way of real progress.

"The dead hand of Grant Shapps is sadly stopping DfT train operating companies from making a revised, meaningful offer," Mr Cortes said.

"Frankly, he either sits across the negotiating table with our union or gets out of the way to allow railway bosses to freely negotiate with us, as they have done in the past."

The train companies likely to be involved in this strike include the TransPennine Express, West Midlands Trains, Avanti West Coast, c2c, CrossCountry, East Midlands Railway, Great Western Railway, LNER and Southeastern.

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Along with Network Rail, TSSA said that these train operators would be at the centre of September's walkout.

This summer has been hit by a wave of strikes across multiple sectors, as workers protest low pay, job cuts, and poor working conditions that they say are a hangover from the pandemic.

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2:59

Rail strikes cause disruption

Earlier this summer, an RMT strike became the largest British rail industrial action in 30 years.

This was followed shortly after by a TSSA walkout, which it said was the first rail industry-wide action taken by the union in more than a generation.

Now, with TSSA planning to strike again in September, Mr Cortes called on the government to allow train operators to return to the negotiating table with a "revised deal which improves on the insulting 2% offer which was rejected earlier in the summer".

Unions across the country are trying to negotiate pay increases for their members which keep pace with surging inflation.

Britain's rate of inflation hit a fresh 40-year high in August, causing more pain for cash-strapped households as the cost of living crisis worsens.

The Consumer Prices Index (CPI) rose to 10.1% in the 12 months to July, up from 9.4% in June and remaining at the highest level since February 1982, the Office for National Statistics (ONS) said.

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2022-08-31 06:29:48Z
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Eurostar to axe direct trains between London and Disneyland Paris due to Brexit - Sky News

Eurostar will no longer operate its direct train service between London and Disneyland Paris from 5 June next year.

The company said it wanted to focus on its core routes, including London - Paris and London - Brussels, as it recovers from the impact of the COVID pandemic and faces the consequences of Brexit.

A spokeswoman for Eurostar said: "We have taken the decision not to run the direct Disney service between London and Marne-la-Vallee in summer 2023.

"Whilst we continue to recover financially from the pandemic and monitor developments in the proposed EU Entry Exit system, we need to focus on our core routes to ensure we can continue to provide the high level of service and experience that our customers rightly expect."

From next year, arrivals from outside the European Union and Schengen areas will have to have their fingerprints scanned and a photo taken to be registered on to a database.

The spokeswoman added: "Passengers can still enjoy high-speed rail travel between London and Disneyland Paris, via Paris or Lille."

She said customer bookings would not be affected as tickets were not yet on sale beyond 5 June, adding that options for 2024 would be re-examined during the coming year.

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London St Pancras to Marne-la-Vallee - a station next to Disneyland Paris which is to the east of the French capital - takes just two hours and 24 minutes.

'Hoping for pragmatic thinking and practical solutions'

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The route has operated since 1996, apart from a suspension during the pandemic.

Julia Lo Bue-Said, chief executive of Advantage Travel Partnership, a network of more than 700 UK travel agents, said the news would be "disappointing for many".

"Eurostar has suggested that they have taken this decision based on the logistical implications of Brexit, which doesn't surprise me.

"The reality is that Brexit has removed the ability for Brits to travel freely across Europe, and has taken away the seamless and frictionless travel that we all enjoyed prior to leaving the EU.

"Given that the UK is an important source market to Disneyland Paris, I am hoping that some pragmatic thinking and practical solutions will entail, similar to those implemented by Spain at some of its Spanish airports, allowing Brits to use the e-gates on entry."

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2022-08-30 19:43:45Z
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Pubs warn of closure as energy bills face 300% rise - BBC

Pubs across the UK will be forced to close due to energy costs soaring by as much as 300%, brewery bosses warned.

Leaders of six of the country's largest breweries called on the government for "immediate government intervention" on sky-high energy bills this winter.

The landlord of one pub in Essex told BBC his energy costs had risen from about £13,000 a year to £35,000.

Pub owners said the energy crisis would cause "real and serious irreversible" damage to the industry without support.

The pub and brewery owners from six companies - JW Lees, Carlsberg Marston's, Admiral Taverns, Drake & Morgan, Greene King and St Austell Brewery - sit on the board of the British Beer and Pub Association (BBPA).

In an open letter to the government, they urged immediate intervention, including a support package and a cap on the price of energy for businesses.

Rocketing energy bills come at a time when the number of pubs in England and Wales is falling, hitting the lowest level on record, 39,970 in June, according to analysis.

• Energy bills could break firms, warns ex-chancellor

Simon Cleary, who runs the Plough in Great Chesterford, Essex, said his gas and electricity bills have nearly tripled to £35,000 a year.

It means the pub now needs to generate a further £1,800 in takings per week to cover the costs.

"It really is that bad," he told the BBC. "I think it's going to be really tough unless there is intervention from the government."

Empics

Chris Jowsey, boss of Admiral Taverns which has 1,600 pubs, said his tenanted pubs now pay more in energy bills than they do in rent.

He told the BBC that one of his tenants wrote to him saying he was leaving after 20 years due to his electricity bill going up 450% - an increase so large he couldn't pass onto pub customers.

The Department for Business, Energy and Industry said "no government" would be able to control the "global factors pushing up the price of energy and other business costs".

"But we will continue to support the hospitality sector in navigating the months ahead," a spokesman added. The government said it was providing a "50% business rates relief for businesses across the UK, freezing alcohol duty rates on beer, cider, wine and spirits and reducing employer national insurance".

'Incredible to wait for new PM'

The government has previously said no policy will be announced until the new prime minister is announced on 5 September.

Mr Jowsey said that he had personally raised the issue of high energy prices with ministers more than six months ago.

"I find it incredible that we have to wait for one person to get elected before we actually get some decisions and some policy which will protect not just jobs, not just people's livelihoods, but also their homes because remember most people that run pubs in this country actually live above the shop," he said.

Nick Mackenzie, the boss of Greene King - one of the UK's largest pub groups, with over 3,100 pubs - said the company could face "the prospect of pubs being unable to pay their bills, jobs being lost and beloved locals across the country forced to close their doors".

He added they would mean all the support given to pubs through the pandemic to stay in businesses "could be wasted".

Meanwhile, William Lees Jones, of JW Lees, said the government needed to extend the energy cap to business as well as households.

Energy price cap

On Friday the energy regulator Ofgem, which sets the price cap on household bills, said it would rise by 80% in October.

But unlike households, businesses aren't covered by a regulated energy price cap, meaning bills are even higher.

Aside from bills, breweries also highlighted a possible shortage of carbon dioxide (CO2) which is used in the production of beer.

CF Industries, the UK's largest CO2 producer, recently announced that it would temporarily stop production at one of its plants because rising energy prices made it too expensive to continue.

Andrew Taylor, managing director of Mr Fox a bar in Croydon, said although his electricity and and gas bills were growing, cooking oil had trebled in price and food costs were "massively starting to climb".

He said the business was absorbing a lot of the price hikes but warned eventually he would have to pass on costs to customers.

It is incredibly concerning," he added.

Emma McClarkin, chief executive of the BBPA, warned that the rise in energy bills would cause more damage to the industry than the pandemic did if it didn't receive support in the next few weeks.

According to Altus, who compiled the report, 400 pubs in England and Wales closed last year and some 200 shut in the first half of 2022 as inflation started to eat in to profits. That brought the total number of pubs down to its lowest since Altus's records began in 2005.

Are you a publican or a brewer? Are you struggling with the rising cost of energy? Share your experiences by emailing haveyoursay@bbc.co.uk.

Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways:

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If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.

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2022-08-30 07:41:11Z
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Tories rush to drill for more oil in North Sea - The Times

Liz Truss will approve a series of oil and gas drilling licences in the North Sea in one of her first acts as prime minister as part of a long-term plan to ensure Britain’s energy security.

Senior allies of the Tory leadership frontrunner have been putting together her response to the energy crisis, with average annual household bills due to rise to £3,549 from October.

Kwasi Kwarteng, the business secretary, and Jacob Rees-Mogg, the Brexit opportunities minister, have been meeting oil and gas companies to negotiate a deal to secure energy supplies this winter. The pair have a two-pronged approach that involves securing more gas from Norway while maximising domestic production.

There is a scramble across Europe for dwindling supplies. Ursula von der Leyen, president

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2022-08-29 23:01:00Z
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Undeclared pools in France uncovered by AI technology - BBC

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The discovery of thousands of undeclared private swimming pools in France has provided an unexpected windfall for French tax authorities.

Following an experiment using artificial intelligence (AI), more than 20,000 hidden pools were discovered.

They have amassed some €10m ($9.9; £8.5m) in revenue, French media is reporting.

Pools can lead to higher property taxes because they boost property value, and must be declared under French law.

The software, developed by Google and French consulting firm Capgemini, spotted the pools on aerial images of nine French regions during a trial in October 2021.

The regions of Alpes-Maritimes, Var, Bouches-du-Rhône, Ardèche, Rhône, Haute -Savoie, Vendée, Maine-et-Loire and Morbihan were part of the trial - but tax officials say it may now be rolled out nationwide.

There were more than 3.2 million private swimming pools in France in 2020, according to data website Statista, with sales already booming before the Covid pandemic.

But as more employees worked from home, there was a further surge in pool installations.

According to Le Parisien newspaper, an average pool of 30 sq m (322 sq ft) is taxed at €200 ($200; £170) a year.

The tax authorities say the software could eventually be used to find undeclared home extensions, patios or gazebos, which also play a part in property taxes.

Antoine Magnant, the deputy director general of public finances, told Le Parisien: "We are particularly targeting house extensions like verandas.

"But we have to be sure that the software can find buildings with a large footprint and not the dog kennel or the children's playhouse," he added.

The crackdown comes after Julien Bayou, of France's Europe-Ecology Greens party, did not rule out a ban on new private pools.

Speaking to BFMTV, he said that France needs a "different relationship to water" and that the ban would be a "last resort".

"The challenge is not to ban swimming pools, it is to guarantee our vital water needs," he said.

His comments come as France tackles with its worst recorded drought that has left more than 100 municipalities short of drinking water.

In July, France had just 9.7mm (0.38 inches) of rain, making it the driest month since March 1961, the national weather service Meteo-France said.

Irrigation has been banned in much of the north-west and south-east of France to conserve water.

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2022-08-29 21:00:12Z
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Asda eyes deeper push into convenience with £450m Co-op fuel retail swoop - Sky News

Asda is preparing to accelerate a long-awaited move into Britain’s convenience store market with a £450m swoop on the Co-op Group’s petrol forecourt business.

Sky News has learnt that Asda is the leading contender to buy the mutual's fuel retailing arm, which includes a sizeable convenience operation.

Sources said a deal could be struck as soon as this week, although they cautioned that parties other than Asda remained interested in the Co-op assets.

If Asda does win the auction, it would take the privately owned supermarket chain deeper into an area of Britain's food retailing market which has historically been elusive.

Asda, which changed hands last year in a £6.8bn deal, has a fledgling convenience format called Asda on the Move, but is a bit-part player in that market compared to Tesco and J Sainsbury.

Formerly owned by Walmart, Asda is now owned by the Issa brothers and TDR Capital, who also control EG Group, one of the largest independent fuel retailers in Europe.

People close to the Co-op process confirmed that it was Asda, and not EG Group, that was in talks to buy the assets.

More from Business

Last week, Sky News revealed that the Co-op was working with bankers at Rothschild to explore a sale of its estate of roughly-130 petrol forecourt sites.

The proceeds from the sale would be used to reduce the mutual's debt pile, strengthening its balance sheet, while providing capital to invest in digital capabilities across other areas in which it operates.

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News of the prospective sale came days after the company announced the appointment of Shirine Khoury-Haq as its first female chief executive.

The group, which is best-known for its supermarkets and funeralcare operations, is striving to reduce its borrowings at a time when inflationary pressures and deteriorating economic backdrop are expected to hamper its profitability.

If the sale of the fuel retailing arm goes ahead, it will be the latest in a series of divisions to have been offloaded by the Co-op over the last decade.

It previously disposed of its chain of pharmacies and travel shops, while it is no longer a shareholder in the Co-operative Bank following a number of crises which almost led to its collapse.

Other petrol retailers have also explored sale processes in recent months, although a £4bn auction of Motor Fuel Group is unlikely to proceed for the time being because of the state of debt financing markets.

Asda and the Co-op both declined to comment on Monday.

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2022-08-29 17:11:27Z
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Ericsson to Exit Russia, Cut Staff – Kommersant - The Moscow Times

Swedish telecom equipment maker Ericsson will finalize its Russia exit and cut staff this year, signaling further problems for Russian network coverage upkeep, the Kommersant business daily reported Monday.

Ericsson’s headquarters in Stockholm had informed its Russian unit last week that it will shut down and employees will be fired by the end of 2022, Kommersant reported, citing unnamed telecom industry sources.

Ericsson employs 565 people in Russia, according to corporate data.

The company vowed financial and social support to outgoing staff, Kommersant reported, and said it will complete the phaseout in the coming months “as it fulfills its obligations to customers.”

At least two top Russian mobile operators, MTS and Tele2, had major contracts with Ericsson prior to Russia’s invasion of Ukraine. Ericsson’s share of the Russian telecom equipment market is estimated at about 20%.

Russian mobile operators now face shortages of equipment for Ericsson’s base stations, which are no longer available under warranty, and the discontinuation of tech support for Ericsson software, Kommersant said, citing Russia’s state-owned defense and technology conglomerate Rostec.

Experts told the publication that Ericsson could either create a separate legal entity for tech support, or Russian mobile operators could hire its outgoing staff to maintain equipment.

Ericsson suspended Russian business and put employees on paid leave in April over Russia’s invasion of Ukraine. Its Finnish rival Nokia pulled out of the Russian market the same month, while Chinese telecom giant Huawei temporarily suspended new orders and furloughed Russian staff in fear of secondary sanctions.

The three companies account for nearly three-quarters of the global base station market.

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2022-08-29 06:27:00Z
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A year of free wine is on offer for customers who help retailer with a pretty unusual request - Sky News

A wine retailer is offering a year's supply to thirsty customers who help find the perfect venues for new stores.

Majestic - which currently has 201 shops nationwide - says it has a wish list of 76 locations across the UK, and plans to continue expanding despite the cost of living crisis.

Chief executive John Colley said: "We are calling on the UK's wine lovers to help us find sites so that we can offer more people a place to taste and discover new wines, beers and spirits with guidance from our expert staff."

The company opened new outlets in Haywards Heath and Godalming earlier this month, and was bought by the private equity firm Fortress for £95m in 2019.

Majestic recently reinstalled tasting counters to help shoppers discover new wines that had been removed under the chain's previous ownership.

Despite online shopping rising in popularity during the pandemic, and the cost of running physical stores surging, Mr Colley added: "None of us have a crystal ball, but we remain optimistic despite tighter consumer budgets as wine is still something people want to enjoy and savour.

"Customers are returning to physical stores with enthusiasm, seeking out the advice of our expert staff to discover the real value in their wine choices."

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Cost of living: State pensioners set to be left with less than £11 a day from April as energy bills soar - Sky News

People relying on the state pension could be left with less than £11 a day to live on from next April because of the soaring cost of energy, according to Sky News analysis.

A leading charity working with older people said it is "seriously worried" and called on the government to step in urgently.

According to Sky News analysis the full state pension is likely to rise to £10,600 from April next year, if inflation remains at 10.1% in September when rates are fixed for 2023-24.

But the consultancy group Cornwall Insight predicts the typical energy bill will also soar in April to £6,616.

That would mean gas and electricity costs would account for 62% of the state pension, leaving older people with just £10.92 a day for food, transport and other essential living costs.

Independent Age, which provides advice and support to older people, said: "We're seeing more and more calls every day to our helpline from people who are just desperate, who really don't have any idea how they're going to pay their bills in the autumn and winter.

"They are talking to us about things like switching their fridge off overnight to try and save electricity.

"We're seriously worried. It's going to be devastating for a lot of people."

The full "new" state pension is paid to people who have reached retirement age since April 2016.

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1:33

'People will suffer and die' this winter

People who reached retirement age before then receive a basic state pension, which is topped up based on lifetime National Insurance contributions.

Under the triple-lock, both the basic and full state pensions increase by the highest rate of inflation, wage growth or 2.5%. The amount for 2023-24 will be set by next month's inflation rate.

But inflation is expected to continue rising over the winter, reaching 18.6% in the spring, according to financial services company Citigroup, far outpacing the pension increase.

Energy prices will go up even faster.

New analysis by the University of York given to Sky News shows that pensioners and larger families will be hardest hit by the rise in energy costs, with 90% expected to be in fuel poverty by January.

Tony O'Brien worked in an office for 40-odd years and managed to put away a little in savings when times were good. But even that's not enough to give him the retirement he was hoping for.

"I mean, I could get a second job, but it might well kill me," he said.

"I've got health issues, diabetes and various injuries from over the years with the back and knees, so it wouldn't be easy for me to get another job.

"It would be possible, but would probably shorten my existence."

Image: Liz Truss is reportedly considering a 5% cut in VAT

The 4.5 million people fortunate enough to be retiring on private sector pensions are likely to see incomes drop, with a potential hit of £25,000 over their lifetimes because of the soaring living costs.

The XPS pensions group warns that annual inflationary rises in defined benefit pension schemes, which are common in the private sector, are typically capped at 5%, a third of the expected inflation rate.

That would mean the average 66-year-old retiree on a private sector pension could miss out on £1,200 a year, XPS said.

Public sector workers are unaffected because their schemes do not have caps on inflation rises.

Writing in the Mail on Sunday, Boris Johnson said the cost of heating is already "frightening" and future rises in bills will be "eye-watering".

He has been criticised for failing to outline further support, but said his successor will deliver significant measures.

The frontrunner to be the next prime minister, Liz Truss, is reportedly considering a cut in VAT of 5% and allowing people to earn more before paying income tax.

But neither she nor Rishi Sunak have given any public details of how they will help people cope with the spiralling crisis.

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2022-08-28 17:26:15Z
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Joules' rescue talks with Next stumble after latest profit alert - Sky News

The struggling fashion chain Joules' hopes of securing a lifeline from the high street behemoth Next have hit a stumbling block days after it issued a fresh profits alert.

Sky News has learnt that the two companies are not close to agreeing the terms of an investment from Next more than three weeks after confirming they were in discussions.

City sources said this weekend that Next had not received sufficient financial information to enable it to make a formal proposal to the Joules board.

There were also doubts that the clothing retail giant would be prepared to proceed with a deal at 33p-a-share or more - Joules' valuation when the talks were revealed by Sky News earlier this month.

Since then, shares in the company have continued to slide, closing on Friday at just 25.5p.

In a statement on Sunday, a Joules spokesperson said: "Joules continues its positive discussions with Next plc about both adopting its Total Platform services to support its long-term growth plans and a potential equity investment.

"There can be no certainty that these discussions will lead to any agreement, and further announcements in this regard will be made if and when appropriate."

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One insider said a deal was still possible, but that time was running out to agree a transaction.

Joules said earlier in August that it was aiming to secure an equity investment of about £15m, although the company now has a market value of just under £30m following a calamitous fall in its share price.

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It also said the deal would take place "at no less than Joules' current market price".

One insider suggested there was "no way" that Next chief executive Lord Wolfson would agree to pay a premium for a stake in Joules.

Nine days ago, it told the stock market that trading in the five weeks since the end of its financial year had "softened materially" and that it would deliver a loss bigger than previous market expectations.

It also announced the appointment of Jonathon Brown, a former John Lewis and Kingfisher executive, as its new CEO.

If a deal is successfully completed, it would make Joules the latest high street beneficiary of Next's financial and operational muscle.

Next has struck joint ventures with brands including Reiss and Victoria's Secret in recent years, while it also recently agreed a deal to take outright ownership of the baby products retailer JoJo Maman Bebe alongside hedge fund Davidson Kempner.

Joules, which trades from approximately 130 stores and employs more than 1,000 people, has endured a difficult time as inflationary pressures hit the retail sector.

Last month, it hired KPMG to assist with efforts to improve "profitability, cash generation and liquidity headroom".

It subsequently said it had agreed an extension to banking facilities with its principal lender, Barclays, that would place restrictions on its ability to pay dividends.

EY is advising Next on its talks with Joules.

Joules has been listed on the London stock market since 2016, having been founded in 1989 when Tom Joule began selling clothes from a country show stall in Leicestershire.

Mr Joule is now a non-executive director of the company.

Joules plans to announce full-year results in October.

A deal with Next would require the approval of Joules' shareholders.

Next declined to comment.

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Port of Felixstowe strike workers enter final day - BBC

Jamie Niblock/BBC

Almost 2,000 workers have entered their final day of industrial action at the Port of Felixstowe in Suffolk. How do people who live and work in the area feel about the action taken by the dockers at UK's largest container port?

'Good luck to them'

The Port of Felixstowe is internationally significant, handling almost half of the container freight entering the UK - around four million containers a year from 2,000 ships.

But its importance is also "massive" for the local area and economy, says retired tug driver Jon Cowell.

The 66-year-old, who supports the dockers' strikes, says he has seen the port "emerge from a tiny little dock bay to what it is today".

He says without the port, the Edwardian seaside town "wouldn't be anywhere near as vibrant or as busy as it is today".

"The seaside does good business but that's only during the summer. During the winter it can be a bit bleak around here but at least you've got money coming into the community and that's keeping the majority of our shops open," he says.

Mr Cowell, who lives near the high street, says shift work at the port is "onerous to say the least" and the workers have been "having below inflationary pay rises for about 10 years now".

"Good luck to them, the company has made an awful lot of money over the years... I think all of the people who are making a lot of money out of it now have got plenty of it to be spreading it around with the fellas who do the dock work and make it what it is today," he says.

'It's hard to make everybody happy'

Meanwhile Jade Hurn, who works in Felixstowe, says it is difficult to give a true opinion without knowing all of the details.

The 26-year-old estate agent says: "It's hard to make everybody happy but if you make the majority of people unhappy, they are going to say something about it and that's what has happened."

She added: "It's hard to have an opinion on every single level of role that's affected by it unless you know what everybody is earning and what everybody's lifestyle is like, and the people who do know that sort of information are the people who don't really have to strike."

Miss Hurn says she has been affected by the increased cost in fuel, describing the price as "ridiculous", as she travels from her home in Stowmarket to work in the coastal town.

She says if everybody could get a pay rise in line with inflation, which is what the dock workers are calling for, "that would be great".

"But that's not to say they don't deserve it because we haven't got it, if they can get it good for them."

'They don't need to strike'

But as far as postal worker Dan Jacobs is concerned, the dockers are "paid enough".

The 47-year-old from Felixstowe is one of the thousands of postal workers who started their four days of industrial action on Friday.

Royal Mail postal workers are also walking out on 31 August and 8 and 9 September.

"There are strikes across the board, these strikes, rail strikes and I'm a postman and we're striking but I think the dock strikes are unnecessary as I think they get paid enough," says Mr Jacobs.

"The average wage of a docker is over £40,000, I get paid at the moment, because I'm only on a 25-hour contract, £15,000 or £16,000 a year and I can live on that.

"So if they're being paid double that, they don't need to strike, do they?"

He adds: "I wish we didn't have to strike but because we've been offered 2% we need to, but the dockers have been offered 7% and I think they should accept it."

Royal Mail said the Communication Workers Union (CWU), which represents the postal workers, had rejected a pay rise offer "worth up to 5.5%" after three months of talks.

The union has called for Royal Mail to increase wages to an amount that "covers the current cost of living".

Why are the port workers striking?

PA Media

Members of the union Unite who work at the Port of Felixstowe are on their eighth and final day of industrial action.

It is the first time in 30 years that dock workers have gone on strike.

Striking workers include crane drivers, machine operators and stevedores, who load and unload ships.

Unite's national officer, Robert Morton, says members wanted an "increase to match inflation and not to come back with anything less".

He adds: "I don't think 7% is a particularly generous offer in relation to the company's profits."

The company says the average wage of workers is around £43,000 but Mr Morton says some of the union's members were on £20,000 a year, so the "figures don't equate".

• Port strikes could hit toy industry, say retailers
• Port disruption 'could escalate until Christmas'
• Workers at key UK port to strike for eight days

Paul Davey, a spokesman for the port which is owned by CK Hutchison Holding Ltd, says the strike action is "unnecessary".

"The offer we've made to them is worth £3,500 extra this year in their pockets and the strike Unite has called is actually going to take the thick end of £1,000 out of each of their pockets," he says.

"We will talk if they suspend the strike and they are committed to finding a resolution."

Find BBC News: East of England on Facebook, Instagram and Twitter. If you have a story suggestion email eastofenglandnews@bbc.co.uk

Related Internet Links

• Port of Felixstowe

• Unite

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2022-08-28 06:33:16Z
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