The boss of Sainsbury (J) (SBRY) has quit less than a year after he had to abandon his plan to merge the supermarket with Asda. Mike Coupe, who was caught singing ‘We’re in the Money’ on the day the proposed £14 billion deal was announced, will leave at the end of May after six years in charge. The 59-year-old is set to be replaced by head of retail and operations Simon Roberts, a former managing director of Boots in the UK. Since taking charge in 2014, Coupe has been paid £14.2m, and could earn up to £5.9m for the current financial year, but Sainsbury’s shares have fallen 33% on his watch. He will continue to receive his salary, worth £981,543 a year, until he departs, and holds 2.1m company shares, worth £4.4m.
Royal Bank of Scotland Group (RBS) insists its £100million digital challenger bank Bó remains a core part of its plans to compete for younger customers despite reports the offshoot’s chief executive will step down. The reported forthcoming departure of Mark Bailie in February raises questions over the future and direction of the bank – which RBS built from scratch – despite the fact it was launched less than two months ago. While RBS refused to comment on speculation over Mr Bailie, formerly the chief operating officer of RBS and now the chief executive of Bó, the part taxpayer-owned bank insists it remains part of its future plans, along with its new business-focused current account Mettle.
Wetherspoon (J.D.) (JDW) said it will spend £80million in the coming year on new pubs and refurbishments as the firm reported a 4.4% increase in like-for-like sales in the 12 weeks to 19 January. Total sales also rose by 4.9% in the first 25 weeks of its financial year to date as the company announced it expects full-year expenditure to be around £85million. But it predicts that its net debts will be higher than it previously forecast, at between £780million and £820million due to greater capital expenditure. Wetherspoon made the announcement in a trading update in which its chairman Tim Martin slammed ‘pro-Remain organisations,’ major shareholders like Blackrock and corporate governance (CG) rules for harming the firm. Martin castigated the Confederation of British Industry (CBI) and the Food and Drink Federation (FDF) for ‘doubling down on Project Fear stories’ related to Brexit regarding possible job losses and rising food prices.
Pets at Home Group (PETS) groomed over over 27,000 dogs in the week before Christmas, coining in cash from owners keen to get their pooches looking tip-top for the festive period. The pet store, which has expanded its operations into grooming and vet work, saw 6,000 dogs step into into its sites to get groomed in a single day on Christmas eve. Out of all the retailer’s 453 stores, Stockport was the busiest for dog grooming over the festive period, sharpening up the looks of over 250 dogs in the week before Christmas.
Berkeley Group Holdings (The) (BKG) plans to almost double its shareholder payout to £1 billion over the next two years, bringing a £13m windfall for its founder and chairman. Berkeley appears to have increased the payout after a rapid improvement in the outlook for builders in the wake of Boris Johnson’s resounding election victory. This has provided more clarity over Brexit, although a No-Deal exit from the EU could yet derail the sector.
