Today’s news in brief-6/3/24
Currys shareholder JO Hambro Capital Management urged the company to hold out for a £1bn offer amid takeover talks. Despite rejecting a bid from Elliot valued at 67p per share, Currys faces pressure to consider higher offers, with JOHCM deeming an offer between 80p and 100p per share as “acceptable”. This development reflects the complexities of navigating the current stock market landscape and underscores the importance of strategic decision-making for the company’s future.
Tesco announced a substantial investment of over £300m in increasing hourly pay rates for its employees by 9.1%. This move, agreed upon with the trade union USDAW, raises the hourly pay rate from £11.02 to £12.02, effective from April 2024. Alongside this pay increase, Tesco is enhancing employee benefits, including an increase in paternity leave and company sick pay entitlement.
John Lewis Partnership has unveiled plans to boost staff pay by 10% as part of a £116m investment. Minimum pay rates will rise to £12.89 in London and £11.55 per hour elsewhere from April 1st. This significant pay increase, the largest in the sector, underscores the company’s commitment to supporting its workforce amidst challenging trading conditions. Despite facing tough times, John Lewis Partnership is focused on implementing its turnaround plan while ensuring fair compensation for its employees.
THG PLC has initiated a philanthropic partnership with The Christie Charity to support cancer treatment and research. Through various fundraising activities involving THG employees, the aim is to raise £75,000, with THG pledging to match the funds raised, totaling an estimated £150,000. This partnership highlights THG’s commitment to social impact and community engagement, aiming to make a positive difference in the lives of cancer patients and their families.
M&S is rolling out fully recyclable takeaway coffee cups across its cafes, replacing plastic packaging with paper fibre cups. This initiative aligns with M&S’s broader environmental goals, following the successful removal of 75 million units of plastic packaging last year. By expanding the use of recyclable materials, M&S is responding to consumer preferences for eco-friendly alternatives and contributing to reducing plastic waste in its food business.
