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Lidl finance chief steps down following £76m loss

Retail Gazette

Lidl UK finance boss Marco Di Costanzo has stepped down from his role, following a £76m loss from the discounter. The news comes as Lidl continues its aggressive expansion plan, having recently launched its biggest ever warehouse in Luton, costing £300m. Normally it’s the chief executive who has to leave.”

Finance 102
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Morrisons kicks off £1bn debt buyback plan

Retail Gazette

The deal gave the supermarket chain a 20% minority stake in MFG and established commercial and supply agreements with the fuel group. The debt-financing bill was 23% higher than the £593m incurred in 2022.

Planning 117
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Morrisons posts strongest like-for-like sales growth in three years

Retail Gazette

The supermarket saw like-for-like sales, excluding fuel, soar 4.6% Subscribe to Retail Gazette for free Sign up here to g et the latest news straight into your inbox each morning Morrisons CEO Rami Baitiéh said: “In January I outlined our plan to reinvigorate, refresh and strengthen Morrisons as we started our next chapter.

Grocer 113
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Lidl rapid expansion plans threatened as interest bill triples to £108m

Retail Gazette

Lidl’s UK operation is facing increased borrowing costs, posing a potential challenge to its relentless growth plan across the nation. Along with fellow discount rival Aldi, the grocers have stolen significant market share away from traditional supermarkets, with the pair accounting for £1 of every £5.50 spent in grocers.

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Asda’s Issa brothers borrow £7m more from EG Group to cover private jets

Retail Gazette

All loans have been fully disclosed in the EG Group accounts, and continue to be so. “These specific loans have been provided at rates comparable to the average commercial rate of interest, and that interest has been identified and recognised within EG Group’s finance income. These loans will be repaid in due course.”

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Coles signs up to Government’s voluntary emissions transparency report

Inside Retail

“The CERT report will add a new level of transparency and accountability for Australia’s largest companies’ performance against their voluntary emissions reduction targets,” Taylor said. “It The first report will be published in the second quarter of 2022, with only businesses that opt-in by the end of January to be tracked.

Finance 162
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Is Aldi and Lidl’s UK expansion slowing down?

Retail Gazette

Despite its grand expansion plans, last year Aldi UK boss Giles Hurley told The Telegraph he had been made to delay the grocer’s opening schedule as it faced a large number of planning objections from rival supermarkets. Retail Gazette looks at where discounters’ ambitious expansion plans stands now.