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Company news in briefThe company news in brief. Co-op Group plan to relocate headquartersConsultations with the Co-operative Group have begun after the society announced its intention to move out of its Manchester headquarters. The move is unlikely to happen for the next two years. National officer Sharon Ainsworth said: "Our members will naturally be concerned at this news, but I want to reassure them that we are in full consultation with the society and have been assured that we will be kept informed of any developments as they arise."The Group expects to move to other premises in the city centre or in the Greater Manchester area.
Supermarkets okThe big four grocery chains have emerged unscathed from the latest government inquiry into the industry.The Competition Commission's preliminary report said that in most areas the UK groceries market was delivering 'a good deal for consumers'.
Pools mergerLittlewoods Pools (owned by Sportech) and Vernons Pools (owned by Ladbrokes) will merge after the Competition Commission gave the all-clear for Sportech to buy its rival.
Tesco growthHalf-year profits at Tesco grew by more than14 per cent in the six months to October to £1.32bn.This was despite poor summer weather dampening sales and slowing growth. Tesco also warned that it faced a tougher year following this year's interest rate rises.
Morrisons boomsSupermarket group Morrisons has almost doubled its half-year profits despite tougher market conditions. Pre-tax profits jumped to £266m from £134m for the same period last year.
Next faltersHigh street chain Next has posted falling underlying sales and has warned retailers face a frosty Christmas. However the company is confident it will meet its full-year profit forecasts.
Dairy price fixThe big four supermarket chains, Tesco, Asda, Sainsbury's and Morrisons, colluded to keep the price of dairy goods artificially high, a government watchdog has found.The Office of Fair Trading said the price-fixing deal meant consumers were over-paying for milk, cheese and butter by an estimated £270m. A spokesman said: "This kind of collusion on price is a very serious breach of the law."  Printer Friendly Page  Email to a Friend
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