Finance Extra for the UK and Spain

Finance Extra for the UK and Spain

ASDA: Retailer's market share fell during second quarter of 2024 Credit: CC/Keith Evans

Asda dip ASDA was the only major supermarket in the UK to experience a decline during the 12 weeks ending on June 9, with a 4 per cent drop-off in sales according to market data company Kantar.  The market share of the chain owned by Mohsin Issa fell from 13.7 per during the same period in 2023 to 12.8 per cent this year.

Election holdup THE Financial Conduct Authority (FCA), which was scheduled to publish the findings of its review into the “debanking” of politically-exposed persons (PEPs) by the end of June, will not do so until July.   ‘We do not think it is appropriate to publish the review during the pre-election period,” the City watchdog explained.

Think again THE International Monetary Fund (FMI) warned Spain that the windfall tax on banks and energy companies introduced during the cost-of-living crisis, should be “limited and temporary” or, if permanent “designed to minimise possible distortions. The tax could also “discourage investment”, which was already weak, the FMI said.

New owner STOCKBROKER Hargreaves Lansdown announced that it was ready to “unanimously recommend” its £5.4 billion (€6.4 billion) takeover  by a consortium headed by the CVC private equity group.  The London company has now extended the deadline for the consortium to make a firm offer by July 19.

Going public FAMILY-OWNED Barcelona-based bakery company Europastry plans to go public  by listing on the Spanish stock exchange and putting 25 per cent of its shares on the market.  The IPO offer will include new shares valued at around €225 million as well as existing shares, with the Galles family retaining control of the company.

Not yet TENDAM, which owns Cortefiel, Women’s Secret and other labels, has dropped plans for an imminent listing on Spain’s stock market and will wait until after the summer.  The company aimed for a market value of €2.5 billion but sources quoted in Spain’s financial media hinted that potential investors were not overly-interested in the offer.

Down again INFLATION in the UK last May slowed to the Bank of England’s 2 per cent target for the first time since 2021, down from 2.3 per cent in April, the Office for National Statistics announced.  Core inflation, which does not include volatile items like food, alcohol, tobacco and energy, fell from 3.9 per cent to 3.5 per cent.

Special offer SAINSBURY’S will pay NatWest £125 million (€148 million) to take on the supermarket chain’s banking business with approximately one million customer accounts.  The deal does not include the Sainsbury Bank’s brand, its cash machines, insurance or travel money divisions.

Drink up IDILIA FOODS, owner of ColaCao drinking chocolate and Nocilla chocolate spread, is buying a 50 per cent stake in milkshake brand Cacaolat from the Damm beer company. No mention was made of the sums involved although the two companies will jointly manage Cacaolat.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca province and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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