By Alec Mattinson2021-04-09T07:42:00+01:00
The boss of the Co-operative Group has defended keeping £65m of taxpayer support despite its profits rising 429% last year and increasing bonuses for bosses (The Times £). The Co-operative Group has come under attack from supermarket rivals for its decision to keep £66m of business rates relief it received during the pandemic despite posting a leap in profits and paying out executive bonuses (The Telegraph). The Co-operative Group said it would repay about £15m of furlough scheme assistance that it received from the UK government, but has reiterated its refusal to return £66m of business rates relief (The Financial Times £). The Co-operative Group is to repay £16m in furlough payments to the government, but will hold on to more than £66m in business rates relief despite announcing a surge in profits during the pandemic (The Guardian). The Co-op will pay bonuses to top bosses despite holding on to £66million of taxpayers’ cash a
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Co-op s creates a rod for its own back over refusal to repay coronavirus rates relief
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By Edward Devlin2021-04-08T07:46:00+01:00
Deliveroo’s shares perked up on their first open day of trading, although the improvement was clouded by a strike by hundreds of its delivery riders (The Times £).
More than 200 Deliveroo couriers joined a demonstration in London, riding their bicycles and mopeds from the Deliveroo HQ in central London, according to the strike’s organisers, the Independent Workers’ Union of Great Britain (The Guardian).
Deliveroo drivers reveal the human cost of Will Shu’s ambition to become Britain’s food delivery king (The Telegraph).
Deliveroo shares staged a mini fightback as they traded freely for the first time following what has been dubbed London’s worst stock market debut (The Mail).
By Ronan Hegarty2021-04-08T12:04:00+01:00
Co-op defended its position on rates relief by differentiating itself from the major grocery retailers
Co-op will not be following the lead of the major supermarkets in handing back around £66.5m in business rates relief it received last year, but stopped claiming the government support as of last month.
The society confirmed today it would pay back £15.5m, relating to monies it received from the government’s furlough scheme, but defended its position on rates relief by differentiating itself from the major grocery retailers – who collectively handed back over £2bn last year.
It claimed that although its 3,400 food stores were able to remain open throughout the pandemic, it has incurred a disproportionate increase in costs associated with doing so compared to larger supermarket businesses.