Asda is to buy Netto, the discount food chain, in a move that will add 193 stores to its estate.
The group, which is owned by the US retailer Wal-Mart and is Britain’s second-biggest supermarket chain, has agreed to buy the stores for £778 million from their Danish owner, Dansk Supermarked.
It expects to complete the sale this summer, unless the Office of Fair Trading objects, and to finish refurbishments under the Asda brand by the middle of next year. Read more »
The UK pharmacist Alliance Boots has reported over £1bn in profits, only the third ever UK retailer to do so.
Its trading profits rose 12.7% to £1.07bn on the back of a strong performance in its wholesale health beauty and pharmaceutical sales.
Revenue for the year up to March 31 rose 9.6% to £22.5bn. Read more »
Royal Bank of Scotland has said it is to cut a further 2,600 UK jobs over the next year.
Most of the losses are in its insurance division, with 600 posts going at the head office of its retail banking arm.
The bank has been trying to cut costs since the massive government bail-out to save it from collapse in 2007, which left RBS 84%-owned by the taxpayer.
It had already announced almost 23,000 job losses across its business worldwide since the bail-out. Read more »
Comments Off 
