Food wholesaler Bestway has acquired the retail arm of beleaguered Conviviality in a £7 million deal that includes Bargain Booze. Around 2,000 jobs are understood to have been safeguarded as part of the deal, which was conducted via a pre-pack administration process. A pre-pack involves a pre-arranged buyer cherry-picking the best assets of a company at a knockdown price. Bestway, founded and chaired by billionaire Sir Anwar Pervez, will also seize control of Wine Rack, WS Retail and Select Convenience. PwC handled the sale and administration process. Conviviality confirmed its intention to appoint administrators last week after a string of profit warnings and the discovery of a £30 million tax bill, putting over 2,600 jobs at risk. Bestway is one of Britain’s biggest food wholesalers serving thousands of retailers, as well as owning the Well pharmacy chain. Conviviality’s retail arm operates more than 800 stores. On Wednesday, Magners owner C&C snapped up … [Read more...] about Bargain Booze jobs saved as chain is acquired by Bestway
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The US created 103,000 jobs in March
The US created 103,000 jobs last month as growth slowed following a strong February that had trumped expectations. This time round, the news wasn't quite so bright, as analysts had been looking for March non-farm payrolls to come in at around 190,000 keeping the six-month average around 186,000. David Morrison, senior market strategist at GKFX, had said that would paint a "very healthy" picture, with unemployment at 4.1 per cent. Instead, US job gains were the smallest in six months. Read more: US job openings smashed expectations last month Unemployment had been forecast to dip slightly to four per cent, but held steady at 4.1 per cent, the US Bureau of Labor Statistics said today. Employment increased in manufacturing, health care and mining, while retail trade and construction dipped. There was a slight pick up in wage growth, with average hourly earnings rising by eight cents to $26.82, so over the year average hourly earnings have risen by 71 cents or 2.7 per cent. Fiona … [Read more...] about The US created 103,000 jobs in March
US employers add 103,000 jobs in March, fewest in 6 months
U.S. employers added a modest 103,000 jobs in March after several months of bigger gains, though the government's overall jobs report suggests that the labor market remains healthy. The Labor Department said Friday that the unemployment rate remained 4.1 percent, a 17-year low, for a sixth straight month. Average hourly pay ticked up, climbing 2.7 percent compared with a year earlier. Hiring has accelerated since last fall, defying expectations that a shortage of workers would make it harder for companies to fill open positions. Employers have added a healthy average of 211,000 jobs a month in the past six months. Still, hiring in January was revised sharply lower to 176,000, while February's figure was revised higher to a blockbuster 326,000. Overall, the revisions lowered job gains in those two months by 50,000. The U.S. economy appears fundamentally healthy, with the recovery from the 2008-2009 Great Recession now the second-longest expansion since the 1850s, when economists began … [Read more...] about US employers add 103,000 jobs in March, fewest in 6 months
Construction Boom Drives Canadian Jobs Gain Beyond Expectations
By April 6, 2018, 8:30 AM EDT A surge in construction hiring led bigger-than- expected employment gains last month in Canada, keeping the unemployment rate at the lowest in four decades.Canada added 32,300 jobs in March, Statistics Canada reported Friday, more than half of which were in construction. The unemployment rate was unchanged at 5.8 percent, matching the lowest in records back to 1976. Annual wage gains averaged 3.2 percent in the first three months of 2018, the strongest quarterly pace since 2015.The numbers are consistent with a tight labor market with little slack left after Canada’s strong economic performance last year prompted a hiring boom. Economists estimate Canada’s “normal” levels of monthly job growth are about 15,000 to 20,000.Wages have been showing some signs of strength in recent months as the labor market tightens. Annual pay increases accelerated to 3.3 percent in March from 3.1 percent in February. Wage gains for permanent … [Read more...] about Construction Boom Drives Canadian Jobs Gain Beyond Expectations
Bargain Booze goes into administration putting 2,000 jobs at risk
Bargain Booze’s retail arm has collapsed into administration putting 2,000 jobs at risk. The chain, owned by Conviviality, has five outlets in Plymouth and another in Saltash. The firm's administrators have stressed talks with potential buyers are still ongoing and more than 800 stores are still open around the country. They are operating under brands including Bargain Booze and Wine Rack, but the jobs of at least 600 of Conviviality’s directly employed staff hang in the balance if a deal can’t be struck. That number rises to around 2,000 jobs when accounting for Conviviality's franchise employees. Bargain Booze has outlets in Mutley Plain, Embankment Road, Ham, West Park and Plympton, but some of these are understood to be franchises. Accountancy giant PwC, which has been appointed administrators for Conviviality, said: “Conviviality Plc continues to engage with parties interested in its retail business, which continues to trade under the names of Bargain … [Read more...] about Bargain Booze goes into administration putting 2,000 jobs at risk