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A £2.5bn merger of two housebuilding firms has been approved, after they allayed fears about the price of new homes in Shropshire and Cheshire.
The Competition and Markets Authority (CMA) had raised concerns that Barratt’s takeover of Redrow could affect the market in Whitchurch and nearby Nantwich.
The companies each have a large development in one of the towns, and have now agreed that remaining homes will be sold by an independent agent.
The merger of Leicestershire-based Barratt and Redrow, whose headquarters are in Flintshire, was announced in August.
The CMA had said there were no concerns about a monopoly nationally, but feared the deal could lead to higher prices and lower-quality homes for buyers in an area around Whitchurch, including Nantwich, Ellesmere and Market Drayton.
However earlier, it approved the merged firms’ proposal to appoint independent agents Savills to manage sales.
A CMA-approved monitor will also oversee undertakings to maintain Redrow’s build quality and service, on the Kingsbourne site in Nantwich.
Joel Bamford, executive director for mergers at the CMA, wrote that measures put forward by the companies represented “as comprehensive a solution as is reasonable and practicable”.
The firms expect to fully merge operations within 18 months, with efficiencies and cost savings due after three years.
These could net £90m a year, but with a one-off restructuring cost of about £73m.
Overlapping roles are expected to be cut, which could lead to the loss of about 10% of jobs across the combined business.
Barratt chief executive David Thomas, said: “With this combination, we have created an exceptional housebuilder in terms of quality, service and sustainability, able to accelerate the delivery of the homes this country needs.
“Our focus now is on integrating our businesses as efficiently and effectively as we can to deliver the expected benefits.”
AN iconic high street brand with more than 1,000 UK locations is set to shut a popular branch in a major blow to a town’s trade.
Argos will be closing its large store in Plymouth city centre this month, delivering another hit to the already struggling high street.
The standalone store in the former Derrys building on Royal Parade will close on the evening of October 17.
But a new Argos “store-in-store” will open the next day inside the nearby Sainsbury’s superstore at the Armada Centre.
Sainsbury’s, which acquired Argos in a £1.4 billion deal in 2016, has not yet commented on possible job losses, but reports suggest that up to 30 staff could face redundancy as part of the closure.
This is part of a broader trend, with Sainsbury’s gradually shutting standalone Argos outlets and relocating them inside its supermarkets.
Plymouth previously saw its New George Street Argos store close in 2016, with the Marsh Mills Sainsbury’s superstore hosting a replacement outlet.
With Argos sales falling, Sainsbury’s also discontinued Argos’ iconic printed catalogue in 2020 and has committed to closing 420 standalone stores by March 2024.
Since March 2023, 72 outlets have already shut, with 213 remaining.
Despite lower consumer demand for electronics and games, Sainsbury’s continues to expand its “store-in-store” Argos model, planning to close an additional 20 standalone stores this financial year while opening around 10 new in-supermarket branches.
Plymouth will retain another Argos store at Transit Way.
Argos, founded in 1972, became a high street staple with its catalogue-based model, and today operates around 1,230 outlets across the UK, including those inside Sainsbury’s.
While sales grew 1.7% to £4.23 billion in the year to March 2024, pre-tax profits dropped 15.3% to £277 million.
Argos has closed dozens of stores over the last two years.
The high street retailer has already closed 42 UK shops, including all 34 of its branches in the Republic of Ireland last June.
In July, Sainsbury’s issued a major update on plans to close more Argos stores.
FT Crossword: Number 17,860
CHRISTMAS is on the horizon, but the run-up to the festive season does not have to damage your finances.
The key to frugal festivities is organisation, pouncing on the best deals and not impulse-buying, according to experts.
Dani Whitehead, of the credit-building firm Loqbox, said: “Vendors know they can take advantage of high demand and last-minute shoppers. Do shopping early and avoid higher prices and queues.”
Harriet Cooke looks at key sales dates and other tips to spread the cost.
FOR chocolates and sweets, look for the supermarket loyalty scheme deals or multi-buy offers starting this month.
At the moment, Morrisons is selling two tubs of famous-name chocolates for £8.
Sarah-Jane Outten, of My VoucherCodes, said: “Many of the deals come to an end as soon as December kicks in.”
IT is not too early to draw up a list of potential gifts for loved ones, so you can monitor prices and get the best deals.
Shopping comparison site idealo.co.uk allows you to set up email alerts if your chosen items fall to a certain price.
There is a handy graph to show you the item’s lowest cost all year, giving you a target.
Only buy from reputable sites that you have heard of and trust, and never buy at full price.
FOR early gift-hunters, Amazon is holding a day of discounts and deals for Prime members, with brands including LG, Sony, Bose and Tefal.
A similar Prime Day in July saw a Ring doorbell and Amazon Echo bundle previously costing £145 reduced to £60.
Check the product’s price history on camelcamel.com to see how good the deal is.
PLAN your Christmas food delivery. Supermarkets typically open up their Christmas delivery slots in October and November, with
Sainsbury’s opening its bookings around mid-October and Tesco in early November. Bookings at Ocado, Asda and Morrisons are already open.
ON the hunt for kids’ presents? Check out supermarket toy sales. Sainsbury’s and Smyths are expected to be around mid-October, with discounted Lego, Barbie, Nerf, Hot Wheels, and Playmobil gifts up for grabs.
CHECK out the “Fragrance Star Gift” deals at Boots, with discounts on brands such as Boss, Jimmy Choo and Rabanne. Choo perfume, for example, is £33, down from £55, and CK One was £74, now £34.
It ends on October 22, but Boots will have discounts on health and beauty products all the way through November.
Never buy perfume or aftershave at full price and research its previous highest and lowest prices.
IF you are buying an advent calendar, particularly a pricey one containing toys, fragrance, books or booze, search online for discounts to avoid buying them at a premium on November 30.
For example, this week on Amazon you could get a Disney Princess advent calendar for £8, with an RRP of £21.99.
BLACK Friday is not officially until the end of the month, but the sales typically kick off weeks before.
Liz Hunter, of MoneyExpert.com, said: Black Friday’s reputation as the cheapest time for Christmas shopping is often overstated.
“In fact, a study by Which? found that just one in 50 Black Friday deals are at their cheapest price on the day of the sales extravaganza.
“So if you spot a good deal before Black Friday or Cyber Monday, grab it while you can.”
ANY Disney fans in the family? Check out the Disney Store website to get a code for 25 per cent off toys, such as this Mickey Mouse soft toy.
FOR sports-related presents, Adidas normally has 50 per cent off selected items around this time.
Later in the month, Nike has 25 per cent off for spending £50 or more.
MID to late November is a good time for getting in the festive booze, with supermarkets typically offering 1-litre bottles of Baileys for £10.
Morrisons, Sainsbury’s, Tesco and Asda usually offer 25 per cent off six or more bottles of wine, sparkling wine or prosecco around now.
GET an array of discounts on designer and high street clothing brands online.
The last week of November has previously seen French Connection doing 30 per cent off, Asos 80 per cent, Disney Store 30 per cent, Ralph Lauren 30 per cent, Urban Outfitters 50 per cent, Gap 20 per cent and Selfridges 20 per cent.
Some shops discount everything, but with others it is only selected items.
WITH one month to go, check your wrapping paper supplies before buying any more.
Amy Knight, of NerdWallet, said: “Reusing last year’s giftwrap leaves more money in the pot to buy the actual presents.”
IT’S Black Friday – the year’s biggest shopping day, with deals of up to 80 per cent off.
Cyber Monday offers another round of online discounts. If you are looking for tech for Christmas, such as a Fitbit or iPad, it is a good time to look, especially if you are prepared to buy an older model rather than the latest.
GET a letter from Santa by sending one to the big man himself at Santa/Father Christmas, Santa’s Grotto, Reindeerland, XM4 5HQ.
Include your full name and address and don’t forget to put a stamp on it.
MARKS & Spencer is likely to start its “12 Days of M&S” online daily deals, with discounts and freebies for members of its loyalty scheme.
Last year’s complimentary handouts included a box of chocs and an Apothecary reed diffuser, each worth £6, and Percy Pigs, which usually cost £2.
STARTING from the first Saturday of December and lasting for two weeks, American Express cardholders can normally get £5 cashback for a minimum spend of £15 or more at selected local businesses, normally including clothes shops and hairdressers, after registering their Amex card with the Shop Small website.
It is a great way to cut costs and helps your community.
THE last days for online Christmas orders are normally between December 16 and 20, depending on the retailer.
But do not leave it until then. In recent years, large delivery companies have struggled to clear the backlog of parcels before Christmas Day, so get orders in by early December.
SMYTHS Toys was running a three-for-two sale on board games about this time last year, so keep an eye out for another promotion.
MID-December and onwards presents the best opportunity for getting some bargain Christmas decorations. John Lewis, for example, normally does half-price on selected ones around now.
M&S tends to discount from early December.
DASH to the post box! It is the last day for sending Christmas cards by Second Class post, which costs 85p per stamp.
Send by this date or earlier, or you will need to pay for a First Class stamp, which rises to £1.65 on Monday, for which the last date to post in time for Christmas is December 20.
Don’t buy any Christmas dinner veg until supermarkets start slashing prices to 19p per kilo. This normally happens around now.
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FT.com will bring you the crossword from Monday to Saturday as well as the Weekend FT Polymath.
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A SMALL red berry drops off the branches shading me from the fierce afternoon sun.
If it hadn’t plopped directly into my glass of vermouth, I wouldn’t have noticed — as the band performing on the cobblestones before me had me fully engrossed.
This had become my typical afternoon routine at the peaceful Zoetry Wellness & Spa Resort, deep in rugged countryside on the Spanish island of Majorca.
When guests aren’t flopped by one of the two peaceful pools (which remain uncrowded even in the school holidays) or reading their getaway novel in a quiet corner by the old windmill, they can get stuck into loads of free activities including tennis, yoga or live music.
My friend Abbie and I chose to curl up on a cushioned sofa in the sun, sipping on the hotel’s own brand of delicious vermouth.
It would be rude not to, as this fortified wine is made by the resort’s star chef, Andreu Genestra, and can’t be bought anywhere else in the world.
This is part of the sustainable ethos at Zoetry, where much of the food is grown in the surrounding gardens, including on ancient trees — rich with juicy fruit and berries — dotted in between the old buildings.
One of its restaurants, also run by Genestra, was awarded a green star in recognition of its eco-friendly dishes — that is on top of its Michelin star.
Our 12-course tasting menu of elegant Majorcan-style dishes there was nothing shy of delicious.
My favourites included the best potato omelette I’ve ever tried and lentil risotto with ceviche shrimp.
If that all sounds too rich or fancy, don’t panic.
There are three other restaurants serving more casual dishes, from tacos and sushi to salads and fried fish.
This was my first visit to Majorca, and all I really knew of it was what I caught on snippets of ITV’s Love Island.
The panning landscape shots of rugged mountains and lush trees where one solo villa seems to stand isolated from the rest of civilisation looked quite appealing.
And, in all fairness, the lush Zoetry hotel wasn’t all that different, sat in a quiet corner, a 20-minute drive from the busy capital Palma.
But, to my relief, the place was not littered with bikini-clad singletons looking to “couple-up”.
If you are keen for a more lively atmosphere then you can certainly get that in Palma, but this resort is all about laid-back getaways with a touch of wellness.
After all, it was only 20 years ago that this secluded 14th century manor house belonged to a wealthy family, and the place has certainly kept an air of sophistication about it.
In fact, many of the original items found when renovating the home are still dotted around, including in the bedrooms, each of which is unique in shape and size and has its own story to tell.
The tiny cove is picture-perfect with the bluest waters, flanked by chalky hills and dotted with little sailing boats.
Our bedroom had a plush super-king bed and patio doors leading on to a leafy garden area with a cushioned sofa — the perfect spot for sipping a morning coffee in our robes and watching the birds peck at fallen berries.
Abbie and I had decided to stick to the wellness theme and instead of hiring a car, like many guests had, we explored the area on electric bikes, which can be rented on-site.
Zoetry is located right at the edge of one of Majorca’s popular cycle routes and the advantage of being in such a remote location meant we rarely needed to cycle with the road traffic.
Helmets strapped on, we pedalled along empty dirt tracks, past rolling vineyards and through a tortoise conservation area.
Luckily we spotted the small shells crossing the path ahead of us before whacking our e-bikes up to full speed.
After 30 or so minutes we reached the clifftop above the beach of Cala Pi, on the western side of the island.
Glancing down, I was sure we must have stumbled upon one of Majorca’s best-kept secrets.
The tiny cove is picture-perfect with the bluest waters, flanked by chalky hills and dotted with little sailing boats.
Ice cream stalls and restaurants selling beer and light bites sit above the beach, at the top of the cliff, although I’d recommend packing a picnic, which is what many of the locals around us had done.
We were grateful for choosing e-bikes over traditional ones on the return leg. Not for achey legs, but for speed.
If we pedalled fast enough, we would have time for one more vermouth before check-out.
Race you there, Abbie.
GETTING THERE: EasyJet flies to Majorca from Luton, Manchester, Newcastle and other UK airports from £14.99 each way. See easyjet.com.
STAYING THERE: Seven nights’ B&B at the Zoetry Wellness & Spa Resort in Majorca is from around £605pp, based on two sharing. See hyatt.com.
Brits can get a free breakfast this weekend – simply by getting their steps in and saying a secret codeword.
Chef & Brewer Collection pubs have linked with All Trails to guide Brits outside this autumn and help them work up an appetite.
The free breakfast offer is available at more than 130 Chef & Brewer Collection pubs nationwide every weekend for the month of October.
Customers are able to claim their free breaky between 9am and 11:30am every Friday, Saturday and Sunday.
However, they must first prove they’ve hit the pavement and worked up appetite by showing staff their step count and saying the secret code word.
Alternatively, guests can redeem by simply showing that they’ve downloaded the outdoor platform AllTrails.
Available for free through Apple and Google app stores, AllTrails provides route maps, reviews, and photos of more than 450,000 trails worldwide—including over 32,000 UK trails.
AllTrails is the world’s largest and most popular platform for outdoor exploration.
The offer follows research revealing seven in 10 Brits don’t know where their nearest local beauty spot is.
Thankfully, more than 75 per cent of Chef & Brewer Collection pubs are within walking distance for beauty spots and the best of British nature.
The breakfast offer comes as the pub brand partners with AllTrails to encourage Brits to reconnect with nature and enjoy the great outdoors with friends and family this autumn.
Kate Dell, senior marketing manager of the Chef & Brewer Collection, said: “There’s no better way to start or end a brisk autumn walk than with a delicious breakfast in front of a log fire.
“That’s why we’re offering customers a breakfast on the house and partnering with AllTrails to encourage the nation to explore the natural wonders of our British countryside.
“With pubs up and down the country, your nearest Chef & Brewer will be closer than you think.
“So, come on down to your local pub and fuel up on a free breakfast while enjoying the great outdoors. What more could you want?”
With charm and character in abundance, the Chef and Brewer Collection pubs are a collection of unique country-style pubs set in 152 beautiful locations across the country.
The relaxed pubs feature beautifully decorated interiors, seriously good pub food and expertly chosen drinks ranges, with the fine wines hand selected by award-winning wine buyers
To find your local Chef & Brewer Collection pub and view local walking routes, visit: https://www.chefandbrewer.com/
If you’re keen to get outside and start walking towards a free breakfast, then remember to say the secret code word “ALLTRAILS” to claim your delicious prize.
The offer is subject to availability and at Chef & Brewer pubs only and cannot be combined with any other offer, daily deal, promotion or discount. Redemptions are restricted to one per person for the month.
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