Business
FT Crossword: Number 17,892
FT Crossword: Number 17,892
Money
Supermarket chain with 2,500 UK sites is to close town centre store in DAYS as shoppers sob ‘it’s a huge loss’
SHOPPERS have been left devastated after a supermarket chain with 2,500 sites across the UK prepares to shut a beloved town centre store.
Locals have described the shock decision to shut the doors of the popular branch as “a huge loss” for the town centre.
The local Co-op store in the Meadows, Nottingham is set to finally pull down the shutters for the final time tomorrow.
The well-known shop was a mainstay in the Bridgeway Shopping Centre for over 50 years.
Co-op haven’t given a reason for the closure but said it was a “difficult decision”.
The store’s final day of trading will be Saturday, November 16.
A spokesperson for Co-op confirmed the closure saying: “Co-op regularly reviews its stores. In addition to opening new stores we sometimes, and only after careful consideration, have to take the difficult decision to close a store.
“With the expiry of the lease our store in the Bridgeway Centre will close.
“Colleagues, who have been informed, are being fully supported with every effort being taken to offer alternative positions in the area.
“We would like to thank the community for its support of this store.”
Local David Cooksy previously told how he was left “disappointed” when he heard the store was closing down.
David, 85, and his wife Heidi, 82, have been regular Co-op customers since the 50s in the Meadows.
He told the BBC: “It’s convenient. It’s a convenience store, that’s what it’s called and now it’s not going to be here.
“It’s always been here. I go back to the 50s in the Meadows and there’s always been a Co-op.”
Laney Neilson, 24, said the branch was a favourite for older locals including her grandparents due to its prime location in the town centre.
She said the closure has made many pensioners “quite upset” with the nearest store no longer being in walking distance.
The next closest Co-op stores for shoppers in the area are on Station Street and Trent Bridge in Nottingham or Trent Boulevard in West Bridgford.
Meadows resident Aparna Valsala, 33, added: “You see so many people come here in the morning – it’s a loss to the community.”
It comes after news that Central Co-op would be offloading almost 20 food stores in various locations across middle England.
However, in a boost for shoppers the same branches are being sold to two retailers and will reopen under their brand names.
Three of the food stores will reopen as B&M branches, while the remaining 16 are being sold to Samy Limited.
The independent convenience chain currently runs 32 Budgens, Spar, Londis and Premier stores across the UK.
Central Co-op said the 19 branches had been “financially unsustainable for some time”.
HIGH STREET CLOSURES
Several high-street retailers have been struggling to get by over the past few years.
The pandemic was a tough blow as many stores had to close during lockdown.
Since then energy costs have risen and more shoppers than ever are choosing to order online rather than head into stores.
This has left some remaining retailers grappling with budgets and having no choice but to close stores to cut costs.
For the most part, supermarkets have braved the storm as they provide essential items like food and drink.
But other retailers have been less fortunate The Body Shop is currently going through administration and announced plans to close half of its 198 stores.
Boots announced it would be closing 300 stores over the next year as part of plans to evolve its brand.
M&S has also confirmed store closure and openings with plans to ensure it has the best store locations.
Business
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Money
Major supermarket to sell tubs of Christmas chocolates including Celebrations and Quality Street for just £2 tomorrow
A MAJOR supermarket is set to sell tubs of Christmas chocolates for a shockingly low £2.
Morrisons is dropping the price of four of its tubs from November 15 until November 21.
However, shoppers can only pick up the cut price choccies if they are signed up to the retailer’s More Card scheme and spend a minimum of £45 in-store.
Savvy savers can only get a maximum of one of each tub too.
The tubs up for grabs include 550g-600g Quality Street, Cadbury Heroes, Celebrations and Roses.
The offer is running nationwide for just six days, with shoppers able to save 66% on the tubs.
All four tubs currently cost up to £6 for shoppers.
The new offer from Morrisons means it is offering the cheapest price for all four Christmas tubs out of the major supermarkets.
Aldi is the next cheapest option for 550g boxes of Celebrations, which is selling them for £4.49.
Meanwhile, Sainsbury’s is selling 550g tubs of Roses for £4.50 to Nectar Card customers – £2.50 more expensive than Morrisons.
The 550g tubs of Cadbury Heroes are two for £9 at Asda, or £4.50 individually, but that’s £2.50 more expensive than Morrisons.
Aldi has the 600g tubs of Quality Street in stock for £4.49 which is the least costly after Morrisons.
Morrisons is not the first supermarket chain to dramatically slash the price of its Christmas chocs in recent weeks.
For two days only last month, Asda dropped the cost of its Quality Street, Cadbury Heroes, Roses and Celebrations.
While Morrisons’ Christmas chocs deal is the best on the market at the minute, it’s always worth comparing prices to be sure.
You can use websites like Trolley, Price Spy and Price Runner which let you compare prices on thousands of products.
Terms and conditions for the £2 Christmas chocs deal
Consumer reporter Sam Walker talks you through the bargain deal.
- You have to spend £45 to get a tub for £2
- You must be signed up to Morrisons’ More Card loyalty scheme
- The promotion is live between November 15 and 21
- The purchase price of any tubs is excluded from the £45 minimum spend
- Certain products don’t count towards your £45 spend: Fuel, cash back, fireworks, lottery, online games and instant
tickets, tobacco, tobacco-related products (including vapes), prescription medicines and pharmacy services, infant milk or formula, carrier bags, gift vouchers, gift cards, mobile phone cards, mobile phone vouchers, E top-ups, bonus stamps, postage stamps, saver stamps, photo processing, car park tickets, online delivery charges, Dry Cleaning, and vending machines - You must spend the £45 in-store and the offer is not available online or on spends in Morrisons cafes, Daily stores or petrol stations
A quick search with the Google Shopping/Product tab can bring up what some retailers are selling items for too.
It’s worth going direct to discounter’s websites like B&M and Home Bargains too as they often have cheap chocs on sale.
How does the Morrisons More Card work?
The Morrisons More Card is free to sign up to as an app that’s downloadable from the Apple App Store and Google Play.
You can also get a physical card which you can add to your wallet or purse.
It works like the Clubcard or Nectar Card in that you can earn points on purchases. You get one point for every £1 spent in-store or online.
Once you’ve got to 5,000 points you can either keep saving them or convert them into a voucher worth £5, known as a Fiver.
If you don’t have the app, you can get your Fiver printed in-store.
As a loyalty card member, you can also get lower prices on selected products, known as More Card Prices.
You have to scan your app or physical card at the till and the discounts are applied.
How to save money on chocolate
We all love a bit of chocolate from now and then, but you don’t have to break the bank buying your favourite bar.
Consumer reporter Sam Walker reveals how to cut costs…
Go own brand – if you’re not too fussed about flavour and just want to supplant your chocolate cravings, you’ll save by going for the supermarket’s own brand bars.
Shop around – if you’ve spotted your favourite variety at the supermarket, make sure you check if it’s cheaper elsewhere.
Websites like Trolley.co.uk let you compare prices on products across all the major chains to see if you’re getting the best deal.
Look out for yellow stickers – supermarket staff put yellow, and sometimes orange and red, stickers on to products to show they’ve been reduced.
They usually do this if the product is coming to the end of its best-before date or the packaging is slightly damaged.
Buy bigger bars – most of the time, but not always, chocolate is cheaper per 100g the larger the bar.
So if you’ve got the appetite, and you were going to buy a hefty amount of chocolate anyway, you might as well go bigger.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Business
Europe’s flying taxi dreams falter as cash runs short
One of the innovations at this year’s Paris Olympics was supposed to be an electric flying taxi service.
Germany’s Volocopter promised its electric-powered, two-seater aircraft, the VoloCity, would be ferrying passengers around the city.
It never happened. Instead the company ran demonstration flights.
While missing that deadline was embarrassing, behind the scenes a more serious issue was playing out – Volocopter was urgently trying to raise fresh investment to keep the firm going.
Talks to borrow €100m (£83m; $106m) from the government failed in April.
Now hopes are pinned on China’s Geely, which is in talks to take an 85% stake in Volocopter in return for $95m of funding, according to a Bloomberg report. The deal could mean that any future manufacturing would be moved to China.
Volocopter is one of dozens of companies around the world developing an electric vertical take-off and landing (EVTOL) aircraft.
Their machines promise the flexibility of a helicopter, but without the cost, noise and emissions.
However, faced with the massive cost of getting such novel aircraft approved by regulators and then building up manufacturing capabilities, some investors are bailing out.
One of the most high-profile casualties is Lilium.
The German company had developed a radical take on the EVTOL theme.
Lilium’s aircraft uses 30 electric jets that can be tilted in unison to swing between vertical lift and forward flight.
The concept proved attractive, with the company claiming to have orders and memoranda of understanding for 780 jets from around the world.
It was able to demonstrate the technology using a remote controlled scale model. Construction had begun on the first full-sized jets, and testing had been due to begin in early 2025.
As recently as the Farnborough Airshow in July, Lilium’s COO Sebastian Borel was sounding confident.
“We are definitely burning through cash,” he told the BBC. “But this is a good sign, because it means we are producing the aircraft. We’re going to have three aircraft in production by the end of the year, and we have also raised €1.5bn”.
But then the money ran out.
Lilium had been attempting to arrange a loan worth €100m from the German development bank, KfW. However, that required guarantees from national and state governments, which never materialised.
In early November, the company put its main operating businesses into insolvency proceedings, and its shares were removed from the Nasdaq stock exchange.
For the moment, work on the new aircraft is continuing, as the company works with restructuring experts to sell the business or bring in new investment. However, getting the new e-jet into production is looking more challenging than ever.
The high-profile British player in the eVTOL market is Vertical Aerospace. The Bristol-based company was founded in 2016 by businessman Stephen Fitzpatrick, who also set up OVO Energy.
Its striking VX4 design uses eight large propellers mounted on slim, aircraft style wings to generate lift. Mr Fitzpatrick has made ambitious claims about the aircraft, suggesting it would be “100 times” safer and quieter than a helicopter, for 20% of the cost.
The company has made progress. After completing a programme of remote-controlled testing, it began carrying out piloted tests earlier this year. Initially, these were carried out with the aircraft tethered to the ground. In early November, it carried out its first untethered take-off and landing.
But there have also been serious setbacks. In August last year, a remotely-piloted prototype was badly damaged when it crashed during testing at Cotswold Airport, after a propeller blade fell off.
In May one of its key partners, the engineering giant Rolls Royce pulled out of a deal to supply electric motors for the aircraft.
Ambitions remain sky high. Vertical Aerospace says it will deliver 150 aircraft to its customers by the end of the decade. By then, it also expects to be capable of producing 200 units a year, and to be breaking even in cash terms.
Yet financial strains have been intensifying. Mr Fitzpatrick invested an extra $25m into the company in March. But a further $25m, due in August if alternative investment could not be found, has not been paid. As of September, Vertical had $57.4m on hand – but it expects to burn through nearly double that over the coming year.
Hopes for the future appear to be pinned on doing a deal with the American financier Jason Mudrick, who is already a major creditor through his firm Mudrick Capital Management.
He has offered to invest $75m into the business – and has warned the board of Vertical that rejecting his plan would inevitably lead to insolvency proceedings. But the move has been resisted by Mr Fitzpatrick, who would lose control of the company he founded.
Sources close to the talks insist an agreement is now very close. The company believes if a deal can be done, it will unlock further fundraising opportunities.
Amid the turbulence, one European project is quietly on track, says Bjorn Fehrm who has a background in aeronautical engineering and piloted combat jets for the Swedish Air Force. He now works for aerospace consultancy Leeham.
He says that the EVTOL project underway at Airbus is likely to survive.
Called the CityAirbus NextGen, the four-seater aircraft has eight propellers and a range of 80km.
“This is a technology project for their engineers, and they’ve got the money, and they’ve got the know how,” says Mr Fehrm.
Elsewhere in the world, other well funded start-ups stand a good change of getting their aircraft into production. That would include Joby and Archer in the US.
Once the aircraft are being produced, the next challenge will be to see if there’s a profitable market for them.
The first routes are likely to be between airports and city centres. But will they make money?
“The biggest problem area when it comes to the cost of operation is the pilot and the batteries. You need to change the batteries a couple of times per year,” points out Mr Fehrm.
Given all the uncertainty and expense, you might wonder why investors put money into new electric aircraft in the first place.
“No one wanted to miss out on the next Tesla,” laughs Mr Fehrm.
Money
Rare Cadbury chocolate bars branded ‘yummy’ by fans spotted on B&M shelves
A CADBURY chocolate bar which has been labelled as “yummy” has returned to B&M stores across the UK, to the delight of shoppers.
The retailer has recently been stocking the shelves full of different chocolate treats – including the classic Cherry Ripe from down under.
One eagle-eyed shopper got their hands on one at their local store before spreading the word on social media.
They took to the Facebook group Dansway Gifts and Bargains UK to let others know, writing: “Cadbury Cherry Ripe Bars BACK at B&M.”
One person commented: “Omg haven’t had them since I was last in Australia, thought it was great finding TimTams in Tesco’s but this is even better!!”
Another said: “Ohhh I have never seen these before love cherry chocolate.”
Someone else wrote: “Omg , love these , used to buy them everyday on way to school when I lived in Oz …”
Another person commented: “You can’t beat them best chocolate ever.”
One person added: “My guilty pleasure at the moment absolutely to die for.”
Cadbury’s Cherry Ripe is a popular chocolate bar in Australia which features rich dark chocolate, ripe juicy cherries and moist coconut.
The Sun has reached out to B&M to check the price of the chocolate bar.
You can also buy a pack of two Cherry Ripe on Amazon for £4.99.
The chocolate brand also has plenty of other exciting ranges which prop up shelves every once in a while.
Just last month Cadbury’s Coated Fruit & Nuts were spotted on B&M shelves.
The discounter often imports stock from Down Under to customer fanfare including Dairy Milk Raspberry bars.
These chocolates aren’t usually found in UK shops and so are especially appealing for shoppers – plus for Aussies, they offer a taste of home.
This year a Cadbury’s mint-flavoured twirl also appeared on shelves in B&M, which originally launched in Australia, and only £1 for four.
What other Cadbury’s chocolates are available?
There’s also loads of classic fan-favourites making a comeback in time for Christmas, such as the Dairy Milk Chocolate Puds.
For individual pud it costs 75p in Sainsbury’s and just 70p in Waitrose.
You can also buy bags of mini puds for £1.65 in Tesco, Sainsbury’s and Poundland.
And the rare 360g Dairy Milk mint crisp bar has returned to some shelves this year – selling cheapest in Asda for £4.
Other Cadbury Christmas bars which are available in supermarkets this year also include the Dairy Milk Classic Wonderland and Mini Snow Balls edition.
Remember to always compare prices when shopping so you know you’re paying the right amount for what you’re getting.
A great way to do this is via the comparison site Trolley which will show the prices for every store.
You can also visit the Cadbury website to browse all their latest products and launches.
It comes as B&M shoppers also went wild for a new twist on the Dream bar.
Meanwhile, chocolate lovers raved about a new type of M&M – the Candy Popcorn M&M Minis.
Nestle also added a new chocolate to its Quality Street “Favourites Golden Selection” pouch: the Toffee Penny.
How to save money on chocolate
We all love a bit of chocolate from now and then, but you don’t have to break the bank buying your favourite bar.
Consumer reporter Sam Walker reveals how to cut costs…
Go own brand – if you’re not too fussed about flavour and just want to supplant your chocolate cravings, you’ll save by going for the supermarket’s own brand bars.
Shop around – if you’ve spotted your favourite variety at the supermarket, make sure you check if it’s cheaper elsewhere.
Websites like Trolley.co.uk let you compare prices on products across all the major chains to see if you’re getting the best deal.
Look out for yellow stickers – supermarket staff put yellow, and sometimes orange and red, stickers on to products to show they’ve been reduced.
They usually do this if the product is coming to the end of its best-before date or the packaging is slightly damaged.
Buy bigger bars – most of the time, but not always, chocolate is cheaper per 100g the larger the bar.
So if you’ve got the appetite, and you were going to buy a hefty amount of chocolate anyway, you might as well go bigger.
Travel
Dynamic Light Show Illuminates Lisbon’s Lumen Hotel
Columbia Hillen
Highlight of a stay at Lisbon’s Lumen Hotel is undoubtedly its dynamic outdoor color and light show presented every evening reflecting aspects of Portugal’s checkered history.
Columbia Hillen
Promptly at 10pm, guests take their seats either in the interior courtyard or at tables along the first-floor terrace and enjoy dazzling entertainment projected onto the walls around them using video mapping technology.
Opened four years ago, this 4-star, 147-room hotel lies outside Lisbon’s hectic centre in the Santa Cruz neighborhood north of Lisbon’s central Baixa district, a lively suburb but within a 10-minute taxi or bus ride of many of the city’s most important sites.
Columbia Hillen
Once a series of derelict buildings, architect Frederico Valsassina has created an attractive contemporary building with a chessboard design inside that emphasizes light and dark, as the hotel’s name suggests. Rooms are finished in one of three tones of color inspired by dawn, sunset and dusk. Golden Dawn, yellows representing vibrant tones of dawn; Copper Nightfall, oranges and reds reminiscent of sunsets; and Pure Light, reflecting the interplay of light and shadow just before nightfall.
Columbia Hillen
My companion and I stayed in suite 608, spacious, wood-floor, with large floor-to-ceiling windows and a sliding door separating bedroom, living-room and a second bathroom. With minimalist decor, furnishings included a large sofa, two wall TVs, a long work bench, a mini-fridge, coffee and tea facilities and a round table with three chairs.
Columbia Hillen
Our main bathroom, separated from the bedroom by glass panels, featured a double sink and toiletries from Benamor, a cosmetics company founded in Lisbon in 1925. Slippers and robes were provided. Outside the living room was a long, railed balcony facing onto the street, with chairs.
Columbia Hillen
Two added benefits for us was that the executive lounge was on the same floor and there was also easy access to a roof-top pool and cocktail bar a few steps away. I enjoyed a few swimming laps and an hour’s relaxation on lounge chairs with panoramic views over the city before heading off to the nearby Calouste Gulbenkian Museum to see its unique collection of intricate art nouveau jewelry by René Lalique, as well as works by Rembrandt, Monet, Rubens, Manet, Renoir, Degas and Turner.
Columbia Hillen
‘Photosynthesis’ courtyard is also a quiet place to relax, decorated as it is with ivy covered walls, ferns and glass-topped ‘water mirror’ ponds.
We dined alfresco at the hotel’s 130-seat Clorofila restaurant, its relaxed ambience enhanced by decorative flickering gas-flame lights in glass cubicles.
Columbia Hillen
Highlights on the menu included traditional Portuguese sausage cakes served with mango chutney, balsamic and pistachio crumble; cod and mackerel timbale with a sweet potato mousse and roasted peppers; sauteed padron peppers, with crushed garlic, balsamic sorbet and salt flakes; shredded duck confit, mushroom creamy rice with glazed apple and seafood casserole served with rice and mint foam.
Columbia Hillen
Throughout the week, the chef prepares a special buffet lunch. Breakfast is also served here.
For a leisurely drink in an informal ambience, try the hotel’s lobby lounge bar, Six Degrees, an atmosphere flooded with natural light.
Columbia Hillen
The hotel also has a fitness centre, evening entertainment and a 24-hour front desk, as well as business meeting rooms, with combined capacity of over 350 people.
Throughout our stay we were served by a young and efficient multi-national staff, including 21-year-old receptionist, Beatrz Evora, who is also a talented illustrator.
Kitchen staff at the end of a busy day. Photo by Columbia Hillen
For a hotel removed from the hustle and bustle of downtown Lisbon yet within easy reach of the city’s main attractions, Lumen may be an excellent choice.
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