Morrisons finally delivers
Even adverts featuring light entertainment duo Ant & Dec (above) couldn't provide a boost for Christmas trading at UK supermarket chain Morrisons. Wicklow-born chief executive Philip Dalton has had a difficult tenure at the company since his appointment in 2010. But realising that Britain's fourth-biggest grocery retailer was losing ground by not having an internet shopping capability, Mr Dalton signed a 25-year deal last May with Ocado, the online grocery business, that saw Morrisons at last able to deliver to its customers.
Indeed, the first delivery of Morrisons' wares under the Ocado tie-up happened less than two weeks ago.
But a black cloud was again hanging over the multiple after news emerged this week that the chain has suspended its treasurer and head of tax, Paul Coyle, who was arrested last month on suspicion of insider trading in advance of the Ocado partnership. He hasn't been charged with any offence as part of a probe being undertaken by police and the Financial Conduct Authority. A Scot, Mr Coyle studied at the University of Dundee and has worked with KPMG and RAC.