Year: 2001

Tibbett & Britten new warehouse fails to deliver -Mothercare issues profits warning

The prospects of a swift recovery at Mothercare came to an abrupt halt yesterday when the company warned it had serious problems at its new warehouse which would hit full-year profits. Stores were running short of stock because of the warehouse hold-ups, and that was being reflected in lost sales. The warehouse is operated by Tibbett & Britten, which has a five-year contract. Mothercare chief executive Chris Martin said Mothercare would raise the issue of compensation once the full costs of the problem had been calculated.

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Sale of LTU stake lets Swissair off the hook

Swissair, the embattled Swiss flag carrier, has agreed the sale of its 49.9 per cent stake in LTU, the German charter airline, for a symbolic E1 in a move that allows it to avoid honouring a financial commitment that could have cost it up to SFr1.3bn ($785m).

Last week the state savings bank of Dusseldorf announced that it would take over Swissair’s 49.9 per cent stake in LTU in a government-orchestrated bail-out that has been heavily criticised by Lufthansa, Germany’s national airline, which competes with LTU through its stake in Condor, a rival charter airline.

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UK Post Office eyes mobile phone venture

Twenty years after it was split from British Telecommunications, the Post Office is considering a mobile phone business as part of its re-entry into telecoms.
Consignia, the state-owned group that runs the Royal Mail, is partnering Sweden’s pan-European telecoms operator, Tele2, to launch a fixed-line service next week that will use Post Office outlets and branding.
It is understood both parties see a mobile phone service as a logical next step if that operation is successful.
The move represents an effort by Consignia to expand its revenue base, which has been hit by the spread of e-mail and private postal companies.

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