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8 ASIAN TRADER 1 NOVEMBER 2024

The Post Of ce’s outgoing CEO

Nick Read, expressing “deep

regret” that the Post Of ce had

not lived up to delivering

“speedy and fair redress”.

Read, who resigned last

month, was giving evidence at

the Post Of ce Horizon IT

Inquiry, focussing on ﬁ nancial

delays to victims, when he

admitted that the government

is using the company as a

“shield” concerning compensa-

tion schemes.

Edward Henry KC, repre-

senting wronged sub-postmas-

ters caught up in the Horizon

scandal, asked Read if the

government “is using the Post

Of ce as a shield or a ﬁ re curtain”.

He replied, “That could be a

description, yes.”

Henry continued, “The fact

you’re [the Post Of ce]

administering two out of the

three schemes gives the

government a degree of

protection… one step removed

gives it room for plausible

deniability?”

Read responded, “That’s

true.”

The outgoing Post Of ce

boss denied the company has

been instructed “to minimise or

suppress compensation claims

whilst avoiding public scruti-

ny”.

Read admitted the compen-

sation process had been “overly

bureaucratic” and expressed

regret that the Post Of ce had

not lived up to delivering

“speedy and fair redress”.

However, he insisted the

“approach” and way of “engag-

ing” with victims has changed

in the last few months, with

“lessons learned” since the start

of the year.

Read also addressed the

“terrible” fact that many

sub-postmasters died before

receiving compensation. A total

of 251 people have died without

getting full ﬁ nancial redress,

according to data cited at the

inquiry.

Nick Read insisted “a lot of

time” has been spent “trying to

work out how we improve and

speed up the process”.

Read says process of redress has been overly bureaucratic

Post Of ce CEO claims ‘deep

regret’ over compensation delays

Deputy Prime Minister Angela

Rayner’s proposed “biggest

upgrade to workers’ rights in a

generation” will put yet

further ﬁ nancial pressures on

already struggling independ-

ent retailers.

Unveiling its plans – includ-

ing better access to sick pay,

protection from unfair

dismissal and strengthened

rights for pregnant women

and new mothers – the

government said these would

“deliver economic security

and growth to businesses,

workers and communities

across the UK”.

Responding to the

proposals, Mo Razzaq, the

National President of the

Federation of Independent

Retailers (the Fed) said,

“Independent convenience

stores and newsagents are an

important part of the commu-

nities across the UK, providing

employment opportunities

and, in many cases, giving

young people their ﬁ rst jobs.

“As responsible retailers,

we want to ensure that

employees are treated fairly,

but many of these proposed

changes will have cost

implications on small

retailers who are already

struggling ﬁ nancially

because of rising bills and

sluggish sales.

Razzaq continued, “It is

important for the Fed to

engage with the government

as it consults on these

proposals to ensure that the

measures introduced are both

practical and workable for

independent retailers.”

New employee rights will ‘cost

small retailers’, warns Fed

Scottish Bee and Nuisance

Drinks join forces

The Scottish Bee Company has

embarked on the next phase of its

expansion by operating as part of a

wider Natural Larder Collective

operation.

It said the initiative will not only

extend the business’s appeal beyond

Scotland but provide a haven for

other all-natural brands to join.

The ﬁ rst outsider brand to join

this “healthier living” movement is

the botanical brew specialist

Nuisance Drinks, an adult soft drinks

range which celebrates the foraging

of all-too-often overlooked shrubs,

herbs and weeds in a positive, at “one

with nature” light.

Bira launches new

insurance service

The British Independent Retailers

Association has announced its new

insurance service, Bira Insurance,

provided by Ascott Insurance.

The trade body said the service

partnership aims to of er tailored

insurance solutions to Bira

members across the retail sector,

adding that Ascott Insurance, an

independent insurer, aligns with

Bira’s core value that every business

is unique and requires bespoke

insurance cover.

The new service of ers a wide

range of commercial insurance solu-

tions, covering shops, vehicles, ﬂ ats

above shops, and mixed-use

properties – also healthcare, travel,

exhibitions, and even livestock.

P&G proﬁ ts dip on

weakening demand

Procter & Gamble reported a decline

in proﬁ ts on slightly lower sales as

the company said a recovery in China

was still a number of quarters away.

The producer of Tide detergent

and Crest toothpaste reported

mixed sales across its ﬁ ve product

categories, with health care

growing the most and beauty

declining the most.

Proﬁ ts were $4.0 billion

(£3.07bn), down 12% from the

year-ago level, partly due to some

$800 million in one-time restructur-

ing costs tied to the liquidation of

assets in Argentina. Revenues

slipped 1% to $21.7 billion.

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