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Each Monday, our Money team speaks to someone from a different profession to discover what it’s really like. This week, we chat to Aaron Archer from Joseph And The Amazing Technicolor Dreamcoat and Mamma Mia! about life as a West End performer…

There’s no such thing as a starting salary in the performing arts… A job may be an equity contract with a union that sets out minimum salaries depending on the size of the theatre or the amount of work and many other varying factors. Or it could be a privately/commercially financed job, meaning the salary can vary hugely. All equity minimum figures can be found online but it can range between £600-900 roughly a week for an ensemble member in a West End show. Again, this figure can vary below or above this. The principals will earn a higher salary as well as people who cover other roles or have extra responsibilities such as being the dance captain.

You don’t necessarily have a stable income to rely on… Contracts can differ in length from just a few days to a year or more.

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Many performers have another job on the side… to supplement their income, as sometimes you can’t solely rely on the earnings from performing.

People might look down at a cruise ship contract… but these performers are extremely talented and earning money doing the job they love just the same as somebody in a show in the West End, with the cruise ship job paying more than a West End contract sometimes.

A usual week consists of eight shows… but over busy periods extra shows can be added. With most shows being around two and half hours, as well as any additional rehearsals, we are working between 35-40 hours a week with one day off.

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It’s very hard to plan ahead... You never know what you’re going to be doing or where you are going to be from one year to the next. I went from working on a cruise as a dancer travelling the world, to then the next year making my West End debut in Mamma Mia.

Theatres on London's West End
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Theatres on London’s West End

The most important skill to do this job well is… to just be a nice person. Obviously your talent and hard work and dedication will be a huge factor in getting jobs but if you are a nice, friendly person then that will make you 10x more employable.

My favourite part of my job is… knowing that six-year-old me would have never imagined I’d be doing this as my career and getting to meet so many amazing people.

You meet amazing people at the stage door… who want to meet the cast members and sometimes get a picture or signature after the show. But stage door isn’t compulsory and sometimes you do just want to get home to rest and you can be made to feel guilty if people are unhappy that they didn’t get the chance to see you afterwards.

Read more from this series:
What it’s really like to be a… bodyguard
What it’s really like to be a… zookeeper
What it’s really like to be a… driving instructor

My mind has gone blank for split seconds… and there have been multiple occasions where in a scene carrying bagpipes the pipes have fallen off or broken on stage. I’ve just had to carry on while holding a snapped pipe in my hand, somehow managing to keep a straight face.

Rejection is a regular thing to deal with… It’s normal to get emotionally attached to opportunities that you have put so much time and effort into, after rounds and rounds of auditions for a job and waiting weeks to hear if you’ve booked the job or not. It is emotionally draining.

For one role I had to fake tan twice a week… and another I had to wear a wetsuit and flippers on stage while dancing.

Dealing with burnout from a very physically and mentally demanding schedule… can make it harder to have other commitments outside of work and seeing friends and family.

Theatre is good value for money when you look at… how much work goes into what the audience members are seeing on the stage. The sheer volume of people that it takes to put on a show, from the production team to the backstage team, cast, creatives, wardrobe, wigs, makeup, sound, theatre front of house staff and many other teams of people that make it possible. I do think that some ticket prices for some shows have become not as easily accessible, but apps like TodayTiks are great for finding affordable tickets for various shows.

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Thames Water delays request for even more expensive bills as six offers of new investment received

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Thames Water delays request for even more expensive bills as six offers of new investment received

The UK’s biggest water provider has delayed its request for even higher customer bills.

Thames Water has deferred its appeal to the Competition and Markets Authority (CMA), the regulator tasked with deciding if the company can raise bills by even more than initially allowed.

Money blog: Supermarket values plummet after new Asda strategy

In December, water regulator Ofwat determined that bills could rise 35% to about £588 annually per household by 2030.

This was challenged by the firm serving 16 million people as being insufficient. It wanted a 53% rise.

The deferment comes as Thames Water said it received six offers of new investment and announced it would finalise a bidder by June and close the fundraising process by September.

This postponement will last 18 weeks and has been approved by Ofwat.

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Thames Water boss can ‘save’ company

Additional investment could result in a “market-led” solution to refinancing the company, Thames Water said.

It means its financial woes could be improved by investors rather than billpayers being charged more.

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The business was going to run out of money by 24 March, it said, but a £3bn loan from existing creditors was again given the green light on Monday.

Thames Water is struggling under a now £19bn debt pile.

It had been described as “uninvestable” by some shareholders when it failed to secure reduced fines for pollution incidents from Ofwat.

Five other water companies have challenged the amount they have been permitted to hike bills by.

Anglian Water, Northumbrian Water, South East Water, Southern Water and Wessex Water all want customers to pay more.

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Supermarket price war could bring consumers some relief but only because the government is pushing up costs

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Supermarket price war could bring consumers some relief but only because the government is pushing up costs

The air is suddenly full of talk about supermarket price wars.

Some £4.4bn was wiped from the stock market valuations of Tesco, Sainsbury’s and Marks & Spencer on Monday following comments from Allan Leighton, the executive chairman of Asda, on Friday in which he promised the grocer was planning its biggest price cuts in 25 years.

Mr Leighton, who returned to Asda last November, said there was a “war chest” available to Asda and indicated he was prepared to “materially” forego profits in the short term to win back market share.

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He told The Times: “We have a long way to go. We’re three months into what is going to be three years of really getting the basics of the business right and getting the business to outperform the rest of the industry on a like-for-like basis.

“That’s what restores our market share and profitability. It ain’t going to happen overnight.”

Those remarks are rightly being taken seriously by investors – by the market close on Monday Tesco shares had fallen by nearly 15% since Friday morning and those of Marks & Spencer and Sainsbury’s by 10% and 9% apiece.

That is because nobody, arguably, knows Asda better than Mr Leighton.

What’s gone wrong at Asda?

It was he, along with current Marks & Spencer chairman Archie Norman, who rescued Asda from collapse in the early 1990s before selling the business to US giant Walmart in 1999.

Initially, that transaction appeared to go well, with Asda wresting the number two slot in the UK grocery market from Sainsbury’s in 2003.

But Walmart’s insistence on preserving margins gradually saw its share eroded and the number two slot recaptured by Sainsbury’s.

By 2019, it was clear Asda was no longer regarded as a core asset by Walmart. That was the year an attempt was made, blocked by competition regulators, to merge the business with Sainsbury’s.

Worse was to follow.

In October 2020, Walmart offloaded a majority stake in the grocer to the petrol forecourts billionaires Mohsin and Zuber Issa and the private equity firm TDR Capital.

The debt taken on during the takeover blunted Asda’s competitiveness and resulted in it losing market share – mainly to Tesco and Sainsbury’s but also to the German hard discounters Aldi and Lidl.

It went through a series of managers before TDR Capital bought out Zuber Issa in June last year to take a majority 67.5% stake while Mohsin Issa, who retains 22.5% of the business, relinquished the day-to-day running of the business.

A new era

Cue the return of Mr Leighton.

Within weeks, after Asda was the worst-performing supermarket over the Christmas period, he had announced a ‘Big Jan Price Drop’ price-cutting campaign which saw average price reductions of 26% on selected products.

That was dismissed by rivals, most notably Ken Murphy, the chief executive of market leader Tesco, as not representing a genuine price war.

Mr Leighton’s response has been to reintroduce the ‘Rollback’ price-cutting promotions he and Mr Norman introduced in the 1990s in a bid to revive the spirit of the old ‘That’s Asda Price’ campaigns, complete with shoppers patting their back pockets, backed by heavy newspaper and television advertising.

It is being seen by industry experts as a wider price-cutting initiative than the more limited campaign Asda had been running to ‘price match’ Aldi and Lidl.

While the price cuts are the most eye-catching initiatives, so far as consumers will be concerned, Mr Leighton has also spent £43m on extending opening hours for some stores and has also bolstered his management team.

The most important hire was David Lepley, the group retail director at Morrisons, who was appointed in February as chief supply chain officer – a recognition that Asda needed to sharpen up on its product availability.

Can the new boss work his magic again?

The big question many in the industry have is whether Mr Leighton – who has since leaving Asda in 2000 had a spell as chairman of the Co-op – can work his magic again.

The grocery market now is very different from the one in the 1990s when Tesco was only in the foothills of the explosive growth it was later to enjoy, first under Lord MacLaurin and then under Sir Terry Leahy, while Sainsbury’s was going through a fallow period.

Morrisons, which acquired the old Safeway chain in 2004, was also a much smaller business than it is today.

Moreover, in the 1990s, the hard discounters Aldi and Lidl – who entered the UK in 1990 and 1994 respectively – had a miniscule market presence.

Hard discounting in grocery retail was also less developed than today with the old Kwik-Save chain its leading exponent.

In other words, the climate was ripe for a player like Asda to seize share with big, well-targeted price cuts, snappy advertising and, crucially, excellent product availability.

Compare that with today.

A different time

Tesco’s market position is as dominant as it has ever been while Sainsbury’s is a strongly entrenched number two in the market and a revived Morrisons, under Rami Baitiéh, has also returned to growth.

Aldi and Lidl, although the former has recently seen its market share slipping, also remain formidable competitors.

Tesco and Sainsbury’s, who have benefited more than anyone from Asda’s travails, have the most to lose in the event of a turnaround. But they are also better placed than anyone else to withstand one: Tesco’s Clubcard is arguably the world’s most successful supermarket loyalty and rewards scheme and provides the grocer with data and insights that no one else has, enabling it to react rapidly to changes in the market or to shopper habits.

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Sainsbury’s is trying to do something similar with Nectar, while both schemes are increasingly able to personalise offers to individual customers, entrenching loyalty.

That may become even more important if, as Simon Roberts, Sainsbury’s chief executive, asserts, the ‘big weekly shop’ is becoming more important as working from home becomes less common.

Tesco and Sainsbury’s sharper than they used to be

As the renowned sector watcher Clive Black, analyst at investment bank Shore Capital puts it: “We need to remember that the listed players are better grocers than Asda with a broader customer set, stronger balance sheets and a will to remain competitive”.

He points out that, apart from the advantages bestowed by their loyalty programmes, Tesco and Sainsbury’s are sharper on price than they used to be, are able to price-match Aldi meaningfully and offer better ranges and more choice than both the German pair and Asda.

That view is shared by the retail team at brokerage Jefferies which has questioned whether Asda’s price cuts can deliver the increase in grocery volumes in the time it requires without a fresh injection of capital from shareholders.

What about consumers?

Will this be good news for consumers? Possibly.

But the grocery sector will be hit hard by the forthcoming increase in the national living wage and, more especially, the rise in employer’s national insurance contributions announced by Rachel Reeves, the chancellor, in her autumn budget.

Those measures will not only push up the costs of supermarkets but also those of their suppliers. Those higher costs will at least be partly passed on to customers.

So too will be the cost of implementing new recycling regulations due in October.

And, all the while, food price inflation is picking up in staples such as eggs, milk and butter. The British Retail Consortium is expecting food price inflation to be north of 4% during the second half of this year.

Accordingly, while Asda’s price war may bring some relief, it feels more likely at present as if it will merely result in lower price rises than British shoppers would otherwise have experienced rather than an outright drop in prices across the board.

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New TOFS owner plots store closures and rent talks with landlords

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New TOFS owner plots store closures and rent talks with landlords

The new owner of The Original Factory Shop (TOFS) is drawing up plans for a radical restructuring of the discount retailer just weeks after taking control.

Sky News has learnt that Modella Capital – one of two remaining bidders for WH Smith’s high street arm – has drafted in advisers to explore options for TOFS including a company voluntary arrangement (CVA).

City sources said on Tuesday that Interpath had been engaged to work on the plans.

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Modella is said to be examining a CVA with a view to closing underperforming stores and forcing through rent cuts on others.

A major distribution centre is also thought to feature in potential proposals for a restructuring.

It is not thought to be focused on compromising other classes of creditors.

Any so-called ‘landlord-led’ CVA which triggered store closures would inevitably lead to job losses among TOFS’ workforce, which was said to number about 1,800 people at the time of last month’s takeover.

Further details of the plans, including the timetable for launching a CVA – which requires court and creditor approval – were unclear on Tuesday.

TOFS, which sells beauty brands such as L’Oreal, the sportswear label Adidas and DIY tools made by Black & Decker, trades from about 180 stores.

The chain, which was founded in 1969, was bought by the private equity firm Duke Street in 2007.

Duke Street had tried to sell the business before, having supported it through the COVID-19 pandemic with a cash injection of more than £10m.

It sold the company to Modella with no remaining bank debt.

The possible CVA at TOFS comes amid a frenetic period of dealmaking for Modella.

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In addition to vying with Alteri Investors for the historic WH Smith high street chain, it is pursuing a restructuring of the Hobbycraft chain it acquired last summer, Sky News reported last week.

Rival bidders for TOFS are said to have included family office Baaj Capital, Mike Ashley’s Frasers Group and Poundstretcher, which is owned by the investment group Fortress.

Modella and Interpath declined to comment.

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