All articles by Ed Devlin – Page 139
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Media Bites 19 July: Inflation, Dairy Crest, Amazon, P&G, North Sea cod
The surprise drop in inflation; Dairy Crest results; the launch of Amazon meal kits; the ongoing tussle at P&G; and the North Sea cod has been deemed sustainable once again.
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City snapshot: McCormick swoops for French's and Frank's Red Hot in £3.2bn deal
Schwartz spice maker McCormick has acquired Reckitt Benckiser’s food division for $4.2bn (£3.2bn) in cash. Plus, sales jump 12% to £105m at Hotel Chocolat.
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P&G defends record as it hits back at activist investor Trian
Procter & Gamble has hit back at the activist investor agitating for a seat on the board of the consumer goods giant and said its directors are already “best-in-class”
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Eagle Eye remains £1.8m in the red
Grocery tech firm Eagle Eye Solutions has increased group full-year revenues by 71% to £11.1m but still expects losses to remain at the same level as in 2016.
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Surprise fall in inflation in June to 2.6%
Inflation in the UK unexpectedly slowed to 2.6% in June as falling petrol and diesel prices more than offset higher food bills, official figured revealed today.
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Media Bites 18 July: P&G, Conviviality, M&S
P&G in battle with activist investor Trian; Conviviality doubles profits; and M&S launches ‘Project Thin Air’ to reduce food packaging waste.
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City snapshot: Strong growth for Dairy Crest brands in Q1 but rising butter costs squeeze margins
Dairy Crest has recorded “good” growth for its four main brands in the cheese, spreads and oil categories during the first quarter but soaring butter prices are putting pressure on margins. Plus, Procter & Gamble hit back at the activist investor agitating for a seat on the board of the consumer goods giant; and Eagle Eye grows revenues 70% but can’t shake off losses.
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Stock Spirits acquires £16m stake in Quintessential Brands Irish whiskey division
London-listed Stock Spirits Group has struck a deal to acquire a 25% stake in the Irish whiskey division of Quintessential Brands Group for up to up to €18.3m (£16m) in cash.
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Unilever acquisition of Reckitt Benckiser food brands would be a strategic misstep - analysts
A £2bn-plus Unilever approach for the food business of Reckitt Benckiser, made up of French’s Mustard and Frank’s Red Hot Sauce, would be ‘surprising’, ‘disappointing’ and strategically inconsistent, according to City analysts.
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KP Snacks acquires Butterkist to break into popcorn market
Butterkist’s manufacturing site in West Yorkshire and its 140 employees will become part of the KP Snacks business following the acquisition.
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Media Bites 17 July: Unilever, Reckitt Benckiser, Premier Foods, Amazon
Unilever is locked in a £2bn battle with Hormel Foods, the US owner of Spam, to buy Reckitt Benckiser’s food business, according to the weekend papers.
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City snapshot: Profits soar at Conviviality as Bibendum beds in
Profits have more than doubled at Bargain Booze owner Conviviality (CVR) as the integration of Matthew Clark and Bibendum continued ahead of schedule. Plus, growth overseas helps Finsbury Food Group offset UK struggles and Stock Spirits acquires a 25% stake in Quintessential Brands Group’s Irish whiskey division for up to €18.3m (£16m).
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Kennelpak picked up by PE firm Endless' Enact fund
Kennelpak is headquartered in Nottingham, where it employees 275 staff, and generated sales of more than £23m in the year ended 31 March 2017.
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City snapshot: Happy Egg owner Noble Foods shelves IPO plans on falling sales and profits
Noble Foods, the owner of Happy Egg and Gü Puds, has postponed a mooted IPO to concentrate on rebuilding its top line after significant restructuring last year.
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Media Bites 14 July: Morrisons, Cargill, Target, Sports Direct
Morrisons is the first ‘big four’ supermarket to commit to selling only British fresh meat throughout the year as part of a strategy to offer more locally sourced products.
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Liquidators appointed at scandal-hit Hebridean Sea Salt
Hebridean Sea Salt is set to be liquidated after being embroiled in a scandal over the authenticity of its product.
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Media Bites 13 July: Tesco/Booker, B&M Bargains, Wetherspoons
The long-expected phase 2 investigation into the £3.7bn Tesco and Booker merger generates plenty of column inches in today’s papers.
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City snapshot: Reckitt Benckiser denies avoiding £60m of taxes in developing nations
Reckitt Benckiser has denied accusations of tax avoidance in developing countries as charity organisation Oxfam publishes a report highlighting the household goods manufacturer as an example of a multinational not paying its “fair share”. Plus, the newly demerged Metro Group starts trading shares.
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Tasties of Chester rescue deal saves 188 jobs as former Adelie CEO takes over business
Almost 200 jobs have been saved at food-to-go operator Tasties of Chester after former Adelie Foods CEO Gavin Cox put together a rescue deal with administrators.
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B&M benefits from late Easter and sunshine as shoppers hunt for bargains
B&M Bargains has recorded its strongest first quarter of like-for-like growth in three years as the late Easter and hot weather boosted sales and the return of inflation sent shoppers searching for a bargain.