Finance news – Page 190
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NewsCity snapshot: MPM snapped up by 3i Group in £125m deal
Premium pet food manufacturer MPM has been sold by ECI Partners to private equity investor 3i Group as the flurry of deals in the petcare space continues. Plus, Nestlé has acquired a majority stake in recipe kit business Mindful Chef for an undisclosed sum. And the FTSE 100 rallies after news of a victory for President-Elect Joe Biden.
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NewsMedia Bites 9 November: Brexit, Nestlé, Hovis, Tesco, M&S
The papers are fit to burst with news that Joe Biden was declared as the next President of the US after a protracted election. But there was still plenty going on in food and drink over the weekend.
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NewsSt Austell Brewery records £10m first-half loss
St Austell Brewery has plunged to a loss of £10m in the first half of 2020, despite record supermarket sales during the coronavirus pandemic. Total turnover collapsed by 90% when all 178 of its pubs and hotels were forced to close in March as the country went ...
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NewsKilo yoghurt pot sales offset decline at Lancashire Farm
The Rochdale-headquartered dairy said retail volumes were up as much as 40% in March and April
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NewsPrice cuts drive Morrisons in to price deflation in latest Grocer Price Index survey
Morrisons’ latest price cuts have helped the supermarket into annual deflation
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NewsMedia Bites 6 Nov: Sainsbury’s, Lockdown/Retail, Brexit
The papers disect Sainsbury’s plans to close more than 400 Argos stores and accelerate plans to cut costs following the Covid-19 pandemic
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NewsCity Snapshot: Hovis sold to PE firm Endless
Bakery brand Hovis has been acquired by private equity firm Endless for an undisclosed sum, the company has announced this morning.
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NewsCJ Lang reports 18% sales growth since April
The Scottish Spar wholesaler this week reported a 3.4% increase in sales for the year to 31 April
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NewsMedia Bites 5 Nov: M&S, John Lewis, Premier Foods
Marks & Spencer swung to a loss for the first time in its 94 years as a public company as it warned of ‘significant uncertainty’ ahead due to the pandemic and Brexit
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NewsCity snapshot: Sainsbury’s sales soar more than expected as UK enters second lockdown
Sales and profits have surged at Sainsbury’s as the country continues to battle the coronavirus pandemic. The group also announced a strategy update, which included the closure of a further 420 Argos standalone stores. Plus, Tate & Lyle and Wincanton report first-half results.
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NewsPE player Endless tipped to seal £100m Hovis deal as Italian suitor steps away
Private equity player Endless is reported to be close to sealing a £100m buyout of Hovis after Italian trade suitor Newlat pulled out of negotiations.
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NewsCity snapshot: M&S plunges to £88m first half loss despite ‘strong’ food performance
M&S has fallen to a pre-tax loss of £87.6m in the first half, the group’s first loss in its near century as a public company, as a COVID-driven sales plunge in general merchandise negated ‘strong’ performance in its food division.
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NewsMedia Bites 4 Nov: Supermarkets/business rates, Iceland, Deliveroo
Supermarkets are under mounting pressure to pay back £3bn in business rates after a leading retail entrepreneur questioned why their bills had been waived
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NewsCity snapshot: Primark closures drive ABF sales and profits plunge despite grocery growth
Associated British Foods has posted a double-digit drop in annual sales and profits as the strong performance of its grocery businesses was unable to fully mitigate the closure of its Primark stores during lockdown.
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NewsMedia Bites 3 November: Ocado, Lockdown
Ocado has sharply raised its forecast for full-year profits as the Covid-19 pandemic drives a surge in online food shopping. Plus, the papers are filled with the fallout for business for the new national lockdown starting on Thursday.
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NewsNestlé acquires $950m US meal delivery business Freshly
The world’s biggest food group Nestlé has bolstered its DTC credentials with the $950m acquisition of US meal delivery service Freshly
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NewsOcado’s robotic acquisitions will save £7m in labour costs per CFC
Figure based on costs associated with picking, packing and decanting
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NewsGousto achieves UK unicorn status with $1bn valuation
The recipe box provider has raised £25m of new equity from existing investors
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NewsCity snapshot: Primark owner ABF braces for huge sales impact of new English lockdown
Associated British Foods has warned a new national lockdown in England, along with renewed restrictions across Europe, would lead to a loss of almost £400m in sales at closed Primark stores. The CEO of the British Retail Consortium called the Prime Minister’s plans “the nightmare before Christmas” for retailers. Plus, Ocado upgrades profits outlook on more strong trading and announces proposed acquisitions of two US robotics firms for almost $300m.
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NewsMedia Bites 2 Nov: Retail/lockdown, Sainsbury’s, Brexit food standards
Swathes of customers have raced to bulk-buy household essentials ahead of a second national lockdown