Finance news – Page 436
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NewsKen McMeikan to step down as CEO of Brakes Group
During his tenure at Brakes, he increased profits by 42% to £183m
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NewsCity snapshot: Tesco fined £129m for profit overstatement scandal
Tesco (TSCO) has announced this morning it has agreed with the UK Serious Fraud Office to pay a £129m fine to avoid prosecution for its 2014 accounting scandal
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NewsMedia Bites 28 March: Tesco investors warn against Booker deal
“Call off Booker takeover, Tesco investors demand” is the main business headline in The Times (£) this morning on reports that two major Tesco shareholders have warned against pursuing the £3.7bn deal.
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NewsCapVest confirms acquisition of Karro Food Group
Private equity firm CapVest has confirmed it has agreed to acquire pork processor Karro Food Group from Endless, as revealed by The Grocer on 17 March.
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News99p Stores falls into administration
Poundland has placed 99p Stores into administration a little more than two years after the fixed-priced retail chain snapped up 250 stores from its rival
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NewsABF buys two sports nutrition companies
Associated British Foods has acquired two UK-based sports nutrition businesses documents at posted at Companies House have revealed. Plus Conviviality’s Diana Hunter takes non-exec roll at investment fund and all the rest of the latest news from the City.
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NewsMedia Bites 27 March: Tesco, EU food trade, Booths
Tesco is in advanced talks about a deal with prosecutors that would involve it paying a huge fine over the 2014 financial reporting scandal that saw it exaggerate its profits by more than £300m.
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NewsMorrisons cuts time to pay smaller suppliers to 14 days
Morrisons is shortening its payment terms for its smaller suppliers to a maximum of 14 days
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NewsPreva Produce creditors face uncertain wait for £4.7m owed after fraud pushed supplier under
Potato processor Preva Produce was pushed into administration last year following the discovery of fraud and accounting irregularities, according to documents filed at Companies House.
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NewsCity snapshot: Sales hit by weak pound at fmcg packaging supplier Robinson
Revenues slumped 6% at packaging manufacturer Robinson in 2016 as volume fell 8% and the group was hit by adverse currency exchange movements.
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NewsScience in Sport makes gains in supermarket sector
Sports nutrition specialist Science in Sport grew its UK grocery sales by 25% last year as the category receives more shelf space in the traditional supermarkets.
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NewsFever-Tree to take on Coke in US dark spirits battle
Premium mixer brand Fever-Tree is targeting winning market share from the North American soft drinks giants as it looks to build the US into its largest market.
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NewsHops specialist Charles Faram secures £6m bank funding to meet growing US demand
Hops merchant Charles Faram has expanded its presence in the US to fuel the craft beer boom after securing a £6m bank funding package.
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News2 Sisters blames rising input prices for £2.5m loss
2 Sisters slipped back into loss in the second quarter as rising input prices slashed margins at the UK food giant
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NewsFever-Tree shares lose momentum on 'encouraging' growth
Fever-Tree became a victim of its own success this week as shares lost some sparkle on Tuesday
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NewsCity snapshot: Higher input prices hit profits at 2 Sisters
2 Sisters Food Group owner Boparan has reported a £2.5m loss in the second quarter to 28 January despite a rise in like-for-like sales
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NewsMedia Bites 23 March: Consumer confidence, UK retail, Tesco/Heineken
Rising inflation has sent household confidence into a decline that threatens to drag down the economy, separate surveys have warned.
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NewsMBO at Park Cakes provides exit for Vision Capital
Own-label cake manufacturer Park Cakes has been sold by private equity owner Vision Capital to the business’ management team for an undisclosed amount.
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News90 jobs lost as £9m supermarket potato supplier collapses
A supermarket potato supplier has collapsed after the loss of a major contract, with 90 staff made redundant.
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NewsTesco overhauls beers, wine and spirits to give more space to craft and own label
Tesco says the changes “better reflect the way customers shop”