Zuber Issa has finalised a split from his brother Mohsin by selling his stake in Asda to the supermarket chain’s private equity backer (The Times £). Zuber Issa, who owns Asda with his brother Mohsin, has agreed to sell his stake in the British supermarket chain to co-owners TDR Capital in a deal that will make the private equity firm the majority owner of the business (The Financial Times £). The billionaire brothers who part-own Asda are separating their main business interests, with Zuber Issa selling his shares in the supermarket to the private equity firm TDR Capital (The Guardian). Zuba Issa who acquired Asda in 2021 with his brother Moshin and TDR Capital - is selling his shares in the supermarket to the private equity firm (The Daily Mail, Sky News).
The Issa brothers built an empire – now a wedge is driving them apart. The Issas have undeniably been through a turbulent time – riddled with financial pressures on their empire, uncomfortable political scrutiny and profound personal challenges. And that has raised questions over whether they both have the desire to remain in the driving seats of a retail empire employing 200,000 people across ten countries. (The Times £)
Mohsin Issa could hand the new chief executive of Asda a total pay package of up to £10m, City sources have said, as the billionaire owner scrambles to find someone to take charge of the supermarket. (The Telegraph £)
The chief executive of the drinks group behind Tennent’s lager and Magners cider has fallen on his sword after taking responsibility for accounting errors that occurred while he was finance chief (The Times £). Patrick McMahon, chief executive of C&C Group, the Irish maker of Magners cider and Tennent’s beer, has stepped down as the company announced it had discovered accounting errors made while he was CFO (The Financial Times £). The owner of Magners and Bulmers cider has parted with its chief executive after accounting mistakes led to the company taking a €17m charge (The Guardian).
C&C Group’s shares plunged after its chief executive quit following the revelations of a string of accounting errors. (The Daily Mail)
A leading shareholder in THG has joined a revolt against the company’s chairman as investors put pressure on the business to address its flagging share price. (The Times £)
A crisis in orange juice production is to drive up the cost of smoothies for millions of British shoppers, the boss of Innocent has warned. (The Telegraph £)
Administrators to The Body Shop are aiming to clinch a sale of the stricken cosmetics retailer by the end of the month, even as its former owner veers away from making an offer for it. (Sky News)
The story of Greggs’ success and what’s coming next, by the boss. Roisin Currie, chief executive of Greggs, was brought up in ‘the rough part of Glasgow’ and spent 12 years learning the ropes. She wants to grow the chain by extending hours and opening at airports. (The Times £)
Price hikes and boycotts: Is trouble brewing at Starbucks? The company is hitting new resistance from inflation-weary customers just as fights over unionisation and protests against the company cast as a way to oppose Israel’s war in Gaza are sparking boycott calls and tarnishing the brand. (The BBC)
Football fans are predicted to spend £2.75bn on items including beer, pizzas and new TVs during the men’s Euro 2024 tournament, which kicks off this week, providing a much-needed boost to retailers, pubs and bars. (The Guardian)
The Times writes that there no sign of demand tailing off at Pets at Home. With a competition inquiry depressing the share price, now is the time to adopt this booming vets-to-grooming business. (The Times £)
The boss of Cornwall’s biggest pubs operator has accused the two main political parties of “on the-hoof” policymaking and has called on them to provide a clear vision for the country’s future. (The Times £)
Marks & Spencer will have to wait months for a decision on plans for its flagship London store after the General Election created a fresh delay. (The Daily Mail)
‘Cannot be trusted’: traditional farming voter base turns away from Tories. Many disenchanted farmers in England are seeking new political homes. Can Labour and the Lib Dems capitalise on this opportunity? (The Guardian)
The dwindling numbers of organic cows in the UK is threatening to limit supermarket supplies of milk this year, as shoppers’ appetite for more expensive dairy returns, experts warn. (The Financial Times £)
The amount of fish farmed globally has surpassed the wild catch for the first time as production soars to meet rising demand. (The Financial Times £)
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