One of the billionaire Issa brothers is attempting to offload his stake in the debt-laden supermarket Asda, as he seeks a retreat to their original business running petrol stations and takeaways (Telegraph £). One of the billionaire co-owners of Asda is seeking to offload his stake after buying the supermarket chain in a £6.8bn deal three years ago (The Times £). The ownership team behind the indebted supermarket Asda could be about to change again after one of the billionaire Issa brothers was reported to be exploring the sale of his stake in the business (The Guardian).
The rift between the billionaire brothers who co-own Asda deepened last night amid reports that one is trying to offload his stake in the debt-laden grocer. (Daily Mail)
Mohsin Issa, the billionaire co-owner of Asda and EG Group, has confirmed that he entered into a relationship with a former senior tax partner at EY after it was revealed that the company had resigned as the supermarket’s auditor last year. (The Times £)
The Issa brothers built an empire – now a wedge is driving them apart, writes The Times. Sources close to Mohsin and Zuber play down the idea that a schism has opened up between them, and insist that the brothers remain a unified force. However, the Issas have undeniably been through a turbulent time — riddled with financial pressures on their empire, uncomfortable political scrutiny and profound personal challenges. (The Times £)
Morrisons has been hit by the abrupt departure of its stores chief as its new boss Rami Baitieh tightens his grip at the top of the supermarket. (Telegraph £)
New boss Rami Baitiéh claims Morrisons flies flag for UK. The new boss is leaving the owners to worry about the £6billion-plus debt mountain – much of it taken when CD&R won a bidding war. He is laser focused on transformation. (Daily Mail)
The FTSE 100 drinks giant Diageo has kicked off the search for a new chairman as it grapples with a sharp slowdown in sales in key growth markets (Sky News). Drinks giant Diageo continued its much-needed and welcome recovery amid reports it has kicked off the search for a chairman (Daily Mail).
I worked in military intelligence — now I’m determined to fix Diageo’s problems. Debra Crew’s tenure at the drinks giant has left investors nursing a huge hangover. She insists she has the recipe for recovery — and won’t ‘whine about my lot’. (The Times £)
The group director of human resources at Marks & Spencer has joined calls for an overhaul of the apprenticeship scheme as businesses urge the government to prioritise skills over tax cuts in the budget next month. (The Times £)
The minimum price of alcoholic drinks in Scotland is poised to rise by 30% under measures to control alcohol-related deaths and hospitalisations. (The Guardian)
Magnum maker Unilever is set to post a slump in sales as its new boss “steers away from a woke agenda”. (Daily Mail)
When one of America’s biggest investment banks puts its heft behind a company, it usually works wonders for the shares, and so it was when Morgan Stanley advised investors to throw more Sainsbury’s and Tesco stock into their baskets, for good measure naming the latter as its top pick in the European retail sector. (The Times £)
Fever-Tree CEO Wim Warrilow’s confidence about the company’s prospects is based on expectations that overheads will be much lower. New glass contracts fully hedge energy prices and transatlantic freight rates are expected to fall. Fever-Tree is also confident of its ability to keep raising prices. Chair Domenic De Lorenzo looks convinced — he has just spent over £438,000 on shares. (Financial Times £)
Milk alternatives may be great for consumers wanting choice, whether it is for health or sustainability reasons. But past experience shows they have not always delivered the same benefit for investors. (Financial Times £)
A fifth of post offices in the UK will stop selling lottery tickets and scratchcards, its operator has said. Last year, the Post Office ended its group contract with the National Lottery, giving branches a choice on whether to stock the products. (BBC)
Five years on, the US private equity group Carlyle is shifting troubled Accolade Wines off its books, but not in the way it would have liked. Bain Capital and other lenders, which snapped up Accolade’s distressed debt over the course of the past few months, will become the ultimate owners following a debt-for-equity swap. (Financial Times £)
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