Italian confectionery giant Ferrero could announce a £250m deal for Britain’s Fox’s Biscuits as soon as this week (The Telegraph). No formal deal has yet been signed, although the two companies are thought to be close to announcing the takeover.
A Milan-listed group known for its range of dairy products and pasta has made a non-binding offer for Hovis, the 134-year-old British bread business owned by Premier Foods and Gores Group, the American investment company (The Times £). Buying Hovis, one of Britain’s best known bread brands — famous for its nostalgic adverts, above — would allow Newlat Food to expand its consolidated turnover to €1bn.
Newlat Food, which also makes bread and dairy products like milk and mascarpone, hailed 134-year old Hovis as a brand ‘with a great tradition and recognizability in the UK’ (The Mail).
In June, Hovis’ owners hired an investment bank to find a buyer in a process estimated to value the company at between £100m and £150m (The Telegraph).
A coronavirus outbreak that shut down one of its factories has prompted Greencore to warn of a 14 per cent decrease in revenue and a £10 million bill for pandemic-related operating costs (The Times £).
Ministers have been accused of putting the high street above public health after the business department warned council leaders against enforcing mask-wearing in supermarkets (The Guardian). Four retailers – Sainsbury’s, Lidl, Morrisons and B&M homeware stores – were issued with warning notices by Barking and Dagenham council in east London after their staff were seen failing to enforce mask-wearing and social distancing by customers
‘There should be fines’: east London shoppers on mask law (The Guardian).
Chancellor Rishi Sunak has defended encouraging people back to pubs and restaurants over the summer, prior to the government being forced to take fresh action to limit the spread of coronavirus (Sky News).
Bonds from pubs, clubs and restaurants have dropped in value after the latest measures to slow the spread of coronavirus, underscoring the risk to UK high-yield debt investors from the market’s heavy exposure to consumer demand (The Financial Times £). The leisure industry is struggling under the pressure of a 10pm curfew imposed in England last month, as well as the “rule of six” limit for gatherings, and similar measures in force in other parts of the UK.
Britain’s leading equity crowdfunding platforms are set to join forces after Crowdcube agreed a deal to acquire Seedrs (The Times £).
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