Typhoo is poised to be taken over by vape company Supreme, after the tea company collapsed into administration (Telegraph). The collapse follows several years of declining sales, mounting debts and even a break-in at its Wirral factory last year (Guardian). The deal would be part of efforts by Supreme to grow its drinks and nutrition operations as it reduces its focus on vaping (Daily Mail). It does not currently stock or distribute any tea brands, but it does work with soft drinks, gym supplements and multivitamin gummies (BBC).
Trendy versions of pantry staples such as extra virgin olive oil, balsamic vinegar and tinned fish have become middle-class essentials for home cooks, according to Waitrose’s annual food and drink report (Guardian).
Morrisons is scaling back its reliance on Ocado Group. The supermarket will gradually cease deliveries from Ocado’s automated warehouse in Erith, southeast London – one of the two fulfilment centres it has used since the companies struck a deal in 2013 (Times).
Imposing inheritance tax on farm risks hitting Britain’s food supply, the outgoing chairman of Asda has said. Stuart Rose warned the row between farmers and the government could disrupt supplies into supermarkets (Telegraph).
Inflated labour costs are weighing on John Lewis as it attempts to turn around its fortunes, its head of distribution, John Munnelly, has warned (Telegraph).
High street retailers are pinning their hopes on a Christmas trading boost after a slump following a impactful Budget for the sector (Daily Mail).
Analysts at JP Morgan have upgraded their ratings for Tesco and Sainsbury’s to ‘overweight’ from ‘underweight’. The US bank’s moves came in a note highlighting potential upside in the UK grocery sector into 2025 (Daily Mail).
Marks & Spencer and Kingfisher, the owner of B&Q, have expressed an interest in taking over dozens of stores operated by Homebase, the DIY chain that fell into administration this month (Sky News).
Remy Cointreau braced investors on Thursday for a bigger than expected fall in annual sales, citing weakness in its key US market where inflation has hit demand and potential tariffs could deal another blow to the spirits maker (Reuters). US president-elect Donald Trump has mooted tariffs of between 10% and 20% on non-Chinese imports, and China has slapped duties of up to 39% on EU brandy. It is a nasty cocktail for Europe’s drinks companies, writes the Financial Times.
Ikea has opened a pop-up store on Oxford Street, London dedicated to its signature bright blue Frakta carrier bag (Guardian).
UK café bar business Loungers has agreed to be bought by US investment group Fortress Investment Group, in a deal that values Loungers at about £338m (Guardian). The 310p per share offer sees Fortress take another chunk of the UK hospitality industry (Daily Mail).
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