Asda chief Mohsin Issa has announced an emergency £30m cash injection amid an alarming sales slump at the troubled supermarket chain (Telegraph £).
As The Grocer reported yesterday, Asda admitted a series of major projects – including the overhaul of its IT system to free it from the shackles of its previous Walmart ownership – had diverted resources from the core supermarket mission.
The Grocer also published a Daily Bread blog asking if the Asda reset would reclaim worker and shopper affections.
Two former directors of Chill Brands Group have been accused of “blatant fraud” and embezzlement against the London-listed vaping company, and of allegedly misusing funds for personal expenses and using a company email account to “engage with an X-rated business for personal purposes” (The Times £).
Deliveroo has partnered with B&Q to deliver DIY products in as little as 25 minutes within London as demand for speedy deliveries grows (The Times £).
A new study in the US has found numerous dark chocolate products are contaminated with lead and cadmium, two highly toxic metals (The Guardian).
Wine tycoon Richard Balfour-Lynn has been ordered to pay millions of pounds in compensation over claims he misled investors via a “web of sham transactions and false trails” (Telegraph £).
The private equity owners of Britain’s biggest pub operator have pumped £250m into the company to avoid defaults on its debt pile (Telegraph £). As part of a refinancing of Stonegate, which has a £3bn debt pile, TDR Capital has given up a stake in the pub chain to one of its lenders.
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