A busy day yesterday for the industry sees today’s papers devote plenty of coverage to the defeat to changes in Sunday trading laws, the float of Hotel Chocolat and a new twist in the BHS saga.

No 10 has conceded that its plans to relax Sunday trading laws are dead in the water, after David Cameron suffered his biggest Commons defeat since the election at the hands of his own Conservative MPs, writes The Guardian. The Financial Times (£) quotes Simon Walker, director-general of the Institute of directors, saying the vote was disappointing that “Luddites” in parliament had prevented the government from ditching “arcane and outmoded” trading rules. “The forces of change cannot allow themselves to be defeated by the stuffed shirts on the green benches,” he said.

The founders of upmarket chocolate brand Hotel Chocolat stand to make £40m between them when the company floats on London’s junior market later this year, writes The Telegraph. The Financial Times (£) notes Hotel Chocolat has previously raised the bulk of its development finance through “chocolate bonds”, but even though the company “now set its sights higher” it will not pay off the bonds unless holders wanted to cash in.

The Times (£) looks at the careers of Hotel Chocolat founders Angus Thirlwell and Peter Harris, writing that Thirlwell has credited his entrepreneurial spirit to his father Edwin, who made his fortune selling the Mr Whippy ice cream brand before running an ice cream business in Barbados.

Thousands of BHS staff are set to have their retirement entitlements cut in one of the biggest pension shortfalls in the UK. Employees aged under 60, including some who retired early and may be receiving payments, will have their pensions reduced by at least 10 per cent as the chain tries to walk away from a large portion of its debts. (The Times £)

Nearly 13,000 current and former BHS employees who are under retirement age will have their pensions cut and those who have already retired but are still below the official retirement age will have their pension payments cut within months, writes The Guardian. The Daily Mail says this move puts the BHS pension pot under the control of the Pension Protection Fund, which protects the retirement pots of staff if a company runs into difficulty.

Writing in The Telegraph, Ben Marlow says: “The odds are poor for BHS’s last throw of the dice”. “If landlords vote through the CVA and the pension scheme is ditched, then BHS stands a much better chance of survival but it may well turn out to be too little, too late.” (The Telegraph)

Amazon has stepped up its expansion drive in Britain with plans to create a thousand new jobs in the northwest over the next three years. The internet retailer plans to open a distribution centre near Manchester airport in the autumn and is recruiting for myriad positions (The Times £). The centre will join Amazon’s 10 fulfilment centres in the UK, including two in Doncaster and one each in Dunfermline, Dunstable, Gourock, Hemel Hempstead, Milton Keynes, Peterborough, Rugeley and Swansea Bay. Two of these centres opened in 2015. (The Guardian)

British companies have been told they must warn investors if leaving the European Union poses a threat to their business. The Financial Reporting Council, the independent regulator responsible for high quality corporate governance, said firms should spell out the risks related to the referendum in their annual report and accounts. (The Daily Mail)

Tesco is planning to take advantage of the fallout from Hutchison’s £10.25bn takeover of O2 with a big push in the UK mobile market, seeking to expand sales outside the tough groceries market. The supermarket, which has had a 50:50 joint venture with O2 since 2003, is aiming to buy the portion of Tesco Mobile it does not already own and secure a long-term deal with Hutchison for capacity on the merged 3 and O2 networks. (The Telegraph)

John Lewis is planning to shut staff canteens and introduce longer shifts for hundreds of delivery drivers as part of efforts to cut costs and modernise its business. New contracts, which are currently under discussion, will also include a contractual requirement to work on Sundays and Bank Holidays if required. (The Guardian)

Unilever, the Anglo-Dutch consumer goods company, has agreed to make payments to hundreds of former employees in India after a rap video claiming they had suffered mercury poisoning went viral. (The Financial Times £)

The British gin industry had a record-breaking year in 2015 after 49 new distilleries opened their doors and consumers spent nearly £1bn on their favourite tipple. The value of gin sold in the UK’s supermarkets and off-licences hit the £400m mark for the first time while sales topped £500m in pubs, restaurants and bars, according to a report from the Wine and Spirit Trade Association. (The Guardian)

Worldpay has posted a £19million profit in its first year as a listed company on the stock exchange. The company, which provides systems for businesses to take card and contactless payments, was back in the black after making a loss of £47million in 2014. (The Daily Mail)

Casino Guichard-Perrachon saw operating profit tumble 35 per cent last year as Brazil’s shaky economy dealt a blow to the French retailer’s Latin American businesses. (The Financial Times £)

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