Premier Foods has been criticised by another investor for “a poor regard for shareholder value” in a further sign of the pressure on the company’s board.

Cape Wrath Capital, which had a stake of 0.1% in Premier on May 1, according to S&P Capital IQ, said efforts to cut debt were a “distraction” from the real problem, which it said was “management credibility”. The London-based fund manager said the Premier board was “without the skillset to deliver” shareholder returns. (The Financial Times £)

Retail sales rebounded in June as the arrival of summer and the timing of Eid “spurred consumer spending”, but analysts warned that there were question marks over whether such momentum would last (The Times £). British households carried on spending as last month’s heatwave encouraged consumers to splash out on barbecues and paddling pools, despite budgets being squeezed (The Telegraph).

The top City advisers hired to find a buyer for the Co-operative Bank are in line for a £15m payday despite the struggling lender turning to its existing investors to bail it out. (Sky News)

Online food-ordering platform Just Eat has renewed warnings over a shortage of curry chefs in the UK and called on the government to loosen immigration rules and improve training in the sector (The Financial Times £). The takeaway restaurant sector is being threatened by skills shortages, an organisation representing the industry claims. Businesses are also being squeezed by rising inflation and business rates, according to the British Takeaway Campaign (Sky News).

Indie brewers are fighting back in bitter row over beer brands’ craft credentials, writes The Guardian. Trade body the Society of Independent Brewers says drinkers deserve to know whether they are buying genuine craft beer or one made by a multinational. (The Guardian)

Contract wins with Lidl and Aldi helped tissue roll maker Accrol toast rising sales and profits. The firm, which floated on AIM at 100p per share last June, saw its profits leap 29.3% to £7.4m for the year to the end of April, from £5.7m the year before. (The Daily Mail)

Global demand for dairy and sugar is forecast rise over the next decade, according to the latest figures from the OECD and UN Food and Agricultural Organization. (The Financial Times £)

A long-awaited review of workers’ rights in the so-called gig economy is facing a union backlash. The findings of the Government-commissioned report, which were widely leaked in advance, calls for additional protections for those employed by the likes of Uber and Deliveroo amid claims they are exploited. (Sky News)

Prices charged at the factory gate in China last month remained well off their highs earlier this year, as oversupply in the steel sector and signs of economic weakness in the world’s biggest trading nation weighed on prices. However, food prices fell at a slower 1.2% last month, after sliding by 1.6% in May and 3.5% in April. (The Times £)

Topics