Waitrose has been left £4m out of pocket through its brief tie-up with an insolvent venture set up by one of Ocado’s founders (The Times £). A progress report by administrators at Interpath has shown that Waitrose is the second-largest trade creditor of Today Development Partners, which went bust last month while its remaining assets were sold to Ocado in a £326,000 deal.
Morrisons is struggling under the weight of debt from its private equity takeover, a credit rating agency has warned (The Mail). The supermarket was slapped with a ‘speculative’ debt rating by Fitch, which indicates ‘an elevated vulnerability to default risk’.
Introducing a prioritisation system to help perishable goods get through long queues at Dover is not a realistic option, the environment secretary says (BBC News).
Pret a Manger is set to make its entry in Ireland and Northern Ireland as it pushes ahead with expansion plans after shutting down dozens of shops during the pandemic (The Mail).
Marks & Spencer is slashing the price of everyday essentials as the high street stalwart tries to win over customers amid the cost-of-living crisis (The Telegraph). The retailer on Monday announced lower prices across its “Remarksable” range of products, which includes milk, bread, mince, pasta, fruit and other staples.
UK retail sales growth slowed last month amid consumer worries about squeezed household finances from higher energy, fuel and food bills (The Times £).
Growth in UK retail sales slowed last month as fears over the rising cost of living led to the sharpest drop in consumer confidence since the 2008 financial crisis, according to industry data (The Guardian).
Britain’s cost of living crisis moved into its fourth consecutive month in February despite a jump in wages and a fall in unemployment to just 3.8%, its lowest level since 1974 (The Guardian).
Shoppers raced to stockpile tinned tomatoes, pasta, tea, coffee and paracetamol last month amid fears that the Russian invasion of Ukraine could spark a war across Europe (The Telegraph).
More than a quarter of a billion people around the world could be pushed into extreme poverty this year amid a surge in global food prices after Russia’s invasion of Ukraine, the ongoing impact of Covid and rising global inequality, Oxfam has warned (The Guardian).
Russian consumers have cut their spending by a tenth as western sanctions take their toll on the economy (The Times £).
China’s factory gate prices and consumer inflation accelerated in March, driven by a spike in food and energy costs as the world’s second-largest economy imposed Covid-19 lockdowns in major cities (The Times £).
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