Valeo Foods Group is in exclusive talks to buy Kettle Foods’ operations in the UK and Ireland in a deal that could be worth more than £50m. Agreement is expected to be struck “in the coming days”, the article says. (Sky News)

Marks and Spencer, Sainsbury’s Asda and Harrods are among more than 50 retailers to have signed a letter calling on chancellor Sajid Javid to freeze increases in business rates. The letter came as the British Retail Consortium and Springboard released a survey showing that one-tenth of high street shops are now vacant – the highest vacancy rates since 2015 (Financial Times £). Overall footfall fell 1.9% last month – the worst decline for July since 2012 (The Telegraph). The Daily Mail says shopping centres were the worst hit, with footfall declines of 3.1%. Visitors to high streets slipped 2.7%. Retail parks fared better with a 1.2% increase in footfall. The Guardian notes that Tesco has previously called for a 2% online sales tax that would help fund a cut in business rates for shops.

Deliveroo will pull out of the German market from Friday in a push for a narrower geographical focus and in acknowledgement that Takeway.com has emerged as a hard-to-beat leader in a notoriously difficult market. It did not rule out a return to Germany in the future (Financial Times £). Sky News points out it is the first time the London-based business has pulled out of a market since its launch in 2013.

A “cauliflower crisis” has gripped Britain after heavy rain destroyed this year’s crop in Lincolnshire and the continental heatwave dried up supplies from elsewhere in Europe (The Guardian).

KFC owner Yum Brands has promoted David Gibbs from president and operating chief to chief executive. He will succeed Greg Creed who will retire at the end of the year (Financial Times £).

Fonterra said it would write down the value of several of its dairy businesses in China, Brazil, Venezuela, New Zealand and Australia by NZ$820m-NZ$860m to reflect the poorer outlook for their expected returns. The world’s biggest dairy exporter said it would report a record loss of NZ$590m-NZ$675m for the 2019 financial year (Financial Times £).

Australian cheesemakers face the prospect of not being able to use terms such a gruyere, feta and gorgonzola to name their products after the nation’s trade minister, Simon Birmingham, who is gearing up for a fight with the European Union, released a list of food products Europe wants protected under the geographical indications scheme as part of a new trade deal (The Guardian).

US national security adviser John Bolton says the US is “ready to negotiate” a sector by sector trade deal with the UK to get an agreement as soon as Britain leaves the EU (Sky News).

Young people drink alcohol less frequently but binge drinking is now more common. While there is a market for non-alcoholic drinks, there are still plenty of drinkers, even among the young, says the Financial Times (£). The article is written in the context of Diageo’s acquisition of a majority stake in Seedlip last week.

Topics