Young’s Seafood has become the subject of a three-way bid battle as a potential £200m sale of the frozen food manufacturer nears conclusion. The Telegraph writes that Former private equity owner CapVest, Japan’s Mitsubishi Corporation and UK Fisheries are understood to be pursuing a €170-€200m deal. (The Telegraph)
A senior Tory MP has called for an independent fuel price watchdog amid concerns that the proposed £12 billion merger of Asda and J Sainsbury will push up the cost of petrol and diesel. (The Times £)
Companies are suffering from staff shortages because of a fall in EU nationals coming to the UK, according to new research. Two in five employers (40%) said they have found it more difficult to fill vacancies during the last 12 months due to a combination of fewer and less suitable applicants. (Sky News)
A rise in people eating and drinking out in July was not enough to stop an overall fall in consumer spending after two consecutive months of rises, according to the latest Visa snapshot survey (The Times £). Warm weather and England’s successful stint in the World Cup failed to sustain a rise in consumer spending growth into July, according to figures from card company Visa and IHS Markit (The Financial Times £). Spending in the shops fell in July according to Visa, in another blow for Britain’s struggling high streets (The Guardian).
Household incomes are about to suffer a new squeeze as inflation picks up and pay growth disappoints. Figures this week are set to show that prices are rising faster than wages, ending a four-month period of improving real incomes. (The Times £)
The Times (£) advises investors to steer clear of Majestic Wine, writing: “I struggle to see this trick [the Naked Wines model] being replicated on the high street, where consumers are fickle and the lure of cheap supermarket booze is omnipresent. Gormley has done a decent job getting Majestic into shape, but at some point his growth ambitions will collide with reality. A hangover is bound to follow.” (The Times £)
The Mail is not keen on the shares of Domino’s Pizza, writing: “The long, hot summer has seen people lighting up barbecues rather than phoning for pizzas and that’s bad news for Domino’s Pizza… Domino’s, like so many other fast food chains, has headwinds to battle in the form of rises in food costs and the National Living Wage, and high business rates. Current investors should hold.” (The Daily Mail)
“Pre-pack turned into ‘phenomenal stitch-up” writes The Times (£) after Sports Direct’s rescue of House of Fraser, noting: “The system is controversial when it involves the sale of a business to connected parties, as directors and insolvency practitioners can use it as a way to create “phoenix” businesses, which enable owners to shed debts and cumbersome pension schemes and continue trading.” (The Times £)
Failings by the audit giant PwC meant that accounts for the department store BHS contained “incomplete, inaccurate and misleading” statements about its ability to continue as a going concern after its £1 sale by Sir Philip Green, according to a damning report. (The Times £)
Several Marks & Spencer shops have opened for their last day of trading as part of the retailer’s plans to shut 100 stores by 2022 (Sky News). Marks & Spencer is implementing the latest round of its store closure programme this weekend as it battles to improve its fortunes (The BBC).
Budget frozen food specialist Iceland is throwing itself into the vegan trend by launching 13 plant-based dishes. Meat-free cabinets packed with dishes including ‘No Bull’ Beef and ‘No Porkies’ Pork will start appearing in its 900 stores across the UK from Monday, September 3. (The Daily Mail)
German and French vintners are harvesting their grapes weeks ahead of schedule following the heatwave that has affected much of Europe. While many German farmers have complained that the hot and dry climate has damaged their crops, with yields of some, such as wheat, expected to be down by as much as 50%, vintners have seen reason to celebrate. (The Guardian)
A pour-your-own-wine bar where drinkers top up a payment card before serving themselves has raised £3.5m from investor Imbiba to expand. Vagabond, which has five bars in London and a winery in Battersea Power Station, has become popular with young singles in search of somewhere entertaining to go on a first date. (The Times £)
Turnaround guru and former Asda chairman Allan Leighton has been appointed chairman of online mattress seller Simba. (The Telegraph)
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