The long-expected phase 2 investigation into the £3.7bn Tesco and Booker merger generates plenty of column inches in today’s papers. The CMA has warned the takeover could damage competition in 350 neighbourhoods, prompting a full-scale investigation into the deal (The Guardian) (The Daily Mail). The Telegraph writes the watchdog identified an overlap between hundreds of Tesco stores, its One Stop chain and Booker’s chain Budgens, Londis, Happy Shopper and Premier convenience stores.
Buoyant sales at B&M Bargains in the first quarter also grabbed the attention of the media as the discounter toasted its best first quarter for three years. The Telegraph notes that the company said it would stand to benefit from more customers looking to save money as shop prices rise elsewhere.
Wetherspoons chairman Tim Martin has urged Brexit naysayers to “put a sock in it” claiming the UK will flourish with or without an EU trade deal after the country leaves the union (The Telegraph).
The prospect of a cashless society moved a step closer after cards were used for more than half of retail purchases in the UK for the first time last year and debit cards finally surpassed physical money to become the most popular payment method, according to the BRC (The Telegraph).
Argos and Asda have apologised to customers after similar models of glass-topped patio tables “exploded” in the heat, but rejected calls for a national product recall (The Guardian).
The owner of pizzeria chain Franco Manca warned that the Brexit vote had started to affect the availability of European restaurant staff in the UK, potentially pushing up wages for new hires (The Financial Times).
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