The new chief executive of Unilever has pledged to look at its decision to continue operating in Russia “with a fresh pair of eyes” as the company continues to face criticism (The Times £). In a letter, Hein Schumacher pledged to reassess the food giant’s position on Russia in his new position as chief executive, after receiving a personal plea from a Ukrainian soldier (Telegraph £).
Wilko paid out a total of £77m to the owners and former shareholders of the stricken retail chain in the decade before its collapse. (Daily Mail)
Now the chain is in administration, a potential buyer would not be responsible for any of Wilko’s debts, making a purchase more attractive. The BBC understands there is interest, including from two retailers. (BBC)
Interested parties in Wilko included the Homebase owner, Hilco, the Bensons for Beds owner, Alteri, and the Laura Ashley owner, Gordon Brothers, as well as the finance group OpCapita. More than one retail group is also reported to have cast its eye over the chain. However, it is tricky to finance deals to buy retailers at the moment as banks are not optimistic about the sector’s prospects and interest rates on any debt required are high. (The Guardian)
John Lewis Partnership’s boss has revealed he expects the middle-class store chain to offer its clientele Klarna-style buy-now-pay-later (BNPL) deals in future (Daily Mail). The boss of John Lewis and Waitrose wants to roll-out a buy now, pay later service as the company’s middle-class customers are increasingly squeezed by the cost of living crisis (Telegraph £).
John Lewis owner’s first-ever chief executive Nish Kankiwala has the toughest job in retail. Kankiwala finds himself back on the shop floor in one of the hardest jobs in the industry – restoring John Lewis and Waitrose to their former status. (Daily Mail)
The Co-operative Bank has struck a £464m deal to buy the mortgage portfolio of Sainsbury’s Bank in the first acquisition by the lender since its near-collapse a decade ago (The Times £). The two firms have spent months in talks over the deal. Negotiations were called off in the spring after they failed to agree on a price - before discussions resumed earlier this summer (Sky News).
The owner of Burger King’s UK operations is in advanced talks about a new franchise deal that will cut the number of new restaurants it is obliged to open each year. (Sky News)
Consumer prices inflation is on course to have fallen in July to its lowest level since the outbreak of war in Ukraine. When the Office for National Statistics publishes data on Wednesday, economists and forecasters at the Bank of England expect official figures to show a decline in headline inflation from 7.9% to 6.8%, the weakest pace since February 2022. (The Times £)
The cost of some basic food items such as cheese, butter and bread has soared by more than 30% in the last two years, forcing poorer households to “make desperate choices between keeping up with their bill payments or putting food on the table,” campaigners have said. (The Guardian)
Pubs in England and Wales will be allowed to continue serving takeaway pints after the government decided to keep Covid licensing rules (Sky News). Pubs in England and Wales will be able to continue selling takeaway drinks after the government decided to keep Covid licensing rules (BBC).
Sales of Graham Norton’s wine are fizzing as drinkers increasingly seek out celebrity alcohol brands. The TV host’s GN label, which he launched a decade ago, sold more than 3.7million bottles last year, according to its New Zealand maker Invivo. (Daily Mail)
Meal kit companies were assumed to be one of the pandemic’s fads. But Germany’s HelloFresh reported decent numbers this week. The trend of “restaurant at home” kits is helping to lift the sales of niche vendors, dividing the market between premium and value. (Financial Times £)
A Guardian editorial on ultra-processed food says business should be blamed, not consumers. Evidence is mounting on the health costs of these products. The real culprit is financialised growth, not inadequate individual willpower. (The Guardian)
Data protection laws are hindering the fightback against shoplifters as retailers struggle to “name and shame” suspected thieves. (Telegraph £)
A patch of Lincolnshire countryside the size of Wembley Stadium could soon be home to a giant inland prawn farm, under ambitious plans by a start-up. (The Times £)
As Beyond Meat sales fall, have we had our fill, asks the BBC. Certainly the market has cooled. The major UK supermarkets have culled the number of meat-free ranges by 10.9% during the six months to April and research company Kantar said there had been a 7% fall in volume sales over the year until July. But not all fake meat firms are falling. (BBC)
No comments yet