The world’s biggest spirits group has branded the government’s new alcohol duty regime as a stealth tax that will push up prices for consumers. (The Times £)
Rishi Sunak has been heckled during a visit to the Great British Beer Festival in central London. (BBC)
As the way alcohol duties are charged change from today, Sky News looks at how alcohol duty and other duties will affect consumers. From today duties on non-draught alcohol will be uprated by inflation and these duties will reflect the alcohol content in the drinks. (Sky News)
Diageo has reported a rise in annual sales after the world’s biggest distiller said customers were opting for pricier spirits, in a sign of resilient demand despite the cost of living crisis (Financial Times £). Drinks giant Diageo has reported booming profits for the last year thanks to price rises and drinkers around the world turning to more expensive tipples (Daily Mail).
When is the post-lockdown hangover going to ease up? For Diageo, it is a headache made worse by inflation dulling consumer spending. The heady rise in sales, boosted by demand for premium spirits by cooped-up consumers flush with cash has come thudding down. (The Times £)
Greggs is to open more shops in supermarkets and airports, after the bakery chain reported higher sales thanks to strong demand for its evening pizza deals (The Guardian). The appeal of breakfast deals, sausage rolls and vegan bakes among cash-conscious customers has driven a strong first-half performance at Greggs (The Times £). Greggs has said input cost inflation is “cooling” but continues to weigh on profit margins, as the food-to-go retailer reported a jump in half-year sales driven by new openings in retail parks and travel hubs (Financial Times £). Greggs sales grew by around £150m year-on-year in the first half as the bakery chain was handed a boost from later closing times (Daily Mail).
Greggs is one of only a handful of companies that has managed to shrug off a cost-of-living crisis which has caused Britons to tighten their purse strings in the face of painful energy and grocery bills. (Daily Mail)
The first chief executive of AG Barr to be recruited from outside the soft drinks company’s founding family in its 140-year history is stepping down after two decades in charge (The Times £). AG Barr’s chief executive Roger White will resign as a director and retire from the company at a ‘mutually agreed date’ within the next 12 months (Daily Mail).
White has expanded AG Barr beyond its Scottish roots via modest but astute acquisitions, such as Rubicon fruit juices in 2008. One key deal escaped him. A bold attempted merger with Britvic in 2012 fell flat after a lengthy competition probe. Britvic then demanded better terms. White would have led the merged business. (Financial Times £)
Shoplifters are overrunning retailers and avoiding public rebuke because politicians have accused supermarkets of profiteering, the chief executive of Co-op Food has said. (Telegraph £)
Sales at Starbucks missed Wall Street’s expectations in the last quarter as booming demand in China was offset by muted growth in the United States. (The Times £)
Domino’s Pizza Group is to deliver a fresh £70m share buyback after upping earnings guidance for this financial year (The Times £). Domino’s Pizza saw a surge in takeaways being picked up by customers in stores rather than delivered to their doorsteps amid the cost of living crisis (Daily Mail).
Brewer Molson Coors has capitalised on the upheaval in the US domestic beer market, reporting record quarterly sales and upgrading its full-year outlook following the controversy that has engulfed rival brand Bud Light. (Financial Times £)
The Wild Oysters Project is trying to rescue the native species by recreating the oyster reefs in the UK that also used to provide excellent habitat for dozens of other sea creatures. (The Guardian)
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