John Lewis has no plans to abandon its mutual status, despite proposals to sell a minority stake in the business. The retailer will continue to be owned by its staff, amid reports that it is considering bringing on a minority shareholder to help deal with the challenging economic backdrop for retailers. (The Times £)

The Sunday Times had said John Lewis was considering diluting its famous partnership structure amid brutal conditions on the high street. Sharon White, the chairwoman, is understood to be in the early stages of exploring a plan to change the retailer’s mutual structure so it can try to raise between £1bn and £2bn of new investment (The Times £).

That story was quickly followed up. The FT said a source familiar with the group’s strategy confirmed that the option of a sale of a minority stake in the prestigious high street brand was now on the table, to inject new capital into its department stores and Waitrose supermarkets, which have together recorded annual losses in each of the past two years (Financial Times £).

John Lewis is preparing to water down its decades-old staff ownership model by selling a stake to an outside investor (Telegraph). The John Lewis retail group, which is 100% owned by its staff, is considering diluting its partnership structure (The Guardian). The retail giant John Lewis may dilute its 100% employee ownership to raise fresh investment (Sky News). John Lewis is considering a potential change to its employee-owned business structure, upending more than 70 years of tradition (BBC).

Plans by loss-making retailer John Lewis to end more than seven decades as a 100% employee-owned business have drawn criticism from an MP and supporters of its mutual ownership model (The Guardian).

There is no mechanism to raise capital from partners, or to do so by selling new equity, leaving John Lewis restricted to borrowing on commercial terms if it needs to raise additional capital. In fact, the existing constitution expressly forbids the partnership and its bosses from taking actions that “risk any loss of financial independence”. (Telegraph)

Critics see red flags as Sharon White plans to keep cutting at John Lewis – White admits the role leaves her spread too thinly and observers say cracks are beginning to show. She has not yet been able to reverse JLP’s fortunes, and some have argued that her cost-cutting strategy has pushed the business even further away from its glory days. (The Guardian)

A pack of private equity suitors is circling Princes Foods, the Japanese-owned company which makes dozens of tinned products stocked in British supermarkets. Following up The Grocer’s story from January, Sky News suggests that Valeo Foods, which is majority-owned by the buyout firm Bain Capital, and Aurelius Group, the corporate carve-out specialist, are among the bidders interested in acquiring that group. (Sky News)

An activist hedge fund, founded by a former executive of the fearsome US firm Elliott Advisors, has taken a stake in THG, leaving the troubled online retailer contending with two activists on its shareholder register. (The Times £)

Morrisons is cutting its prices for the third time in three months as it steps up efforts to lure shoppers back from Aldi. (Telegraph £)

Sebastian Vettel has become the lead investor in a British sports supplement brand that has raised £1.2m to commercialise its plant-based formula. Bill Ronald, chairman of the Fever-Tree drinks mixer brand and a former Mars executive, is also investing and is becoming chairman of BACX, which is based in Oxford. (The Times £)

The billionaire owner of Home Bargains was handed more than £20m in dividends last year despite the retailer’s profits falling by 26%. TJ Morris, which runs the discount chain, posted profits of £290m for 2022 from revenues of £3.42bn. (Daily Mail)

Morrisons has been fined £3.5m after an employee with epilepsy died when he fell from the stairs during a seizure. (The Guardian)

Aldi has announced its fourth pay rise in just over a year with shop workers to get a minimum of £11.40 an hour from July. (The Guardian)

Marks & Spencer is preparing a major push to sell more high street brands alongside its own clothes as it attempts to lure shoppers away from rivals Next and John Lewis. (Telegraph £)

Manufacturing bounced back at the start of the year but it is too soon to say the worst is over, according to experts. (The Times £)

Mars chief hits out at ‘nonsense’ attacks on corporate ESG. Poul Weihrauch says petcare and chocolate group will fail to attract younger employees if it only focuses on profits. Sales at the family-owned petcare, chocolate and chewing gum group “could well double in a decade” to $90bn, Weihrauch told The FT in his first interview since becoming CEO last September. However, he added, its more important target was “responsible” growth. (Financial Times £)

The deal Jean-Charles Naouri signed this month to try to save his indebted French supermarket group Casino has roots stretching back almost 30 years to a fateful meeting with a business school graduate. (Financial Times £)

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