Booker is “going head-to-head with the discounters and the Big Four grocers” after beefing up presence in fast-growing convenience sector by spending £40m buying Budgens and Londis (The Daily Mail)

The transaction will mean that Booker can expand its distribution network for chilled and fresh food, write The Times (£). It notes Booker has been transformed under chief executive Charles Wilson as it was on the brink of bankruptcy when he was appointed in 2005.

The FT dubs Booker “boring, but brilliant”. The paper writes: “When good management meets a bad business, the business usually wins, Warren Buffett famously observed. Did Mr Buffett ever come across the team at Booker?” The Financial Times (£)

Tesco said it in annual report it will pursue recovery of Philip Clarke’s £1.2m termination fee if it can be shown that there was gross misconduct during his reign. (The Daily Telegraph)

Clarke has retired on a pension of £658,000 annually and will get a 10 per cent discount on his groceries for life. He received a year’s salary, amounting to £1.2 million, as compensation for loss of office. (The Times £)

The indignant Mail says the annual report: “reveals hypocrisy on grand scale as Britain’s largest retailer showered executives and board members with raft of extraordinary perks” (The Daily Mail)

Meanwhile, new CEO Dave Lewis was paid a total of £4.1m in his first six months at Tesco. Lewis, appointed last July to turn the company around, received £3.3m to buy out share options and a £525,000 bonus payment he would have been entitled to at his previous employer Unilever. (The Financial Times £).

SSP boss Kate Swann wants to build a “rugby team” of celebrity chefs to aid the travel retailer’s growth. The Upper Crust and Cafe Ritazza owner hands out maiden dividend after growing profits in the past six months. (The Daily Telegraph)

“No crying over spilt milk” is The Times headlines over Dairy Crest’s upbeat outlook despite annual profits dropping by more than half amid a performance collapse at the milk business it is hoping to sell. (The Times £)

Reckitt Benckiser finds itself in a “slippery situation” over its bid to buy the KY Jelly brand, as the UK’s competition authority says Durex maker’s bid could lead to higher prices for personal lubricants. (The Daily Telegraph)

“While the politicians were out campaigning, voters were out shopping,” writes the Guardian. The latest ONS data shows no hint there that consumers were apprehensive about the election result. The volume of retail sales was up 1.2% between March and April, while the quarterly increase – a better guide to the underlying trend – was 0.7%. (The Guardian)

Massimo Zanetti, third-generation owner of Italy’s Zanetti beverage dynasty, first tasted coffee when he was two years old. Now, aged 67, he is putting his life-long passion to the test commercially as he seeks to list the family business on Milan’s stock exchange. (The Financial Times £)

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