Marks & Spencer could be promoted to the FTSE 100 after a four-year hiatus as its turnaround finally bears fruit (The Times £). Marks & Spencer looks set to return to the FTSE 100 after a four-year absence as its turnaround gathers pace (Daily Mail).
Private equity firm Roark Capital is in the lead to acquire sandwich chain Subway for well over $9bn after attaching conditions to some of the windfall the two families that own it will get (Reuters).
TDR Capital and Sycamore Partners have brought in Goldman Sachs Group Inc.’s asset management arm and a sovereign wealth fund as they make a last-ditch effort to beat out frontrunner Roark Capital Group in the bidding for sandwich chain Subway. (Bloomberg)
The ultra-fast grocery delivery sector has continued to head downhill as Getir, one of the sector’s leading players, announced plans to slash about a tenth of its workforce for the second time this year (The Times £). The fast-track grocery service Getir is to cut about 2,500 jobs across five countries including the UK in the latest sign of waning demand in the delivery market (The Guardian).
Tesco has grown its share of the grocery market thanks to the success of its Clubcard loyalty scheme and price-matching with Aldi, latest figures show. (The Times £)
Business at Asian food chain Itsu remains below pre-pandemic levels despite a strong recovery last year as workers returned to the office. (Daily Mail)
Have consumer goods price rises peaked, asks The FT. After raising prices to pass on raw material, energy and labour cost inflation to shoppers, some of the world’s largest consumer goods companies have signalled they might be ready to ease off. (Financial Times £)
Wilko shoppers are being urged to avoid being scammed by a raft of fake websites that have been set up after the retailer fell into administration. (BBC)
Online adverts for the retailer Boots promoting four brands of infant formula on Google broke advertising rules, the watchdog has said. In the UK, it is against the law to advertise infant formula for babies up to six months because it might discourage breastfeeding. (BBC)
Australian supermarket operator Coles has recorded a surge in revenue from its groceries business, even as steep living costs prompt households to alter shopping habits and store theft escalates. (The Guardian)
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