Tesco is preparing to launch a new discount chain as early as September, as the supermarket ramps up its battle with the discounters Aldi and Lidl. The supermarket giant has earmarked as many as 60 existing stores to transform into a low-price chain expected to operate under a new brand name (The Guardian).

The Mail on Sunday reports that the stores may be called Jack’s – a reference to Tesco founder Jack Cohen – because an obscure Tesco subsidiary recently tried to register the name as a trademark. However, it is not clear whether approval has been granted and the new name remains a closely guarded secret.

Around half of Poundworld’s stores could yet be saved as its founder Chris Edwards and Steve Smith, founder of erstwhile rival Poundland, table final offers with Deloitte, the discount chain’s administrators. (Financial Times). People close to the situation said an agreement was likely to be reached one way or another on Monday. “We are closer than we have ever been,” said Mr Edwards, who has in the past been critical of Deloitte’s handling of the company.

Quorn sales have been boosted by a surge in people going vegan (Telegraph). The company is targeting $1bn of annual revenues within the next 10 years and today posted half-year like-for-like sales of £112m, up 12% on 2017.

Quorn is spending £7m on a research and development facility at its North Yorkshire headquarters as the meat-alternative brand attempts to capitalise on the increased popularity of veganism (Guardian, Daily Mail, The Times).

The head of Amazon in the UK has said that there could be “civil unrest” within two weeks if Britain leaves the European Union with no deal (The Times). Amazon UK became the first business to issue such a warning. It was given at a meeting on Friday organised by Dominic Raab, the Brexit secretary.

The butter spike has prompted Walkers Shortbread, which has been making the crunchy biscuits on Speyside for more than a century, to complain it has faced one of the most challenging years since its founder Joseph Walker first fired up his ovens back in 1898 (Mail on Sunday).

Britvic is due to miss out on a warm weather windfall after counting the cost of the recent CO2 crisis (Telegraph). City analysts would have expected a chunky uplift to third-quarter profits after one of the hottest summers on record. But CO2 shortages last month meant Britvic was unable to capitalise on quenching the thirst of the parched public.

GlaxoSmithKline could spin off its consumer arm to focus on its pharmaceuticals and vaccine businesses, it was claimed on Friday (Daily Mail, Times).

The retail sector is set for further deterioration in the third quarter, providing more bad news for an industry already under intense pressure (The Times). The latest KPMG/Ipsos retail health index shows that the health of the high street was stagnant in the second quarter, with an index rating of 79, and a further one-point decline is forecast during the third quarter.

Toblerone will reinstate its original shape two years after its decision to widen the gaps between triangles caused a public outcry (The Telegraph).

The boss of American-themed restaurant chain TGI Fridays has been given a 40 per cent pay rise despite protests and strike actions by employees over ‘exploitative’ practices on pay and tips (Mail on Sunday).

The pubs giant behind the Slug and Lettuce chain will add to its portfolio this week when it swoops for Be At One, the cocktail bars, in a £50m deal (Sky News).

 

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