The Canadian tycoon behind HMV has made a last-gasp attempt to rescue the stricken retail chain Wilko, in a deal that could save up to 4,000 jobs, according to The Times (£). Doug Putman, whose family also owns Toys R Us in Canada, is understood to have been holding detailed talks with Wilko’s management team and administrators from the accountancy giant PwC.
The deal would also mean the survival of the Wilko brand. Administrators are set to work through the weekend to analyse a final bid from Putman, in order to secure the best outcome for creditors and staff (The Mail).
Around 10 other parties are understood to be interested in acquiring stores, including a small number that have expressed an interest in potentially buying more than 50 stores (The Telegraph £).
A number of well-known retailers have said they will guarantee stricken Wilko workers a job interview. The Works, Dunelm and Hobbycraft have all said they will give Wilko workers an interview for a job if they apply (The Mail).
Subway, the restaurant chain known for selling foot-long sandwiches, has agreed to sell itself to US private equity group Roark Capital for more than $9bn in one of the year’s largest private equity buyouts (The Financial Times £).
Roark prevailed over rival bids, including one led by the private equity group TDR Capital, based in London, and New York’s Sycamore Partners (The Times £).
The Lex column in The Financial Times (£) also takes a closer look at the deal, writing the fast-food chain is one of the biggest globally but has struggled in recent years against fresher rivals.
Asda has become the third British supermarket giant this week to announce price cuts to help consumers struggling with the cost-of-living crisis (The Mail).
A fifth delay on the introduction of post-Brexit import checks on food and fresh produce arriving in Britain is to be officially announced imminently (The Guardian).
The middle classes may have survived the first wave of Britain’s fruit and vegetable shortages, but a scarcity of artichokes at Waitrose could reignite panic (The Telegraph £). Shoppers seeking out globe artichokes for their summer dishes have been met with disappointment in recent weeks after unpredictable weather disrupted supplies.
John Lewis is ditching its offer of free food for workers over the Christmas period, as the retail giant embarks on another round of cost-cutting (The Telegraph £).
UK gets a taste for homegrown watermelons despite rain (The Guardian). A Cambridgeshire farm has produced a record crop of the tropical fruit this year, despite the ‘challenging’ British climate
UK consumer confidence rose more than expected in August, helped by lower energy prices and accelerating wage growth (The Financial Times £).
Easing inflation has re-energised consumer confidence over the summer, but stumbling economic activity could dent optimism in the coming months, a long-running survey out today shows (The Times £).
Retail sales are falling at a much quicker pace, a survey showed, adding to evidence that the UK economy is struggling amid tighter interest rates and obstinate inflation (The Times £).
Britain’s retailers are planning to axe jobs and cut investment over the coming months as signs emerge of a deepening slump in spending by consumers, the latest snapshot of high street and online activity has shown (The Guardian).
The Lex column in The Financial Times (£) looks back at the deal struck by Coca-Cola Europacific Partners earlier this month for Coca-Cola Beverages Philippines. “The Philippines takeover primes the palate for more deals to bubble up,” it writes.
The Financial Times (£) looks at how Mexican beer Modelo became the US best-seller. Sales have more than tripled in less than a decade, from 51 million cases in 2013 to 187 million in 2022.
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