British factories stockpiled goods in January at the fastest rate in 30 years, as they count down towards a potentially chaotic Brexit, an industry survey shows (Sky News). British manufacturers are stockpiling goods at the fastest rate since records began in preparation for a disorderly Brexit, according to a closely followed economic monitor (The Times £). The Purchasing Managers’ Index showed that stocks of inputs were up at the fastest pace in the 27-year history of the survey (The Independent).
Staff made redundant by Patisserie Valerie have told the BBC they have not been paid for their final month’s work. Up to 900 staff members lost their jobs in January when administrators KPMG closed 70 of the cafe chain’s outlets. (The BBC)
Patisserie Valerie staff used fictitious Groupon vouchers to inflate the scandal-hit cafe chain’s sales, according to sources familiar with a report by the accountant PwC (The Times £).
Meanwhile, About 100 parties and individuals were in the running to buy Patisserie Valerie by Friday night when a deadline for bids for the scandal-hit café chain expired, according to a person close to the process. (The Times £).
Ocado boss Tim Steiner will be pressed on the nature of the online grocer’s talks with Marks & Spencer when its annual results are revealed on Tuesday (The Times £). Ocado boss Tim Steiner will be in the spotlight this week as he delivers the firm’s annual results amid reports of a possible partnership with Marks & Spencer (City AM).
Because Ocado came disguised as a grocer, it doesn’t get enough credit as a homegrown tech success, argues Ruth Sutherland in The Daily Mail. “While most of us think of Ocado as an online retailer, it has in fact morphed into a technology and logistics company. The vans are its public face, but the real money is made by selling its state-of-the-art technology to supermarkets in the UK and abroad.” (The Daily Mail)
Oddbins and several of its sister brands have become the latest victims of the high street downturn after their owner called in administrators, putting hundreds of jobs at risk (The Telegraph). Oddbins entered administration on Friday, in a move that puts 550 jobs at risk at the off-licence chain and its sister businesses (The Guardian). Wine store chain Oddbins slumps into administration (again), blaming Brexit and the tough High Street for its woes (The Daily Mail). The off-licence chain has collapsed for a second time in eight years and its owner partly blames its latest struggles on Brexit (Sky News)
Farmers are warning that a no-deal Brexit would be “savage” as they call for assurances on Britain’s commitment to high animal welfare standards. Minette Batters, president of the National Farmers’ Union, said farmers face being locked out of trade for six to nine months if Britain leaves the EU on 29 March without a deal. (Sky News)
One of the shareholders behind a successful plot to oust the chief executive of Premier Foods has increased its stake in the British food manufacturer. Paulson & Co, the activist investor led by John Paulson, the billionaire, has increased its holding in the maker of Ambrosia Custard and Batchelors soup from 7% to 11.9%. (The Times £)
The retail industry recruited the highest level of women to top jobs on record last year amid growing calls for better female representation in boardrooms. (The Telegraph)
“The tech giants won’t like it, but a digital tax must become a reality” says a business leader in The Guardian. The paper argues the OECD’s bid to tax digital services across the world’s 34 richest nations is a step towards fairness. (The Guardian)
Domino’s Pizza Group faces a growing rebellion from its franchisees — almost all of whom are believed to be refusing to open stores for the first half of this year. In a move that suggests the rancour between the company and its store owners is far worse than thought, almost all the franchisees have joined a group to lobby for a greater share of profits. (The Times £)
A shopping centre landlord has argued that the government’s small business rates relief due to be introduced in April will give only the tiniest respite to embattled town centres. (The Times £)
Ailing burger chain Byron has grabbed a £10m lifeline as it battles to improve trading after a bruising year in which it had to close 19 sites. (The Times £)
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