The pensions lifeboat is pushing to recover £75m from the administrators of Bernard Matthews, or nearly four times the pension deficit first flagged at the turkey producer.

Around 2,000 jobs were saved as part of the “pre-pack” sale to Ranjit Boparan, which is the subject of a competition probe. But 700 Bernard Matthews’ employees now face cuts to their retirement income as a consequence of its pension scheme passing to the lifeboat fund. (The Financial Times £)

The papers heavily focus on the woes of Next’s Christmas performance, with many widening the focus to look at the effect’s ears of a bleak Christmas trading period among British retailers emerged after former high street darling Next warned of a difficult festive season and a surprise drop in sales (The Telegraph). Next’s share price slump had on the rest of the high street. Poor Christmas trading at Next has delivered a blow to the entire retail industry, hitting confidence and dragging down the shares in many listed stores groups yesterday (The Times £). Disappointing sales at Next have sparked fears that Marks & Spencer and Debenhams may also have endured a terrible Christmas (The Daily Mail).

The rise of the discounters, spearheaded by Lidl and Aldi’s relentless assault on the grocery market, appears to have gathered pace on the high street, with B&M European Value Retail reporting record festive trading (The Times £). Record sales at the discount retailer contrast with woes elsewhere on the British high street (The Financial Times £).

Six million Christmas crackers help B&M Bargains to a festive sales bounce (The Telegraph). Sales of gifts, decorations and confectionery performed particularly well and B&M told analysts it had to bring in sale stock early to meet customer demand (The Guardian). The firm shielded customers from a price jump last year after hedging against currency swings, but said it will have to pass on cost rises from the spring (The Daily Mail).

However, The Times remains unconvinced by B&M’s longer-term prospects. “That 7 per cent like-for-like sales growth cannot be expected to continue, though, and the fourth quarter will be depressed by the lack of Easter trading. The growth will continue from new stores openings, 34 of them in the UK in the year to date. The shares sell on about 20 times’ earnings. That looks high enough for the time being.” (The Times £)

Professional advisers poring over the wreckage of BHS have racked up another £1m in fees in just six weeks, even as tens of thousands of pension scheme members face continuing uncertainty over future payouts. (Sky News)

Sales at John Lewis soared in the week before Christmas as shoppers made last-minute purchases, but they dropped sharply last week as the timing of bank holidays hit trading. (The Times £)

Employers who deny workers the minimum wage could face two years in jail under plans to accelerate a crackdown on unscrupulous companies and gangmasters. The government will appoint a “labour market enforcement director” today to clamp down on the exploitation of casual workers. (The Times £)

Investors should benefit if the planned merger of Japan’s two major Coke bottlers introduces a more growth-orientated corporate structure. (The Financial Times £)

Sports Direct chairman Keith Hellawell is set to face a shareholder revolt later over his proposed reappointment. Independent investors are being urged to vote against his re-election because of a “catalogue of governance and operational failures” under his watch. (The BBC)

Topics