The billionaire owners of Asda have been asked by MPs for details of interest free-loans allegedly provided to fund the purchase of private jets (Telegraph). The billionaire brothers who co-own Asda are facing questions from MPs over interest-free loans provided to fund the purchase of private jets (The Times £).

MPs have questioned Asda over whether issues over its finances are stopping it doing more to tackle soaring prices (BBC). MPs have raised concerns that Asda’s ownership structure could be limiting the supermarket’s ability to support shoppers through the cost of living crisis. (The Guardian)

Ben Marlow in The Telegraph writes on Asda’s ownership: “It didn’t take a qualification in forensic accounting to spot the gap between neat soundbites and the realities of a deal that left the grocer’s balance sheet saddled with billions of pounds of high-interest loans. This was financial engineering at its most brazen, and worse it came just as the era of super-cheap money was coming to screeching halt… It is why the scrutiny of Labour MP Darren Jones in his capacity as chair of the cross-party Business and Trade Committee is to be warmly welcomed.” (Telegraph)

A rescue deal to save the majority of Wilko’s stores has been put at risk as some key suppliers want outstanding debts repaid upfront to guarantee continuing to provide products to the chain. (The Guardian)

Meet Hilco, the firm behind the scenes at Wilko failure and other high street collapses. The fund lent £40m to Wilko in January and is now the chain’s biggest creditor after the pension fund. (The Guardian)

Butternut Box, Europe’s largest fresh dog food provider by revenues, has been valued at well over £500m in a funding round that will defy difficult financing markets for growth-stage companies. (Sky News)

UK consumer spending rebounded in August, helped by holiday purchases of products such as health and beauty, but growth remained below the pace of inflation, according to data published on Tuesday (Financial Times £). Britain’s retailers have received a boost from consumers making themselves beach-ready by increasing their spending on skincare and makeup before their summer holidays, despite the cost of living crisis (The Guardian). Retail sales rose in August as customers “splurged on self-care”, new figures suggest (BBC).

Some 52% of Britons have reported seeing a downgrade in the quality of ingredients in their favourite products while the cost remains the same or has increased, according to a monthly survey for Barclays. (Sky News)

JD Wetherspoon will cut the price of all food and drinks for one day this week in a bid to highlight tax burdens on the hospitality industry. (Daily Mail)

Motorists faced a “shock” in August after fuel price rises that were among the biggest in more than two decades, the RAC has said. (BBC)

‘This is psychological warfare’: Starbucks workers allege anti-union firings. The US National Labor Relations Board has reinstated 28 of the more than 200 pro-union workers fired since late 2021. (The Guardian)

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