Morrisons has been haemorrhaging cash since falling into private equity hands two years ago, new documents reveal. The beleaguered Bradford-based grocer racked up £1.5bn of losses in the year after being bought by US firm Clayton, Dubilier and Rice (The Mail).
The boss of Hotel Chocolat said the retailer is cautious about customer sentiment ahead of Easter and Mother’s Day – due to the soaring cost of living (The Mail).
The UK will dodge recession this year, but poor growth will mean the economy will remain below its pre-pandemic size until 2024, according to forecasts (The Times £).
The Restaurant Group will close dozens of outlets as after annual losses soared by 70% amid worsening inflationary pressures (The Mail).
The Restaurant Group, owner of the Frankie & Benny’s and Wagamama chains, plans to close 35 of its worst-performing sites, as it comes under pressure from activist investors (The Financial Times £).
The Restaurant Group announced the move alongside a three-year plan to reduce debt and improve margins in what was widely regarded as a riposte aimed at Oasis Management Company, an activist investor with a 6.5% stake (The Times £).
Peanuts have become China best-performing agricultural commodity as dry weather and Beijing’s policies have eaten into supplies, raising traders’ fears that demand from the world’s largest importer of the legume will push up international prices (The Financial Times £).
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