Premier Foods blames warm weather for drop in sales during second quarter October 12, 2016 Premier Foods has reported a 5.4 per cent drop in sales during the second quarter of the year, and placed the blame firmly on the warm weather in September. The group's share price plummeted by 14.5 per cent in mid-morning trading. However, the group, which produces foods for brands such as Bisto, Birds, Lloyd Grossman and [...]
National living wage pushes tens of thousands of companies into financial distress October 11, 2016 Nearly 100,000 businesses have been pushed into financial distress due to the introduction of the national living wage six months ago. According to data from insolvency firm Begbies Traynor, 97,342 firms impacted by the introduction of the national living wage are now struggling financially, an increase of 23 per cent since the legislation came into [...]
The world is going nutty for healthy snacks and increasingly shunning sugary treats October 11, 2016 Growth in healthy snacks has outstripped growth in traditional in-between meal treats as consumers shift towards lower-sugar diets, according to figures from Euromonitor International. Retail value sales in so-called "healthy" snacks, which include yoghurts, nuts and fruit snacks, have grown seven per cent worldwide between 2015 and 2016. Although yoghurt and sour milk products grew [...]
WHO urges more countries to adopt levy on sugary drinks to curb obesity and type 2 diabetes October 11, 2016 More countries should adopt a 20 per cent or more tax on sugary drinks to drive down consumption, the World Health Organization (WHO) has urged in a new report today. Fiscal policies that lead to at least a 20 per cent increase in the retail price of sugar-sweetened beverages such as fizzy drinks, fruit drinks from [...]
Lobster roll craze drives wholesale prices of the crustacean to an 11-year high October 11, 2016 Wholesale lobster prices have hit an 11-year high following a burst in popularity in lobster rolls and the now-affordable luxury gracing the menus of more and more casual dining chains. Lobster is now worth $6 (£4.80) a pound, according to US data group Urner Barry. Read more: Lobster and burgers folks… That's it Groups such as B.O.B [...]
Arcadia paid BHS head office staff to “stem tide of resignations” October 11, 2016 Arcadia paid £2m to staff in BHS' head office to keep them from leaving as the business collapsed into administration. In a statement, ex-BHS Darren Topp said nearly 100 people resigned in four weeks from the end of March 2016, and the money from Arcadia was used to "stem the tide of resignations". Read more: Insolvency Service [...]
The Pensions Regulator is seeking more power to stop another BHS-style pensions crisis October 11, 2016 The Pensions Regulator (TPR) is seeking more powers to prevent another pensions crisis on the scale of BHS'. In evidence given to the Work and Pensions select committee, TPR has called for a mandatory clearance process for some corporate transactions, such as a company being sold when its pension scheme is underfunded, as was the [...]
Ted Baker’s share price rises as retailer hikes dividend and posts 21 per cent profit October 11, 2016 Retailer Ted Baker has shrugged off "challenging trading conditions" to hike its dividend and post robust double-digit profit growth in the first half of the year. The figures Revenue at the clothes and accessories maker rose by 14.4 per cent to £259.5m in the 28 weeks to 13 August, while profit before tax grew by 20.5 per cent [...]
Megabrew is done: AB InBev’s £79bn takeover of SABMiller completes October 11, 2016 Anheuser-Busch InBev completed its tie-up with British drinks behemoth SABMiller last night, combining to form the world's biggest brewer in a £79bn merger. The new company, which will continue to trade under AB InBev's name, will have operations "in virtually every major beer market". AB InBev chief exec Carlos Brito said: As a truly global brewer, we [...]
Pure Gym avoids overstretch as it confirms it has pulled the plug on a £190m London IPO October 11, 2016 Pure Gym confirmed this morning it has abandoned plans to proceed with an initial public offering (IPO), citing concerns about a "challenging" and volatile market. The company, which is the UK's largest gym operator, announced it was planning a £190m share sale in mid-September. Pure Gym had planned to use the proceeds to repay its existing [...]