LetterOne, the UK-based investment group founded by sanctions-hit Russian oligarchs, is nearing a deal with lenders behind Holland & Barrett to buy out the £890mn debt used to acquire the high street healthcare retailer. (The Financial Times £)
Thousands of Tesco staff have been forced to take a large real-terms pay cut as the supermarket puts a squeeze on store managers while offering bigger wage rises for lower-paid workers. (The Guardian)
Shoppers could face shortages of British goose this Christmas after the UK’s biggest producer is understood to have been hit by multiple bird flu outbreaks. (The Guardian)
The founder of JD Wetherspoon said the company faced “a momentous challenge” to lure drinkers off cheap supermarket beer and back to its pubs after reporting another year of losses (The Times £).
JD Wetherspoon has reported a jump in sales at the start of its financial year, offering some positive news for the lossmaking pub chain as it struggles with higher labour, energy and interest costs (The Financial Times £). JD Wetherspoon, the pub chain, has reported a fall in annual losses despite rising costs from energy and wages while warning that the industry is facing a challenge to get people back to pubs (Sky News).
Wilfred Emmanuel-Jones, the farmer and entrepreneur best known for the Black Farmer brand of sausages, is planning to raise a £10 million investment to build a farm shop, restaurant, conference space and wedding venue near Stonehenge. (The Times £)
The dairy co-operative Arla Foods has announced it will pay its farmers more money for the milk they produce if they meet new environmental sustainability targets. (The Guardian)
The Mail’s shares column warns investors “Don’t go shopping for quick profit in Tesco shares as its problems aren’t going away soon”. “Tesco’s shares have underperformed the broader grocery market in recent months, and we can expect further near-term weakness, as the problems that are affecting the business are not going to go away any time soon.” (The Daily Mail)
Greggs’ is back on the up and its value is looking tasty in the cost of living crunch, writes The Mail’s shares column. “In investment terms, the story is compelling. While Pret is off the menu for many cash-strapped Brits, Greggs has a more affordable image, and there is space for it to grow by increasing the number of delivery outlets, opening later and offering dinner, and opening stores in underserved areas.” (The Daily Mail)
Footfall in the West End of London remains about a fifth lower than before the pandemic, according to research by the New West End Company, which represents more than 600 businesses in the area. (The Financial Times £)
City restaurants starved of staff and diners. A combination of train strikes, Covid and hybrid working is making life hard for many of London’s restaurants. (The Times £)
The FT looks at the future of farming and how global crises are reshaping agriculture. Surging costs of inputs such as fertiliser and the growing threat of climate change are driving a return to pre-industrial methods. (The Financial Times £)
Investors hunting safe havens piled into other defensive stocks such as pharmaceutical and tobacco firms. (The Times £)
The BBC looks at the farmers caught up in Taiwan’s tensions with China. The Chinese government in Beijing announced in August that it would be banning imports of Taiwanese pomelos, a move widely seen as a way to punish Taiwan for receiving a visit that month from leading US politician Nancy Pelosi, the Speaker of the United States House of Representatives. (The BBC)
The number of company insolvencies in England and Wales hit its highest level for 13 years in the second quarter of the year, according to official figures. (Sky News)
Some of the world’s top oil-producing countries have agreed to cut the amount they export in a decision expected to raise petrol prices around the world. But the decision raised fears that prices for motorists will climb. (The BBC)