The parent company of Wm Morrison has reported an annual loss of more than £1bn due in part to high debt finance costs (The Times £). Morrisons, the private equity-owned UK supermarket chain, made a loss of £1bn last year, partly because of high debt-financing costs (The Financial Times £). Interest costs amounting to £735m help push the retailer further into the red (The Telegraph £). Morrisons has clocked up a fresh £1billion loss as it continues to struggle under private equity ownership (The Daily Mail).

The UK competition watchdog plans to launch an investigation into the veterinary market, warning that an industry that has consolidated rapidly over the past decade may be short-changing millions of pet owners (The Financial Times £). Pet owners could be paying too much for medicines or prescriptions, according to the UK’s competition watchdog (Sky News). Pet owners may not be given basic information like price lists online and are not always informed of the cost of treatment at a vets before agreeing to it, a watchdog has warned (The BBC)

Nearly £310m was wiped off the value of two vet firms after the competition watchdog opened a formal investigation into the industry (The Daily Mail). Two listed operators, CVS and Pets At Home, were the most obvious casualties yesterday: CVS shares fell by 25 per cent to £10.92, while Pets slid 3.6 per cent to 265.5p. Yet the biggest change has been a land grab by private equity. (The Times £)

Aldi has announced its second pay rise of 2024 as supermarkets battle for staff and prepare for higher minimum wage levels. (The BBC)

Waitrose has come under fire after making a change to its loyalty programme which means “weekly” vouchers could now only arrive from “time-to-time. (The Telegraph £)

Domino’s is to open swathes of sites across towns and villages as the pizza chain looks to expand across the UK. (The Telegraph £)

British American Tobacco is launching a share buyback for the first time in two years as it sells parts of its stake in India’s biggest cigarette firm. (The Daily Mail)