Patisserie Valerie’s new owner has laid bare the desperate state of the business it bought in January, including a cost-cutting approach so severe that managers stopped using butter in the cake chain’s puff pastry (The Guardian). Patisserie Valerie troubles laid bare: unpaid suppliers, broken ovens and butter removed from pastries (The Telegraph). Causeway Capital, an Irish private equity firm that paid £5 million for the chain in February, said that its first move would be to reverse cost-cutting measures made by its old management, including a decision to remove butter from its pastry recipe (The Times £).

Almost a thousand shops have closed over the past two years as a direct result of retailers using controversial restructuring tactics to slim their store estate. (The Telegraph)

A group of powerful American landlords have launched a legal challenge against Topshop’s bankruptcy in the US, casting a shadow over Sir Philip Green’s attempts to rescue his Arcadia Group empire (The Times £).

Sky’s Ian King ponders whether a death sentence hangs over company voluntary arrangements as controversy follows the rescue deals. “The next retailer or restauranteur seeking to embark on a CVA had better be pretty clear that they are relying on the process because their circumstances are so extreme that the only alternative is administration.” (Sky News)

Brexit worries will see business investment contract faster this year and recover more slowly next year than was previously thought. The British Chambers of Commerce says firms are putting resources into contingency plans, such as stockpiling, in a way that is “not sustainable”. (The BBC)

Vegan beauty products such as plant-based face masks and charcoal toothpaste helped Superdrug to increase revenues to £1.3bn last year (The Times £). Summer sun and a vegan beauty boom boosted Superdrug’s revenues by 3.3%, taking total sales to £1.28bn (The Daily Mail).

Does Majestic’s move online spell the end for high street wine? The specialist sector is struggling against perfect storm, from rising duty to Brexit and gin. (The Guardian)

Inflation climbed further above the Bank of England’s 2% target in May, driven by rising petrol prices, figures will show. (The Times £)

UK supermarkets face five separate but related equal pay cases brought by more than 40,000 current and former store workers. If Asda, Tesco, Wm Morrison, J Sainsbury and the Co-op lose it is estimated that the total compensation bill could top £8bn. (The Financial Times £)

Germans are thirsty for alcohol-free beer as brewers boost taste. Rise in bars stocking 0% beers to meet demand of drinkers who wish to ditch the hangover. (The Guardian)

It once competed with Leon, Pret A Manger and Itsu as the venue of choice for City workers seeking low-calorie lunches, but the London-based healthy food chain Pod now faces oblivion. (The Times £)

Walmart is on track to file more drone patents than Amazon for the second year in a row, as the pair battle for supremacy in the rapidly changing world of retail. (The Financial Times £)

The former boss of Sainsbury’s has joined the latest tech start-up founded by the controversial entrepreneur Dan Wagner. King has joined Rezolve, a mobile payments company set up by Wagner after the collapse of Powa Technologies. (The Times £)

Shares in online pet supply retailer Chewy jumped about 60% on their trading debut, giving the company a market capitalisation of around $15bn as investors show a strong appetite for selected new listings. (The Financial Times £)

Higher food prices and the cost of a new kitchen pushed posh ready-meal maker Bighams to a loss — despite record sales. (The Times £)

Lord Bilimoria, who is being lined up to take over the CBI, faces questions over his record as it emerged that families who put their savings into his Cobra Beer company, which collapsed ten years ago, are still waiting for their money back. (The Times £)

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