The Telegraph reports that a convenience veteran has emerged as the frontman for investment firm Greybull’s bid to takeover M Local. Mike Greene’s career has included two stints as chairman of the Association of Convenience Stores and senior positions at Spar and listed chain McColls. The paper says he is understood to be fronting the potential deal for Morrisons’ convenience stores. Greene also appeared on the Channel 4 TV series The Secret Millionaire.
More boardroom upheaval at Marks & Spencer as it revealed Laura Wade-Gery was heading off on maternity leave in the autumn, missing the crucial Christmas trading period (The Daily Mail) (The Telegraph). Wade-Gery has been tipped as a possible successor to CEO Marc Bolland. She is head of multi-channel at the retailer and in charge of all the shops and online business.
Asda’s worst quarter in its interest attracts a lot of attention from the papers. The Daily Mail focuses on under-pressure CEO Andy Clarke’s defiant statement that he is going nowhere. He insisted “I’m here to stay” after the grocer revealed a 4.7% decline in like-for-like sales in the second quarter. Clarke admitted the company had reached its “nadir” after reporting the quarterly figures (The Telegraph). The Times said the results “shocked” the grocery trade and that Asda had hit “rock bottom”, with The Guardian adding that Clarke vowed Asda would bounce back. The Financial Times reported that Asda had delivered the worst sales performance in its 50-year history after being hit by the escalating price war among the biggest supermarkets.
Finally, Public Health England has said vaping is safer than smoking real cigarettes in the first official recognition that e-cigarettes are less damaging to health than smoking tobacco (The Guardian).
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