Supply chain experts have warned that the distribution crisis that has forced Nando’s to shut nearly 50 restaurants will continue for the foreseeable future (The Telegraph). Other firms could be hit as ministers accused of failing to heed warnings that Brexit and logistics difficulties would cause problems, the paper says.
In a separate comment piece The Telegraph argues that Brexit isn’t to blame for empty shelves in supermarkets. “The UK is far from alone in facing driver shortages, and has been hit by other factors including new tax rules and the pingdemic,” the paper writes.
The severe disruption hitting the food industry supply chain is the result of Brexit, according to the boss of the British poultry association (Sky News).
Nando’s says it plans to have all its restaurants open again from Saturday after supply chain disruption forced 45 sites to close (Sky News).
More than a fifth of Vectura investors have already sold out their shares to Philip Morris International, the maker of Malboro cigarettes, ahead of its planned £1bn takeover of the asthma company (The Telegraph).
The tobacco company said that it had acquired 135.5 million shares at 165p per share, representing about 22.6% of Vectura’s share capital, and was seeking to make further market purchases (The Times £).
The cigarette maker has hired investment banking giant BofA Securities to offer 165p a share to any shareholders outside the US willing to sell their Vectura shares (The Guardian). Under market rules, PMI would not be allowed to build its stake in a takeover target by buying shares from investors within the US.
Nearly two-thirds of the yoghurts marketed at children provide at least a third of a four- to six-year-old’s maximum daily intake of added sugars, according to research by Action on Sugar that calls for a ban on child-friendly packaging (The Guardian).
The world’s third-largest brewer Carlsberg has upgraded its full-year profit guidance but reported a split between a recovering market in Europe and an Asia largely held back by Covid-19 restrictions (The Financial Times £).
The Lex column in The Financial Times (£) says Europe’s football championship and fine weather helped the Danish brewer to a strong second quarter, with the profits upgrade suggesting the business is suggests a worth a re-rating by investors.
A feature in The Guardian looks at ‘a perfect storm’ for UK beet growers as they Brexit threatens their future. “They produce half the country’s sugar needs, but expect new trade deals to make their tough situation worse,” the paper writes.
Deliveroo has finally shaken off its ‘worst IPO’ tag as shares in the company returned to the flotation price (The Times £).
Falling prices for clothes in summer sales caused inflation to fall more quickly than expected in July, official figures show, with the consumer price index coming in at 2% (The Times £).
Weather shocks in Brazil ripple across global commodities markets, with products from coffee to oranges affected by drought and chilly temperatures (The Financial Times £).