The former UK boss of Tesco is to become one of the FTSE 350’s youngest chairman after landing a job at online retailer N Brown, The Sunday Telegraph reports. Matt Davies, who was replaced at Tesco by Booker chief executive Charles Wilson earlier this month, is expected to be announced as chairman of N Brown later this week, succeeding Andrew Higginson who confirmed his intention to step down in June after almost five years at the company.
The Sunday Times follows up last week’s story that Tesco is hatching a top-secret plan to take on Aldi and Lidl by launching its own grocery discount chain with a background feature on how “Every Lidl helps Tesco go back to its roots”.
Reckitt Benckiser will face questions from investors this week over its bid for Pfizer’s consumer healthcare unit (The Sunday Times). The consumer goods giant is reportedly in the final run-off for the manufacturer of brands including Advil and Chapstick, which has an estimated price tag of $15bn (£10.7bn) to $20bn.
Greene King is being preyed on by short sellers who are betting that the pubs owner will come under increased pressure this year, The Sunday Times writes. Some 16% of the company’s shares are out on loan to investors — up from 12% at the beginning of January and the highest level in three years, according to the analyst IHS Markit.
The government is sitting on a mountain of 8,000 tons of powdered milk, bought under the EU’s Common Agricultural Policy to prop up prices in a market glut – and nobody knows what to do with it after Brexit, according to The Sunday Telegraph.
Cornish fishermen fear catch in Brexit talks, The Financial Times writes. The enthusiastic Leave supporters now believe they could be abandoned to protect the City.
Butternut Box, a UK-based subscription service for “home-cooked” dog food, has raised £5m to develop new products and hire more staff, The Sunday Telegraph reports. Its new backers include Literacy Capital, chaired by Paul Pindar, former chief executive of Capita, and White Star Capital, which bet on razor subscription start-up Dollar Shave Club.
Sir Philip Green is planning to sell all or part of his Arcadia Group empire to the Chinese, The Sunday Times reveals. The 65-year-old billionaire owner of Topshop is believed to be in talks with Shandong Ruyi, a Chinese textiles giant that has been rapidly expanding into European fashion. The Guardian says in a follow-up negotiating an elegant departure will not be easy for Green, particularly as his every move is under scrutiny following the collapse of BHS in 2016. Green should explain how pensioners will be protected in any sale of Arcadia, MPs have warned – and regulators should have the power to stop the deal until savers have had a say, The Telegraph says this morning. Frank Field, the chairman of the work and pensions select committee, is writing to Arcadia and the Pensions Regulator in an effort to keep the shop workers’ pensions safe amid reports that Green is in talks to sell all or part of his empire.
No comments yet