HelloFresh, the German seller of meal kits, has said that it is targeting a valuation of up to €1.5bn in its initial public offering, a significant premium to the market capitalisation of American rival Blue Apron. Rocket Internet-backed HelloFresh said on Friday that it expects the first day of trading on the Frankfurt Stock Exchange will be November 2. (The Financial Times £)
Growth in factory orders slowed to its weakest level in almost a year this month, according to a closely watched survey from the CBI. It also showed that optimism about the future has fallen for the first time in a year, that investment intentions have deteriorated sharply and demand has dipped both at home and abroad. The slowdown was particularly marked in the food, drink and tobacco sector (The Times £). Manufacturers are feeling less optimistic about the state of their businesses, leading them to put off investing in new buildings, as growth in their order books slows (The Telegraph).
Amazon says it has now received 238 proposals from places vying to be the home of its next employment hub. The bids come after the e-commerce giant said it was looking to build a “second headquarters” in North America, where it would invest $5bn (£3.8bn) and hire as many as 50,000 people (The BBC). With its promise of 50,000-plus jobs and billions in investment, it has been hailed as one of the biggest urban development opportunities in recent memory. However, things are not working out exactly as the ecommerce group may have hoped. Resentment among city leaders is growing at what looks like a big, well-capitalised company taking advantage of cities and their taxpayers. (The Financial Times £)
The private equity owner of TGI Friday’s has said that it will not make any new investments for the time being because it believes that market valuations have risen too high for it to find businesses at attractive prices. Electra Private Equity said that market conditions did not “support new investments” and that it would return a further £350 million to investors. (The Times £).
The collapse of Toys R Us will hit toy sales in the run-up to Christmas and over the Thanksgiving holiday in the United States, Hasbro said yesterday. (The Times £)
A plan to help people in serious debt, by potentially giving them a six week grace period from things like higher interest charges, has been announced by the Treasury. (Sky News)