Tate & Lyle is in talks over the sale of its industrial ingredients business as the 160-year-old British food manufacturing group mulls a sweeping overhaul (The Times £). Tate & Lyle said it was in talks to sell a controlling stake in a division that generates the bulk of its £2.9bn annual revenues, as the 162-year-old company looks to shift its focus towards healthier foods (The Financial Times £). Tate & Lyle has begun preparing the ground for a break-up of the business by auctioning a controlling stake in its primary products arm (The Telegraph). The firm yesterday confirmed it is looking at the potential separation of its primary products division, the biggest source of sales (The Daily Mail).
The former chief executive of the Post Office has quit her roles on the boards of Morrisons and Dunelm following the IT scandal which led to the wrongful convictions of former postmasters (The BBC). Former Post Office boss Paula Vennells has quit boardroom positions at retailers Morrisons and Dunelm after a major miscarriage of justice (Sky News).
Gousto plans to double its workforce to 2,000 by next year and open two new distribution warehouses after the British food box delivery start-up benefited from the boom in home-cooked meals during the pandemic (The Financial Times £). Soaring demand for meal-kit boxes during the pandemic has encouraged Gousto to recruit 1,000 more British workers after turning its maiden profit (The Times £). The meal kit company Gousto is to take on 1,000 more staff after recording its first profit and more than doubling sales during the coronavirus pandemic (The Guardian).
Pret A Manger has become the latest high street hospitality business to bolster its finances to support it through the pandemic (The Times £). Pret a Manger has ditched its dividend payment to shareholders and warned of “material uncertainties” over whether it can continue as a going concern, saying it was still too early to know the full impact of the Covid-19 pandemic on business (The Guardian).
Inconsistent and increasingly burdensome post-Brexit bureaucracy is blighting food and drink sales to the EU, the sector warned as it published analysis showing exports to the bloc were down 40 per cent in February compared with a year earlier. (The Financial Times £)
Following on from The Grocer’s story on Saturday, former Sainsbury’s boss Justin King has invested in a start-up helping corner shops to sell online, as money pours into companies delivering groceries within minutes (The Times £). Former Sainsbury’s boss Justin King has taken a stake in the fast-growing grocery delivery app market (The BBC).
The UK economy on Friday showed signs of rebounding strongly from the coronavirus crisis as companies reported surging demand and official data highlighted consumers splashing the cash as lockdown measures eased (The Financial Times £). Britain is primed for a “sharp snap-back” in consumer activity as lockdown restrictions are further eased, according to a survey published today (The Times £). The economy is on track for a “roaring” recovery in the second quarter of the year as card spending, movement in city centres and restaurant bookings all take off (The Telegraph).
Retail sales jumped more than expected last month as shoppers splashed on new clothes ahead of the easing of lockdown this month, official figures showed (The Daily Mail). Sales of high heels, handbags and lipstick are now roaring back as pub gardens, friends’ patios and the prospect of more freedoms to come is seen as worth splashing out for (The Guardian).
Shandy is poised for a revival as the trend for no- or low-alcohol beer drinking driven by younger people is helping to fuel a thirst for craft versions of the traditional tipple. (The Guardian)