A suitor for Just Eat has attacked a rival bid as “wholly inadequate” and an attempt to buy the British delivery company “on the cheap” (The Telegraph). The South African technology group attempting to gatecrash a recommended takeover of Just Eat is under mounting pressure to up the ante after its cash offer was dismissed as “wholly inadequate” (The Times £).
Retail sales appear to have held firm this month amid signs of optimism on the high street as stores gear up for Christmas (The Times £). Shoppers dispelled pre-election worries to take the CBI’s retail sector gauge to its highest level for seven months with sales broadly flat year-on-year (The Telegraph). Hopes on the high street of a pick-up in business during the pivotal Christmas period have been boosted by the latest retail health check from the CBI (The Guardian).
Unilever has insisted that PG Tips is not for sale. Nitin Paranjpe, the consumer group’s chief operating officer, said the tea remained a ‘strong brand’ and that it was looking for ways to boost sales. (The Daily Mail)
Just one in 20 Black Friday deals are genuine, according to damning research by Which? that concluded the annual shopping event was “all hype” (The Guardian). Black Friday sales offer few real deals with most goods cheaper or available for the same price at other times, according to consumer group Which? (The BBC). Only 5% of deals on Black Friday will actually offer products at their cheapest, according to a new report from consumer group Which? (Sky News).
Wagamama continues to spice up the performance of The Restaurant Group, although the rate of like-for-like sales growth in its core UK business slowed in the second quarter (The Times £). Slowing sales at Wagamama and a gloomy outlook sent shares in its owner the Restaurant Group tumbling on Monday (The Telegraph). Hopes that snapping up Wagamama would boost troubled Frankie & Benny’s owner The Restaurant Group have been dented after it said growth had slowed (The Daily Mail).
Eddie Stobart is set to revert into the hands of a previous owner after a putative takeover by rival Wincanton fell apart (The Times £). Logistics firm Wincanton quits race to buy troubled haulage group Eddie Stobart (The Daily Mail)
Tesco has temporarily withdrawn pots of its own-brand honey amid concerns that it contains adulterated ingredients. (The BBC)
The former boss of WH Smith Stephen Clarke was handed a £3.4m farewell pay packet after successfully driving up shares. (The Daily Mail)
Bricks-and-mortar retailers in the US are bracing themselves for a chilly end to the year under intensifying pressure from web-based rivals. (The Financial Times £)
Canadian convenience store operator Alimentation Couche-Tard has made a $5.8bn bid to acquire Caltex Australia, one of the nation’s largest transport fuel providers and retailers. (The Financial Times £)