Sandwich manufacturer Adelie Foods has called in administrators after weeks of rescue talks, with over 2,000 jobs on the line. The company has appointed Deloitte to handle its administration as the UK’s food-to-go market suffered under the effects of the coornavirus crisis with restaurant and coffee shop chains shut since March (Sky News).
JAB is seeking a valuation of €16bn for its JDE Peet’s coffee business, in what is thought to be Europe’s biggest listing since 2018, with its shares due to begin trading in Amsterdam next week (The Financial Times £).
Retailers have warned that reopening non-essential stores from mid-June will not put an end to the sector’s woes as they urged the government to help saving the high street (The Financial Times £). As shoppers prepare to “rush back” to the high street for retail therapy, retailers have warned that installing protective measures will further hit their cashflow (The Telegraph).
Reopening retailers will face a “fight for survival” warned BRC CEO Helen Dickinson amid physical distancing and health and safety requirements (The Guardian).
Furthermore, reopening the UK high street “will not guarantee a rebound”, argues The Guardian, with recovery depending on consumers’ personal finances and whether they feel safe.
Chancellor Rishi Sunak is considering axing support to the self-employed while at the same time stopping to accept new applications to the furlough scheme, putting million of workers’ future at risk (The Telegraph). The Chancellor is expected to unveil details intended to stop companies from furloughing additional employees working full-time and bringing them back to work on a part-time basis (The Times).
Greggs is set to reopen 800 stores from mid-June with a slimmed down menu of customers’ favourite which will include its infamous vegan sausage roll (The Guardian).
Apeel Sciences, a California-based company producing an edible spray-on coating which allows fresh produce to stay fresh twice as long, has secured investment from Oprah and Katy Perry in its latest fundraising drive, closed after raising $250m (The Guardian).
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