The government’s decision to increase minimum pay at the same time as commercial property taxes are set to rise by £1.6bn will result in higher prices, lower investment and fewer jobs, retail and hospitality leaders have warned (The Times £). Jeremy Hunt’s decision to increase the national living wage by 10% could lead to employers making redundancies or scaling back hours, the boss of recruitment giant Reed has warned (Telegraph £).
Some supermarkets are flouting “pester power” rules aimed at tackling childhood obesity, a report has found. A survey found that about a quarter of the 25 stores they visited had put sweets, crisps, fizzy drinks or other so-called “less healthy” foods in prominent parts of the shop, such as close to checkouts or in end-of-aisle displays. (The Guardian)
One of Britain’s largest privately owned pet food retailers may be about to change hands for more than £100m. City sources said the private equity owner of Jollyes — which sells pet food, dog leads and toys from its superstores — is working with corporate finance advisers at Houlihan Lokey on “strategic options” for the business. (The Times £)
UK farmers are struggling with one of the lowest potato harvests on record after an autumn of heavy rain, raising fears about supplies for this year’s Christmas dinners and beyond. (The Guardian)
Matthew Moulding has taken a stake in the activist investor targeting his beauty business in a move that harks back to the so-called “Pac-Man defence” strategy occasionally employed to counter potential hostile takeovers. (The Times £)
High levels of unsold stock in America have created a headache for the maker of Rémy Martin cognac. (The Times £)
The maker of Tunnock’s Teacakes has seen profits plunge by more than 80% after the company was hit by an “unprecedented” jump in costs. (Telegraph £)
Insane Grain, a snacking start-up founded by Rushina Shah, has secured investment from Harry Kane — and the England captain also will appear on the packaging of the snacks. (The Times £)
Leading chocolate brands have been criticised for having “inadequate” ethical standards in their cocoa supply chain in a report from Ethical Consumer. Only 17 out of 82 brands investigated by the consumer organisation were judged to be using chocolate from suppliers that ensured farmers were paid enough to live on. (The Guardian)
Since the Covid pandemic, pups appear to be more pampered, and cats better catered for, particularly around the festive season. According to retail analysts at Kantar, in the eight weeks to Christmas 2022, spending on pet supplies was up by 12% on 2021’s figure. (The Guardian)
Some recent buying activity on the Unilever board could signal director confidence about the refreshed strategy. CEO Hein Schumacher picked up €62,000-worth of shares on the Amsterdam Stock Exchange on November 22. In London, a person closely connected with director and chair designate Ian Meakins acquired £995,000-worth of shares on the same day. (Financial Times £)
A burger chain boasting a tie-up with Ed Sheeran, Honest Burgers, has been plunged into a row with HM Revenue & Customs after pleas for more time to pay a tax bill fell on deaf ears. (The Times £)
The price of corn has tumbled to a three-year low as supplies from the US and Brazil surge while demand stagnates, helping to cool food price inflation but heaping pressure on farmers who had been expecting high prices to last. (Financial Times £)
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