Shares in Mothercare shot up more than 11% last night after reports emerged that Sainsbury’s was considering a swoop on the troubled retailer. Sainsbury’s, which is the second-biggest supermarket in the UK, is said to have been weighing up a bid for the childrenswear chain in recent months. (The Daily Mail)

Conviviality confirmed yesterday that PWC had been appointed to handle its administration. PWC said the retail business would continue to trade while a buyer is sought (The Times £). Taking into account Conviviality’s directly employed staff and its franchise workers, 2,000 jobs are now at risk of being axed (The Daily Mail)

An analysis by The Guardian says that poor choices, bad sums were a recipe for disaster for Conviviality as rapid acquisitions helped the Bargain Booze owner grow revenues, but left it vulnerable. “Now, as the hangover kicks in, the recriminations are beginning.” (The Guardian)

A tax on sugary soft drinks has come into force, with the Treasury having slashed its forecast for the revenue it will raise. The Treasury says the levy will reduce childhood obesity by encouraging manufacturers to cut the sugar content of their products, or to sell smaller amounts. (Sky News)

The BBC asks “will it work” as the sugar tax kicks off. University of Bedfordshire nutrition expert Dr Daniel Bailey said that while the levy is a “positive step” in tackling obesity and had led to a “notable” reaction by the industry, the response by consumers is uncertain. (The BBC)

Retail sales have suffered their biggest hit in almost ten years as shoppers dodged the spring snow by staying at home, according to a monthly report by the accountants BDO (The Times £).

Carlyle’s deal for Australian winemaker Accolade demonstrates the market’s confidence in Chinese consumption, writes The Financial Times (£). “Australian vintners have joined dairy farmers from New Zealand in the battle for the wallets of China’s middle class. This is part of a much broader shift in Chinese consumption patterns that sober investors should take seriously.”

The FT writes that Ahold Delhaize is on the defensive over the renewal of a “stichting” agreement, which effectively allows the board to issue new shares are dilute the voting power of ordinary shareholders in the event of a takeover bid. “A company such as Ahold should not need to hide behind poison pills. If it wishes to do so, it should at least give its owners a chance to vote on them.” (The Financial Times £)

Hammerson has said it will delay finalising shareholder documents for its planned £3.4bn takeover of shopping centre peer Intu until after the deadline for French rival Klépierre to make a formal bid for the company has passed (The Telegraph).

The jersey royal season is at least three weeks late after the “beast from the east” delayed the planting of the spring crop. (The Guardian)

Cargill reported a 24% fall in third-quarter earnings after the world’s largest food commodities supplier was hit by a charge of $161m related to the recent change in US tax laws. (The Financial Times £)

It was a bread and butter price rise for the UN Food and Agriculture Organization’s food price index in March, writes The Financial Times (£). Grains and dairy led the gainers, outweighing lacklustre sugar and vegetable oil prices.

 

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