Tesco will on Wednesday complete the overhaul of its top executive team by raiding Tate & Lyle to recruit its new finance chief (Sky News). Tesco is expected today to complete the overhaul of its top executive team by raiding Tate & Lyle to recruit its new finance chief (The Times £).
More than £2bn, or 10%, has been wiped off the value of Ocado since a Norwegian rival launched legal action, claiming that the British company has copied its technology and infringed patents. (The Times £)
Most concerning for investors is that Autostore isn’t simply after untold financial damages but has asked two American courts and one in London to stop Ocado and its supplier partners from manufacturing its robots and from exporting its technology to retail partners — for example to Kroger, the American retailing giant, where it will soon start fitting out the first of 20 warehouses. (The Times £)
Small restaurants are accusing Deliveroo of unfairness and claim the delivery app is charging some large chain restaurants significantly lower commission rates than many small independent partners. (Sky News)
Consumers are feeling remarkably confident over their finances but remain unwilling to spend on anything other than groceries and DIY, a survey has found. (The Telegraph)
Taxpayers face losses of as much as £26bn on coronavirus “bounce back” loans that cannot be repaid or are the subject of fraud, the spending watchdog has found. (Sky News)
Chancellor Rishi Sunak has defended encouraging people back to pubs and restaurants over the summer, prior to the government being forced to take fresh action to limit the spread of coronavirus. (Sky News)
The Restaurant Group, owner of the Wagamama and Frankie & Benny’s chains, has reported a strong recovery in trading since the end of the coronavirus lockdown but warned of an “extremely uncertain” outlook and signalled further closures (The Financial Times £). The boss of the company behind the Wagamama and Frankie & Benny’s restaurant chains claimed yesterday that it would “emerge as one of the long-term winners” after navigating a course through the Covid-19 pandemic (The Times £). The Restaurant Group, the firm behind Wagamama and Frankie & Benny’s has seen losses nearly triple in the first half but said it stands to benefit from less competition as some rivals went bust due to the Covid pandemic (The Daily Mail). The group’s its bosses face a row over the size of their pay packages when hundreds of its restaurants have been closed and thousands of jobs lost (The Guardian).
The UK’s first large-scale farm breeding insects for animal feed and pet food has moved a step closer after the government backed the project with a £10m funding package. (The Guardian)
A Silicon Valley-based start-up is taking on the $500bn global spirits industry with proprietary technology it claims can reproduce the taste of a barrel-aged whisky, rum or brandy in three to five days. (The Financial Times £)
Auditors of Seedrs, the equity crowdfunding platform planning a merger with rival Crowdcube, said there was “material uncertainty” over the company’s going concern status in its most recent accounts. (The Times £)