A specialist investor in struggling retailers, Gordon Brothers, is exploring a bid to rescue Wilko, the ailing family-owned chain which is teetering on the brink of collapse (Sky News). The owner of Laura Ashley is considering a bid for Wilko as the homewares retailer teeters on the brink of administration (The Times £).
Beyond Meat, the vegan burger and sausage maker, said its sales have collapsed by nearly a third as cash-strapped shoppers turned to cheaper options (Telegraph £). Beyond Meat revenues collapsed in the second quarter as demand for its plant-based burgers and sausages waned despite price cuts (Daily Mail, Sky News). Vegan food firm Beyond Meat has seen its sales plunge by almost a third as the rising cost of living squeezes shoppers (BBC). It launched with the promise to “eat what you love”, but consumers’ love affair with Beyond Meat’s pricey meat substitutes is waning (The Guardian).
The Telegraph looks at ‘how the fake meat movement ate itself’. When Beyond Meat launched, red meat was having a bad press in the wake of research linking it to an increased risk of cancer. Meatless burgers seemed like the perfect solution, as healthy fast-food hit the mainstream. But what exactly is in these fake meats and how healthy are they really? (Telegraph £)
The UK is set for five years of “lost economic growth”, with the poorest hit hardest, a think tank has warned. The National Institute for Economic and Social Research said a triple blow of Brexit, Covid and Russia’s invasion of Ukraine had badly affected the economy. (BBC)
The UK economy is suffering from a 1970s-style “British disease” that means inflation will not fall back to the Bank of England’s 2% target until after 2027, a think tank has warned. The National Institute of Economic and Social Research said the economy had suffered from five years of “lost economic growth”, with stubbornly high inflation and semi-permanent government deficits expected in the foreseeable future. (The Times £)
The pound slipped to its lowest level in five months as traders bet the Bank of England will start cutting rates in 2024. (Daily Mail)
Pubs will not be allowed to sell takeaway pints from the end of next month as rules which were introduced during the pandemic will be allowed to expire by the government. (Sky News)
Artificial intelligence is heading for John Lewis stores as the partnership cuts data storage costs in a “bargain” £100 million agreement with Google. (The Times £)
Orange juice futures have surged to fresh all time-highs as a series of hurricanes and the spread of an incurable disease have devastated thousands of acres of citrus crops in the US. (Financial Times £)
China’s economy has slipped into deflation as consumer prices declined in July for the first time in more than two years. Analysts said this increases pressure on the government to revive demand in the world’s second largest economy. (BBC)