A string of private equity firms have abandoned offers for Tesco’s data arm Dunnhumby, according to reports.

A host of private equity firms have pulled out of the race to buy Tesco’s Dunnhumby after the retailer struck a deal with the unit that left prospective buyers concerned about financing. Sky News said the interest of groups including Apax Partners, CVC Capital Partners, Clayton Dubilier & Rice and TPG is either waning or that they are no longer in the frame to acquire Dunnhumby, which is now valued at well under £1bn - less than half original estimates. Tesco recently struck a five-year agreement with the unit, which opperates Clubcard, meaning a new owner faces having to secure another deal with the company which currently accounts for more than half of Dunnhumby’s revenues in 2020. (Sky News

The FT looks at the news Justin King is to join private equity firm Terra Firma, noting: “The appointment differs from the route that other former public company executives have taken into private equity — most have typically advised on specific deals”. King will be involved King will be involved in the firm’s day-to-day operations, but the FT says: “The key question is whether the two can pair up to convince investors that Terra Firma is a dealmaker again.” (The Financial Times £)

Marks & Spencer is slowing its overseas expansion drive amid economic turbulence in China and Russia, its international boss has revealed. The aim was to increase international sales by a quarter and push profit up by 40%, with China, Russia, India, the Middle East and western Europe the focus. But Patrick Bousquet-Chavanne, M&S’s executive director of marketing & international, said those overseas targets were now unobtainable. (The Telegraph)

Shares in Conviviality Retail, the owner of off-licence brands Bargain Booze and Wine Rack, have soared on the back of a £200m takeover of the UK’s biggest drinks distributor Matthew Clark. (The Telegraph, The Times £)

The FT’s Lex column looks at the effect of the new UK living wage, after Whitbread, which runs Costa Coffee, revealed more than a third of its staff will receive a wage boost adding £15m-£20m to the group’s £460m annual wage bill. “The only thing that can be said with certainty is that the latest phase of this perpetual fight has shifted subtly, but not decisively, in favour of the staff”. (The Financial Times £)

The Telegraph’s Questor column says that shares in Premier Inn owner slid 2% yesterday as investors were spooked by the prospect of rising costs from the new living wage. However, the long-term investment story remains intact. (The Telegraph). The Daily Mail blames “Britons taking advantage of the cheap euro and lower petrol prices splashed out on holidays” for the stunted growth at Whitbread – falling to 1% from 8.2% last year. (The Daily Mail)

Britain’s fast-growing convenience sector has been valued at £37.7bn as an increase in time-poor shoppers spurred the opening of two new stores a day last year. There are now 51,524 convenience stores across the UK, according to the Local Shop Report, which is compiled by the Association of Convenience Stores. (The Telegraph)