The struggling discount chain Wilko has warned it could run out of money if it is unable to secure additional financing by the end of next year (The Times £). UK value retailer Wilko has warned it could run out of cash by the end of next year if trading worsens, highlighting the pressure from cost inflation and a squeeze on consumer spending (The Financial Times £)
The owners of Wilko took £3m in dividends this past year despite the cut price chain falling almost £37m into the red before seeking emergency funding. (The Guardian)
Half of the free-range poultry grown for Christmas in the UK have died or been culled because of the bird flu epidemic, an industry leader has told MPs (The Guardian). Half of the free range turkeys produced for Christmas in the UK have been culled or have died due to bird flu, an industry chief has told MPs (The BBC).
British farmers are missing out on compensation for poultry killed by bird flu because the virus has become so deadly that it kills the birds before they can be culled, MPs were told on Tuesday. (The Financial Times £)
Nestlé has acknowledged two acquisition missteps, beginning a review of a peanut allergy medication purchased for $2.6bn two years ago and spinning out a US meal kits business in a rare admission of misjudgments by chief executive Mark Schneider. (The Financial Times £)
An investor day permitted Nestlé CEO Mark Schneider to resuscitate long-term targets for sales and for profit margins. “Hitting those targets when economies are slowing rapidly will present a challenge. Inflation has curbed household budgets. Many shoppers will seek options cheaper than Nestlé’s fancy brands. Pet food may be immune. But downtrading seems inevitable in other food segments and in the mature Nespresso and Starbucks-branded coffee brands.” (The Financial Times £)
Food prices increased at the greatest rate since records began – spurred on by accelerated inflation in the price of meat, eggs and dairy. (Sky News)
Marks & Spencer has acquired the intellectual property of Thread, the fashion marketplace that has just gone into administration, as it seeks to boost revenues from personalised services. (The Times £)
The new boss of Greencore predicted another year of “further substantial inflation” as the convenience food group offset the impact of the headwinds by increasing pricing. (The Times £)
The proposed takeover of a Lanarkshire sausage casing maker by the Germans has ruffled feathers among Scottish politicians. Devro last week agreed to be taken over by Saria in a deal worth £667m, but politicians are upset that a British firm is set to be foreign-owned. (The Daily Mail)
Rail strikes in the run-up to Christmas will wreck office parties in a devastating blow to the hospitality industry, the boss of one of Britain’s biggest pub chains has warned (The Daily Mail). The boss of the pub chain Fuller’s has told the BBC that rail strikes could see Christmas parties cancelled unless there is a “speedy resolution” (The BBC).
