Finance

Premier Foods criticised by leading shareholder

Premier Foods has come under fire from a leading shareholder after McCormick walked away from negotiations to buy the Mr Kipling producer.

McCormick drops bid for Premier Foods

US spice brand McCormick has walked away from talks to buy Mr Kipling-maker Premier Foods after examining its books.

Tesco records first quarterly sales growth in three years

Supermarket giant Tesco reported a £162m pre-tax profit for the year to 27 February, its first quarterly sales growth since 2013.

Caffè Nero scraps free staff lunches following NLW

High street coffee chain Caffè Nero has stopped giving its staff free lunches, in response to the National Living Wage (NLW), which came into effect on 1 April.

Christopher Rogers, outgoing MD of Costa Coffee
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Costa MD resigns

High street café Costa Coffee has announced that managing director Christopher Rogers is to step down.

Tesco rumoured to be selling off Euphorium and Harris + Hoole

Tesco is reportedly on the verge of selling its offshoots Euphorium Bakery and the coffee shop chain Harris + Hoole.

Carr’s Group ekes out profit rise despite fall in revenue

Carr’s Group has reported a small 0.5% rise in operating profit to £9.6m for the six months ended 27 February 2016, despite a 9.4% plunge in revenue to £189.1m.

ABF acquires majority Illovo stake for £262m

Kingsmill owner Associated British Foods (ABF) is to spend £262m to buy up the remaining stake in Illovo Sugar.

Co-op boss takes pay cut as profits dip

The Co-operative Group has reported 3.3% underlying profit growth in food sales, up to £250m for the 52 weeks to 2 January 2016.

M&S food sales up 4% in Q4

In its fourth-quarter trading update issued today (7 April), Marks & Spencer (M&S) has reported that food sales were up 4%, in contrast to its “unsatisfactory” clothing and home division.

Callebaut issues ‘solid’ half-year results

Chocolate and cocoa manufacturer The Barry Callebaut Group is buoyant, despite the impact of a strong Swiss franc and a weak cocoa products market, leading to a slump in net profits.

Premier holds talks with McCormick

Premier Foods has revealed it has had “detailed” and “constructive” discussions with takeover suitor McCormick.

Bakery market suffers as snacking falls

The war on sugar is starting to have an impact, with people turning their backs on sweet baked goods and pastry products because of health concerns, according to new figures.

Bakers advised to secure dairy supplies

Bakers have been warned to lock in their dairy commodity prices, which are at a 10-year low.

Carr’s Water Biscuit production restarts at flood-hit factory

Carr’s Water Biscuit production has resumed at United Biscuits’ (UB) Carlisle factory for the first time since it was flooded last December.

Grocery prices drop for 4th consecutive month

The cost of groceries has dropped for the fourth month in a row, according to mySupermarket.co.uk. 

United Biscuits identifies £500m growth opportunity in biscuits

United Biscuits (UB) has identified £500m of growth opportunity in the UK biscuit market as part of its first Biscuit Review.

Premier rejects third takeover bid

Premier Foods has rejected a fresh offer from US spice brand McCormick, which valued the company at 65p per share.

McCormick issues third offer for Premier

US spice brand McCormick has upped its offer on Premier Foods to 65p a share.

Patisserie Holding’s Luke Johnson backs Brexit

The Vote Leave campaign group has published a list of 250 business leaders whom it says support Britain leaving the EU, including Luke Johnson, chairman of Patisserie Holdings.

Gavin Darby, chief executive at Premier Foods
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Premier Foods under fire for takeover rejection

Premier Foods has been criticised by shareholders for its handling of a takeover offer from US spice brand, McCormick.

Premier Foods sells 17.27% stake

Nissin, a Japanese instant noodle firm, has committed to buy a 17.27% stake in Premier Foods.

Premier Foods’ shares jump after takeover rejection

Shares in Premier Foods jumped to a high of 54.05p yesterday, after the company announced it had rejected a takeover bid by US spice brand McCormick.

Foodservice sales growth slowing

The growth in the UK food sector will not match that of 2015, according to data analysis company Horizons’ managing director Peter Backman. 

Brian Cassin joins Sainsbury’s board

Sainsbury’s has announced Brian Cassin will join its board as a non-executive director.

Costa beset by separation rumours

Whitbread’s shares soared yesterday as takeover and break-up talk was rife around the owner of Costa Coffee.

Premier Foods writes off Hovis stake

Premier Foods, the manufacturer of Mr Kipling and Cadbury cakes, has revealed it is to write off its £8m investment in Hovis.

Survey finds demand for more gluten-free products

There is insufficient choice in the gluten-free market, according to 73% of consumers who buy coeliac-friendly products.

Scottish companies forge gluten-free partnership

A partnership to produce gluten-free biscuits has been announced by Duncan’s of Deeside and Pulsetta Foods.

Allied Bakeries avoids strike disruption

A hot cross bun shortage has been avoided following successful talks between Allied Bakeries and union officials.

New director for Tesco

Supermarket giant Tesco has announced that Lindsey Pownall will join the board as an additional independent non-executive director.

Demand for more independent coffee shops

Despite high street domination by the branded coffee chains, it is independent coffee shops that consumers want, according to new research.

Blackburn family bakery rises from the ashes to scoop awards

Sandersons has won six national awards for its pies at the 2016 British Pie Awards, just three years after going into administration.

FSA announces new appointments to the board

David Brooks, Rosie Glazebrook, Stewart Houston and Paul Williams will serve an initial three year term with the Food Standards Agency (FSA), ending in 2019.

FDF opposes Brexit

The Food and Drink Federation (FDF) wants the UK to remain part of the European Union (EU), as 71% of its members “overwhelmingly endorse” staying in Europe.

The Chancellor, George Osborne
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Budget 2016 – key points for the bakery sector

A rise in the number of businesses able to access Small Business Rate Relief, and a tax on sugary drinks, were among key commitments set out by the Chancellor, George Osborne.

Finsbury Food reports strong H1 growth

Finsbury Food Group has reported a 91% growth in its H1 UK bakery operating profit, from £3.8m to £7.2m.

Boparan enjoys positive Q2 results

Boparan Holdings, the company behind 2 Sisters Food Group, has reported a rise in underlying sales and improved profitability for its second quarter.

Wheat prices expected to stay low

Wheat prices are expected to stay low, despite an estimated 1m-hectare reduction in global planting.

Sainsbury’s reports steady Q4 sales

Sainsbury’s has reported a steady Q4 trading period with like-for-like (LFL) sales excluding fuel at 0.1% growth.

New national commitment to sustainable food and drink

Resource efficiency charity WRAP has pledged to reduce the resource intensity of the UK’s food and drink by one-fifth, saving £20bn.

High street closures at five-year low

New research from PricewaterhouseCoopers (PwC) and the Local Data Company (LDC), shows coffee shops led the rise in new store openings last year.

UB boss steps down

United Biscuits’ chief executive, Jeff van der Eems, has stepped down with immediate effect.

Free’ist wins Morrisons deal

Low-sugar bakery and snack manufacturer Free’ist has won its first listing with a major British supermarket.

New directors for Tate & Lyle

Tate & Lyle PLC has announced that it has appointed two non-executive directors, with effect from 1 April. 

“Significant growth” for Bokomo Foods

Cereal maker Bokomo Foods is now the main supplier to all major supermarkets’ own-brand cereal products.

Waitrose operating profit up despite tough market

Waitrose has reported a 3.9% rise in operating profit for the year, to £232.6m, despite “exceptionally tough” market conditions.

Morrisons details strategy for growth

Morrisons has listed six key priorities, as part of its ongoing strategy to improve profitability.

Morrisons reports sales drop

Morrisons reported a 2% drop in like-for-likes sales for its financial year (excluding VAT and fuel), although positive Q4 figures showed signs of recovery.

Innovation is the key to success, says new report

A new bakery and pastry report from Catalyst Corporate Finance has found that the fastest-growing brands specialise in healthier baked goods using high-quality ingredients.

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