Lucozade hits back at ‘shrinkflation’ claims
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City Snapshot: Deliveroo valued at up to £8.8bn in upcoming float
22 March 2021

Marks & Spencer food boss Stuart Machin has been singled out as a prime candidate to run the Asda supermarket chain following the announcement of the departure of chief executive Roger Burnley last week. (The Daily Mail)

Chancellor Rishi Sunak will wait until the autumn before deciding whether to introduce a UK online sales tax aimed at levelling the playing field between high street and online retailers, according to government officials (The Financial Times £).Chancellor Rishi Sunak has delayed a decision on an online sales tax until the autumn amid hope of global tax reform (The Daily Mail).

Deliveroo’s blockbuster share offering faces a rough ride after institutional investors baulked at the firm’s £7.5billion valuation. Two fund managers who run multi-billion pound portfolios told The Mail on Sunday they wouldn’t buy any shares at the price offered by the company’s brokers. One said the float was ‘ludicrously priced’. (The Daily Mail)

The owners of Iceland have extracted almost £150m from the supermarket chain since the onset of the pandemic while refusing to repay business rates relief as sales and profits have soared. (The Times £)

Healthy drinks provider MOJU has raised £2.5m from a Premier League footballer, food giant Danone and former retail executives. (The Daily Mail)

Alternative protein start-ups seeking to bite a chunk out of the meat market have surged into the public consciousness with claims their products can compete on taste. Now they are eating into the prices they charge as they set their sights on the mainstream. (The Financial Times £)

UK pubs face a “bleak future” as they mark a year since being forced to close due to the first coronavirus lockdown. (Sky News)

Thorntons’ decision to start distributing its products in supermarkets means it will have benefited from COVID comfort eating, writes The Guardian. But its presence in the aisles of supermarket and discount chains has contributed to the downfall of its own stores. In recent years shoppers started returning products bought in the Thorntons stores after finding the product for several pounds less in Wilko. (The Guardian)

Before the pandemic struck we Brits would spend around £5bn a year in High Street coffee shop chains, but their sales have plummeted over the course of three lockdowns. Nevertheless our desire for caffeine remains and some small, independent companies have grabbed the opportunity to squeeze into the gap in the market. (The BBC)

With non-essential shops closed during lockdown, business is booming for Amazon. But not all of the deliveries coming to doorsteps are from the online retailer. Some consumers are making a conscious effort to support small businesses and are buying direct or through websites which support independent shops. (The Guardian)

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