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Shares in Premier Foods, producer of Hovis bread, Bistro gravy and Branston pickle, slumped after it warned that it would not hit profit expectations due to a dramatic slowdown in sales. The UK’s largest food manufacturer said that talks were ongoing with its banks regarding refinancing plans, while chief executive Michael Clarke revealed plans to [...]
(Read More)5th Aug 11
Kraft to split into confectionary and grocery businesses
by Harry Oldfield
Kraft has opted to split up “North American groceries” and “global snacks and confectionary” creating a dramatic u-turn in strategy only 18 months after acquiring Cadbury in a deal worth £11.6bn. The $64bn (£39.2bn) firm now believes investors do not care much for mixing low-but-steady grocery sales in the US with racier worldwide confectionary brands such [...]
(Read More)16th Mar 11
MPs furious with Kraft boss
by Katie Naylor
A number of MPs have voiced their anger after Kraft boss Irene Rosenfeld again failed to face them to answer questions about the US processed-food giant’s controversial takeover of Cadbury. Instead of the company’s chairman and chief executive, parliament was faced with a group of lesser executives bearing a letter which described the deal as [...]
(Read More)3rd Jan 11
Cadbury factory produces last Curly Wurly
by Katie Naylor
British chocolate icon Cadbury’s has produced its last bar at its Somerdale plant as it faces closure. Kraft, the processed food giant based in the US, originally vowed to keep the plant open, but then decided not to following its controversial takeover of the company last year. The closure means that more than 400 jobs [...]
(Read More)20th Dec 10
Retailers move business abroad to avoid taxes
by Harry Oldfield
Despite the Tories making pre-election promises, little has been done so far to prevent major retailers from heading overseas to escape taxes. As Britain’s taxpayers receive the brunt of the austerity budget, several of the country’s largest corporations are escaping with miniscule tax bills by moving registrations to tax-free locations abroad. Boots – which has [...]
(Read More)8th Oct 10
Tesco boss hits out at short-term investors
by Paul Russell
Sir Terry Leary, Tesco’s chief executive, has attacked investors who buy shares in companies in order to make a quick buck. Talking at the London Business Forum, Sir Terry said he would prefer to see a register of shareholders who were truly interested in the long term future of a company. He made clear his [...]
(Read More)23rd Sep 10
Grocers and manufacturers cut back on packaging
by Paul Russell
According to a government-funded waste-management group, the UK’s major retailers and food producers have slashed the amount of packaging and food waste that makes it to the country’s dumps by 1.2 million tons since 2005. WRAP, the Waste Resources & Action programme, said that over five years the amount of food waste eliminated equated to [...]
(Read More)21st Jan 10
Cadbury takeover may taste bitter for chocolate lovers
by Katie Naylor
The takeover of Cadbury to foreign owners could leave British chocolate lovers with a bitter taste in thier mouths in more ways than one. Cocolate enjoyed in the US is often shunned by Brits who believe the taste and texture is far less pleasuing to the palate because of its lower cocoa content. UK consumers [...]
(Read More)20th Jan 10
Cadbury accepts £11.7bn takeover bid from Kraft
by Natasha Redman
Cadbury has accepted the takeover bid from Kraft following a revised offer from the US food manufacturer that could be unveiled as early as today. The offer, said to be between 840-850p per share, values the UK producer of dairy milk chocolate to be at £11.5 billion to £11.7 billion, and is anticipated to be [...]
(Read More)7th Jan 10
Kraft receives 1.52 percent acceptance in bid for Cadbury
by Adam Richards
Kraft has announced that it had a 1.52 per cent take-up from shareholders of Cadbury for its £10.5 billion hostile bid, with analysts claiming the US based food group would have to raise its bid to win. The company said on Wednesday that it had received acceptances by the first closing date of January 5th [...]
(Read More)