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Scottish Sun
19 minutes ago
- Scottish Sun
Primark owner to buy 135-year-old business in huge deal
It is expected to be announced at the end of the week Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) PRIMARK'S London-listed parent company is set to make a huge deal to buy a 135-year old business. The deal that will unite brands Kingsmill and Hovis under the same ownership is expected to be announced by the end of the week. Sign up for Scottish Sun newsletter Sign up 3 Hovis has been parented by private equity firm Endless since 2020 Credit: Getty 3 It is the second largest brand of slice bread in Britain Credit: Getty - Contributor Associated British Foods (ABF), which is the London-listed parent of Primark, are set to pay about £75 million to acquire Hovis, according to Sky News. The final touches of the landmark transaction between ABF and private equity firm Endless are reported to have been put in place on Wednesday. It will see ABF acquire the 135-year-old brand, with an announcement likely to come at the end of the week. The timeline, however, is subject uncertain and subject to delay as warned by banking sources. The second and third largest suppliers of packaged bread in Britain's major supermarkets will as a result come together in this deal. The move is therefore likely to ignite lengthy reviews from competition regulators. Sources in the industry have suggested that as a combined group, benefits of up to £50 million in annual cost savings could be made from the merger. The overall bakery market in the UK is estimated to be worth around £5 billion in annual sales, which equates to roughly £11 million loaves of bread sold each day. ABF owns Kingsmill's parent, Allied Bakeries, that has been struggling in recent years. Challenges have been linked to continual price inflation, changing consumer preferences and competition from other large rivals like Warburtons, as well as new entrants into the market. Huge A-list actress follows Samuel L Jackson and Robert De Niro to star in TV ads for bread firm Warburtons Family-owned business, Warburtons, is the largest bakery in the UK, with an estimated 34% share of the branded sliced breads. Hovis holds 24% and Allied Bakeries 17%, making their merger give them the largest segment of the market. Jon Jenkins, who is the current chief executive of Hovis, is also a former boss of Allied Milling and Baking. Prior to being owned by Endless, Hovis came under Premier Foods which also makes Mr Kipling, and the Gores family. The Hovis brand has a deep history, dating back to 1890, when its name was derived from the Latin 'Hominis Vis' meaning 'strength of man'. ABF has been seeing a number of changes in its brands, particularly with Primark recently. The merger from Primark's owner comes just months after the retailer introduced click & collect services in all its 187 stores across the UK. They also opened a brand new type of store, called Primark Home. The new iteration of Primark Home came just in time for the summer, and is dedicated to interiors for shoppers want a new range of homeware. The retailer also launched it's app for the first time in the UK just this week, with some greatly-anticipated features.
Scottish Sun
19 minutes ago
- Scottish Sun
Popular Irish pub with 'loyal following' in Glasgow goes on secret sale
Read on to discover more about the exciting city centre boozer ON THE MARKET Popular Irish pub with 'loyal following' in Glasgow goes on secret sale Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A popular Irish Bar in Glasgow has hit the market, according to an online marketplace. The mystery boozer is on the market under a confidential mandate - meaning the name or address of the city centre venue has not been revealed. Sign up for Scottish Sun newsletter Sign up The listing also does not disclose the asking price for the premises but states it pulls in a turnover of up to £5million. The pub is described as having a "a loyal following" and has been praised for its "authentic atmosphere" along with live music and renowned quality of its Guinness service. Businesses may be sold under a confidential mandate to prevent negative impacts on employees, customers, and suppliers, as well as protecting its reputation, and ongoing operations during the sale process . A description of the business has been published on the website. It reads: "This opportunity represents the acquisition of a distinguished traditional Irish pub established in February 2019 in Glasgow's prestigious G1 postcode. "Operating from leasehold premises with a total capacity of 216 patrons - including a 30-seat terrace. "The Business has cultivated a loyal following through its authentic atmosphere, broadcast of live sporting events, weekend live music performances, and renowned quality of its Guinness service." It's understood that the boozer achieved a peak turnover in 2022 of just over £1million. There is also "untapped potential" through the reactivation of its disused kitchen. It's thought that the customer base is "diverse" and attracts a broad range of ages. The listing adds: "Customers are drawn by the venue's authentic Irish pub atmosphere, its focus on high-quality beverages (particularly Guinness and lager selections), and the entertainment offerings of live sport and music. "The Business consciously maintains its identity as a welcoming traditional Irish bar rather than solely a sports bar, fostering inclusivity and broadening its appeal." Ed Sheeran plays secret set in Wexford pub This business presents a compelling investment proposition for investors. Offers are invited and enquiries are encouraged via
The Independent
43 minutes ago
- The Independent
Asylum seekers who work illegally should be on ‘next plane home'
Asylum seekers who work without permission should be 'on the next plane home', Kemi Badenoch has said. The Conservative Party leader and shadow home secretary Chris Philp have proposed a crackdown on illegal working amid fears a 'soft touch' is driving English Channel crossings. Migrants whose asylum claims are yet to be processed are not generally allowed to work but they can apply for permission to work if they have been waiting a year or longer for a decision. The Home Office last month struck an agreement with Deliveroo, Just Eat and Uber Eats to equip these companies with tools to identify patterns of misuse and riders who are not allowed to work in the UK. The Government will share the locations of asylum hotels as part of the deal. But the Conservatives have called for illegal working to become a disqualifier in the asylum process, so that anyone caught is barred from becoming a refugee. 'If you come here illegally, take advantage of our asylum system, and then break our laws by illegally working, your asylum claim must be rejected and you should be on the next plane home,' Mrs Badenoch said. 'Under my leadership, the Conservatives will never allow Britain to become a soft touch for those who think they can break the rules and profit from it.' She also said that illegal working 'rewards illegality, protects perpetrators and mocks hard-working taxpayers.' Mr Philp said he had seen riders gathering at a hotel housing asylum seekers, which he described as 'an underground courier cartel operating right under this Government's nose'. He continued: 'Illegal working is a pull factor sold by smugglers as a reward to break in to our country and cross the Channel. 'That is why we are calling for new action: anyone who plays the system should have their status stripped, wages confiscated, and be deported.' Home Secretary Yvette Cooper has previously said that 'illegal working undermines honest business, exploits vulnerable individuals and fuels organised immigration crime'. She described the Home Office's data-sharing deal as 'decisive action to close loopholes and increase enforcement', and added it sat alongside 'a 50% increase in raids and arrests for illegal working'.
