Can the UK Afford to Defend Itself?
The British Army has been in decline, and Russia's war on Ukraine is highlighting the urgency it faces to reverse course. But that comes against a backdrop of weak UK growth and rising borrowing costs. (Source: Bloomberg)
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UK alt-milk maker Mighty Drinks goes into administration
UK-based alternative milks brand Mighty Drinks has appointed administrators for the business after facing recent "headwinds". The oat and pea milks producer appointed James Clark and Howard Smith from Interpath as joint administrators, a statement from the financial advisory group said yesterday (17 June). Mighty Drinks produces a range of pea protein and oat milk products which are sold across the country in major retailers such as Sainsbury's, Asda and Tesco. In the statement, Tom Swiers, food and drink sector lead at Interpath, said: 'There has been an increasing focus on profitability within all aspects of the 'alt' category, following the investment boom of a few years ago. "It is no longer simply a case of, 'growth as number one priority'". Interpath said Mighty Drinks had seen "headwinds in recent years", such as increasing costs and "fragile consumer confidence", which has affected its ability to scale and reach profitability. While the company's directors intended to look into investment options, "but when it became clear that a solvent outcome was not possible, they took steps to file for the appointment of administrators". Swiers added: 'The Mighty team has created a great product, with an exciting kids-milk range set to launch with retailers given the allergen free benefits of pea-protein, and a path to profitability from improved margins and increased volumes. "Unfortunately, however, this has come at a point in the company's cycle where it required further investment which was not forthcoming from typical investors in this space, nor was it attractive to typical 'special situations' investors given the relatively early stage of the company's development.' Companies House filings for Watkins Drinks Limited, which trades as Mighty Drinks, showed the group had racked up £12.1m in losses in 2023, a roughly £4m deeper loss than it booked the previous year. Managing director at Interpath and joint administrator for Mighty Drinks James Clark said Interpath would look into "the options available" for the company with its stakeholders. Potential avenues being explored include "seeking offers for the business and its assets, including the Mighty brand and related intellectual property", he added. Just Food has contacted Mighty Drinks for comment. Plant-based milk has become an increasingly competitive space in UK grocery retail, and has resulted in some companies pulling brands. In January, Arla Foods announced its intention to remove its Jörd alternative milks brand from UK retailers. The brand had been launched in 2020 and was the company's first move in plant-based milk alternatives. Two years ago, Nestlé also announced it was pulling its Wunda alt-dairy brands from UK and Ireland retail, alongside its meat-free Garden Gourmet range. Despite a slowing momentum for the plant-based milk category in the UK, in Novemeber, Oddlygood, owned by Finnish dairy company Valio, announced it had acquired UK rival Rude Health. At the time, the group said the move intended to bolster its market share in plant-based drinks in the UK. "UK alt-milk maker Mighty Drinks goes into administration" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
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Indonesia's Prabowo to hold talks with Putin to cement 'strategic partnership'
By Guy Faulconbridge ST PETERSBURG (Reuters) -Indonesian President Prabowo Subianto will hold talks with President Vladimir Putin in Russia this week to explore ways to deepen what their foreign ministers cast on Tuesday as a burgeoning strategic partnership. Russian Foreign Minister Sergei Lavrov, speaking at a meeting in Moscow with his Indonesian counterpart Sugiono, said Putin will meet Prabowo in St Petersburg on Thursday. Russia is due to hold its annual economic forum this week in the northern city, at which Putin traditionally gives a keynote speech and hosts a foreign leader. Russia and Indonesia, Lavrov said, should seek to deepen their defence, security, naval and trade ties. He said Russia's state nuclear corporation, Rosatom, stood ready to help Indonesia build an atomic power station, and the two countries could hold joint military exercises. "This is a show actually of how important and strategically Indonesia thinks of its relationship with Russia," Sugiono told reporters in English. Sugiono suggested that Putin and Prabowo had "chemistry" and suggested they develop and deepen their ties "into a strategic partnership." Trade between Russia and Indonesia totals nearly $4.5 billion a year, Lavrov said, adding that bilateral trade and investment should be boosted. Indonesia became a full member of the BRICS grouping earlier this year. Indonesia last year dismissed a report in defence publication Janes that Russia had asked to base military aircraft in Papua, its easternmost province, after the issue caused concern in Australia. Papua is about 1,200 km (750 miles) north of the Australian city of Darwin. (Writing by Guy FaulconbridgeEditing by Mark Trevelyan and Andrew Osborn)
Bloomberg
an hour ago
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Why Cash Is Still King for Many in Singapore
Billions of dollars zip all around the world over computer screens in Singapore. But in this unsuspecting corner at the heart of the city, cash is still king. (Source: Bloomberg)
