Oatly Milk

Oatly, the plant-based milk company whose celebrity backers include Oprah Winfrey and Natalie Portman, saw its shares soar on its stock market launch. The Swedish-based firm set its debut share price at $17 each, but that shot to $22 in opening trading, valuing Oatly at more than $13bn (£9.2bn). The US listing is a sign of the booming popularity of non-dairy products. It follows other plant-based food brands that have gone public, such as vegan burger maker Beyond Meat. Oatly is raising $1.43bn through the initial public offering, which chief executive Toni Petersson said would be used to expand production. Researchers have predicted that the market for dairy alternatives could almost double over the next five years, as increased dairy allergies and concerns about dairy's environmental impact push shoppers to look for plant-based options. However, Oatly faces increased competition from other consumer giants. Nestle, for example, recently launched a pea-based milk under its Wunda. And although Oatly's sales are increasing, its losses have widened due to spending on marketing campaigns, researching new products and opening new factories.

 Oatly

McProtest

Animal rights protesters say they are blockading four McDonald's distribution centres in the UK to stop deliveries to the fast-food chain's 1,300 UK outlets. Animal Rebellion said activists were using trucks and bamboo structures to stop lorries leaving depots in Hemel Hempstead, Basingstoke, Coventry and Heywood, Greater Manchester. The group is targeting McDonald's "for its role in the climate emergency". McDonald's UK said it was "assessing the impact" of the protest on supplies. Mr Ozden told the BBC the meat and dairy industry was "causing huge amounts of rainforest deforestation, emitting vast quantities of greenhouse gases and killing billions of animals each year". "The only sustainable and realistic way to feed 10 billion people is with a plant-based food system. Organic, free-range and 'sustainable' animal-based options simply aren't good enough", he said. Animal Rebellion wants McDonald's to commit to becoming fully plant-based by 2025.

McProtest

New Dragon

When Steven Bartlett was 12 he would pause the TV while watching Dragons' Den, deciding whether or not to invest in the idea he'd just heard. Then he'd deliver an answer as if he was the sixth Dragon. At 23, when his social media company Social Chain was making waves, he told his team over WhatsApp that one day he would be a Dragon. And last week, at 28, Steven was confirmed as the youngest ever Dragon on the long-running BBC show - making reality of a childhood dream. Being kicked out of school for poor attendance and dropping out of uni after one seminar might not seem like routes to success. But Steven knew he had what it took to succeed in business from a young age. "I approach the biggest challenges in my life - whether it's Dragon's Den, starting a business or a podcast - with this video game mindset where I'm holding the controller, I am not in the game. And that means the character can die. "At the end of the day if I fail at anything I'm doing, I'm going to be fine. I'm just holding the controller here, I'm not in the game."

New Dragon

Pret A Tesco

Pret a Manger will trial opening its concessions in Tesco supermarkets after seeing a huge drop in demand as more people work from home. The sandwich chain has struggled in the pandemic as many of its branches are in city centres and rely on office trade. With the remote working trend set to continue post-pandemic, it is exploring new ways to operate. "We're transforming our business model to adjust to a new way of living and working," said Pret. With more companies switching to hybrid working, chains such as Pret have been forced to respond. The move will involve just four Pret branches opening in Tesco stores at first, but if successful, it will spread. The first shop will open in Tesco's Kensington superstore in London in June, with three other shops set to open later in the summer. The company launched its first grocery food range in Tesco earlier this year, selling frozen croissants and granola through the supermarket. During 2020, it closed 74 outlets in the UK and 22 in the US. Last summer, it cut 3,000 jobs, more than a third of its workforce, as part of a rescue plan to save the business. Earlier this year, it scrapped its dividend payment to shareholders and warned of "material uncertainties" over its future. "As the UK emerges from lockdown, this partnership with Tesco is one way in which we're transforming our business model," said Pano Christou, Pret's chief executive. The chain is also increasing its motorway service shops in partnership with Moto. It opened the first of three at Cherwell Valley in December 2020, followed by a second at Moto's Rugby service which opened last month. The chain has also introduced a subscription service allowing customers up to five cups of coffee a day for a £20 monthly fee, while Pret-branded ground coffee and espresso beans are now available via Amazon.

Pret

Last Debenhams Stores Close

 

The last remaining Debenhams are closing their doors on Saturday, more than 240 years after the department store began trading. Shoppers have flocked to the last remaining outlets to pick up bargains in closing-down sales. But the last 28 stores will now be shuttered for good. The Debenhams brand will continue to trade online after it was bought by the fashion retailer Boohoo for £55m in January. At its height, there were more than 150 Debenhams stores across the UK, but the chain went into administration in 2019 after several years of falling sales. The pandemic was the final blow. In December, its owners announced the business was being wound down with 12,000 job losses. Debenhams traces its roots back to 1778 when William Clark opened a shop in London's West End, selling fabrics, bonnets and parasols. By the 1950s, it was the biggest department store in the UK with 110 sites. However, in recent years, the shift to online shopping ate into sales and the business floundered. It was put up for sale last year, but in the end, the brand will survive online as part of the internet-only fashion firm Boohoo. 

Debenhams

Jaffa Jonuts

 

Biscuit or cake? Jaffa Cakes are set to spark another debate with a new product, the Jaffa Jonuts, described as a cross between a Jaffa Cake and a doughnut. The new version of the biscuit-sized cakes will come in the classic orange and chocolate flavour, featuring “layers of crackly dark chocolate, light springy sponge and the tangy orange flavoured filling, now in a doughnut-shaped ring”. Jaffa Jonuts, owned and produced by McVitie’s, will be available in Tesco across the UK from 16 May. Fans of the snack can buy them individually for 60p or in a box of four for £1.99. McVitie’s has said the packaging will be recyclable. It will join the company’s “Jaffa-nation” range, which includes orange, pineapple, cherry and passionfruit-flavoured Jaffa Cakes, Jaffa Cake Bars and Mini Rolls. The sweet treats will be available in other retailers from the end of June. Jaffa Cakes have been known to divide opinion, particularly about whether they are cakes or a biscuits. Legally, Jaffa Cakes are cakes.

Jonuts

Laboratory-Made Diamonds Are Forever

The world's biggest jeweller, Pandora, says it will no longer sell mined diamonds and will switch to exclusively laboratory-made diamonds. Concerns about the environment and working practices in the mining industry have led to growing demand for alternatives to mined diamonds. Pandora's chief executive, Alexander Lacik, told the BBC the change was part of a broader sustainability drive. He said the firm was pursuing it because "it's the right thing to do". They are also cheaper: "We can essentially create the same outcome as nature has created, but at a very, very different price." Mr Lacik explains they can be made for as little as "a third of what it is for something that we've dug up from the ground." Pandora's lab-made diamonds are being made in Britain, and the UK is the first country where they will be sold.  The new diamond jewellery will start at £250 ($350). Although diamonds have traditionally only been a very small share of the 100 million pieces Pandora sells worldwide each year, Mr Lacik believes that will be boosted by lower prices. He says the long term is what matters when it comes to the company's approach to sustainability.

Pandora

Wendy's Returns

America's second largest burger chain is returning to the UK after 20 years with a promise to steal market share from rivals McDonald's and Burger King. Wendy's, famous for square burgers, plans up to 400 outlets nationwide creating at least 12,000 jobs, although that could take many years, it said.  Wendy's would still be far smaller than McDonald's, which has 1,300 UK outlets. A statement said: "The UK launch will spearhead a European-wide expansion as Wendy's looks to build on strong growth on the other side of the Atlantic, where the brand last year dethroned Burger King to become the No 2 player in the US hamburger market." A typical restaurant employs between 30 to 50 staff, the company said. Wendy's has also promised no zero-hours contracts in a sector much-criticised for its low pay and working conditions. The first Wendy's will open next month, in Reading, followed by Stratford and Oxford, and the company said there will be new items on the menu tailored to the British market, including more vegetarian options. Wendy's said that even if the UK market does not expand as fast as anticipated, it still believes it can take market share from rivals by its emphasis on quality and service. The chain's marketing likes to promote its use of locally sourced products and fresh meat that is not frozen. The chain was founded in 1969 in Ohio and now has 6,800 outlets. It is listed on Wall Street with a valuation of $5bn (£3.6bn). Wendy's left the UK in 2001, citing property costs and other overheads that made expansion unviable.

Wendys Return

Your Colleagues Decide Your Salary

A software firm is taking a radical approach to how it treats employees. 10Pines tries to be transparent and democratic, even allowing staff to set each other's salaries. Ariel Umansky decided to turn down his proposed 7% pay rise in December 2020. He felt he could not justify it in front of his colleagues. In fact it was the second time in five years that he'd declined a raise at 10Pines. Salaries are decided three times a year at the Argentinian company's "rates meeting", which includes everyone except new hires still on probation. Employees (or mentors on their behalf) can put themselves forward for a raise, which is then openly debated. Every year 50% of its profits are shared among staff. 10Pines aspires to have a flat hierarchy, and be transparent with employees, as much as possible. After a three-month trial period, new staff join the rest of the team in monthly, open meetings in which key company decisions are decided, such as potential new clients, expenses, company finances - and of course salaries.  There's no overall CEO and no real managers within teams, though there are senior figures who are partners, known as "associates" and "masters".

Salary

Nestle Shut Newcastle Factory

 

Nestle has announced plans to cut almost 600 jobs and close a confectionery factory in Newcastle. The world's largest food company wants to close its site in Fawdon by the end of 2023 and focus production on factories in York and Halifax. It said 573 jobs would be "put at risk" by the changes. The GMB and Unite unions said 475 jobs would be lost at Fawdon, where Fruit Pastilles are made, and 98 at the York factory, which produces Kitts. Nestle said it would invest £20m into the York facility to "increase production of KitKat in the city where the brand was first created in 1935". The Fawdon factory opened in 1958 and currently produces 15 brands including Fruit Pastilles, Matchmakers and Rolos. "We do not underestimate the impact that the closure of Fawdon factory would have on the local area and, as part of the consultation, we want to work with the local community to find ways that we can support the area and our employees if these proposals were to go ahead," Nestle said. "We believe that the business case behind these proposed changes is compelling and, ultimately, the best way to keep our business competitive in the long term." Councillors have asked the prime minister to help stop the closure or, failing that, provide investment to offset the economic damage. Unions have branded the closure "corporate greed at its worst", while local Labour leaders have vowed to try to save the plant. Newcastle City Council Labour leader Nick Forbes said: "The fight to save Nestle isn't over yet."

Nestle

Pre-Loved at Asda

Supermarket chain Asda is to start selling second-hand clothes in 50 of its stores across the UK. The retailer said the concept had already been successfully tried out at a store in Leeds, and it now plans to stock the used garments more widely. For the venture, the George at Asda brand has joined forces with specialist wholesaler Preloved Vintage Kilo. The move comes after Asda launched a scheme encouraging customers to take unwanted clothes back to stores. Asda said the latest scheme would "give a new lease of life" to pre-worn garments. It would enable customers to "buy vintage, retro and second-hand branded pieces, preventing thousands of tonnes of garments going to landfill each year". Asda is the UK's third biggest supermarket chain with 632 stores. In February it was sold for £6.8bn to the Issa brothers, two entrepreneurs from Blackburn, and the investment firm TDR Capital. Preloved Vintage managing director Steve Lynam said the company had prevented more than 800 tonnes of clothing ending up in landfill and that linking with Asda would increase that "dramatically". The issue of sustainable fashion has been embraced by a number of retailers in recent years. Several companies take back second-hand clothes, including Asda, Primark and M&S, which have recycling scheme which allow customers to return used items in stores.

Asda Clothes

Trainer Authentication

The trainer resale market is a billion dollar business, with the most sought-after shoes being bought and resold online for a huge profit. To crackdown on counterfeits, eBay is launching a scheme to authenticate high-value trainers sold on its platform in the UK. The programme is already up and running in the US, but it’s now being extended in the UK with the opening of a warehouse dedicated entirely to inspecting the most expensive trainers being traded. A stock market for trainers that allows people to buy and sell shoes using real-time data is expanding into Asia. Asia is one of the fastest growing regions for StockX, a US tech firm that set up the shoe exchange.Since its launch in 2016 the platform has grown rapidly and now has 115,000 products listed and close to 1,000 staff globally.

Trainers