Sainsbury’s ebullient boss Justin King this week announced his decision to quit after a decade in charge of the UK grocer. Premier Foods ceded control of its bread arm, although some in the City believe more action is needed to improve the UK group’s balance sheet. And Chobani refuses to throw in the towel in its UK legal battle with Total yoghurt owner Fage.
“It’s not an easy decision to make. Emotionally I’ve invested ten years of my life in the leadership of Sainsbury’s and I love the business. But … part of leadership is knowing when the time is right, both for you but also for the business that you lead, to hand on the reins and I believe that time is now” – Sainsbury’s chief executive Justin King reflects on his decision to stand down from the helm of the UK grocer.
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“We understand that the company is making progress with the pension trustees but note that this transaction places further pressure on the cash generation of its grocery business, as any cash generation from the bread business is unlikely to ever make it back to Premier” – Panmure Gordon analyst Damian McNeela says the UK food group may still need a debt refinancing and rights issue to bolster its balance sheet – despite ceding control of its bread arm.
“The fight is not over” – US-based yoghurt firm Chobani vows to go to the UK’s Supreme Court after losing another legal battle with rival supplier Fage over the use of the term ‘Greek yoghurt’.
“We have big plans for the UK” – Ferran Infante, sales director for Natra’s operations in Europe, the Middle East and Africa, on the Spain-based chocolate supplier’s opening of an office in London.
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“The Government decision is disappointing in light of the fact that SPC Ardmona had presented to both the Federal and Victorian governments a solid business case” – Coca-Cola Amatil reflects on Canberra’s decision not to issue a A$25m grant to support the Australian Coke bottler’s plans to invest in its fruit and vegetable arm.
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