Activists plotting Danone food fight
With the yoghurt maker’s share price at seven-year lows, Emmanuel Faber doubled down on his turnaround plan
6 March 2021 • 12:00pm
It is the world’s biggest yoghurt maker – but the scenes inside Danone’s virtual boardroom were anything but smooth last month.
When boss Emmanuel Faber updated the City on the Paris-based dairy giant’s full-year results last month, investors were dismayed. Announcing that sales drooped 1.5pc in 2020, Faber acknowledged that Danone’s share price – at seven-year lows – was also disappointing. Nevertheless, he proceeded to double down on a turnaround plan that has been repeatedly panned by shareholders as too slow.
Richard Caring confident Bill’s Restaurants has a secure future
Tycoon offers his backing to the popular restaurant chain rocked by lockdowns and banking rule breach
7 March 2021 • 9:30pm
Richard Caring, the restaurant tycoon, who is also behind private members’ club Annabel’s and Sexy Fish in Mayfair
Credit: Neil Mockford
Richard Caring could be forced to step in and shore up Bill’s Restaurants after it emerged the chain breached its banking agreements during the pandemic.
The restaurant tycoon, who is also behind private members’ club Annabel’s and Sexy Fish in Mayfair, has said he is willing to step in and financially support Bill’s should cash funding be needed and its lenders are unwilling to help.
New Chinese owner tries on Clarks shoes for size
The struggling shoe empire has been bought by a fund and will put its best foot forward in the Asian country
6 March 2021 • 3:00pm
Clarks’ new Chinese owners are not afraid to admit that they had no idea how many shoes the 195-year-old firm sells each year.
“If you would have asked me a year ago, I would have got it completely wrong,” says Tom Pitts from Lionrock Capital, the Hong Kong private equity fund that has fronted the takeover by Olympic gymnast-turned-retail billionaire Li Ning.
The answer, 40 million pairs, “really turned our heads”, Pitts adds. “I would have come way underneath that number.”