Friday newspaper round-up: Asda, Revolut, Restaurant Group
The organic vegetable box company Riverford is to become 100% owned by its staff after its founder, Guy Singh-Watson, agreed to sell his remaining 23% stake for almost £10m. Singh-Watson, who sold nearly three-quarters of the company to employees in 2018, will take a £9.8m payment over five years and immediately hand full control to a trust on behalf of its 900 staff who each receive an annual profit share and participate in the running of the business. – Guardian
Asda is planning to cut pay for about 7,000 workers in stores close to London by about 5% despite the surge in the cost of living in Britain. The UK’s third biggest supermarket, which was bought by the billionaire Issa brothers and private equity firm TDR Capital in 2020, said it was in consultation about removing a 60p an hour supplement from workers at 39 stores sited outside the M25 but near to the capital. – Guardian
The Bank of England has told the Treasury that it is planning to reject Revolut's application for a banking licence, after a two-year campaign by Britain's most valuable fintech company. The Prudential Regulation Authority (PRA), the arm of the Bank responsible for licensing, informed the Government in March that it planned to issue a statutory warning notice to Revolut within a few weeks. – Telegraph
Up to £1 billion will be invested in the microchip industry over the next decade as part of the government’s long-delayed semiconductor strategy — a fraction of the tens of billions being invested by the US and the EU. Publishing its plans for boosting production of the crucial electronic components, the Department for Science, Industry & Technology acknowledged that the UK would never be a superpower in the sector because of the expense of building semiconductor factories, known as fabs. – The Times
The investor revolt at The Restaurant Group intensified yesterday when the hedge fund leading the rebellion accused the Wagamama operator of excluding “certain” shareholders from key information ahead of next week’s annual meeting. Oasis Management Company, which has used its 12.3 per cent to take issue with TRG’s remuneration, financial performance and other concerns, has written to Ken Hanna, the quoted company’s chairman, expressing its “deep concern regarding the equal treatment of shareholders”. – The Times