Tesco sells Euphorium Bakery

first_imgTesco has agreed to sell its Euphorium Bakery business for an undisclosed sum.The Euphorium factory in Weybridge will now be operated by long-term supplier partner, Samworths. All in-store Euphorium bakeries will convert to Tesco bakeries in the weeks ahead.Euphorium’s Islington factory and the associated high street artisan bakeries will be sold to casual dining operator Soho Coffee, which will take on the Euphorium brand and continue to develop it.A Tesco spokesman told British Baker: “We know how important a great bakery offer is to our customers, and this agreement will mean we can continue to serve shoppers with great-quality Tesco bakery products. We will continue to be supplied by the Weybridge factory for some items.”Euphorium was started in London in 1999 by Danny Bear. Tesco took a stake in the business in 2012 under CEO Philip Clarke and made a gentleman’s agreement to purchase the rest of the business, which it honoured, under present CEO Dave Lewis, in April 2015.In 2013 it had begun a wider rollout until it reached 59 concessions in Tesco stores, six stand-alone outlets and a manufacturing bakery in Weybridge, Surrey.When current Tesco CEO Davis Lewis took over in August 2014, he embarked on a strategy to reverse his predecessor’s purchases and disposed of ‘non-core’ businesses such as Harris + Hoole Coffee shops to Caffè Nero, Giraffe restaurant to Boparan and Dobbies Garden Centres to an investment group. Those sales all took place in June this year leaving just Euphorium awaiting a buyer.In April this year, Tesco posted a £162m pre-tax profit for the year ending 27 February, a big swing from the £6.4bn loss posted in 2015, following heavy property write-downs.The company also reported a first quarter of UK sales growth in three years with a 0.9% increase in UK like-for-like sales during its fourth quarter. So far Lewis has reduced the number of products on Tesco’s shelves by 18% and given over the space to best-selling lines.The company has also reduced the number of multi-buy promotions by over a third as customers have shown their preference for lower prices.last_img read more

Handling the bankrupt member who has caused you a loss

first_imgOne of the first things I learned in credit union land was that you can deny services to a member who has caused you a loss. Specifically, all a member is ultimately entitled to is a share draft account and a vote at the annual meeting.One of the first things I learned in bankruptcy law land was that you can’t seek to collect funds against a member who has filed for bankruptcy.Let’s face it, these two bedrock principles are in conflict. What does a credit union have to tell that member she has to pay back her discharge debts before she becomes eligible for full-fledged membership benefits? This is precisely the question that a bankruptcy court in New York answered in a decision released this past week. It’s worth it for you to keep this one in your file: It’s the first 2nd Circuit case that I have seen dealing with this precise issue and it provides a good template against which to make sure your own policies are being implemented properly. continue reading » 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

PBSO seeking missing/endangered man

first_imgThe Palm Beach County Sheriff’s Office is currently searching for a missing and possibly endangered man who was last seen in Magonia Park on Tuesday, March 17, 2020.Police say 57-year-old Rubin Morris III is described to have gray hair and brown eyes.He was last seen wearing a blue and white horizontal striped polo shirt and white dress pants.Rubin suffers from a medical condition which is why PBSO consider him to be possibly endangered.Anyone with information on his whereabouts is urged to contact PBSO at 561-688-3400.last_img