Food companies to share transport

Almost 40 of the biggest food manufacturers and supermarket groups in the UK, including Asda and Nestlé, are to share transport in an intiative aimed at taking as many as 800 lorries off Britain’s roads this year, it was reported last night. The plan, which comes amid soaring fuel prices, was piloted last year as a means of attempting to reduce the environmental damage caused by transporting groceries.

Rock considers legal action

Ron Sandler, executive chairman of Northern Rock, has confirmed that the board is examining the possibility of legal action against Adam Applegarth,the former chief executive, and other former directors. Mr Sandler said that he had initiated an investigation and was working with Freshfields, Rock’s lawyers. Mr Sandler is currently recruiting risk experts to overhaul the bank’s practices. (Susan Thompson)

Wincanton puts brakes on offer

Wincanton, the road haulier, has withdrawn its £229 million bid for TDG, its rival logistics provider. The cash offer of 281p a share last month had trumped an approach from Laxey Partners, the activist investor, but the group said: “Wincanton has concluded that it is not in the best interests of our shareholders to proceed with an offer for TDG and has informed the board of TDG of this decision.” (Murad Ahmed)

Ten Alps profits on the rise

Ten Alps, the media production company co-founded by Bob Geldof, had an 18 per cent increase in revenues for the year to March 31, at £81.4 million, with pre-tax profits up 15 per cent to £3.15 million. (Susan Thompson)

Park slips but optimism grows

Park Group, which runs voucher and savings clubs, reported a sharp drop in annual profits but said that orders for this Christmas were up 17 per cent. Pre-tax profits to March 31 fell to £5.2 million from £10.1 million. (PA)

Raymarine sales in the doldrums

Raymarine, the Portsmouth-based company that makes instruments for boats, said that first-half sales would not meet expectations. It added that its American unit was not expected to meet second-half expectations. (PA)

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