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Some “fashionable” toilet roll brands claiming to be made from sustainable bamboo actually contain very little and are instead using virgin wood, a new investigation suggests.

Which?, a website that researches consumer choices, tested one sample from each of five popular brands implying they are made from bamboo.

Bamboo is marketed as greener than regular paper made from virgin trees on the basis the grass grows so quickly and the process releases fewer greenhouse gases, which drive climate change.

Which? found samples from Bumboo, Naked Sprout and Bazoo contained just 2.7%, 4% and 26.1% bamboo-like grass fibres, respectively.

Bazoo says it makes “tree-free, 100% bamboo toilet paper” and Bumboo cites its “FSC (Forest Stewardship Council) certified and tested 100% bamboo from well-managed forests”.

Naked Sprout does not claim the product is made only from bamboo, but also does not specify that its bamboo range contains other materials.

Which? said supply chains are “complicated” but that the “onus is on brands” to audit them.

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Emily Seymour, Which? sustainability editor, said: “If you’re making green claims about particular products, and you’re expecting customers to believe those claims, and to buy things on the basis of them, then it’s really on you as a company to make sure that your checks and balances are correct.”

She praised the “great” response from Bumboo, which, after being alerted to the issue by Which? in January, stepped up its testing.

Rob Ingram, CEO of Bumboo, told Sky News he was “devastated” to learn of Which?’s findings, and said the issue came from a paper mill in China that had sold it the wrong product.

“We immediately figured out what the problem was and fixed it because we only annual tested before… now we’re going to do it on every single batch, in order to make sure it doesn’t happen again.”

According to consultancy firm McKinsey, COVID-19 lockdowns helped drive a shift to purchases of products from e-retailers, such as some of those tested by Which?.

It said in a 2021 report consumers are “increasingly concerned about the environmental impact of the products they buy”, including of tissue products.

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Which? had found that the tested toilet rolls comprised mostly less eco-friendly fast-growing virgin hardwoods – mostly eucalyptus with some acacia in Bazoo and Bumboo.

Acacia has been associated with damaging deforestation in places such as Indonesia, Which? said.

It tested two other brands, Who Gives a Crap (WGAC) and The Cheeky Panda, and found they contained 100% bamboo, as claimed.

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‘Disappointed’ response

The testing was carried out by an independent lab using an industry standard test known as TAPPI T 401.

The process breaks down a sample of paper to quantify and identify its components.

Naked Sprout said it is “incredibly disappointed by a recent Which? report that suggests our bamboo toilet paper contains a low percentage of bamboo”.

A spokesperson said: “Our entire supply chain (4 pulp suppliers and 1 manufacturer) is FSC certified… the most credible supply chain organisation worldwide. The FSC has stated that there have been no issues identified with any of our pulp suppliers. The FSC is undertaking further investigation to further verify this.

“TAPPI (Technical Association of the Pulp and Paper Industry) admit that the current test has limitations and say that ‘considerable variation in the precision is to be expected’.”

They added: “Our products remain the most sustainable option on the market. Both our bamboo and recycled toilet papers have lower carbon footprints than any other eco or mainstream option. This is because the factory we use is powered by on-site renewable energy, our shipping and postage is as green as possible, and our packaging is plastic free and fully recyclable.”

They are about to start showing customers supply chain data, allowing them to see “exactly where our bamboo is grown, exactly how it comes to our factory, and exactly what goes into our products to produce their toilet paper”.

TAPPI said: “Of course, every testing method has limitations, and TAPPI/ANSI T 401 clearly outlines its limitations within the TM itself.

“We see no contradictions in the way Which? applied T 401, and it seems disingenuous to suggest that a TM applied successfully to other brands tested for this article would be inadequate for Naked Sprout.”

A spokesperson for Bazoo said: “Bazoo and our entire supply chain is vigorously audited by the Forest Stewardship Council, the leading supply chain certifier in our market, so we were incredibly disappointed to know that any of our rolls had been contaminated at source. We are in extensive communications with FSC to understand clearly where this error occurred.

“We truly are committed to delivering on our promise of 100% bamboo rolls and have taken every step in our power to understand the root of the problem and ensure we’re fully protected from any future contamination.

“This means stricter quality control measures, more frequent testing, and doing right by our customers that have received contaminated products.”

They said any customers affected by the contaminated batch have been contacted, adding: “As a UK start-up trying to make a difference we knew there would be bumps along the way.”

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Bidders off starting grid in race for go-karting group TeamSport




Bidders off starting grid in race for go-karting group TeamSport

A pack of private equity investors have left the starting grid in a race to buy TeamSport, the pan-European go-karting operator.

Sky News has learnt that several buyout firms have tabled initial offers for the company, which is expected to fetch more than £150m.

Insiders said on Sunday that EMK Capital and Livingbridge were among the private equity firms which had lodged first-round bids.

TeamSport is owned by Duke Street, one of the UK’s best-known buyout firms and the former owner of Wagamama, and is the largest indoor go-karting operator in the country.

Harris Williams, the investment bank, is overseeing the auction.

TeamSport trades from 35 sites in the UK, three in Germany and two in the Netherlands.

It operates within an activities & attractions market worth £73bn across the three countries.

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Industry sources said that the company’s suitors had been attracted by the potential to grow it to 200 sites across its existing markets alone.

3i, the London-listed group, also showed an interest in buying TeamSport but is no longer involved, according to a person close to it.

All of the parties contacted by Sky News declined to comment.

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Blackstone tunes up £1.2bn bid for Blondie music owner Hipgnosis




Blackstone tunes up £1.2bn bid for Blondie music owner Hipgnosis

The private equity titan Blackstone is this weekend drawing up plans for a £1.2bn takeover bid for the owner of songs performed by Blondie, the Kaiser Chiefs and the Red Hot Chili Peppers.

Sky News can exclusively reveal that Blackstone has already tabled several offers to buy Hipgnosis Songs Fund (HSF), the London-listed music rights investment company.

The first was worth 82p-a-share, insiders said, while another was pitched at 88p and the most recent was worth marginally less than a 93.2p-a-share bid for HSF unveiled on Thursday from Concord Chorus, a music and theatrical rights company.

Sources said that Blackstone, which is being advised by investment bankers at Jefferies, was now considering making a higher offer for HSF, which trades on the London Stock Exchange under the ticker SONG.

One added that Blackstone had been “surprised” by the announcement this week that SONG’s board had recommended the bid from Concord Chorus – which is backed by Apollo Global Management – given its own ongoing conversations about an offer.

The person also questioned HSF’s decision to recommend a proposal “at the start of a bidding war, without attempting to extract greater value for shareholders”.

A source close to HSF disputed that characterisation.

A takeover of the company would crystallise value for Hipgnosis shareholders, who saw the shares slump to a record low in March of about 56p in the wake of a reduction in the value of its portfolio and a suspension of dividend payments.

HSF’s troubles have been played out for months in the public arena, culminating last October in a decision by shareholders to reject its board’s goal of securing their backing for its continuation.

Shakira performs with Bizarrap during the the first weekend of the Coachella Music and Arts Festival at the Empire Polo Club on Friday, April 12, 2024, in Indio, Calif. (Photo by Amy Harris/Invision/AP)
Shakira. Pic: Amy Harris/Invision/AP

The company has been mired in bitter recriminations and legal arguments over its performance and governance.

A review conducted by Shot Tower Capital, a specialist adviser, concluded in March that SONG’s assets were worth a fifth less than Hipgnosis Song Management (HSM), its investment adviser, had reported last September.

Blackstone is already deeply immersed in HSF’s future because it owns a 51% stake in HSM, which has a contract to manage the SONG assets.

If HSM agreed to terminate the contract between them, it would release up to $25m for HSF although analysts say it is unclear why HSM would willingly forego any cash it believes is owed to it.

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One of the obstacles facing Blackstone in any new offer lies in the fact that the SONG board has received irrevocable acceptances of the Concord Chorus bid from over 23% of shareholders.

Those only fall away in the event that a rival bidder tables an offer worth at least 10% more – in this case over 102p-a-share.

However, HSM also has a call option in its management agreement with HSF which allows it to acquire the portfolio of music assets even if Concord Chorus is successful, at the same price it pays.

The call option is understood to evaporate if the management contract is terminated for cause.

The legal disputes involving the companies, which insiders have left the situation finely balanced, with a possible compromise agreement between them also being floated by investors.

A source close to Blackstone said it was very confident in its contractual position.

Artists whose catalogues are owned by the listed company also include Neil Young and Mark Ronson.

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The remainder of HSM is owned by Merck Mercuriadis, a former manager of Beyonce and Sir Elton John, who launched Hipgnosis in 2018 with the aim of turning music royalties into a mainstream asset class.

He struck a $1bn deal three years later for Blackstone to provide firepower for buying music rights and managing catalogues.

Since then, some of the world’s most prominent financiers, including the likes of Apollo and KKR, have developed a similar appetite to buy into music assets.

In February, Mr Mercuriadis moved from becoming CEO of HSM to the chairman’s role, with Ben Katovsky taking over as CEO.

Sources emphasised on Saturday that Blackstone’s interest in acquiring HSF was on a standalone basis and was independent of Mr Mercuriadis.

That stance is likely to raise questions about the buyout giant’s ongoing relationship with the Hipgnosis founder.

Blackstone is one of the world’s most powerful investors, with hundreds of billions of dollars of ‘dry powder’ available for investment.

When its alliance with Mr Mercuriadis was unveiled two-and-a-half years ago, Qasim Abbas, a senior managing director in Blackstone’s tactical opportunities team, said: “This partnership underscores the long-term, sustainable value we see in creative content across the wider entertainment industry.

“The music industry has been at the forefront of the fast-growing streaming economy and is unlocking new ways of consuming content.”

Shares in HSF closed on Friday at 91.9p, giving it a market capitalisation of just over £1.1bn and marginally below the level of the recommended offer from Concord Chorus.

On Saturday, Blackstone and HSF both declined to comment.

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Grocery delivery app Getir prepares to exit UK market




Grocery delivery app Getir prepares to exit UK market

Getir, the grocery delivery app once valued at nearly $12bn (£9.7bn), is close to pulling the plug on its operations in Britain in a move that would spark concerns for well over 1,000 jobs.

Sky News has learnt that Getir is preparing to announce next week that it is withdrawing from the three remaining European markets in which it operates: the UK, Germany and the Netherlands.

In total, thousands of jobs will be put at risk, including approximately 1,500 in the UK, according to people close to the situation.

The process through which Getir, which has a multimillion-pound commercial partnership with the Premier League’s Tottenham Hotspur, plans to exit the UK was unclear on Friday.

Insiders said, that it could involve a sale of its assets or an insolvency procedure although they added that no decisions had been taken.

Getir has previously denied that any form of insolvency was on the cards for the group or its subsidiaries.

The company is understood to have drafted in restructuring advisers in recent days, while Mubadala, the Abu Dhabi fund that is one of its biggest shareholders, is being advised by AlixPartners.

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Dejan Kulusevski of Tottenham Hotspur during trainin.
Pic: Alex Morton/Tottenham Hotspur FC/Shutterstock
Getir sponsor Tottenham Hotspur’s training kit. Pic: Alex Morton/Tottenham Hotspur FC/Shutterstock

Getir’s plans to exit the UK and other markets will leave it with operations in the US and Turkey only.

Ultimately, it is expected to seek to operate solely in Turkey, where it was founded.

Meaning ‘to bring’ in Turkish, Getir expanded at breakneck speed to become of the world’s most valuable fast-delivery platforms.

Earlier this week, Sky News reported that the company was weighing a string of asset sales, including FreshDirect, a US-based online grocer it only acquired late last year, as part of efforts to repair its balance sheet.

Getir was valued at nearly $12bn (£9.7bn) just two years ago, and has sought to acquire a number of rivals which have run into financial trouble.

The company has already pulled out of a number of countries, including Italy and Spain, in an attempt to reduce losses.

Its retreat highlights the slumping valuations of technology companies once-hailed as the new titans of major economies.

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As well as Mubadala, Getir is backed by prominent tech investors including Sequoia Capital and Tiger Global.

The company was one of the hottest start-ups of the pandemic, when financiers rushed to plough billions of dollars into businesses they believed would benefit from structural shifts in the economy.

It raised more than $750m in a funding round in early 2022, but has seen its valuation slump since then.

Last September, Getir also announced a sharp cut in the size of its workforce, axeing roughly 2,500 jobs, or about 10% of its global employee base.

Founded in 2015, Getir was one of a crop of companies promising city-based consumers rapid delivery of groceries and other essential products.

During the COVID crisis, the industry saw sales explode, with emerging trends such as working from home fuelling investor confidence that the boom was sustainable.

Many of its rivals have already gone bust, while others have been swallowed up as part of a desperate wave of consolidation.

Getir itself bought Gorillas in a $1.2bn stock-based deal that closed in December 2022.

“Getir principally doesn’t comment on rumours,” a spokeswoman said on Friday.

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