PRESS DIGEST - British business - Aug 4

The Times

CONSUMER GOODS

United Biscuits slumped to a loss of 24 million pounds ($47.44 million) last year after commodity costs and expenses linked to the company's 1.6 billion pound private equity buyout hit the business.

However, Britain's largest biscuit maker saw revenues increase by 5.1 percent to reach 1.1 billion pounds due to strong growth in some of its brands, such as Hula Hoops.

MEDIA

ITV (ITV.L) has started to consult staff over new job cuts as it prepares to outline deeper cost savings alongside lower half-year profits this week.

The commercial broadcaster's move comes after a review by the Boston Consulting Group, drafted in to assess efficiency at its commercial and content divisions.

RETAILING

Peacocks is in negotiations with banks regarding the refinancing of its debt. The discount clothing retailer is looking again at restructuring after previously putting off an 800 million pound refinancing deal at the end of last year because of the turmoil in the debt markets.