(Bloomberg) -- Here’s the key business news from London-listed companies this morning.

Retail Sales: The volume of goods sold in stores and online fell 0.5% from April, as soaring food prices and the wider cost-of-living crisis forced consumer to cut back on spending.

  • The drop, the third in the last four months, was driven by a 1.6% fall in food sales, particularly at large supermarkets

AIB Group Plc : The Irish government will extend its trading plan to sell down its stake in the bank to late January 2023 instead of July 10 this year.

  • It comes after the UK yesterday extended a similar program for NatWest Group Plc, as governments attempt to cut their holdings in financial crisis-era bailouts

Barclays Plc: The bank agreed a deal to buy Kensington Mortgage Company Limited and a related mortgage portfolio, for an expected consideration of about £2.3 billion.

  • The company is currently owned by funds managed by Blackstone Tactical Opportunities Advisors LLC and funds affiliated with Sixth Street Partners LLC

Essentra Plc: The supplier of specialty plastic and fiber products will sell its packaging business to Austria’s Mayr-Melnhof Group for £312 million in cash. 

  • The sale is part of the company’s attempt to become a pure components business, and it is also undertaking a strategic review of its filters division

Outside The City

Conservative Party Chairman Oliver Dowden resigned after the party lost two key parliamentary seats in one night, raising fresh concerns about Boris Johnson’s leadership and his faltering appeal to voters. 

Meanwhile, UK consumer confidence dropped to a record low as surging prices, a squeeze on incomes and disruption from strikes took a toll on the national mood.

In Case You Missed It 

SoftBank Group Corp. hasn’t made a final decision on where to debut chip subsidiary Arm Ltd. though the Nasdaq remained the most likely venue for an initial public offering, Chairman Masayoshi Son said. The Japanese investment giant is weighing the listing of some of its stake in the British chip designer on the London Stock Exchange, Bloomberg has reported.

And the UK’s regional towns and cities will be flooded with unwanted offices as businesses cut down on unused space after the coronavirus pandemic triggered a shift in working patterns. 

Looking Ahead

Fintech firm Wise Plc is scheduled to report results next week, as is Biffa Plc. The waste-management company was approached by US investment firm Energy Capital Partners LLC about a possible takeover earlier this month, making it one in a growing slew of UK firms currently finding themselves in M&A situations. 

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