The City roundup: Phones4u goes bust, SAB Miller makes a move for Heineken

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Phones 4u is set to go into administration after network operator EE joined Vodafone in cutting ties with the retailer.

That means more than 5,500 jobs are at risk across the 720-strong chain and staff have taken to social media to complain that they only learned of their likely lay-offs through the media rather than from the company itself.

Elsewhere, Heineken confirmed that British brewer SAB Miller had offered to buy the company.

Heineken’s family owners back in Holland have refused the offer but SAB could come back with a second offer.

And finally, Greggs the Bakers says increasingly health conscious Brits are shunning the fatty pastries for its healthier option sarnies. Sales at Greggs are up more than 5% in the past couple of months.