CMA launches in-depth investigation into Amazon’s investment in Deliveroo: The Competition and Markets Authority (CMA) has launched an in-depth investigation into Amazon's investment in Deliveroo after the two companies decided against offering concessions to get the deal over the line. The CMA had raised concerns over the $575m (£437m) investment earlier this month, saying it could potentially limit competition and push up prices in the online food delivery and grocery market. It had given the pair five days to come up with a solution to its concerns, but in that time, no undertakings were offered by the companies. The deal will now face an in-depth investigation by CMA panel members to assess whether the investment will create a “relevant merger situation”, and if that situation would hurt competition. A spokesman for Deliveroo said the company had “been working closely with the CMA and would continue to do so”. He added: “We are confident we will persuade the CMA of the facts this minority investment will add to competition, helping restaurants to grow their businesses, creating more work for riders, and increasing choice for customers.” Deliveroo said the investment would be “particularly beneficial to the UK economy”. In October, Deliveroo reported sales grew 72% to £476m for the year ending 31 December 2018, compared with £277m the previous year. Gross profit increased 42% to £91m, compared with £64.3m the year before. In 2018, loss before tax increased 16% to £232m, compared with £199m the previous year.

BrewDog closes mini-bond campaign after raising £3.42m: Scottish brewer and retailer BrewDog has closed its mini-bond campaign after raising £3.42m. The company was looking to raise up to £15m through the mini-bond on crowdfunding platform Crowdcube to support expansion. The bond, which hit its minimum £500,000 target within 36 hours of the campaign’s launch, will pay 6% interest per annum over four years, which will be paid 5% in cash and 1% in beer – redeemable in its bars or online shop. The bonds cost £500 and the interest payments will be made twice a year. The campaign has now closed with 1,352 investors pledging £3.42m. The pitch stated: “Funds raised from the new BrewDog bond will be used to drive projects such as expanding into India with plans to open a bar in Mumbai.” The company has previously launched two mini-bonds via Crowdcube. It sold a £2.5m, four-year bond in 2016 that carried a 6.5% interest rate, while last year it raised £10m after issuing a four-year bond with a 7.5% interest rate. Both its previous bonds entitled investors to a 10% discount in BrewDog bars but didn’t include beer as a payment component. The new bond ran alongside the company’s Equity for Punks crowdfunding campaign, which hit its minimum £7m target last month, with more than 37,300 investors having pledged funds. The latest Equity for Punks campaign, which runs until April, has a stretch goal of £50m. In total, its six fund-raises to date have raised more than £74.5m from circa 128,400 investors.