Powerful property and farming firm Grosvenor Group says knock-on effect of Iran war could arrive next year

Fertiliser shortages caused by the Iran war have driven up costs for UK farmers by up to 70% and will have a “dramatic” impact on food prices globally next year, according to one of Britain’s most powerful property and farming companies.

Mark Preston, executive trustee of the 349-year-old Grosvenor Group, controlled by the Duke of Westminster, said fertiliser “was already quite expensive” before the 50% to 70% surge in prices since the start of the Iran war in late February.

New owner Modella Capital, which rebranded shops to TG Jones, blames weak consumer spending

Dozens of former WH Smith stores are likely to close, putting thousands of jobs at risk under a radical restructuring plan by their new owner, which had rebranded the shops to TG Jones,

The investment company Modella Capital, which bought WH Smith’s chain of 480 high street stores for £76m last year, blamed “weak consumer spending” as it set out the plan to landlords on Wednesday.