The maker of Irn Bru is set to enter the alcohol-free spirits market for the first time, the company has announced.

AG Barr has spent £1 million buying a 20% minority stake in STRYYK, which makes alcohol-free rum, vodka and gin, and will also be the exclusive UK distributor for the brand's parent company.

Chief executive Roger White explained why he wanted to tap into the market.

He said: "More and more consumers are seeking a drink that adds positively to their social experience but without the side-effects of alcohol. We're very excited to be involved in both investing in and growing the STRYYK brand in this new and fast-moving consumer category."

STRYYK is the brand name for Elegantly Spirited Limited, which was founded by entrepreneurs Alex Carlton and Andrew King.
Mr King already knows the AG Barr bosses well, having sold his previous business - cocktail mixer maker Funkin - to the Scottish drinks giant in 2016.

READ MORE: Irn-Bru will pay sugar tax on new energy drink

Health-conscious millennials are driving the market in alcohol-free drinks and big-name brands including Heineken and Budweiser have invested heavily in alcohol-free versions of their beers.

Market research firm Nielsen recently revealed that Britons spent a record £57 million on low or non-alcoholic beers in the 12 months to April - up 39% on a year ago.

They also spent £48 million on low or no-alcohol wines over the same period.

Non-alcoholic spirits, a market only three years old, is now worth £5 million.The drinks business behind Irn-Bru has bought a minority stake in an alcohol-free spirits company.

AG Barr said it has entered the fast growing alcohol-free market with a £1 million investment to buy a 20% stake in STRYYK.

New Look's founder Tom Singh has announced his retirement from the fashion retailer amid a major boardroom reshuffle.

The chain has upended its leadership team after completing £1.3 billion in debt refinancing last month as part of its turnaround plans.

Mr Singh, who founded the company in 1969, has grown the retailer from one unit in Taunton to a brand with almost 400 stores.

Alistair McGeorge, executive chairman, said: "On behalf of the board, I would like to thank Tom for his immense contribution to New Look over the past 50 years.

"His vision in pioneering 'fast fashion' has supported New Look's growth from a single shop in Taunton into a leader in the UK womenswear market."

Mr Singh said: "I'm incredibly proud of all that we have achieved at New Look over the past 50 years."

A radical shake-up to fix the "dysfunctional" overdraft market - where fees can be 10 times the charges for a payday loan - has been confirmed by the City regulator.

The Financial Conduct Authority (FCA) will press ahead with plans to make the products simpler, fairer and easier to manage for those who go into the red.

The FCA said the changes represent the biggest overhaul to the overdraft market in a generation and the reforms will "fix a dysfunctional overdraft market".

The plans include stopping banks and building societies from charging higher prices for unarranged overdrafts than for arranged overdrafts.

The FCA expects the typical cost of borrowing £100 through an unarranged overdraft to fall from £5 a day to less than 20 pence a day.