Green light finally expected for £2.5bn Barratt and Redrow mega-merger August 28, 2024 The £2.5bn mega-merger of housebuilders Barratt and Redrow looks set to be finally given approval by the Competition and Markets Authority (CMA). The watchdog launched an investigation into the proposed deal in June after it was first announced in February. Now, the watchdog has said it considers that there are reasonable grounds for believing that [...]
Funerals giant Dignity cuts loss by almost £300m after quitting London Stock Exchange August 28, 2024 Funerals giant Dignity dramatically cut its pre-tax loss by almost £300m in the year it quit the London Stock Exchange, it has been revealed. The Sutton Coldfield-headquartered group, which delisted in May last year, has reported a pre-tax loss of £42.1m for 2023 having lost £327.9m in 2022. Newly-filed documents with Companies House also show [...]
The Savoy Hotel feels the pinch as London’s luxury market gets even more competitive August 28, 2024 The Savoy Hotel is feeling the impact of an increase in competition in London’s luxury hotel market after its pre-tax loss widened during 2023, it has been revealed. The hotel has reported a loss of £17.9m for its latest financial year, having also made a pre-tax loss of £12m in 2022, according to newly-filed documents [...]
Europcar: Airport passengers help UK sales pass milestone August 28, 2024 An increase in people hiring cars at airports helped revenue at the UK arm of Europcar surpass £400m during its latest financial year. The Leicester-headquartered division has reported a revenue of £403.8m for 2023, up from the £363.5m it posted for 2022. Newly-filed accounts with Companies House also show that its pre-tax profit jumped from [...]
Mike Ashley’s Frasers Group snaps up stake in Australian retail group August 28, 2024 Mike Ashley’s Frasers Group has continued its acquisition spree with a strategic investment into the Australian retail and distribution firm Accent. The London-listed retail empire snapped up a 14.65 per cent stake in the company in a move it hopes will further its footprint in Australia and New Zealand – identified as a key market [...]
Oasis world tour: Ticketing companies set for Champagne Supernova August 28, 2024 Ticketing companies are set for a Champagne Supernova of demand as legendary English rock band Oasis has officially reunited after a 15-year hiatus. The iconic Mancunian brothers, Noel and Liam Gallagher, who famously parted ways after a heated backstage bust-up in Paris back in 2009, have set aside their long-running feud to make an on-stage [...]
Next ruling heralds employment law headache August 28, 2024 The Employment Tribunal accepted that the difference in pay rates between Next’s shop floor staff and their warehouse-based colleagues was not down to “direct discrimination” or the “conscious or subconscious influence of gender” on pay decisions. Why, then, did the retailer lose the claim brought by store staff? The answer concerns the much thornier issue [...]
Platform Housing: Turnover up as investment in existing homes trumps construction of new ones August 28, 2024 Platform Housing Group has reported a strong start to the year, although the rate of new-build homes has fallen with the focus shifting to improving social rented properties. Turnover at the company grew by 14.8 per cent to £92.3m in the three months to June 2024, up from £80.4m in June 2023, with 95 per [...]
Seeing Machines: Revenue accelerates but losses mount as transition drags August 28, 2024 Driver monitoring technology company Seeing Machines has reported an expected revenue of $67.6m (£51.1m) for its financial year 2024, marking a 17 per cent jump from $57.8m (£43.7m) reported for 2023. Annualised recurring revenue climbed 11 per cent year-on-year to $15.1m (£11.4m) from $13.6m (£10.3m) the previous year. The company’s technology is now deployed in [...]
Wood Group: Firm offloads two businesses as ‘strategic’ turnaround begins August 28, 2024 Engineer Wood Group has sold two businesses for a total of $165m (£125m) after it revealed it slid into the red in the first half of the year. The London-listed firm, which is headquartered in Aberdeen, said today it has sold its stake in Ethos Energy Group, a joint venture with its partner, Siemens Energy [...]