Morrisons puts 400 jobs at risk after failing to turn around loss-making bakery November 20, 2024 Supermarket giant Morrisons has confirmed plans to close a loss-making bakery in a move which has put almost 400 jobs at risk. The Bradford-headquartered grocer is looking to shut down Rathbones after failing to return the business to profit. The bakery was acquired by Morrisons out of administration in 2005 but has been loss making [...]
Allica Bank-backed start-up sets out to ‘protect’ UK family firms November 20, 2024 A new start-up set out to protect the legacies and values of Britain’s family businesses has secured its first ever acquisition and funding round backed by the UK’s fastest growing firm Allica Bank. Astra Holding, founded by entrepreneurs Amit Rai and Sergey Sushentsev earlier this year, has announced the acquisition of Hull-based industrial doors supplier [...]
Peel Hunt: There’s a ‘missing piece’ in Reeves’ City growth push November 20, 2024 The government has demonstrated a “fundamental shift” in its approach to growth but must address the key issue of pushing investment into the UK stock market, Peel Hunt has said. In an a note to investors today, Peel Hunt’s head of research, Charles Hall, stressed that while Rachel Reeves‘s Mansion House speech had been a [...]
Superdry issues warning as struggling fashion label cuts jobs after quitting London November 20, 2024 Superdry has warned its sales will continue to fall significantly during its current financial year after quitting the London Stock Exchange in an attempt to stay afloat. The Cheltenham-headquartered fashion brand delisted earlier this year as part of a radical restructuring plan to keep the company trading. At the time, the company said that cutting [...]
Housing crisis ‘hampers growth’ but minister vows 1.5m target on track November 20, 2024 The UK’s housing crisis “hampers economic growth and productivity”, the housing minister has said, as he insisted the target of 1.5m new homes can be achieved. Labour pledged in its manifesto ahead of the election to deliver the 1.5m net additional dwellings over the course of the Parliament, ending in 2029. It came in response [...]
Mydentist looks to India for new recruits as loss widens November 20, 2024 Mydentist has sunk further into the red as it looks to recruit more new hires from overseas after the UK Government relaxed the rules. The business, which is one of the largest dental providers in the UK, has said hiring has been constrained by the limited number of dental school places in this country as [...]
Supreme Court: Firms linked to top Morgan Stanley banker and Wayne Rooney denied tax allowances November 20, 2024 Investment firms have been denied using tax allowances from a marketed tax scheme by the Supreme Court after it dismissed its appeal against the HMRC
London rents rise again as Savills warns of double-digit UK increase November 20, 2024 Analysts have warned rents are being pushed to unsustainable levels amid another yearly jump and concerns there is no natural plateau in sight. The average UK private rent rose by 8.7 per cent in the year to October, up from 8.4 per cent in the year to September, according to the ONS. The increase was [...]
Santander UK sets aside £295m for motor finance payout November 20, 2024 Santander UK has set aside £295m in its quarterly results to pay out to motor finance customers following a landmark court ruling on the topic last month. The bank had previously delayed its third-quarter results thanks to the high court ruling, which it said had left it unable to calculate the potential cost of the [...]
Lidl boss warns retailers are ‘reeling’ after Budget tax raid November 20, 2024 The boss of budget supermarket Lidl has warned retailers are “reeling” following Labour’s tax raid in the Autumn Budget. The German supermarket’s UK boss Ryan McDonnell said the discount brand was staring down the barrel of “tens of millions of pounds” in extra costs. This comes after the Chancellor unveiled a £25.7bn tax-raising package, with [...]