Puregym expands in Europe with £350m acquisition of Fitness World December 12, 2019 The UK’s largest gym operator Puregym today announced the acquisition of European business Fitness World in a £350m deal. Puregym was acquired by private equity firm Leonard Green & Partners in 2017 in a deal that valued the business at £600m. Its acquisition of Fitness World gives the business a market-leading position in Denmark as [...]
Revolut closes $500m from early Netflix investor as it seeks to turn a new leaf February 25, 2020 British digital banking giant Revolut has today revealed the close of $500m (£387m) in additional funding, making it tied with Klarna as the most valuable privately held fintech firm in Europe at $5.5bn. The funding, which was led by new investor TCV, takes Revolut’s total amount raised to date to $836m. TCV, a Silicon Valley-based [...]
Private equity firms eye up challenger accountancy firm Cogital July 28, 2019 Several private equity groups are reportedly preparing bids on UK-based accounting firm Cogital, in a deal that could value the company at £1bn. European firms BC Partners, Permira, and PAI are preparing final bids alongside US-based Hellman & Freidman, according to the Financial Times Cogital was set up in 2016 by former Deloitte partner John [...]
Barclays Canary Wharf worker tests positive for coronavirus March 11, 2020 A worker in Barclays Canary Wharf offices has tested positive for coronavirus, the bank confirmed today. In a statement, Barclays said: “We can confirm that a member of our staff based in our London office, five North Colonnade, has tested as positive for covid-19 today. The health and safety of our staff, customers and clients [...]
KPMG sells pensions arm in private equity-backed management buyout December 5, 2019 KPMG has sold its pensions arm in a management buyout backed by private equity firm Exponent. KPMG said today it had signed a conditional agreement to sell its pensions practice to Newco, which is backed by Exponent and KPMG’s 20 pensions partners. All 20 partners and 500 staff will transfer to the new business, which [...]
Signs of an economy trying to grow January 13, 2020 The capital starts the new decade with a spring in its step. In fact, it bounced along nicely (and ahead of the rest of the country) throughout last year, and still found space to cash in some pent-up investment in the wake of Boris Johnson’s electoral victory. London’s dominance is a familiar story, but given [...]
Senior KPMG restructuring partners set for 25 per cent pay rise to stave-off break up September 15, 2019 Senior partners in KPMG’s restructuring division have received a 25 per cent pay rise as the accountancy giant tries to prevent a potential break-up, it was reported this weekend. The Big Four accountancy firm, which has been involved in high-profile business failures, including the collapse of outsourcer Carillion in January 2018, had been holding talks [...]
Sir Richard Branson to make a third bid for the National Lottery November 24, 2019 Sir Richard Branson will make a third attempt to wrest control of the National Lottery from incumbent Camelot, almost twenty years on from the last of his past efforts. The decision to enter the running to displace the Canadian company as the lottery operator reignites a rivalry that in the past led to a High [...]
UK coronavirus: Brits don face masks (and Tesco bags) on public transport March 4, 2020 British commuters are taking the UK coronavirus threat seriously, it appears, donning heavy duty face masks – and Tesco bags – on Tube trains and buses. A man on a London Underground train appeared to decide to keep himself safe on his commute to work by donning a serious-looking gas mask, along with thick rubber [...]
Two Sainsbury’s executives to step down in boardroom shake up October 29, 2019 The new chairman of Sainsbury’s is planning a major boardroom reshuffle as the UK’s third-biggest supermarket tries to move on from the collapse of its planned £15bn merger with Asda. Read more: Sainsbury’s heir to the thrown quits to join media powerhouse WPP Google’s Europe operations chief Matt Brittin and ex-Marks and Spencer executive Jean [...]