Founder Favourites: Richard Farleigh on what playing chess, investing and starting a business have in common
Weir Group sheds oil and gas division in $405m Caterpillar deal October 5, 2020 Weir Group this morning announced that it would sell its oil and gas division to construction firm Caterpillar for $405m (£314m). Shares in the company jumped 15.6 per cent as markets opened as traders cheered the deal. The FTSE 250 company has been mulling the sale of the division for about six months as it [...]
UK firms cut more than 106,000 jobs amid coronavirus pandemic August 19, 2020 The coronavirus pandemic has battered the UK economy since it arrived in early 2020 – and no sector has remained unscathed, with more than 100,000 job cuts planned during the pandemic. The government’s furlough scheme has allowed millions of people to keep getting a paycheck, but fears are growing that when this is phased out [...]
River Island to axe 250 head office roles July 7, 2020 River Island is reportedly preparing to slash 250 head office roles as the retailer seeks to cut costs after sales plummeted due to the coronavirus pandemic. The high street brand is the latest retailer to make job cuts after stores were forced to close across the UK during the coronavirus lockdown. River Island will reportedly [...]
Shirt and tie retailer TM Lewin ‘falls into administration’ with 600 jobs lost June 30, 2020 About 600 workers will lose their jobs at the century-old shirtmaker TM Lewin, after the high street stalwart went into administration this afternoon. The company is to close all 66 of its physical stores, and will only continue trading online, after a company hired to restructure the menswear company decided its high street offering was [...]
Mulberry looks to cut a quarter of workforce June 8, 2020 Mulberry is looking to cut 25 per cent of its global workforce as the British luxury brand looks to reduce its costs after demand for its products was dented by the coronavirus pandemic. Mulberry, which employs around 1,500 people globally, said it expected the recovery of its sales levels in the medium term to be [...]
Coronavirus: FTSE 100 rises as Fed buys bonds and UK enters lockdown March 24, 2020 The FTSE 100 rebounded sharply today after the government imposed a UK coronavirus lockdown and the US Federal Reserve announced an unlimited bond-buying spree yesterday. Britain’s blue-chip stock index jumped 4.3 per cent higher in morning trading to climb back above 5,000 points to 5,206. The FTSE 100’s rise made up for the 3.7 per [...]
Coronavirus to hit UK economy harder than financial crisis March 24, 2020 Business activity crashed at a record pace in March as efforts to contain coronavirus sent the UK economy into a tailspin, preliminary survey data has shown, putting Britain on track for an extreme recession. The IHS Markit/Cips private sector purchasing managers’ index (PMI) – a gauge of economic performance – plunged to a record low [...]
UK coronavirus lockdown: Michael Gove warns of tougher punishments March 24, 2020 Michael Gove has criticised Mike Ashley for failing to close Sports Direct stores on the first day of the UK coronavirus lockdown, and warned of tougher punishments for flouting the public order to stay at home. The minister blasted Ashley’s argument that keeping Sports Direct stores open was crucial to help UK households “maintain a [...]
Mulberry warns it will swing to a loss as coronavirus hits handbags March 24, 2020 Luxury fashion brand Mulberry has become the latest brand to warn on the impact of the coronavirus on trading, as it anticipates losses in the second half of the year. The brand said it would suspend payouts to shareholders as recent trading in its stores, particularly in the UK, had been severely impacted by the [...]
Landlord row forces House of Fraser to close another store February 6, 2020 Sports Direct boss Mike Ashley has been forced to close another House of Fraser store after being served notice by the landlord. The branch in Dundrum, near Dublin, will close within the next three months after the property’s landlord agreed a deal with Brown Thomas and Primark. Ashley warned in December that it was likely [...]