The fintech bubble may have burst, but these investment bankers are bullish January 17, 2023 Slashed valuations, mass layoffs, a funding drought and shuttered IPO market. For most, 2022 won’t be remembered as a stellar vintage for the fintech sector. But it wasn’t all doom and gloom, according to new analysis from investment bank Peel Hunt. A new note from the firm today says the spectacular bursting of the fintech [...]
PwC steps down from auditing heavily-indebted property developer Evergrande January 17, 2023 PwC has resigned as Evergrande’s auditor following a series of disagreements with the heavily-indebted property developer over its audit of the firm’s 2021 accounts. In a filing to the Hong Kong stock exchange, Evergrande said its board had decided to replace PwC as the company’s auditor after the two parties failed to reach an agreement [...]
Paperchase puts administrators on standby – but ‘interested parties’ in talks January 17, 2023 Stationery outfit Paperchase has put administrators on standby as it scrambles to find new financial backers. Sky News’ Mark Kleinman has reported that Begbies Traynor has been lined up to handle any potential insolvency. The firm has been bruised and battered by the pandemic and changes to the high street, though City sources told Kleinman [...]
London rents ended year 11 per cent higher than start of 2022 amid ‘imbalance’ between supply and demand in crowded capital January 17, 2023 Rents at the top end of the London market ended 2022 10.9 per cent higher than when the year started, according to an estate and lettings agent. Demand from tenants is continuing to significantly outweigh supply, Savills said. Jessica Tomlinson, research analyst at Savills, said: “The ongoing imbalance between demand and supply is expected to [...]
Tesco launches clubcard data app – and reveals the nation’s favourite meal deal January 17, 2023 Retail giant Tesco has confirmed the nation’s most popular meal deal as it expands its Clubcard service with its own year-in-review tool, following a wealth of outlets and online platforms in presenting users with their personal data for viral appeal. Named Clubcard Unpacked, it will show users a raft of data gathered by the retailer [...]
Britishvolt collapses into administration after struggling battery start-up fails to secure a buyer January 17, 2023 Britishvolt has collapsed into administration, in a hammer blow to Britain’s hopes of a building its own electric vehicle industry.
Can the civil service strike be averted? Union accuses minister of ’empty promises’ on pay negotiations urged January 17, 2023 Civil servants on the path to future leadership roles in Whitehall have voted to strike in a dispute over pay. Members of the FDA union in the civil service fast stream backed strike action, accusing ministers of “empty promises” over pay reform. On a turnout of 60per cent, some 88per cent of fast stream members [...]
Joseph Pinto joins M&G as asset manager adapts to meet evolving client needs January 17, 2023 M&G has appointed industry veteran Joseph Pinto as chief of its asset management arm today amid a period of change at the top for the FTSE-100 investor.
Naked Wines: 2023 revenues likely to rise but challenging times still ahead January 17, 2023 Naked Wines increased its full year earnings estimates upward to between £13 and17m, compared to previous guidance of around £9m to 13m. In a trading update for the quarter ending 26 December 2022 Naked Wines said it expected trading performance to remain flat, trading compared to the previous year. There was no change to a [...]
House builder Crest Nicholson reports mixed fortunes with completions up but post-tax profits dented by uncertainty January 17, 2023 British housebuilding firm Crest Nicholson reported an uptick in revenue and completed homes last year despite continued disruption and pressure to supply chains. The firm’s revenue up until October 2022 was up 16 per cent to £913.6m, up from £786m in the pandemic-affected 2021 report. Home completions also increased by 13.6 per cent to 2,734, [...]