The Manchester Building Society sues accountants Grant Thornton March 16, 2015 The Manchester Building Society yesterday accused Grant Thornton of negligence in its auditing, filing a claim for £49m in damages from the accountants. The mutual lender said Grant Thornton gave it incorrect advice on hedge accounting. The legal action is “for breach of contract, negligence and breach of statutory duty relating to audit services and [...]
PureCircle sweetens sales as big brands adopt stevia products March 16, 2015 Sweetner producer PureCircle announced sales of $43.2m (£29.1m) for the six-month period to 31 December 2014. This represents a 24 per cent increase on the previous year’s $34.9m. The company, which uses the sugar substitute stevia, said revenue was driven higher by its incorporation into high-profile brands such as Pepsi and Coca-Cola. “Stevia is now [...]
Cheap Ryanair flights across the Atlantic are coming with routes to 14 US cities are being planned within the next five years March 16, 2015 Ryanair has set its sights on new horizons, with ambitious plans to provide long-haul budget flights across the Atlantic The low-cost Irish airline is planning new routes between as many as 14 cities in the US and Europe within the next four to five years. The Ryanair board has approved growth plans which include transatlantic [...]
Here’s everything we know about Sakti3 – the US startup Dyson just invested $15m in March 16, 2015 Some 15 years into the entrepreneur game, Sir James Dyson has made his first-ever investment outside his own business, after he ploughed $15m (£10m) in US startup Sakti3. The company, based in Ann Arbor, Michigan, develops solid-state batteries. The investment was part of a wider, $20m funding round. Dyson said the company will help it [...]
Alliance Trust bosses unnerved after activist hedge fund Elliott Advisors calls for a board shake-up March 16, 2015 A bitter row is erupting between FTSE 100 investment group Alliance Trust and its biggest shareholder, the activist hedge fund Elliott Advisors. Elliott is today pushing to add three new non-executives to the board of Alliance, in a move that will pile the pressure on the firm’s chief executive Katherine Garrett-Cox. “They’re not calling for [...]
Sir Martin Sorrell in line for record £36m pay packet after 2014 success March 16, 2015 WPP chief executive Sir Martin Sorrell is facing the prospect of a further shareholder revolt this summer with his remuneration for 2014 set to be £36m. Sorrell has fought several bruising battles with shareholders over the size of his pay packages in recent years, culminating with a heavy defeat in 2012. None of the recent [...]
Sir Philip Green sold BHS for £1 – but can the high street stalwart be salvaged? March 16, 2015 It’s a rare day when retail mogul and the official patron saint of lost causes Sir Philip Green decides to throw in the towel. The tycoon’s decision last week to back out of BHS after 15 years of ownership and offload it to a previously unknown group of investors for £1 set the City’s retail [...]
Atom Bank’s chief Mark Mullen on using the Post Office to launch challengers March 16, 2015 Digital banking sounds super-cool. You can manage your money entirely on a smartphone and, if you choose a new challenger, stick it to the big banks at the same time. There is one big problem – where do you pay in cash? Atom Bank’s boss thinks shared hubs like the Post Office could be the [...]
Bulk Powders bulks up revenue as sports nutrition company looks to expand March 16, 2015 Sports nutrition supplements company Bulk Powders is forecasting sales of £20m in 2015, after it more than doubled its 2014 annual revenue to £9.6m, up from £4.7m the year before. The Colchester-based business, which sells protein shake powder, fish jerky and recently launched its own line of gym clothing, was founded in 2006 by two [...]
Investors put off by volatility after tech floats March 16, 2015 THE IPO highs and lows of Silicon Valley giants like Twitter and Facebook have left UK tech firms struggling to secure funding, according to accountancy firm BDO. Research conducted by the company shows that 33 per cent of bosses at small and medium-sized technology and media companies said the hype and subsequent share price volatility of [...]