FCA drops investigation into Quindell in light of Serious Fraud Office probe August 18, 2015 The Financial Conduct Authority (FCA) has dropped its investigation into troubled insurance outsourcer Quindell with immediate effect, making way for the criminal investigation being carried out by the Serious Fraud Office (SFO). "Quindell announces that it has been informed by the FCA that, in light of the investigation by the SFO into past business and accounting [...]
UK tech sector growth falls to two-year low, dragged by election jitters and Eurozone woes August 18, 2015 The UK’s tech sector growth fell to a two-year low, with activity slowing in the second quarter dragged by election jitters and Eurozone woes. Tech has been booming lately, and the latest figures mark three years of sustained business activity growth in the sector. But expansion is at its weakest pace since early 2013, according [...]
Austin Reed puts Regent Street flagship store up for sale August 18, 2015 Austin Reed has put its flagship store on Regent Street up for sale just months after undergoing a painful restructuring that involved closing 31 stores to pay down debts. The 114-year-old tailor, which counts International Monetary Fund chief Christine Lagarde among its customers, has instructed agents James Andrew International to sell the lease on its [...]
Unilever and ad:tech open $50,000 search for startup innovations with Next Big Thing competition August 18, 2015 Unilever is on the hunt for fresh innovations, as the company is hoping to find new startups to team up with through the “Next Big Thing” competition, organised by ad:tech London. 15 startups will be shortlisted for the award, and at the final in October, they’ll get the change to pitch to brands and agencies. [...]
Fitch ups Sony investment grade status to positive August 18, 2015 Sony inched closer to returning to its investment grade status yesterday after ratings agency Fitch amended its credit outlook from “stable” to “positive”, indicating that a ratings upgrade may be on the horizon. The agency also affirmed its “BB” rating, three grades below investment grade. Efforts to restructure were key to Sony’s improving profitability, in [...]
Cargill feeds its salmon tank in €1.35bn EWOS takeover from Altor and Bain Capital August 18, 2015 Privately owned agribusiness giant Cargill yesterday announced it is buying Ewos, an aquaculture firm, for €1.35bn (£960m). The purchase of the Scandinavian firm marks Cargill’s entry in the salmon feed market. Ewos currently manufactures over 1.2m tonnes of salmon feed, about one-third of the total market, for a global client base. Sarena Lin, president of [...]
Accounting giant EY swoops on Silicon Roundabout firm Seren August 18, 2015 Business advisory firm EY yesterday announced it is buying Seren, a digital design consultancy based in Silicon Roundabout. Seren chief executive Ben Langdon will continue as boss of what will now be EY-Seren. Seren co-founders Catriona Campbell and Terry Heath will become senior advisers to EY in the UK and EY-Seren. Langdon said: “Seren and [...]
Brompton Bicycle moves up a gear with new factory in West London August 18, 2015 Commuters’ favourite folding bike Brompton Bicycle is opening a new manufacturing and distribution hub at SEGRO’s Greenford Park, in Park Royal, West London. At just over 86,000 sq ft, the unit will be transformed into a manufacturing and distribution hub where highly skilled craftspeople will continue to manufacture the bikes and accessories. Will Butler-Adams, the [...]
Royal Dutch Shell gets final permit to drill for oil in Arctic Ocean August 17, 2015 The US Federal government has given Royal Dutch Shell a final permit to search for oil under the floor of the Arctic Ocean – an activity it has been banned from carrying out for two decades. The Anglo-Dutch oil and gas company has already been drilling in the area just off the northwest coast of [...]
Britain gets into shape as spending on gyms soars August 17, 2015 Britain's obsession with fitness has showed no signs of slowing over the past year as spending on gym memberships soared 44 per cent. Budget fitness chains such as Pure Gym and the Gym Group have helped to shake-up the sector over the last five years by offering cheap memberships, scrapping contracts and catering to people [...]