Eddie Stobart: Andrew Tinkler says Stobart Group supportive of his proposal to rescue struggling haulier November 17, 2019 Former Stobart Group chief executive Andrew Tinkler said the Stobart Group is supportive of his proposal to save struggling haulier Eddie Stobart, despite the bad blood between the pair. Tinkler told City A.M. that he was putting together a £50m package to save the business and said existing shareholders could raise up to £25m on [...]
Crossrail to pay out millions more to firm hired to keep project on track November 16, 2019 Crossrail is set to pay out additional incentives worth millions of pounds to a US company originally hired to keep the project on track and in budget. Officials on the taxpayer-funded railway scheme are close to agreeing a deal with US partner Bechtel for a new “incentive scheme” in the next few weeks, the New [...]
Average commute increases to 59 minutes per journey, TUC study reveals November 15, 2019 Commuters are spending around 221 hours on average each year getting to and from work according to new research. The average journey to or from work took 59 minutes last year, a study by Trades Union Congress (TUC) revealed. Read more: Toxic tube a health hazard for commuters It is more than five minutes longer [...]
Interserve CEO Debbie White confirms exit plan November 15, 2019 Interserve chief executive Debbie White has announced she will step down at the end of the year after implementing a turnaround plan at the company. The outsourcer also revealed a new operating structure, separating the group into three business divisions – construction, equipment services and support services – which will each be led by a [...]
Watchdog pauses investigation into First Group’s West Coast Rail franchise November 15, 2019 The UK’s competition watchdog has paused its investigation into the decision to award the West Coast Rail franchise to First Group after the company offered to make changes to the deal. The Competition and Markets Authority (CMA) said last week it would escalate its probe into First Group’s joint venture with Trenitalia on the route unless [...]
Eddie Stobart agrees £55m rescue deal as losses mount up November 15, 2019 Eddie Stobart has issued a warning to shareholders that its expected losses for the six months ending 31 May stand at more than £12m. The British haulier delayed the publication of its results after undertaking a review of its accounts following the discovery of a £2m error in its 2018 results. The company’s shares were [...]
Daimler to cut thousands of managers to pay for electric cars November 14, 2019 Daimler, the maker of Mercedes-Benz cars, will cut a tenth of all its manager-level workers across the globe, in a bid to slash €1.4bn worth of personnel costs. The German manufacturer said this morning the cuts came as its profit would fall significantly over the next two years because of the shift to electric vehicles. [...]
Victoria line drivers prepare for November Tube strike November 14, 2019 The Victoria line will grind to a halt in two weeks’ time thanks to a 24-hour drivers strike. The National Union of Rail, Maritime and Transport Workers (RMT) said today that Victoria line drivers would walk off the job from 10pm on Wednesday 27 November for 24 hours. Read more: London Underground: Rail union threatens [...]
First Group shares sink as losses widen after Greyhound charge November 14, 2019 First Group’s share price sank today as it fell to a £187m half-year loss as transport charges hobbled the firm while doubts weigh over the future of its West Coast Rail franchise. Read more: CMA flags competition concerns on 21 West Coast Rail franchise routes The figures The transport giant fell to a loss before [...]
Tube delays hit three lines in rush hour after Edgware Road incident November 14, 2019 Severe Tube delays have hit multiple lines today after a faulty train at Edgware Road caused knock-on problems across the Underground. The entire Circle Line was suffering bad delays due to the issue, as is the Hammersmith & City Line. Read more: Revealed: These are London’s most crowded Tube lines Transport for London (TfL) urged [...]