HS2 bulldozes BHS warehouse to make way for new Euston station June 10, 2019 High Speed Two has released images of its progress at Euston station, where it has demolished BHS’ flagship warehouse. Euston station marks the starting point of the £56bn railway, which will connect London to Birmingham in the first phase, and the West Midlands to Leeds and Manchester in the second. Read more: Transport giants unveil [...]
Crossrail contractors could ask for more money to meet opening deadline, EY warns June 10, 2019 Crossrail’s contractors are likely to demand more money if they are rushed towards the new 2019/2020 opening date, auditor EY has warned. The big four auditor has warned Transport for London (TfL) that such an outcome could increase pressure on the transport body, which is already battling the costs of the Crossrail delay. Read more: [...]
Outsourcer Interserve went into administration owing more than £100m to creditors June 10, 2019 Interserve owed more than £100m to firms including accountants, local authorities and IT suppliers when it went into administration in March. The outsourcer owed its unsecured creditors £50.5m, while its secured creditors were due £55.4m, according to documents filed with Companies House. Read more: Interserve kicked off government’s late payments scheme Among the biggest losers [...]
Ferguson dips on concerns over US market June 10, 2019 Worries about the US economy weighed on Ferguson shares this morning, analysts said, as the company announced a $500m buyback. The plumbing company, which does 85 per cent of its business in the US, escaped effects of a potential US slowdown in the quarter. But future concerns helped drive shares down 3.9 per cent, said [...]
Thomas Cook shares take off on potential Fosun deal June 10, 2019 Thomas Cook shares soared more than 18 per cent this morning after the travel agent confirmed it was in talks with Fosun International over the sale of its tour operator business. The Chinese tourism company, which is Thomas Cook’s largest shareholder, has approached the company over a potential takeover. Read more: Fosun lines up bid [...]
First Group ‘may sue government’ if no deal on South Western Railway franchise contract June 9, 2019 First Group is open to suing the government if the two cannot agree terms on its South Western Railway franchise. Responding to reports the company could bring legal action, a spokesperson said any suggestions of this were “purely hypothetical”. First Group’s new boss Matthew Gregory had told the Sunday Times if the two sides could [...]
Fosun lines up bid for Thomas Cook tour operating business June 8, 2019 Thomas Cook’s biggest shareholder, Fosun Tourism Group, is in talks to take over the struggling firm’s tour operating business. The Chinese owner of Club Med owns 18 per cent of Thomas Cook already, and is now in talks to make a bid for the majority of its business, according to Sky News. Read more: IAG [...]
France consider selling Renault stake to aid Nissan alliance June 8, 2019 France is ready to cut its stake in Renault in order to help the car company consolidate its partnership with Nissan. The state currently owns a 15 per cent share in Renault, but French finance minister Bruno Le Maire is ready to reduce that if it leads to a “more solid” alliance between the firms, [...]
Ofgem urged to extend prepayment price cap due to smart meter delays June 7, 2019 The competition watchdog has urged Ofgem to extend protection for prepayment consumers beyond the end of 2020 due to the delayed roll-out of smart meters. The Competition and Markets Authority (CMA) implemented a temporary prepayment price cap in 2017 in a bid to reduce customers’ bills by around £300m a year. Read more: Ofgem won’t [...]
Chaos hits commuters with severe Tube delays June 7, 2019 Commuters faced a dire journey into work this morning after signalling problems left three Tube lines suffering severe delays. Read more: These are the Tube’s most stressful stations The Circle Line and Hammersmith & City Line had severe delays along their entire lines this morning after the problem. Meanwhile the District Line had severe delays [...]