Taxi firm Addison Lee loses appeal against drivers earning national minimum wage and holiday pay November 14, 2018 Taxi firm Addison Lee lost its appeal against an employment tribunal decision today, which found that drivers were not self-employed contractors running their own businesses but in fact employees of the taxi company. The Employment Appeal Tribunal (EAT) upheld the Employment Tribunal’s September 2017 ruling that drivers were entitled to receive the national minimum wage [...]
TfL to lose £200m from Crossrail delay next year November 14, 2018 The delay to Crossrail will cost Transport for London (TfL) nearly £200m in lost passenger fares and advertising revenue next year, the London Assembly has found. Cash-strapped TfL, which is facing a £1bn operational deficit this year, was relying on the £15.4bn Elizabeth Line to shore up its balance sheet. After months of assurances, the project [...]
Shares take flight as Flybe confirms it is seeking sale in face of plummeting profits November 14, 2018 Flybe's share price soared 28 per cent this morning as the budget airline confirmed it is seeking a sale after revealing plunging profits. The airline told investors that “it is in discussions with a number of strategic operators about a potential sale of the company”. Flybe has appointed Evercore as its financial adviser, and the airline [...]
Only one in five Govia passengers happy with handling of complaints, says watchdog November 14, 2018 Govia Thameslink Railway (GTR) is feeling the heat after a consumer survey shows only one in five passengers who filed a complaint were happy with how it was handled. Consumer watchdog Which looked at 12 months' worth of data from rail regulator the Office of Road and Rail (ORR), which received 42,000 responses from consumers. According to Which, only [...]
Interserve shares collapse by another 20 per cent after hitting 30-year low November 13, 2018 Shares in outsourcing firm Interserve have recovered slightly after a second day of turmoil which saw the price plummet by more than 20 per cent. The price was down to 31.19p this afternoon, from opening at 40.19p, after hitting a 30-year low yesterday. Shares had recovered to 38p after the company issued a statement insisting that its [...]
New chief takes the wheel at bus provider First Group as losses increase November 13, 2018 Rail and bus provider First Group has named Matthew Gregory as its new chief executive, as losses before tax increased to £4.6m. The former finance chief and interim chief operating officer steps into the job six months after boss Tim O’Toole left the company when it posted a £327m loss for the financial year. Shares grew nine [...]
Revealed: Londoners’ daily commute is 23 minutes longer than the UK average November 13, 2018 Londoners' daily commute takes 23 minutes longer than the UK average at one hour and 21 minutes, TUC trade union analysis has shown. The joint runners up for the longest commute to and from work are the east of England and south east, where the journey into work takes 62 minutes. Workers in Northern Ireland, [...]
Former Stobart boss Tinkler denies £5m expenses were claimed improperly November 12, 2018 Former Stobart Group chief executive Andrew Tinkler today denied accusations he improperly claimed £5m in expenses when he was head of the infrastructure firm. In the first day of a High Court trial centring on whether Tinkler was unfairly dismissed, lawyers for Tinkler said the claim that he breached his duties in claiming £5m of [...]
Shares in Zurich Airport operator plunge after warning on potential revenue hit November 12, 2018 Shares in the operator of Zurich airport have dived by nearly 17 per cent following its estimation that revenues could plummet if proposed regulatory changes are enforced. Flughafen Zurich shares were down 16.42 per cent at the time of writing, after the operator warned that changes proposed by the Federal Office of Civil Aviation (Foca) could [...]
Farming supplier Carr’s Group milks profit jump and raises dividend November 12, 2018 Agricultural and engineering firm Carr’s saw a five per cent spike in share prices this morning after it reported a huge increase in profits and a boost in revenue in its full-year results today. The figures Carr’s revenue rose 16.5 per cent year-on-year to £403.2m. Profit before tax soared 45.2 per cent to £16.6m compared to the full-year [...]