Barclaycard signs concert sponsorship deal with Global May 6, 2020 Barclaycard has inked a three-year deal with Global to sponsor its flagship pop concerts as the companies turn their focus to live events after the coronavirus lockdown. The partnership includes headline sponsorship of the Capital Summertime Ball and Jingle Bell Ball — the first time the two events have been sponsored together. The Summertime Ball [...]
ITV advertising revenue collapses in April amid Covid-19 crisis May 6, 2020 ITV has warned of a slump in advertising revenue for April as the coronavirus crisis ravages the broadcaster’s business model. ITV’s total revenue fell seven per cent in the first quarter to £694m as the pandemic began to take its toll. Revenue from ITV Studios dropped 11 per cent as the company was forced to [...]
Co-operative Bank takes £12m hit from coronavirus as losses continue May 6, 2020 The Co-operative Bank booked a loss in the first quarter as it took a £12m hit from coronavirus, it has said in a trading update. The challenger bank said today that it made an underlying loss of £14.2m in the first three months of the year. This was down from a loss of £5.1m in [...]
National Express set for equity raise to strengthen balance sheet May 6, 2020 National Express has announced the placing of up to 19.99 per cent of the coach operator’s share capital to further strengthen its financial position through the coronavirus crisis. The firm said that in its worst-case scenario, profit could fall up to 40 per cent in 2020. The company said that the move had the “unanimous [...]
Hammerson’s £400m retail parks sale collapses as private equity firm backs out amid coronavirus May 6, 2020 Retail landlord Hammerson announced this morning that private equity firm Orion has pulled out of a deal to buy seven shopping parks for £400m. Hammerson said it had access to a £21m deposit that had been held in escrow by its solicitors after Orion European Real Estate Fund V held firm in its decision not [...]
Competition watchdog blocks JD Sports’ £90m takeover of Footasylum May 6, 2020 The competition watchdog has provoked a furious response from JD Sports after blocking the retailer’s £90m takeover of rival Footasylum. Following an in-depth investigation, the Competition and Markets Authority (CMA) ruled the tie-up would lead to a “substantially” lessening of competition nationally. As a result, consumers would be left with fewer discounts and could receive [...]
Virgin Money’s first half profit plunges 60 per cent on coronavirus loan losses May 6, 2020 Virgin Money, formerly CYBG bank, has taken a £164m impairment charge on coronavirus for the first half of 2020 that has sent underlying profit plunging almost 60 per cent. The figures Profit before tax slumped 40.5 per cent from £37m in the six months to March 2019 to just £22m in the six months to [...]
Sadiq Khan: There will be no swift return to normality for TfL May 6, 2020 The Covid-19 health crisis has led to thousands of Londoners losing their lives with grief, anxiety and anguish touching too many lives. Many businesses and livelihoods have been adversely affected. It has also had a profound impact on public transport in London – and will continue to do so long into the future. Since the [...]
Regulator calls for early interventions in poor audits to help stop scandals May 6, 2020 The audit regulator today called for accountancy firms to flag poor quality audits sooner to help prevent corporate scandals. The Financial Reporting Council (FRC) said tools for spotting signs of poor quality audits should be used more effectively, following a major review of their use. Last year all of the UK’s leading accounting firms failed [...]
Alan Sugar told to brush up on ad rules over teeth whitening tweet May 6, 2020 Lord Alan Sugar has been given a ticking off by the advertising watchdog for failing to make it clear that his tweet about a teeth whitening kit was an advert. In a tweet posted in December the Apprentice star shared a link to a Stylsmile teeth whitening product, stating: “If you know someone who’s longing [...]