Uber rival Bolt set to secure $100m in new funding November 26, 2019 Uber competitor Bolt is on the verge of securing more than $100m (£78m) in new funding. The Estonian ride-hailing app is working with Goldman Sachs on the new round of funding, just four months after raising £50m from new and existing backers. Read more: TfL bans Uber from London after a ‘pattern of failures’ Bolt, [...]
Troubled burrito bond chain Chilango postpones AGM amid questions over future November 26, 2019 Chilango has postponed its annual general meeting (AGM) amid continued questions over the burrito chain’s future, City A.M. can reveal. The Mexican restaurant group is in talks with restructuring firm RSM to secure its long-term future, and is almost eight weeks late posting its accounts to Companies House. Read more: FCA to ban marketing of [...]
Covent Garden JV writedown hurts Shaftesbury profit November 26, 2019 West End landlord Shaftesbury suffered a sharp drop in profit this year after taking a writedown on the value of a retail joint venture in Covent Garden. The figure Profit after tax fell from £175.5m to £26m due to the revaluation of the portfolio, which dipped 0.6 per cent to £4bn overall. However, the company’s [...]
Treatt savours solid 2019 as profit rises despite citrus price fall November 26, 2019 Treatt, which manufactures flavour and fragrance ingredients for the beverage and consumer product industries, defied a collapse in the price of citrus oil to post a seventh consecutive year of profit growth. Read more: FTSE 250 hits highest level in 15 months as Conservatives maintain poll lead The figures Profit at the group rose 5.2 [...]
Just Eat investor Cat Rock backs Takeaway offer amid ‘terrible value destruction’ November 26, 2019 A major Just Eat shareholder has urged fellow investors to back a takeover offer from Takeaway.com, saying the deal was necessary to avert the firm’s “terrible value destruction”. Cat Rock Capital, which holds a stake of roughly 2.6 per cent in the delivery firm, today threw its weight behind Takeaway’s offer, which values Just Eat’s [...]
Revealed: Gatwick airport to lose 600,000 passengers because of Thomas Cook collapse November 26, 2019 Gatwick airport is set to lose more than half-a-million passengers this financial year because of the collapse of Thomas Cook. The UK’s second-biggest airport held a significant number of the airline’s take-off and landing slots before it folded in September and sparked the repatriation of 150,000 Brits who were left stranded abroad. Read more: General [...]
Tesla CEO Elon Musk to testify at his ‘paedo guy’ defamation trial November 26, 2019 Elon Musk will testify in his own defence at a defamation case brought against him for calling a British cave diver a “paedo guy”. Vernon Unsworth was involved in the rescue of a trapped Thai boys football team in 2018, which led to an unlikely row between the cave diver and the Tesla founder. Read [...]
Economists give Labour a boost by backing spending plans November 26, 2019 Labour’s economic credibility has received a boost this morning after a group of 168 economists signed a letter supporting the party’s plans for much higher government investment in the economy. Published in the Financial Times, the letter said Labour has “understood the deep problems we face,” which include “10 years of near zero productivity growth” [...]
Compass Group shares sink as business catering unit is undercooked November 26, 2019 Compass Group, which provides meals for office workers, armed forces and school children across the globe, has warned deteriorating business and consumer confidence in Europe has hurt volumes and margins at its company catering unit. The London-listed firm’s shares sank 5.5 per cent this morning, despite growth in its North America division and in its [...]
UK mortgage lending dips as buyers hesitate due to Brexit uncertainty November 26, 2019 UK mortgage lending dipped in October as buyers hesitated due to economic and political uncertainty caused by Brexit and the upcoming General Election. Gross mortgage lending across the residential market last month was £25.5bn, a dip of 0.9 per cent compared to October 2018. Read more: New rules announced to help UK mortgage prisoners Mortgage [...]