Former Saga chief to return and invest £100m as part of equity raise plans August 30, 2020 Saga, the over-50s travel and insurance specialist, will welcome back former chief executive and chairman Roger de Haan as part of plans to raise £150m in fresh capital. De Haan sold Saga for £1.3bn in 2004 to private equity group Charterhouse. He will inject up to £100m into the company as part of the equity [...]
Row over train operators’ finances threatens to hamper back to work plan August 30, 2020 The government’s back to work campaign, due to launch this week, could be derailed amid a row brewing with train operators. In March the coronavirus outbreak prompted ministers to take the UK’s trains under emergency measures for six months to protect them from any losses incurred by the 95 per cent slump in passenger numbers. [...]
Moss Bros calls on KPMG to help with restructuring plans August 30, 2020 Menswear retailer Moss Bros is heading towards a restructuring that could result in the closure of some of its stores and rent reductions on others. Moss Bros has reportedly called in KPMG, according to the Sunday Times, which could pave the way for a company voluntary arrangement (CVA). A CVA allows companies to settle debts [...]
BP to sell London headquarters as work patterns shift August 30, 2020 BP is reportedly planning to sell its headquarters in central London, becoming the latest employer to signal a permanent shift in its working patterns. The oil giant employs 6,500 staff across its offices in the capital and in Sunbury-on-Thames in Surrey. It plans to rent back the building from the new owner for up to [...]
Business groups cautiously welcome government’s back to work campaign August 28, 2020 UK business groups have welcomed the government’s back to work campaign with some caution, calling for more guidance and government incentives. The government will launch a major media campaign next week to promote the advantages of returning to work and reassure employees about safety measures. It comes after a swathe of major City firms announced [...]
Campaigners call for £270m emergency help for renters amid pandemic August 28, 2020 Campaigners are urging the government to provide emergency financial help to renters in England who have fallen into arrears as a result of the pandemic. Housing charities and groups representing landlords and letting agents are calling for £270m worth of loans and grants for tenants struggling to pay rent, to prevent homelessness. Six organisations, including [...]
Exclusive: Majority of companies will allow staff to work from home August 28, 2020 The vast majority of UK companies will continue to give employees the choice to work from home, as the pandemic triggers a structural shift in working patterns, according to an exclusive survey for City A.M. The outbreak of coronavirus forced an overnight move to remote working, with the majority of firms closing their doors [...]
London business confidence improves for second consecutive month August 28, 2020 Business confidence in London continued for the second consecutive month as the Eat Out to Help Out scheme provided a boost to the capital’s hospitality industry. The Lloyds Business Barometer, which measures monthly economic trends, found confidence in the capital rose eight points but remains in negative territory, at minus 13 per cent, slightly higher [...]
Bumper summer for IPOs with fastest start to second half since 2007 August 27, 2020 Companies are pressing on with plans to go public even amid second wave fears, with the fastest start to the second half of the year since 2007. A global total of 241 initial public offerings (IPOs) have been recorded during the second half of the year so far, according to data from Refinitiv. Listings inevitably [...]
Onesavings Bank profit slides amid coronavirus lockdown August 27, 2020 Onesavings Bank reported a drop in profit in the six months to the end of June as growth in its loan book did little to offset the impact of the pandemic. The figures Onesavings Bank reported underlying profit before tax fell 14 per cent to £156.3m in the six months to the end of June. [...]
