Broadband startup Cuckoo closes $6m funding round April 26, 2021 Broadband start-up Cuckoo has today closed a funding round worth of total of $6m as it continues its bid to disrupt the UK telecoms market. The round was led by RTP Global, early backers of Yandex, Delivery Hero, and Datadog. One in five of RTP’s investments are now unicorns, the firm said. Other investors include [...]
New lender Blazehill Capital to target mid-sized businesses April 26, 2021 A new lender focused on providing funding for the UK’s mid-market businesses has today launched. Blazehill Capital, which offers firms secured lending ranging from £5m to £30m per transaction, is looking to build a £1bn lending book in the next five years. The lender is backed by a number of investors, including New York asset [...]
Gupta calls for government ‘co-operation’ in fresh bailout bid April 25, 2021 Steel tycoon Sanjeev Gupta has reportedly made a fresh bid for government support for his ailing GFG Alliance, hitting out at “misinformed… public and media commentary” on the firm’s practices. The Sunday Times reported that Gupta had last week written to business secretary Kwasi Kwarteng seeking ministers “co-operation” on a deal. It comes after officials [...]
Passenger shortage set to hammer Network Rail finances April 25, 2021 The UK’s railways are facing a drop in usage that could see up to 2m passengers fewer use trains every day as working patterns shift due to Covid-19. According to a worst-case estimate prepared for rail authorities, passenger numbers may be no higher than 60 per cent of pre-Covid levels for the next four years. [...]
UK set for ‘very rapid growth’ over next quarters, says BoE’s Broadbent April 25, 2021 Bank of England deputy governor Ben Broadbent said that the UK would see “very rapid growth” over the next couple of quarters as people rush to spend after lockdown. In an interview with the Telegraph, he said that the economy would see a boost simply from people saving less after the pandemic, let alone spending [...]
Neil Woodford registers new firm in Cayman Islands – report April 25, 2021 Disgraced stockpicker Neil Woodford has registered a new firm in the Cayman Islands as his bid to relaunch his career goes on. According to CityWire, new firm WCM Partners, which Woodford announced two months ago, has been registered in the tax haven. The move comes two months on from the start of the former star [...]
Future of Vauxhall factory up in the air over ‘£40m funding gap’ April 25, 2021 A funding gap of just £40m risks scuppering attempts to ensure Stellantis’ Vauxhall factory at Ellesmere Port in Cheshire remains open. The car giant has been mulling whether to reinvest in the plant, where it makes the Astra vehicle, due to the government’s decision to ban the sale of new petrol and diesel cars from [...]
Why don’t I have an EV yet? April 24, 2021 Given all the hype around electric cars, it is sometimes easy to forget just how far off mass adoption of the climate friendly vehicles still is. A recent survey by consumer trends data firm Dynata suggests that as yet just 16 per cent of Brits have bought an electric or hybrid car – way behind [...]
Dom Cummings denies leaking PM’s texts with James Dyson April 23, 2021 Boris Johnson’s former aide Dominic Cummings has this evening denied being the source of the leak of the Prime Minister’s texts to James Dyson. Writing in his blog, Cummings denied being the source of the leaks, saying he was “not directly or indirectly the source”. “I am happy to meet with the Cabinet Secretary and [...]
UK on track for Australia trade deal in June after ‘major breakthroughs’ April 23, 2021 The UK is on track to sign a free trade deal with Australia in June after “major breakthroughs” in this week’s negotiations, international trade secretary Liz Truss has said this afternoon. She added that the remainder of the details would be sorted out in a “sprint” over the next few weeks. “We have made major [...]
