Tilney and Smith & Williamson strike revised merger deal with Warburg Pincus investing in the group June 1, 2020 Wealth managers Tilney and Smith & Williamson have agreed a revised merger deal with private equity fund Warburg Pincus investing in the combined group. The deal had looked in doubt after regulatory problems and the coronavirus crisis meant an initial deadline to agree a merger was missed. Today, the pair said as part of the [...]
Property giant Capco snaps up 26 per cent stake in rival Shaftesbury in £436m deal June 1, 2020 UK property manager Capco has acquired a 26 per cent stake in London-focused property firm Shaftesbury for £436m. Capco has bought the stake from a trust set up by Hong Kong tycoon Samuel Tak Lee for 540p per share, representing a discount of 13.9 per cent to the closing Shaftesbury share price on 29 May. [...]
‘The trouble with dreams is you wake up’ – DWF hammered after CEO exit May 29, 2020 The magnitude of the ousting of listed law firm DWF’s chief executive Andrew Leaitherland today for the future of the business cannot be overstated. Leaitherland was no technocratic leader or managerial gun for hire. It was his vision and drive that took the firm from its humble northwestern roots to make history as the first [...]
Sunak set to tell employers to contribute to furlough scheme payments May 29, 2020 Chancellor Rishi Sunak is expected to tell employers today that they will have to start contributing to the government’s massive furlough scheme which is paying the wages of millions of UK workers. Sunak will say companies must pay between 20 per cent and 30 per cent of the costs of the programme – the centrepiece [...]
Profit nearly halves at Nationwide as it books expected coronavirus losses May 29, 2020 Building society Nationwide’s annual profit nearly halved it said today as it warned of rising loan losses due to the coronavirus pandemic. The lender also said it was abandoning some of its member benefit targets in response to the crisis. Nationwide booked a £101m hit from expected credit losses and said it will focus on [...]
Hostel company Safestay boosted revenue last year as it reveals plans to restart business May 29, 2020 Hostel company Safestay said today it boosted revenue in 2019 as it laid out plans to reopen its hostels as the coronavirus crisis begins to abate. Safestay said revenue for the year to 31 December increased 26 per cent to £18.4m with like-for-like sales up seven per cent. The company posted a loss before tax [...]
Listed legal business DWF ousts chief executive amid covid-19 crisis May 29, 2020 Listed legal business DWF today announced it was ousting its longstanding chief executive in favour of its chair to help steer it through the coronavirus pandemic. Chief executive Andrew Leaitherland is stepping down from DWF “with immediate effect” to be replaced by chair Sir Nigel Knowles who was previously chief executive of legal giant DLA [...]
Asian stocks dip on worries over US Hong Kong security law backlash May 29, 2020 Asian stocks dipped today as investors nervously waited for US President Donald Trump’s reaction to China’s tightening hold over Hong Kong. China’s parliament yesterday pressed on with national security legislation for Hong Kong, raising fears over its freedoms and its future as a financial centre. Trump, who has promised a tough response, said he will [...]
Premier League to restart football on 17 June May 28, 2020 The Premier League is set to restart on 17 June with Aston Villa against Sheffield United and Manchester City at home to Arsenal, according to multiple media reports. The matches are the two games in hand and would take all clubs in the league up to 29 matches. A full fixture list would then be [...]
Easyjet to axe 30 per cent of staff as coronavirus hits airline sector May 28, 2020 Budget airline Easyjet today said it would cut up to 30 per cent of its staff and reduce its fleet in preparation for an expected slowdown in flights in the aftermath of coronavirus. Easyjet said it would launch a consultation with staff in the upcoming days. The airline said it does not expect demand to [...]