‘King of Mayfair’ on cusp of selling The Ivy restaurant group to little-known London firm September 6, 2024 Billionaire restaurateur Richard Caring is on the cusp of securing a deal to sell his majority stake in The Ivy restaurant chain after more than two decades at the helm. The reported buyer, the little-known investment firm SI Advisers, is likely to pay in the region of £1bn for the group, which also includes The [...]
How Heck! sausage mogul rejected yachting career to captain family business September 6, 2024 Following a rocky five years which saw sausage maker Heck plummet into the red, the 33-year-old entrepreneur at the helm of the family business said growth is finally on the horizon. From a pre-tax profit of almost £722,000 in its 2018 financial year, in 2021 the brand, which is headquartered on a 500-acre farm deep [...]
Next 15 shares plummet 50 per cent after major client exits contract September 6, 2024 Shares in digital communications firm Next 15 have plummeted by 50 per cent today after the business announced one of its biggest clients would not be renewing its contract. The London-listed company, which provides B2B marketing services, said its venture building division Mach49 was set to be down £80m in revenue in its 2026 financial [...]
UK house prices: ‘Only the Autumn Budget could derail this train’ September 6, 2024 UK house prices grew at their fastest annual rate since November 2022, although analysts have already started to warn about the effects of a potentially bruising Autumn budget. Prices rose by 4.3 per cent year on year and 0.3 per cent month on month, taking the price of the average property in the UK to £292,505, [...]
Nationwide to complete £2.9bn takeover of Virgin Money after FCA and PRA approval September 6, 2024 Nationwide is to complete its £2.9bn takeover of rival Virgin Money next month after the deal was given the green light by the UK’s financial regulators. The banks said in statement issued to the London Stock Exchange that the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) have both approved [...]
Thames Water creditors in funding drive to dodge special administration September 6, 2024 A group of Thames Water’s creditors are devising backup plans for a renewed injection of cash in a bid to prevent the firm from being effectively renationalised. The UK’s biggest water company is struggling under an £18.7bn debt crisis, and is in talks with lenders to provide it with fresh funding. The floundering utility firm [...]
Gear4music hits all the right notes to drive sales growth September 6, 2024 The online musical instrument retailer Gear4music, which saw its share price skyrocket last month after it swung back into profit, said it was on track to generate revenue of more than £150m in 2025. The London-listed company, which is headquartered in York, said at its annual general meeting today it would announce it was trading [...]
Berkeley: On track but government housing plans require a ‘change of attitude’ September 6, 2024 Housebuilder Berkeley is on track to deliver £525m of pre-tax profit for the full year, according to an update from the firm this morning. The business, which is based in Cobham, England, said 90 per cent of this profit has already been secured through exchanged sales contracts. Berkeley also said it is “fully committed” to [...]
The City needs a shake-up for Britain to attract the £1trillion it needs, warns Sir Nigel Wilson September 6, 2024 The UK must unlock a wave of cash from domestic pension funds and revamp the structure of its capital markets to attract the £1 trillion of investment needed to achieve its target growth rate over the next decade, a report by a City grandee has found. The Capital Markets of Tomorrow report, led by former [...]
GB Energy: Bill criticised as ‘blank cheque’ as MPs debated flagship policy September 6, 2024 The government’s Great British Energy bill has been criticised as a “blank cheque” and for having “barely anything in it” as MPs debated the flagship policy in the Commons. Energy security secretary Ed Miliband introduced the legislation to the chamber on Thursday for its second reading – when the main Commons debate was held – [...]
