British Patient Capital enjoys VC bumper year and boosts startup portfolio by almost a third November 18, 2021 British Patient Capital (BPC), the venture capital subsidiary of UK government-owned British Business Bank (BBB), today announced it committed almost £300m to investing in the growth of British startups in the year to March 2021. During the pandemic-defined year, its underlying portfolio of companies increased by almost a third from 503 to 676, with three [...]
Government faces backlash over HS2 overhaul November 17, 2021 The government is facing criticism from small businesses and rail unions over plans to overhaul the designs for HS2. Transport Secretary Grant Schapps will tomorrow announce changes to the planned HS2 rail routes between major cities in the North and Midlands as part of the government’s £96bn “Integrated Rail Plan.” The rumoured redesign has drawn [...]
Sterling at highest point against the Euro in 21 months November 17, 2021 The pound is at its highest rate against the euro for nearly two years after data revealed UK inflation is at its highest rate for a decade. Interest rates surged to 4.2 per cent in the year to October, more than double the central bank’s target of two percent and the highest level since December [...]
Former F1 boss weighs in on £3bn bidding war for Playtech November 17, 2021 Former formula one team-owner, Eddie Jordan, is reportedly part of a consortium entering the contest to snap up a London listed gambling software company. A firm founded by Jordan is working with a US investor, believed to be Centerbridge Partners, on financing an offer for Playtech, Sky News first reported. A source told Sky News [...]
Flybe to return next year, 20 months after collapse November 17, 2021 Failed UK airline Flybe is set to return to operating early next year, choosing Birmingham Airport as its new headquarters. The airline stated the move is expected to created around 200 new jobs in the Birmingham and West Midlands area over the next three years. “It was an ideal choice for us due to its [...]
UK costs of shipping higher than mainland Europe, research reveals November 17, 2021 The cost of shipping to the UK is 24.2 per cent higher compared with mainland Europe, as a result of the supply chain crisis. Research from global trade management firm ManSys has revealed that Europe’s three most expensive ports for a 20-foot container ship are Liverpool, with a £9,112 rate, followed by Southampton and London, [...]
Geordie Greig to step down as Daily Mail editor amid leadership reshuffle November 17, 2021 Geordie Greig is leaving his job as editor of Mail Newspapers after ten years in the role. Ted Verity has been appointed as his replacement, a position that will include overall responsibility of the Daily Mail and The Mail on Sunday of which he has been editor for the last three years. It comes a [...]
City broker Numis reports itself to FCA over THG memo that went a step too far November 17, 2021 AIM-listed investment bank Numis has apologised and handed itself in to the City watchdog, after one of its employees circulated a bold memo suggesting that ecommerce group THG had “irregularities in accounting”. Numis, a bookrunner on THG’s IPO just over a year ago, has found itself in a sticky situation after the memo to hundreds [...]
Fedex to ditch Hong Kong base over strict Covid quarantine rules November 17, 2021 Fedex has announced plans to relocate pilots based in Hong Kong overseas as a result of the territory’s tough Covid rules. The move undermines Hong Kong’s position as a global logistics hub and reflects the longevity of its stringent quarantine measures. “As the global business environment continues to evolve and with the pandemic requirements in [...]
Business secretary Kwasi Kwarteng tells LV= to reveal fees from £530m Bain takeover November 17, 2021 Mutual insurer Liverpool Victoria (LV=) has been urged by the business secretary to disclose how much City firms will take home from the £530m proposed takeover by US private equity firm Bain Capital, amid increasing scrutiny from members. In parliament yesterday Kwasi Kwarteng said “transparent data” should be provided for LV= customers about how much [...]
