FCA failed to act for two years on Woodford concerns March 1, 2021 The Financial Conduct Authority was made aware of concerns with Neil Woodford’s now collapsed investment business but failed to act for almost two years. The disgraced former stock picker was forced to suspend his flagship fund in June 2019 sparking a scandal that rocked the investment industry. Concerns over the strategy were raised in 2015, [...]
Ocado opens hub in Bristol as it plans to boost UK capacity by 40 per cent March 1, 2021 Online supermarket retailer Ocado has opened a new mini customer fulfilment centre (CFC) in a bid to expand its reach across the country after a strong 2020. Supporting up to 815 jobs, the Bristol-based centre has the capacity for over 30,000 orders a week and will hep the retailer with its increased demand over lockdown. [...]
UK PMIs: Manufacturing activity creeps higher amid Covid restrictions March 1, 2021 UK manufacturing activity climbed back to its highest levels since the latest lockdown began in February, new figures have shown. The IHS Markit/CIPS Purchasing Managers’ Index rose to 55.1 last month, up from 54.1 in January. Any reading above 50 designates growth. However, a combination of supply chain disruption as a result of the Uk’s [...]
European Commission to propose vaccine passport legislation this month March 1, 2021 The European Commission will propose legislation for an EU-wide digital vaccine passport in March, President Ursula von der Leyen said this morning. Speaking to lawmakers this morning, she said: “As for the question of what the digital green passport could look like: we will submit a legislative proposal in March”. Her words come after it [...]
Halfords on track for £100m profit as cycling division keeps the wheels turning March 1, 2021 Halfords this morning said that it was on track to post full year profit of £90m to £100m as a pandemic-inspired cycling boom continued. That’s after paying back £10.7m in furlough income, as the firm announced that it would do this morning. The firm’s shares rose 17 per cent on the back of the announcement. [...]
300 McColl’s convenience stores to be converted into Morrisons Daily’s March 1, 2021 300 McColl’s convenience stores are set to be converted into Morissons Daily’s over the next three years, as the companies’ said this morning they have extended their wholesale supply partnership. The upcoming rollout follows over 30 conversions in recent months, with all stores continuing to be owned and operated by McColl’s. Offering the Morrisons [...]
Bank of Ireland to shut 103 branches as digital shift reaches ‘tipping point’ March 1, 2021 Bank of Ireland has announced it will close 103 branches across the island as the bank shifts to a digitally driven service. The closures are part of a cost cutting initiative which will shut 15 of its 28 branches currently operating in Northern Ireland. In August, the bank said it was aiming to cut 1,400 [...]
Wagamama owner The Restaurant Group burns through £5.5m a month during lockdown March 1, 2021 Wagamama owner The Restaurant Group has said it expects to burn through £5.5m a month until lockdown restrictions are lifted. The group announced details of the cash burn rate at Christmas but today said it expected to stay at this level until the end of restrictions, which are due to be lifted no earlier than [...]
Reviews website Trustpilot set for London IPO March 1, 2021 Trustpilot is considering launching an initial public offering in London that would see at least a quarter of the company floated on the London Stock Exchange. The offer would comprise new shares raising proceeds of around $50m, the company announced on Monday. Trustpilot is targeting a premium listing on the London market and expects to [...]
Russian retailer Fix Price targets $1.7bn London listing March 1, 2021 Russian budget retailer Fix Price is targeting an IPO size of between $1.5bn and $1.7bn as it finalises its London listing. Earlier this month the company, which is the largest value retailer in Russia, announced its float would allow it to pursue growth and international expansion. Fix Price, which launched in 2007, has more than [...]
