Labour to table vote of no confidence as Tory leadership election deadline nears end July 12, 2022 Labour is going to table a vote of no confidence in the government today, as the Conservative leadership election heats up. Keir Starmer will put forward a motion in Parliament to try and force prime minister Boris Johnson out of office before the contest ends. The prime minister, who resigned last week following a series [...]
Sanctions bite: London-listed Russian mining firm Petropavlovsk to suspend trading and file for administration July 12, 2022 London-listed Russian gold mining firm Petropavlovsk will cease trading and file for administration after revealing it was unable to repay a $201m (£169.3m) loan to a sanctioned bank. Sanctions against Kremlin-linked firms continued to bite this week, with the Petropavlovsk in debt to Gazprombank, that has been targeted over the war in Ukraine. The bank [...]
‘You can only block it out for so long’: Sir Mo Farah says he was trafficked to the UK as a child July 12, 2022 Olympic legend Sir Mo Farah has revealed he was brought to the UK illegally as a child. Speaking to the BBC, Farah said his real name is actually Hussein Abdi Kahin, and he was flown over from the east African country of Djibouti at the age of eight or nine by a stranger and forced [...]
June bookings for Hostelworld climb to pre-pandemic levels as pent-up demand for travel surges July 12, 2022 June bookings for Hostelworld sites hit 80 per cent of June 2019 levels as backpackers flock back on holiday this summer. Net revenue exceeded 2019 levels by 104 per cent thanks to higher average booking values, and the firm’s success in April and in May in drawing backpackers in once again. Booking demand into Europe, the largest destination [...]
Tech company AdEPT announces higher revenue and cash generation in strong year July 12, 2022 AdEPT Technology Group reported an 18 per cent increase in revenue to £68.1m and strong cash generation after tax of £8.1m for the year ended 31 March 2022. In a solid year for the IT and communications company, gross profit increased 17 per cent, £32.4m up from £27.6m the year before. Revenue was also lower at £57.9m [...]
Former Asos CEO moves upmarket with top job at Matches Fashion July 12, 2022 Ex-Asos boss Nick Beighton is set to take the reins at premium fashion retailer Matchesfashion, it announced on Tuesday. The e-commerce firm had been anticipated to make Beighton’s appointment on Tuesday morning, as it tries to boost its performance, according to a Sky news report on Sunday evening. Matches sells designer labels such as Gucci, [...]
Totally posts record growth, exceeding market expectations July 12, 2022 Frontline healthcare provider Totally has posted a record growth this past year, exceeding market expectations. Following the pandemic’s impact, in the year ended 31 March Totally’s profits before tax increased by 1,200 per cent to £1.3m, while EBITDA went up 24 per cent to £6.2m. Revenues also shot up 12 per cent to £127.4m, while [...]
Wagamama owner acquires Mexican restaurant brand Barburrito in £7m swoop July 12, 2022 The owner of Wagamama restaurants has acquired Mexican fast-casual restaurant brand Barburrito for £7m. Announcing the takeover on Tuesday morning, the Restaurant Group said the purchase represented a next 12 months run-rate EBITDA multiple of 4.4x. The London-listed group said Barburrito’s offering was “well aligned with key consumer trends including healthy eating, convenience, customisable cuisine,” [...]
BBC investigation finds SAS killed Afghan detainees and unarmed men in suspicious circumstances July 12, 2022 A BBC Panorama investigation has uncovered evidence that the British SAS executed detainees and murdered unarmed people on operations in Afghanistan. It reveals disturbing new evidence of scores of secret killings by the SAS, and efforts by some of the most senior figures in UK Special Forces to conceal evidence of war crimes. Panorama [...]
Exclusive: Lime sets eyes on future US IPO, but timeline still unclear July 12, 2022 US electric bike and scooter company Lime continues to have its eyes set on becoming a public listed company, but London looks set to miss out on the float. “We are always working to be in a position in which we would be ready,” Lime’s president Joe Kraus told City A.M. during an exclusive interview. [...]
