Entrepreneurial spirit alive and kicking in UK September 15, 2014 ENTREPRENEUR of the year The City A.M. Entrepreneur of the Year award recognises those individuals or groups who set up a successful new venture and are now growing it as a profitable business. According to campaign group Startup Britain, more than 410,000 new businesses launched in the UK in 2014 so far – up from [...]
IG Group takes aim at incumbents with online stockbroking service September 14, 2014 SPREADBETTING firm IG Group is taking aim at Hargreaves Lansdown and Barclays Stockbrokers with the launch of an online stockbroking service today. IG, founded 40 years and with a majority of the market, has spent between £2.5m to £3m developing the service over the past two years in a bid to crack the lucrative market. [...]
Photobox boss Stan Laurent: The man driving Moonpig’s growth story September 14, 2014 By the end of April, it became clear to Stan Laurent that London’s doors were effectively closed to new consumer-facing internet companies. There had just been the perfect storm of disastrous market debuts from Just Eat and AO World, along with two profit warnings from Asos that triggered a sell-off in shares of fellow fashion [...]
Incoming Barclays chairman John McFarlane to face “very challenging requirements” September 12, 2014 Aviva chairman John McFarlane will face "very challenging requirements" in his new role as chairman of Barclays, said the man who recruited him today. McFarlane, who is one of Scotland's most senior businessmen, will pick up the reins at Barclays' next AGM next April when incumbent Sir David Walker steps down. He is [...]
Most bank branches could close over the next 10 to 20 years September 11, 2014 Most bank branches could close over the next 10 to 20 years, shaking up the whole landscape of British banking – and the high street – industry analysts predicted yesterday. In a decade, a bank could serve the whole UK with just 500 branches, Deutsche Bank analysts forecast. Right now Lloyds Banking Group has more [...]
Europe’s biggest banks are still facing dozens more giant fines September 11, 2014 EUROPE’S biggest banks could face as many as 63 more giant fines between them over the coming years as regulators continue to comb through their misdeeds, analysts at Berenberg warned yesterday. There are 15 major issues still outstanding which could lead to fines of more than €100m (£80m) each, per bank. Those investigations include Libor [...]
British factory output rises but still below pre-crash peak September 9, 2014 Britain’s manufacturers increased their output strongly in the 12 months to July, official data revealed yesterday, driven by a boom in plastics and transport equipment. Factory output climbed 2.2 per cent on the year, continuing a run of solid growth seen every month since last September. But the industries are still well below their pre-crash [...]
Electra strikes £90m deal to buy The Original Bowling Company September 8, 2014 Private equity firm Electra Partners yesterday clinched a £91m deal to take control of the UK’s largest bowling alley operator The Original Bowling Company. The group, which is currently wrestling with activist investor Ed Bramson over strategic control of Electra’s future, has bought the 43-site business from CBPE Capital. “We are now firmly established as [...]
All change at the top as trio of firms shuffle executives September 8, 2014 BERKELEY GROUP | FINANCE CHIEF EXITS Berkeley Group yesterday said finance director Nick Simpkin had left the board with immediate effect after five years in the role. Ben Marks, financial controller, who has been with group for 10 years will be working closely with Rob Perrins, group managing director, to manage financial function pending recruitment [...]
Europe vows to stop bank bonus cap avoidance September 7, 2014 The European Union’s chief financial services officer pledged last night to stop banks from sidestepping the bloc’s cap on bonuses. Michel Barnier said that the EU’s probe into allowances that some banks have started to pay staff must wrap up by the end of September. Already banks including Barclays, HSBC and RBS have implemented systems [...]