Lloyds prompts backlash after axing another 44 branches June 23, 2021 Lloyds Banking Group is to close another 44 branches across England and Wales this year as lenders ramp up cost-cutting. Lloyds blamed a lack of customers at the sites as the reason for the move as people switch to digital banking. The latest closures means a total of 100 branches will shut this year, with [...]
Victorian Plumbing shares surge in biggest ever float on London’s junior market June 22, 2021 Online bathroom retailer Victorian Plumbing has seen shares surge higher as it began life as a listed company in the biggest ever float on London’s junior market. The group launched on to the Alternative Investment Market (Aim) with shares priced at 262p, giving it an initial valuation of around £850m, before the stock quickly jumped [...]
Google Campus closes in the end of an era for London tech startups June 22, 2021 Google has decided not to reopen its London campus for startups, which formed part of the capital’s mini–Silicon Valley, saying it will offer services online. The coronavirus pandemic and working from home has likely swayed the decision to shut the seven-storey East London campus. “This shift demonstrated that, similar to the support we provide in [...]
London hedge fund White Square Capital shuts after swallowing lofty GameStop losses June 22, 2021 London-based hedge fund White Square Capital will close its doors today, according to reports, following its lofty losses in GameStop’s first ‘meme stock’ rally in January. White Square bet against the US retailer GameStop, the Financial Times first reported today, which led to a percentage loss hitting double-digits at the beginning of an already tough [...]
Private equity interest: Why is Morrisons such an attractive takeover target? June 21, 2021 Morrisons has rejected a £5.5bn takeover approach from a US private equity firm amid speculation that more UK supermarkets could be snapped up. Shares in Morrisons jumped earlier this morning following confirmation of the rejection at the weekend, as the chain said potential bidder Clayton, Dubilier & Rice “significantly undervalued” the grocer with its 230p-per-share [...]
Heavy rain waters down consumer enthusiasm as footfall slows June 21, 2021 Footfall fell by 3.1 per cent last week across all UK destinations, as rain put off shoppers from heading outside. The high street was the hardest hit area during the last week, with footfall falling 5.4 per cent, according to the latest data from Springboard. In shopping centres and retail parks, where less time is [...]
Why the Covid Recovery Commission is right to put focus on skills June 21, 2021 The City of London Corporation is urging Square Mile SMEs to get involved in discussions about how to support the recovery from the COVID-19 pandemic and enable growth into the future. The SME Strategy Focus Groups will be used to help inform the City Corporation’s very first strategy aimed at small to medium sized businesses. The new strategy is being developed to identify [...]
FTSE 100 drops while industrial stocks boost mid-caps June 18, 2021 London’s FTSE 100 dipped this morning after a fall in heavyweight oil majors BP and Royal Dutch Shell dragged down the index. The blue-chips fell by 0.5 per cent at the open, with oil dips offsetting gains in large dollar-earning consumer staples firms including Unilever and Diageo. These companies benefitted from a weaker pound, as [...]
Terrific Thursday for London IPO market as Wise, Victorian Plumbing, Seraphine, Poolbeg and Voyager Life confirm plans to float June 17, 2021 Fintech firm Wise, bathroom retailer Victorian Plumbing; high end maternity retailer Seraphine, favoured by the Duchess of Cambridge; Dublin-based drug maker Poolbeg and cannabidiol products supplier Voyager Life all revealed plans to float today. Money transfer firm Wise said this morning to join the London Stock Exchange in what could be the biggest UK listing [...]
Fed pours cool water on recovery while AMP amps up June 17, 2021 Bitcoin is down two per cent this morning, currently trading at around $39,300, while Ethereum has also dipped below $2,500.