Labour MPs expected to resign today over divisions on Brexit and antisemitism February 18, 2019 Rumblings of a Labour party split look set to reach a head as sources told the media the disaffected MPs would resign today. Senior party sources told the BBC that the leadership was expecting a handful to resignations while Sky News said the group would make a statement later this morning on "the future of British politics". Those [...]
“It’s our goal to make the competition better” – Alfa Romeo positive upon return to Formula One February 17, 2019 This season Alfa Romeo will complete a return to Formula One by taking over the Sauber name, having been involved as the team's title sponsor last year. That marked the Italian marque’s first F1 involvement since 1985 after a long hiatus from motorsport's elite championship, but this latest move revives the works entry team that [...]
Sir Richard Branson looking for additional investment in Virgin space ventures February 16, 2019 Sir Richard Branson has hired corporate finance firm LionTree Advisors to help raise hundreds of millions of pounds to invest in Virgin Galactic and Virgin Orbit, according to Sky News. It comes months after Branson halted a $1bn (£775m) Saudi-funded deal amid the political tension over Jamal Khashoggi's murder. Discussions are already under way with a number of potential investors, including [...]
LK Bennett founder weighs up future options February 15, 2019 Upmarket women’s footwear retailer LK Bennett has reportedly hired advisers to conduct a strategic review of the business, in a move that could potentially lead to the firm being sold. Founder Linda Bennett, who bought back the business in 2017, has drafted in consultancy firm AlixPartners to weigh up the firm’s future options, according to [...]
Mark Kleinman: Aviva’s missed deadline ensures brickbats February 15, 2019 Viva Aviva? For such a stalwart of blue-chip boardrooms, Sir Adrian Montague suddenly can’t put a foot right. Four years after taking over the chairmanship of Aviva when John McFarlane scuttled off to Barclays, he’s ended up in a rather large pickle of his own making. Sacking Mark Wilson as the insurer’s chief executive last [...]
Interserve could face £66m hit if shareholders reject rescue deal February 14, 2019 Debt-stricken outsourcer Interserve may have to stump up another £66m if its largest shareholder triumphs in a plan to thwart a rescue deal struck last week. The emergency refinancing package, designed to avoid it facing the same fate as Carillion, sparked ire among at least one-third of its shareholders, because it proposed all but wiping [...]
Airbus to halt production of A380 superjumbo jet after demand nosedives February 14, 2019 Airbus’ dreams of ruling the skies with its mammoth A380 superjumbo jet have come crashing down to earth this morning, as it said it would stop making its flagship cruise liner. Outspoken chief executive Tom Enders spoke of his “pain” at having to bring production to a halt after lacklustre demand for the world’s largest [...]
Eat’s owners Horizon Capital mull sale amid strain on high street food outlets February 13, 2019 The owners of sandwich chain Eat are planning to sell the business as it battles with growing competition in the crowded high street food market. Private equity firm Horizon Capital, which owns a major stake in the company, has appointed corporate advisory firm Spayne Lindsay to oversee a potential sale. Read more: EU competition watchdog [...]
Theresa May defends due diligence into scrapped contract ferry firm Seaborne February 13, 2019 Theresa May has claimed proper due diligence was carried out in the government’s aborted ferry contract with Seaborne Freight despite consultants saying they could not assess its finances. Pressed by Labour leader Jeremy Corbyn at prime minister’s questions today, May insisted “proper due diligence was carried out” in the procurement of a contract for ferrying [...]
General Motors takes stake in British car tracking startup as it looks to driverless future February 12, 2019 US car giant General Motors (GM) is taking a stake in a British technology startup as it prepares for a driverless future. The deal, which values Chester-based Wejo at $275m (£213m), includes a $25m cash injection into the connected cars firm. Read more: General Motors cuts costs with 8,000 redundancies It also gives Wejo access [...]