London’s iconic department store Liberty ‘seeks £300m sale’ February 12, 2019 London retail landmark Liberty department store could be set for new ownership for the first time in nearly 10 years. Its largest shareholder, private equity firm Bluegem Capital Partners, has reportedly hired UBS to look into potential buyers for the business. Read more: West End property giant Shaftesbury posts 'resilient' retail demand The company, which [...]
Simba Sleep slashes valuation as it looks for cash in fundraising jungle February 11, 2019 Mattress website Simba sleep has been forced to slash its valuation for the second time as it looks to raise more cash in an “increasingly challenging” environment. The company has faced issues after shares fell over 90 per cent in listed rival Eve Sleep last year. Read more: Eve Sleep shares dive after investors buy for [...]
Ex-Barclays trader accused of Euribor rigging felt ‘let down and used’ by private messages February 11, 2019 A former Barclays employee on trial for Euribor rigging has said he felt "let down and used" when he discovered that a colleague had been privately discussing with another trader at a rival bank how they could alter submissions for the interest rate benchmark. Colin Bermingham, 62, told Southwark Crown Court he felt it was "absolutely not right" that [...]
HSBC chair Mark Tucker set to head up influential City lobbyists TheCityUK February 11, 2019 The chairman of HSBC Holdings has emerged as the frontrunner to head the board at one of the City’s main lobby groups replacing fellow banker John McFarlane. Mark Tucker is set to be announced for the role at TheCityUK in the coming days as outgoing Barclays chairman McFarlane steps down in the spring, Sky News [...]
One in 10 high street shops lie empty as retailers face spring reckoning February 10, 2019 The extent of the crisis facing UK retailers was laid bare this morning after new figures revealed one in 10 high street shops lie empty, while a string of upcoming cost increases could deal a death blow to struggling stores in the spring. Rising taxes and a shift to online shopping have ravaged British high [...]
Premier League plots streaming service for live football matches February 10, 2019 The Premier League is planning to launch its own streaming service for live football matches in a bid to bypass broadcasters and boost revenues. The Netflix-style streaming service was due to be tested in Singapore, but the Premier League backed out of the project. Instead, the league sold rights to the next three seasons to Singapore [...]
RBS cuts bonus pool to £335m after posting successive annual profits February 9, 2019 Royal Bank of Scotland (RBS) will hand out a £335m bonus to its staff next week with it set to announce its second successive annual profit since becoming state-owned. The RBS board and UK Government Investments (UKGI) have agreed on the bonus amount. UKGI manages the public’s 62.4 per cent stake in the bank. Payouts [...]
Equine flu halting UK horse racing same strain that hit 10,000 in Australia February 9, 2019 The equine flu that has halted horse racing throughout the UK this weekend is the same strain that saw racing in Australia suspended for six months in 2007, according to Sky News. The flu is a north American strain, named Florida Clade 1 and affected ten thousand horses during the outbreak in Australia. “We have [...]
Seaborne Freight’s no-deal Brexit contract scrapped by government February 9, 2019 Seaborne Freight has had its contract with the government cancelled after it emerged the firm had no ferries to carry vehicles or goods across the channel. The Department for Transport (DfT) agreed a contract with Seaborne worth £13.8m in case a no-deal Brexit occurred. However, the DfT revealed it has terminated the deal with the freight [...]
UK fintech unicorn Oaknorth to nail $440m round led by Softbank February 7, 2019 Japanese mega investor Softbank has led a $440m funding round in savings challenger Oaknorth, investing in the company via its $100bn Vision Fund. City A.M. understands the Clermont Group also participated in the round, which is expected to close tomorrow morning. The funding will be used to expand Oaknorth's SME loan origination and credit capabilities to banks and [...]