A family affair: How Ben and Ollie Black built their childcare empire June 6, 2016 Two minutes with the Black brothers and Laurel and Hardy come up. “You know, ‘another fine mess you’ve got me into’,” says Oliver Black, describing how he initially conceived of working with his brother. “I spent Christmas trying to convince Ollie that I knew about buying a company,” says Ben Black. The pair bought failing childcare [...]
Treasury’s bank bailout tsar Kingman in talks with L&G June 5, 2016 The senior civil servant who was central to Britain's bank bailouts in 2008 is in line to chair FTSE 100-listed insurer and asset manager Legal & General. John Kingman, who is stepping down as second permanent secretary of the Treasury, has been approached about taking over the position when current chair, John Stewart, leaves the role on 1 June. It's [...]
Gove slams investment banks over EU relationship June 5, 2016 Michael Gove has fired shots at investment banks and big business in the midst of EU referendum campaigning, saying the EU is rigged in their favour. One of the most high profile campaigners for leaving the EU alongside Boris Johnson, Gove said that big banks such as Goldman Sachs and Morgan Stanley calling the shots in [...]
EU referendum: Nick Clegg says Remain has “comprehensively” won the economic argument June 3, 2016 The economic argument has been "comprehensively" won by the Remain side, former deputy prime minister Nick Clegg has said. Speaking ahead of an EU intervention later today, Clegg said: "I think the economic argument, it's fair to say objectively, has been pretty comprehensively won by those who say there will be huge economic damage and [...]
David Cameron forecasts a decade of uncertainty, but denies allegations of scaremongering June 2, 2016 PRIME Minister David Cameron has warned that a Brexit would lead to a decade of uncertainty, while defending an EU referendum campaign branded by some as “Project Fear”. Speaking on Sky News last night, the Prime Minister said he would trigger exit procedures immediately after a Brexit vote but claimed it would take 10 years [...]
Ryanair will reportedly email more than 5m customers to encourage them to vote Remain June 2, 2016 Ryanair is to urge more than 5m customers to vote Remain in the EU referendum with an email barrage reportedly to be launched tomorrow. According to Sky News, the airline will tell customers that both the UK economy and its future prospects are stronger as part of the EU. The email, which also includes a broader [...]
End of the road in sight for BHS sale June 2, 2016 The futures of BHS and thousands of its staff are hanging in the balance as administrators and the only known remaining bidder struggle to agree terms. BHS administrator Duff & Phelps held further discussions with a buyer backed by Richess Group yesterday, with some executives hopeful that a deal could be announced to salvage BHS today. [...]
Private equity giants storm into MBNA credit card auction June 1, 2016 The auction of credit card giant MBNA is getting crowded as three of the world's biggest private equity firms prepare bids. Cerberus, Cinven, and TPG are considering bidding for MBNA, potentially putting them up against high street banks Lloyds Banking Group and Virgin Money who emerged as likely suitors last week. MBNA has a 11 per cent [...]
For sale: 10pc of the UK’s consumer credit card market, as BAML seeks to offload MBNA May 27, 2016 Just over 10 per cent of the UK's consumer credit card market could be about to go up for sale, after it emerged Bank of America (BAML) is finally planning offload its European credit card arm. City A.M. understands BAML has begun courting interest for MBNA, the credit card provider best known for its partnerships with football clubs [...]
Rents are up 2.6 per cent in the year to April – and the market could be heating up a lot more this summer May 27, 2016 Private rents in Great Britain were up 2.6 per cent in the year to April, according to data released today by the Office of National Statistics (ONS) – and the rental market could get a lot more heating over the summer months. Unsurprisingly, London was burdened with the largest rent inflation, with rents rising at a [...]