Sajid Javid to launch proposals that could slash billions of pounds from British Steel pension fund liabilities May 25, 2016 In a bid to make Tata Steel more attractive to buyers, the government is set to reveal proposals this week that would potentially cut billions of pounds from the liabilities of British Steel's £15bn pension scheme. Sajid Javid, UK business secretary, is reportedly launching a consultation on Thursday that will discuss proposals including altering the annual uplift in [...]
HSBC to appoint new boardroom pay chief as current chair Sam Laidlaw set to quit May 25, 2016 HSBC is set to appoint a new boss for its boardroom pay committee as current chair Sam Laidlaw is set to step down from the bank's board as early as next year. Laidlaw, the former boss of Centrica, took over as chair of the bank's remuneration committee from former Rolls Royce chairman Sir Simon Robertson last [...]
Controversial former Comet owner plans bid for Fitness First, along with second private equity raising May 25, 2016 Opcapita, the buyout vehicle behind the failed turnaround of electrical retailer Comet, is in early stage talks to buy the UK operations of global gym chain Fitness First. Opcapita, headed by former banker Henry Jackson, plans to grow the gym's number of locations around the UK if the bid is successful, City A.M. understands. The acquisition vehicle is also [...]
US private equity firm in early talks over stake in Formula One May 24, 2016 US private equity firm Silver Lake is in early-stage talks with CVC Capital Partners over a stake in Formula One (F1) motor racing. CVC Capital Partners, which currently has a 35 per cent stake in the sport, has been exploring a range of options for some time. The talks with Silver Lake, first reported by [...]
Mapped: These are the UK’s best places to launch a startup May 24, 2016 With startup rates hitting record highs, the UK is fast becoming a nation of fledgling businesses and ambitious entrepreneurs. In 2014 a record-breaking 581,173 startups began trading in the UK, but how many have survived their fledgling years of operation? Where a startup chooses to start its life could play a key role in its [...]
PPF and administrator in discussions over possibly placing BHS into liquidation May 24, 2016 The Pension Protection Fund (PPF) is in talks with BHS' administrators over placing the retailer into liquidation, as fears grow that the company cannot be saved. The PPF, which is the company's largest unsecured creditor, is thought to have entered the discussion because it wants to maximise the potential returns for creditors. The conversations between the [...]
Reform Openreach’s relationship with BT or public anger at the UK broadband market will only rise May 24, 2016 Anyone who read the papers last week might be forgiven for thinking that Britain’s broadband troubles are over. After years of rising anger about poor reliability, speed and coverage, a new piece of legislation is on the way, aiming to deliver universal coverage. Unfortunately, this is not a panacea and, while the recently announced Digital [...]
Brexit threatens London’s world beating tourism industry: Don’t let the capital become a museum May 24, 2016 Tourism is one of our biggest exports – and London is the most-visited city on earth. But the industry is worried that this world-beating ranking could be at risk if Britain cuts itself off from Europe. In fact, Europe is our biggest tourist market, with more than 60 per cent of visitors to the UK [...]
Wealthy foreign family named as potential bidder for BHS May 23, 2016 A wealthy overseas investor is reportedly in talks to save the high street clothing store BHS. The bidder has launched a new vehicle with the intention of taking over the ailing retail company within the next 48 hours, according to Sky News. Sources speaking to Sky News could not confirm the exact identity of the bidder, [...]
Crunch week as BHS seeks a fresh start May 23, 2016 BHS hopes to enter a new era this week with the business set to be sold while its administrators prepare a high court complaint against the retailer’s former boss Dominic Chappell. Administrators plan to announce BHS’ new owner in the coming days, with bids understood to have come from Matalan founder John Hargreaves, Poundstretcher, and an [...]