A POPULAR drinks brand once stocked in Sainsbury’s and Amazon has been plunged administration.

Natural soft drink company Square Root Drinks appointed and administrator on October 3.

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It comes as the website link has been taken down, while stock is unavailable on Amazon.

The announcement was made on X (formally Twitter) by James Beeson, drinks editor at The Grocer.

He said: “Deeply saddened to hear Square Root London has gone into administration.

“I enjoyed my time working for Ed and Robyn – two people who put everything into the brand – tremendously, and owe them a great deal professionally and personally.

“My heart goes out to them both today.”

Square Root made its retail debut in February 2021, launching into Sainsbury’s through the retailer’s Future Brands initiative.

At the time, the company said it was “exciting to be recognised” by the supermarket as a “bold and authentic brand”.

The brand smashed a £250k crowdfunding drive, overfunding by 230 per cent to hit £577,444 from 570 investors in 2021.

Square Root offered a selection of alcohol-free mocktails and natural soft drink flavours, including Ginger Beer, Cola, non-alcoholic gin and tonic, lemonade, and more.

The company was founded in 2012 by Ed Taylor and Robyn Simms in East London.

Administration is when all control of a company is passed to an appointed licensed insolvency practitioner.

It doesn’t necessarily mean the end of the business.

Administration is when all control of a company is passed to an appointed licensed insolvency practitioner.

It doesn’t necessarily mean the end of the business.

But if the administration process can’t rescue the company or find a new owner, this can lead to liquidation.

Liquidation is the process of selling all assets and then dissolving the company completely.

COST OF LIVING PRESSURES

The number of craft breweries in the UK fell from 1,828 at the start of 2023 to 1,815 at the start of the year.

That now stands at 1,748 according to the latest figures up to June from the Society of Independent Brewers and Associates (SIBA).

The SIBA UK Brewery Tracker takes into account all brewery openings and closures to give an accurate picture of the number of active brewing businesses.

Craft breweries have been hit hard by the cost of living crisis and the pandemic.

While many producers pivoted to home deliveries during covid lockdowns, they were then hit by rising costs combined with people reigning ion their spending.

The prices of energy, rents and ingredients have all shot up. They have also faced higher interest rates when borrowing money to grow the business.

SIBA chief executive Andy Slee said when the latest figures on closures were published in July: “Independent brewers are reporting good sales growth and strong consumer demand, yet breweries continue to close.

“For most breweries the challenge is financial pressures from rising costs and market access, as well as lingering Covid debt – something SIBA has strongly lobbied Government for help on.”

A long-serving former Harrods executive has claimed that his offer to become boss of the department store chain Fenwick was withdrawn because of his time working under Mohamed Al Fayed.

Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation.

Niegel Blow, who worked for 14 years at Al Fayed’s companies, said he “never heard about or witnessed” grooming, sexual assaults or rape.

He said he had been deemed “guilty by association” by Fenwick. Fenwick declined to comment.

“I worked at Harrods in senior roles from 2002 to 2007. I can confirm that, during my time at the business, I never heard about or witnessed any such behaviour by Mr Al Fayed.”

“I believe Fenwick’s action is unjustified, unfair and in breach of contract,” Mr Blow told the BBC.

Mr Blow also criticised the BBC over its reporting of executives who had worked with Al Fayed.

“It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known.”

A BBC spokesperson said: “We stand fully behind our journalist and our journalism. This story, which was fully in the public interest, was produced in line with the BBC’s editorial standards, including contacting Mr Blow before publication.”

On Tuesday, Fenwick told the BBC that Nigel Blow had said he would no longer be taking up the position as their chief executive later this month.

No reason for the decision was given.

Mr Blow’s statement on Friday said that the Fenwick chair Sian Westerman told him it was not able to proceed with the employment “in order to safeguard the reputation of the Fenwick business.”

Fenwick declined to comment on this claim. The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK.

Mr Blow joined Harrods in 1992.

There were several reports of Al Fayed’s alleged abuse of women in the following years including a profile in Vanity Fair alleging sexual misconduct against staff, an ITV documentary and a book detailing alleged sexual assaults.

Mr Blow said that Harrods staff had their offices, phones and cars bugged, and at one point he was followed by the Harrods security team.

“On multiple occasions I saw transcripts of my own telephone calls on Mr Al Fayed’s desk. Such behaviour prompted me to seek alternative employment from 2006,” he said.

In 1997 the Observer published detailed allegations of bugging of Harrods executives and staff carried out on Al Fayed’s orders – and the ITV documentary played excerpts from the tapes.

Mr Blow is currently chief executive of the department store chain Morley’s, based in Wimbledon, though he resigned the position to take up the new job.

THE RETURN of a McDonald’s burger has caused a wild frenzy among its loyal fans, with many calling for its permanent addition to the menu.

The McRib burger will be back on the Golden Arches menu from October 16 to the joy of many hungry diners who are begging for it to stay.

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Taking to social media, many expressed their enthusiasm for the burger’s return with one user calling it “the Greatest McDonalds burger of all time” .

Another commenter said: “My absolute favourite, welcome back Ribby. Please don’t leave us again”.

Whilst others wrote: “It’s what dreams are made of” and “cannot wait, it’s been way too long”.

Another user added: “I’m so getting one I loved them back in the day”

The pork-based patty, which is lathered in smoky BBQ sauce, pickles and onions and encased in a homestyle bun, is back on menus for a limited time from mid October.

The burger first launched in the UK in 1981 and has been hailed as one of the best Mcdonald’s burgers of all time by some fans.

Thomas O’Neill, head of menu at McDonald’s UK, said: “We have heard our fans loud and clear – the fan petitions and pleas on social – and after almost a decade of anticipation, we are thrilled to bring back this iconic menu item.

“Knowing how well-loved the McRib is, we had very little choice – we had to make it happen.”

Though the fast-food chain’s owners have not revealed how long the popular burger will be on the menu for, limited edition foods are usually around for about six weeks.

It will be on sale for £4.49 as an individual item or £6.19 as part of a medium extra-value meal deal, which means it comes with fries and a medium drink.

At 509 calories, the burger is more calorific than a Double Cheeseburger, McChicken and Bacon Double Cheeseburger as well.

Despite most diners excitement some have not been so keen, with one social media user likening the product to “gas station food”.

“I must be the only one that thinks it’s horrible,” said another.

Whilst another commenter wrote: “Yay, another reason for me to stay away from McDonald’s” .

One user even joked: “How about the McHeartAttack or the McBigBelly?”

According to one of our Sun reporters who tried it ahead of its launch, despite the burger looking visually unimpressive, the pork patty is super tender and “better than other burgers” .

But, he added, the burger felt quite sickly because of the abundance of BBQ sauce, which he felt was too sweet.

McRib’s addition comes after McDonald’s confirmed the arrival of a pack of mini hash browns, which will come in a portion of five or 15, with prices starting from £1.49.

These will roll out from October 16 but it is unclear whether or not the snack will become a permanent feature on the menu.

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As Wall Street frets over the looming US presidential election, the giant asset managers are also looking at other ballot box issues: those of their investors.

Bludgeoned for the past two years by US Republicans alleging political wokeism, BlackRock, State Street and Vanguard are now gradually offering investors the chance to vote at companies’ annual shareholder meetings. This marks a significant shift as investors historically have relied on asset managers to vote for them on issues such as board directors, executive pay and various shareholder petitions.

BlackRock chief executive Larry Fink says the change will strengthen “shareholder democracy”. The firm now offers pass-through voting in more than 650 global funds totalling $2.6tn in equity assets. On October 15, State Street is starting a pilot programme that opens its first European exchange-traded fund for voting choice. And in the months ahead, Vanguard is looking to expand its voting programme that launched last year, the firm has said.

Such moves might help asset managers avert some of the criticism that has come their way as shareholder voting became intertwined with battles over issues such as climate change or workplace diversity. But voting choice is not a panacea for them.

Asset managers have typically relied on voting policies developed by proxy voting agencies, in particular the dominant duo Institutional Investors Services and Glass Lewis. And now investors at the big asset managers are being given the opportunity to vote in line with a choice of one of the thematic policies developed by the agencies.

Some curious differences in voting policies might make proxy agencies and asset managers open to more scrutiny. For example, the agencies offer Catholic faith-based voting policies with very different outcomes. When it comes to voting for board directors, ISS’s Catholic policy is stricter. The policy recommended voting against board directors in the S&P 500 index a whopping 77 per cent of the time. By contrast, Glass Lewis’s Catholic policy is more merciful. It recommended objecting to less than a quarter of S&P 500 board directors.

How could ISS and Glass Lewis come to such different outcomes based on the same religious faith?

ISS has built its Catholic voting screen in part from the US bishops policies, and considers voting against directors if a company does not have 40 per cent of its board from “under-represented gender identities”. Glass Lewis’s Catholic policy has a lower requirement of 20 per cent of board directors to be women.

“These things are not binary, black-and-white approaches. It is a bit more of a spectrum of approaches,” says John Wieck, chief operating officer at Glass Lewis. “There will certainly be a fair amount of overlap. But there could be differences,” as there are between the two advisers’ benchmark voting policies. 

Such divergence is apparent elsewhere too. Shareholder advisers also offer a policy for public pension funds. The ISS pension policy supported 80 per cent of all environmental and social shareholder resolutions. But Glass Lewis’s policy supported just 40 per cent of environmental and social issues.

Asset managers have been hesitant to say which investors are using various voting policies, or which ones are most popular. Vanguard said last month nearly half of investors offered voting choices simply deferred to Vanguard’s voting policy as usual. BlackRock says investors holding less than a quarter of the $2.6tn of assets available for voting choice have taken advantage of the programme.

Still, voting choice should prompt companies to think differently about their investor relations, says Georgia Stewart, chief executive at Tumelo, a provider of shareholder voting technology, Historically, companies simply needed to communicate with their institutional investors. But shareholder voting is starting to splinter in ways that investor relations departments have not appreciated yet, she says.

Voting choice also finally gives investors who prioritise environmental, social and governance issues a chance to take a stronger line with their votes. Some have felt frustrated that many ESG funds have shown a long reluctance to support environmental and social shareholder proposals in votes. Companies might now face more support for such resolutions.

“We are heading to an era where the end investors’ choice is king,” says Lindsey Stewart, director of stewardship research at Morningstar. Still, voting choice is unlikely to end the political problems for asset managers, ISS and Glass Lewis. Stewart adds: “A lot of political individuals and groups have these organisations in their crosshairs and I don’t think they are going to let go anytime soon.”

patrick.templewest@ft.com

SUB 3% mortgages could be on the cards as the Bank of England hints at more “aggressive” rate cuts.

It comes after a host of major lenders have made reductions to rates.

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The news follows Governor Andrew Bailey stating the Bank of England could be “more aggressive” in cutting interest rates.

Mr Bailey said that if inflation remains in check the Bank might be able to be “more activist” over reducing borrowing costs.

The comments have led several experts to bring forward predictions for interest rate cuts.

British interest rates currently sit at 5%. The rate – which is used by banks to determine the interest on mortgages and loans – was reduced from 5.25% in August.

Members of the Bank’s Monetary Policy Committee (MPC) voted to keep rates at 5% at the latest vote in September, but economists are currently pricing in another reduction at next month’s meeting.

Gabriel McKeown, head of macroeconomics at Sad Rabbit Investments said: “Governor Bailey’s bombshell comments have opened the floodgates to more aggressive rate cuts, with the prospect of sub-3% mortgages, once dismissed as a pipe dream, now emerging as a tantalising possibility for homeowners.

“These views significantly depart from earlier comments advocating for gradual rate reductions, leading swap rates to fall sharply.

“Markets are now pricing in an all but certain chance of a rate cut at the Bank’s next meeting in November.”

He added that the prospect of reduced borrowing costs and increased competition in the mortgage market should help drive the rate-slashing momentum towards the end of 2024.

Elsewhere, Adam Stiles managing director at Helix Financial Partners pointed out that Skipton Building Society is already offering a sub-3% product transfer mortgage at 2.89% – although it comes with a hefty 3% fee and is up to 60% loan-to-value.

Mr Stiles told The Sun: “If the Bank of England delivers one more rate cut, which seems likely after Andrew Bailey’s hints this week, that could quickly feed through into swap rates, which determine lenders’ fixed rates.

“However, we are only likely to see sub-3% rates at lower loan-to-values. We don’t expect to see them widespread at higher loan-to-values until we have a few more rate cuts, which is possible by mid-2025.”

Dariusz Karpowicz, who is director at Albion Financial Advice, said that it’s not “unrealistic” that we’ll see rates drop below 3%.

He said: “All the signs point to it – some rates below 3%! Swap rates are falling, and Andrew Bailey is hinting at a potential decrease. The economic outlook is improving, and lenders are already trimming rates almost every week.

“It’s not unrealistic to see rates dipping below 3% for lower LTVs before year’s end. Of course, only an unexpected ‘black swan’ event could derail this positive momentum.”

What is happening to swap rates?

A swap rate is a rate based on what the markets think interest rates will be in the future.

If the rates rise, then mortgage lenders will look to increase their rates so that they don’t lose out. 

The BoE comments have had a “positive” impact on swap rates.

A number of lenders have already announced repricing and more are expected to follow suit, according to mortgage broker SPF Private Clients.

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “A more aggressive approach to rate reductions has been welcomed by the markets, with swaps falling on the back of the Governor’s comments, which should feed through to even lower mortgage pricing.

“A number of lenders are already in the process of repricing – Coventry [building society]’s two and five-year fixes which top the best buy tables at 3.89 and 3.69% respectively are being pulled tonight, while HSBC is repricing downwards today and NatWest and Barclays are repricing tomorrow.

“Santander is also repricing tomorrow and is likely to top the ‘best buys’ with its new deals – a two-year purchase option at 3.84% for those borrowing 60% loan-to-value and a five-year fix at 3.68%, also at 60% LTV.”

He said the ongoing rate war among lenders is “great news” for borrowers as there are some “really compelling” deals being launched, which will go some way to helping affordability.

Different types of mortgages

We break down all you need to know about mortgages and what categories they fall into.

A fixed rate mortgage provides an interest rate that remains the same for an agreed period such as two, five or even 10 years.

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Your monthly repayments would remain the same for the whole deal period.

There are a few different types of variable mortgages and, as the name suggests, the rates can change.

A tracker mortgage sets your rate a certain percentage above or below an external benchmark.

This is usually the Bank of England base rate or a bank may have its figure.

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If the base rate rises, so will your mortgage but if it drops then your monthly repayments will be reduced.

A standard variable rate (SVR) is a default rate offered by banks. You usually revert to this at the end of a fixed deal term, unless you get a new one.

SVRs are generally higher than other types of mortgage, so if you’re on one then you’re likely to be paying more than you need to.

Variable rate mortgages often don’t have exit fees while a fixed rate could do.

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What are lenders doing?

This week five more mortgage lenders have announced cuts to mortgage rates.

Barclays, HSBC, Halifax, Santander and NatWest are all making several rate reductions across a range of mortgage deals.

It follows a recurring theme of cuts over the past few months.

Since the beginning of July, the lowest five-year fixed rate mortgage has fallen from 4.28% to 3.69%.

Elsewhere, the lowest two-year fix has fallen from 4.68% to 3.89%.

Barclays was first off the bat, announcing cuts that mainly affect first-time buyers and home movers, including some sub-4% deals for borrowers with the biggest deposits.

Its lowest two-year fix for buyers with a 40% deposit or more fell to 3.99% from today.

HSBC has implemented another wave of mortgage rate cuts.

It says all its residential and buy-to-let deals have now been reduced by up to 0.16 percentage points.

HSBC confirmed its two-year and five-year fixed mortgages for both home movers and first-time-buyers have been cut by up to 0.25 percentage points.

Its lowest five-year fix for those remortgaging with at least a 40% equity is now priced at 3.83%.

Halifax was next up to announce a cut taking place from today.

The UK’s biggest lender cut mortgage rates on selected products by up to 0.11 percentage points for home movers and first-time buyers.

Halifax also confirmed reductions of up to 0.24 percentage points for homeowners due to remortgage.

Santander and NatWest also announced a wide range of range cuts for today.

Santander’s fixed-rate deals dropped by 0.29 percentage points for home buyers and those remortgaging.

It means Santander now offers the lowest five-year fix on the market for home buyers purchasing with the biggest deposits.

All its mortgage rates for new build purchases are also reducing by up to 0.19% alongside all its buy-to-let fixed rates, which are dropping by up to 0.17%

Meanwhile, NatWest is also executing some healthy cuts across fixed-rate deals aimed at home buyers and remortgagers.

Does everyone agree sub-3% deals are looming?

In short, no. Not everyone agrees that these -3% deals are on the way.

This is largely due to positive moves being scuppered by global events and the fact that interest rates are notoriously hard to predict.

Not to mention that Labour’s first Budget is just a few weeks away.

Jack Tutton, director at SJ Mortgages told us: “If the pace of rate reductions that we are currently enjoying continues until the end of the year, sub-3% rates would be a real possibility.

“However, there are many things that could derail this optimism. The Autumn Budget will be the biggest hurdle. The decisions that the Chancellor takes will be a make-or-break moment for interest rates.”

Meanwhile, Elliott Culley, who is the director at Switch Mortgage Finance, says he believes there is a “slim” chance of rates hitting below 3%.

He said: “It would be a huge turnaround if mortgage rates were to fall below 3% by the end of the year.

“However, I would expect the chances of this happening being slim based on current domestic and world events.”

Others are pretty certain this will not be the case.

“With all the uncertainty ahead of the upcoming Budget, there is more chance of Bruno Fernandes getting Player of the Month than rates returning to sub-3%,” David Stirling Independent Financial Advisor at Mint Mortgages & Protection said.

“With Middle East issues escalating and causing volatility in oil prices as we enter winter, added to the potential tax hardships to come, it’s hard to see rates normalising below 3% this year.”

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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A NEW £5.8million investment is set to drive tourists to Ireland’s smallest city thanks to a host of exciting new attractions.

Back in April, Fáilte Ireland, the National Tourism Development Authority of Ireland, announced a five-year plan to revamp Kilkenny.

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Located in County Kilkenny in South-East Ireland, holidaymakers often visit the tiny Irish city on a day trip from Dublin.

However, tourists may soon be planning to stay longer in the city thanks to the multi-million-pound development project.

The revamp will look to the city’s history, pubs and ties to hurling to promote Kilkenny as a major tourist destination in Ireland.

As part of the plan, Medieval Mile, a discovery trail in the city will be reimagined, with £1.2m being used to build the Museum of Medieval Kilkenny.

The Museum of Medieval Kilkenny will become a central point for the redevelopment of Medieval Mile and a key tourist attraction in the city.

Kilkenny’s redevelopment will also make use of the River Barrow, the River Nore, and the River Suir, also known as the Three Sisters Rivers.

The Three Sisters Rivers will become a prime place for urban and rural outdoor activity experiences – although it is not yet known that these experiences will be.

Other attractions are also being considered like a world-class creative animation visitor experience.

This visitor experience will build on Kilkenny’s heritage as a home to creative artists.

The project is being funded by Fáilte Ireland and Kilkenny County Council who will pump £5.9m into the refurb.

Earlier this year, Paul Kelly, the boss of Fáilte Ireland said: “This five-year Destination and Experience Development Plan captures the unique themes that are central to Kilkenny and features key priority projects which will transform the tourism offering across the region.

“The development of the River Barrow Tourism Masterplan, reimagination of the Medieval Mile, and building on Kilkenny’s cultural and creative heritage will strengthen Kilkenny’s position as an internationally compelling destination in Ireland’s Ancient East. 

It is not yet known when any of the attractions will open to the public.

OTHER KILKENNY ATTRACTIONS

Until the revamp is completed in five years’ time, there are still plenty of things to do in Kilkenny.

One of the main tourist attractions is Kilkenny Castle, which was built in the 12th century.

The Irish castle was remodelled in the Victorian Era and was taken over by the Irish State in 1969.

Nowadays, Kilkenny Castle welcomes thousands of visitors each year who want to see the library, drawing room, nursery and bedrooms decorated in 1830s splendour

Other attractions include St. Canice’s Cathedral and Round Tower, Rothe House and Garden and the The Black Abbey.

Beer enthusiasts will want to check out Smithwick’s Experience where they can go on a brewery tour and sample some Irish ale.

Earlier this year, plans were put forward to transform London Waterloo – the third busiest train station in the UK.

The proposals detailed new entrances, increased space on the station’s concourses and new shops and restaurants.

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