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Freedom Capital Markets lowers Pfizer stock price target to $33 on COVID unwind

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High Court clears way for thousands to pursue Capita data breach claims

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High Court clears way for thousands to pursue Capita data breach claims

A High Court judge has ruled that thousands of people affected by a major data breach at Capita can continue with their legal action against the outsourcing group, in a decision being described as a landmark for large-scale data privacy claims in the UK.

In a judgment handed down on 9 February, Master Dagnall rejected arguments from Capita’s legal team that solicitors acting for more than 8,000 claimants had abused the court process. Capita had claimed that the use of repetitive or generic descriptions of mental distress following the 2023 cyber attack undermined the validity of the claims.

The ruling allows the case, brought by Barings Law, to proceed and is likely to be closely watched by companies, regulators and claimant law firms involved in data protection litigation.

Barings launched the action in 2023 after a cyber attack exposed the personal data of around 6.6 million individuals, including Capita employees. The compromised information is understood to include sensitive financial and pension details.

Capita’s lawyers had applied to have the claims struck out, alleging that Barings improperly influenced evidence relating to claimants’ anxiety and psychological distress following the breach. However, Master Dagnall concluded that Capita had failed to demonstrate that any abuse of process had occurred.

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In his judgment, the judge said solicitors had a “real basis” and were entitled to a “wide latitude” when preparing evidence in cases involving large numbers of claimants. He also noted that clients had given informed consent to Barings to act on their behalf. Striking out the claims, he added, would have been a “draconian step”.

Adnan Malik, head of data protection at Barings Law, said the decision was a significant victory for those affected. “From day one this case has centred on the rights of ordinary individuals against a major corporation which catastrophically failed to protect their privacy,” he said.

“For Capita to attempt to play down the seriousness of the impact was wrong, and today’s judgment affirms that the welfare of data breach victims is being taken seriously by the courts.”

Robert Whitehead, chairman of Barings Law, said the ruling reinforced the firm’s commitment to pursuing accountability in large-scale privacy cases. “Capita has played fast and loose with its customers’ data, and that has had an inevitable impact on the health and wellbeing of those affected,” he said. “We see today’s decision as a vindication of our claimants’ rights and an important signal for future data breach cases.”

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While the ruling does not determine whether claimants will ultimately succeed, it clears a major procedural hurdle. The court said substantive questions around the extent of harm suffered by victims will be examined at a later trial, as the case against Capita now moves to its next phase.


Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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Plans for workspaces and hundreds of homes at ‘key growth location’

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Gibfield Park scheme also includes new trunk road

The plans for Gibfield Park, between Atherton and the Daisy Hill area of Westhoughton.

The plans for Gibfield Park, between Atherton and the Daisy Hill area of Westhoughton(Image: Local Democracy Reporting Service)

Plans have emerged for a new neighbourhood including 500 homes and a country park.

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The plans to create Gibfield Park, between Atherton and the Daisy Hill area of Weshoughton, also include 45,500 sqm of employment floorspace and creating a section of trunk road which is part of a strategy to better link the M61 to the M6 in an east west direction.

Developers Peel Land said Gibfield Park is allocated for development in the regional Places for Everyone Plan (PfE), the long-term joint development plan of nine Greater Manchester authorities.

The policy requires the site to be brought forwards in accordance with a masterplan that is approved by Wigan council.

The masterplan is currently being prepared by Peel Land, as landowner. It has launched a public consultation on the draft proposals.

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The masterplan includes up to 500 new homes across two sites close to North Road and Gibfield Park Way, 45,500 sqm of employment floorspace, the extension of Gibfield Park Way northwards and the creation of a country park.

Peel said the park would ‘preserve green belt land between Atherton and Westhoughton’.

A consultation website, set up by Peel Land, said: “Gibfield Park is strategically located within NorthFold growth corridor, one of the key growth locations within the city-region.

“The NorthFold strategic vision was established in 2025 as a collaboration between Wigan and Bolton councils, working together with Greater Manchester Combined Authority and development partners including Peel Land.

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“Peel Land is proud to be bringing forward this proposed masterplan, continuing our commitment to sustainable development and strong community partnerships.”

Another Peel Group developer, Northstone, along with with affordable housing provider Torus is currently completing the construction of 113 affordable homes, known as Popple, off Stothert Street, Atherton, next to Gibfield Park.

Peel Land, added: “A key element of the emerging proposals is a country park for all to use, approximately 29 hectares in size (equivalent to around 40 football pitches). The Country Park will be accessible from both the east and west to integrate it into the new and existing communities.

The plans for Gibfield Park, between Atherton and the Daisy Hill area of Westhoughton.

The plans for Gibfield Park(Image: Local Democracy Reporting Service)

“The park will deliver habitat enhancement, creation and long-term protection through ecologically led landscape design.

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“The focus will be on improving existing habitats and creating new features, including a series of wetland pockets in the central area.

“The park will include a 1km walking and running loop that will be accessible to all, as well as a heritage trail providing information about the coal mining history of the site. “

Peel said following the consultation, feedback will be reviewed as they move towards finalising the masterplan for approval by Wigan Council.

Each of the proposals for housing and employment space will require separate planning applications, subject to the masterplan being approved.

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The consultation information can be found at https://gibfieldpark.consultationonline.co.uk/.

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Peter Kyle urges SMEs to take leap into exporting

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Peter Kyle urges SMEs to take leap into exporting

The business secretary, Peter Kyle, has urged small businesses to rediscover Britain’s exporting spirit, calling on entrepreneurs to take a “leap of faith” and start selling overseas with the backing of government finance and advice.

Speaking to an audience of small business owners at the UK Trade and Export Finance Forum in London last week, Kyle warned that the UK was losing momentum as an exporting nation. Official figures show that the proportion of UK companies that have ever exported has fallen from 45 per cent to 38 per cent in recent years.

Kyle said reversing that trend was a priority for the government, arguing that international demand for British goods and services remains strong. Drawing on recent visits to China, Japan and the World Economic Forum in Davos, he told delegates there was a “great thirst for Britain”.

“I accept that exporting for the first time is different, it’s difficult and it’s novel,” he said. “Anything that’s novel takes a bit of getting used to and a bit of confidence and enthusiasm to jump into. Sometimes it takes a leap of faith.”

Kyle suggested many SMEs underestimate both the level of overseas demand and the support available to help them expand internationally. He pointed to the £11 billion trade finance lending package announced at the end of January, funded through the balance sheets of five major high street banks.

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Under the scheme, UK Export Finance will guarantee up to 80 per cent of loans, while also providing advisory support to help businesses navigate international markets.

“I understand that the world looks intimidating at the moment,” Kyle said. “I’m not sitting here saying everything’s perfect. But what investors are seeing is the right direction of travel.”

However, business groups warned that encouragement alone would not be enough. Tina McKenzie, policy chair at the Federation of Small Businesses, said many small firms were willing to take the risk of exporting — but only if the government improved its offer.

“Small businesses need clear, practical help to navigate trade rules, paperwork and market access, particularly when trading with the EU and beyond,” she said. “If we want more firms to export, policy needs to make it simpler, cheaper and more predictable, so businesses can take that step with confidence rather than crossing their fingers.”

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On stage, Kyle highlighted four trade agreements signed since the government took office, with India, China, the US and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, arguing they provided a foundation of stability. But he acknowledged that signing deals was only the beginning.

“It takes time to get goods flowing and services delivered,” he said. “And it takes a while to get the legal aspects nailed down so the agreements can be fully enforced.”

Some business leaders questioned how much smaller firms would really benefit. Simon Holloway, commercial director at Dynisma, a Bristol-based developer of simulators for Formula 1 drivers, said the complexity of trade deals often left SMEs struggling to engage.

“We don’t have time to figure out what is going on,” he said. “We’re running 100 miles an hour trying to scale our businesses and secure jobs.”

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Tim Reid, chief executive of UK Export Finance, accepted that awareness remained a challenge. “Small businesses are good with ideas, but short on time,” he said. “We need to make it as easy as possible for them.”

Despite the obstacles, Kyle argued that periods of uncertainty could also create opportunity. “Be bold and confident in yourself, your skills and fundamentally the products and services your business offers,” he said.

Some companies are already doing just that. Urban Apothecary, a Leicester-based home fragrance brand, now sells into 35 countries. Liz Ripley, its head of global partnerships, said using distributors had helped the business manage risk, with support from the Department for Business and Trade helping it enter new markets such as South Korea.

Paul Sopher, director at Joe & Seph’s, which exports its artisan popcorn from north London to 19 countries, said the department had also been a useful sounding board when assessing new overseas customers.

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Kyle ended with a clear message for hesitant entrepreneurs: “I want to see more start-ups and scale-ups taking risks, building up, branching out and breaking into new markets, backed up by government action.”


Jamie Young

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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Alphabet Is Selling 100-Year Debt as Part of a Big Bond Sale

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Alphabet Is Selling 100-Year Debt as Part of a Big Bond Sale

Alphabet is gearing up to sell bonds that won’t come due for a century, as it becomes the second big tech company to tap the bond market this year after Oracle issued $25 billion of debt a week ago.

The Google parent plans to sell debt in dollars, British pounds and Swiss francs with varying maturities, according to an investor familiar with the matter. That will include debt with maturities of three to 100 years for the sterling debt, and of three to 25 years for the Swiss francs.

The dollar bonds will likely total about $15 billion, the investor said. Final deal sizes could change depending on demand.

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MSCI at UBS Conference: Growth Driven by Innovation

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Caliwater hires first CEO

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Caliwater hires first CEO

Blair Owens appointed CEO following departure of president Nick Benz.  

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Ocado considers up to 1,000 job cuts in renewed cost-cutting drive

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Ocado

Ocado is preparing plans that could see up to 1,000 jobs cut as part of a renewed effort to rein in costs, following a difficult year for its automated warehouse technology business.

Up to 5 per cent of the group’s global workforce could be affected, according to people familiar with the discussions, although talks remain at an early stage and no final decision has been taken. An announcement could come as soon as this month.

The majority of redundancies are expected to fall at Ocado’s UK head office, with technology roles likely to be among those affected alongside back-office functions such as legal, finance and human resources.

The proposed cuts come ahead of Ocado’s full-year results on 26 February, after the group reiterated last month that it was targeting positive cashflow in the next financial year, “underpinned by rigorous cost and capital discipline”.

Last year, Ocado said it would cut around 500 roles in technology and finance as it scaled back research and development spending. That followed around 1,000 redundancies across the group in 2023 and 2024.

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Founded in 2000 by three former Goldman Sachs bankers, Ocado has built its business around selling robot-operated warehouse systems to global grocery chains, alongside its online grocery joint venture with Marks & Spencer.

However, investor confidence has been shaken after two major North American partners announced plans to close a number of Ocado’s automated warehouses, known as customer fulfilment centres (CFCs), citing concerns over costs and efficiency.

Shares in the FTSE 250 group have fallen by almost a third over the past year. In November, US supermarket giant Kroger said it would close three CFCs, a move that briefly pushed Ocado’s share price back towards the 180p level at which it floated in 2010.

That was followed late last month by Sobeys, which announced plans to shut a CFC in Calgary, Alberta, pointing to slower-than-expected growth in online grocery shopping and the limited size of the regional market.

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Although Ocado is set to receive hundreds of millions of pounds in compensation linked to the closures, analysts have warned that the setbacks could undermine its ability to secure new international partnerships. Mutual exclusivity agreements with most retail partners expired in December, raising questions about the long-term pipeline for its technology.

Tim Steiner, Ocado’s founder and chief executive, has previously described the company as the “Tesla of grocery”. Despite its technological ambitions, the group has yet to turn a profit. Pre-tax losses narrowed slightly last year to £374.5 million, from £393.6 million in 2024.

In a statement, Ocado said: “We regularly review our operations to ensure we’re set up for long-term success. If and when decisions are made that affect our people, we are committed to communicating with them directly and ensuring they are supported throughout.”

The coming weeks are likely to be closely watched by investors and staff alike as Ocado seeks to stabilise its business and prove it can translate cutting-edge automation into sustainable financial returns.

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Jamie Young

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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Smithfield to shutter sausage plant

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Smithfield to shutter sausage plant

Springfield, Mass., facility to halt operations in August.

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Engineering company delists from AIM

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Versarien collapsed into administration last month after running out of cash

Graphene firm Versarien's base in Longhope, Gloucestershire

Graphene firm Versarien’s base in Longhope, Gloucestershire(Image: Google Maps)

A Gloucestershire engineering company that produced graphene for use in the clothing, aerospace and biomedical sectors has delisted from AIM. Longhope-based Versarien was in financial trouble for months before it collapsed into administration in January.

The business appointed advisors from Leonard Curtis last month to oversee its affairs after filing an intention of notice to appoint administrators in December. The group fell into financial difficulty last year and was forced to put a number of its businesses and assets up for sale.

On Monday (February 9), it issued a statement to the stock market that read: “Pursuant to AIM Rule 1 the following securities have been cancelled from trading on AIM with effect from the time and date of this notice.”

Versarien was founded at the end of 2010 to commercialise an innovative process for making metallic foams developed at the University of Liverpool. After its launch on AIM in June 2013, the company began acquiring businesses and expanding its Gloucestershire workforce.

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By 2015, it had won a government Innovate UK grant to help it develop its technology.

But in recent years the business has struggled with cash flow and last year was forced to place a number of its businesses in administration. In July, Versarien confirmed it had closed down its Korean arm and in August the Chancellor of the Duchy of Lancaster blocked the proposed sale of Versarien assets to a Chinese joint-venture on security grounds.

The decision was made on the basis of maintaining the security of know‐how and intellectual property relating to the production and use of graphene with dual‐use applications.

Three months later a deal to sell Versarien’s remaining assets and subsidiaries to an unnamed public company fell through. The agreement was for some £200,000 and involved the sale of Total Carbide Limited and Gnanomat SL, the patent and trademark portfolio held by Versarien, as well as the graphene production equipment held by Versarien Graphene Limited.

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