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Kitchens chain Magnet to shut 15 stores as part of restructure

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It is hoped the closures will improve the retailer’s financial position

Nobia Group has divested its UK operation.

Kitchen retailer Magnet has faced challenges in recent years.(Image: Magnet)

Kitchens chain Magnet is to shut 15 stores as part of a major restructure. The company said it would close the “underperforming” locations as part of a company voluntary arrangement (CVA) aimed at helping secure the group’s finances.

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The proposed CVA is intended to “address property costs that are no longer sustainable”, the company said.

Magnet did not disclose how many workers would be hit by the closures, but said affected staff “will be supported throughout and suitable alternative roles within the business will be offered wherever possible”.

The majority of the brand’s 159 stores will not be impacted by the restructuring and will continue to operate as normal.

The proposals, which will be overseen by Natasha Harbinson, Will Wright and Chris Pole from advisory firm Interpath, are subject to creditor approval.

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Sophie Rose, chief executive of Magnet Group, said: “This is a difficult decision and not one we have taken lightly, particularly where colleagues may be impacted.

“But taking this action now is the right thing to do for the long-term health of Magnet Group.

“It allows us to deal with property costs that are no longer sustainable and protect the stronger parts of our estate.

“I am confident these proposals will help Magnet Group build a stronger, more resilient business that is better placed to serve customers, support partners and return to sustainable profitability.”

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Magnet said it would transfer any customer orders to the closest alternative store if their local site closes.

List of Magnet stores to shut

– Andover, Hampshire

– Birmingham Minworth, West Midlands

– Blackburn, Lancashire

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– Bridgwater, Somerset

– Brighton, East Sussex

– Colwyn Bay, Wales

– Dorking, Surrey

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– Farnborough, Hampshire

– Ramsgate, Kent

– Romford Trade, Greater London

– Stirling, Scotland

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– Stockton, County Durham

– Watford, Hertfordshire

– Weymouth, Dorset

– York Trade, North Yorkshire

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Watchdog moves to crack Apple and Google’s app store grip

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Tracy Brabin leads West Yorkshire trade mission to Switzerland and Germany

The UK’s competition regulator is preparing to loosen Apple and Google’s hold over the mobile economy, proposing rules that would let app developers point customers towards cheaper ways to pay outside the two companies’ app stores.

The Competition and Markets Authority (CMA) argues that consumers and the businesses that build apps are being short-changed by restrictions stopping people from spending money outside Apple’s App Store and Google’s Play Store. With at least 90 per cent of UK mobile devices running on one of the two platforms, the regulator has branded the pair an “effective duopoly”, a description it has used repeatedly as it ramps up scrutiny of the sector.

At the heart of the proposals is “steering”, the practice of letting an app guide users to a website where they can subscribe or buy directly, sidestepping the platforms entirely. The CMA is consulting on lifting the curbs that currently block this, a change it says would let apps bypass the “mandatory fees” the two companies impose. Both Apple and Google charge commission of up to 30 per cent on purchases made inside apps, including subscriptions, a levy that has long irritated developers and the focus of the regulator’s proposed action to drive more competition on mobile platforms.

The restrictions have real consequences for how people use everyday apps. Spotify, for instance, does not let UK users buy a monthly subscription through the Apple App Store, because it does not want to absorb the fees and pass them on to customers. Would-be subscribers must instead sign up via the desktop website, an awkward workaround that the CMA believes typifies a market lacking competitive pressure.

Will Hayter, executive director at the CMA, said it was important to give apps and their users more choice over how they transact and communicate. “This is not only because choice is inherently valuable but also because we see this as the best way to introduce some competitive pressure in a vital part of the mobile ecosystem that is otherwise sorely lacking such pressure,” he said.

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Crucially, the watchdog is not proposing to strip the platforms of all revenue. Apple and Google would still be able to charge fees for allowing steering, provided those charges are applied fairly. Google said it had already made the required changes, including letting apps steer users outside the Play Store to complete transactions, and has introduced new fees this week covering, among other things, charges for steering users to alternative payment methods.

The CMA is also weighing whether to force Apple to open up access to its near-field communication (NFC) technology, the chip behind contactless payments. Doing so could allow developers to offer their own tap-to-pay services inside iOS apps rather than routing everything through Apple Pay, a move that would hand more room to challengers. British fintech Curve is among those that have already set out plans to take on Apple Wallet with a rival payment system.

The proposals build on the CMA’s decision last October to award Apple and Google “strategic market status” over their dominance of the mobile market, a designation that allows the regulator to set bespoke conduct rules for each company. That ruling has already prompted both firms to agree a series of UK app store changes, and the latest package of measures aimed at opening up the mobile market goes further still. The full consultation on the new requirements for Apple and Google’s mobile platforms is now open.

Apple, predictably, is unhappy. The company warned that the steering changes undermine protections for users and open the door to scams and the circumventing of parental controls. “When users are directed away from Apple’s trusted payment infrastructure, they lose the protections they rely on Apple to provide. We will continue to make our concerns clear in our ongoing dialogue with the CMA,” a spokesperson said.

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For the UK’s small and medium-sized app businesses, the prize is straightforward: lower fees, a more direct relationship with customers and, the CMA hopes, savings that can be reinvested into the kind of innovation an entrenched duopoly has tended to discourage.


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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Gloucestershire Airport put up for sale again as bosses refuse to reveal why it’s losing millions

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The Staverton airfield is currently a loss-making site

View of Gloucestershire Airport runway

View of Gloucestershire Airport runway

Gloucestershire Airport is going back up for sale again, its joint owners have announced. Cheltenham Borough Council and Gloucester City Council confirmed on Tuesday (June 30) the Staverton site would brought back to market, with property firm Savills appointed to lead a renewed sales process.

The news comes just three months after the sale of the loss-making transport hub fell through after months of negotiations. In March, a deal to offload the airport to preferred buyer Horizon Aero Group collapsed after the authorities said they could not accept the terms of the sale.

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On Tuesday, council chiefs said they were relaunching the sale process after receiving a “number of approaches” from interested parties.

Councillor Rowena Hay, leader of Cheltenham Borough Council, said: ‘’We are hopeful this renewed sale process will attract the right partner for the airport’s future, which remains our key priority. We will work with partners and stakeholders to update as the new sale process proceeds.’’

Councillor Jeremy Hilton, leader of Gloucester City Council, said: “Gloucestershire Airport is a vital economic and aviation asset for our county and region and we must do our best for it.

“In recent weeks there has been considerable interest from potential investors in the airport and now is the right time to put the airport back on the market.

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“This next phase gives us the opportunity to build on what we have learned and engage with investors who share our vision for growth and continued aviation at Staverton.”

It comes as bosses at Gloucestershire Airport refused to reveal to the public on Monday why the airfield has cost taxpayers millions of pounds in recent years.

City councillors were given an update on the situation of the 350-acre general aviation site, which sees around 66,000 aircraft movements a year. During the public meeting, civic chiefs quizzed airport management over the operational loss at the site.

A slide presented to the committee suggested an unaudited loss for the financial year, including depreciation and loan interest, of £2.1m. It also showed the situation had improved over the last three years.

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Operational losses, excluding non-monetary adjustments, loans and depreciation, in 2024 was £1,333,041, falling to £738,030 in 2025 and £489,979 in 2026.

Interim managing director Brian Rawlings said it was “one of the few airfields you can walk in having never flown an aircraft and leave to go off and fly for an airline”.

“I can’t think of another airfield that offers that facility,” he said. “And that is backed up with the various tenants that we have there that offer some extensive flight training that is basically unique.”

But when asked why they can’t make it pay for the taxpayer, airport chiefs refused to answer detailed questions in public – instead they said they would tell civic chiefs away from the public eye.

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During the public part of the meeting, the airport’s head of finance, Marian Bidmead, said the bottom line figure was a £2.1m loss. She explained the accounts were unaudited and it could be more or less than £2.1m because they “have fair evaluations on the market rentals to do as well and capitalised interest to take into account on top of that”.

Mr Rawlings admitted all members of the team were “fully aware” of what the situation and said they “absolutely” took it seriously.

“We’ve got people there who are very loyal to the airfield, very skilled and for us to be able to turn things around and make it the best airfield it can be, yes, absolutely we can do it. I’m sure we can,” he added.

The committee ultimately voted to exclude the press and public to further discuss airport issues behind closed doors while the chairman voted against.

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Trump pushes domestic rare earth processing to reduce China reliance

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Trump pushes domestic rare earth processing to reduce China reliance

President Donald Trump’s push to rebuild a domestic rare earth supply chain reached another milestone as the U.S. Army partners with industry to expand North American processing capacity for materials used in military equipment, as part of a broader effort to reduce reliance on China.

REalloys CEO Leonard “Lipi” Sternheim joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to discuss the company’s role in developing heavy rare earth processing capabilities alongside government and industry partners.

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A soldier of the U.S. Army.

A U.S. Army soldier handling caliber cartridges. (Sean Gallup / Getty Images)

Heavy rare earth elements such as dysprosium and terbium are essential components in advanced defense technologies, including fighter jets, missiles, submarines and drones. While rare earth deposits exist in multiple countries, much of the world’s processing and refining capacity has been concentrated in China for decades.

“Currently, China controls the entire supply chain of rare earths for heavies, which is where the processing, the refining, the metalizing magnet making,” Sternheim said, adding that REalloys is focused on bringing “the full supply chain” to North America.

TEXAS RARE-EARTH PROJECT AIMS TO CURB US RELIANCE ON CHINA, STRENGTHEN NATIONAL SECURITY

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Sternheim said an upcoming federal procurement requirement scheduled to take effect on January 1, 2027, is expected to accelerate domestic sourcing for the defense industrial base by restricting products with a Chinese nexus.

He also argued that the challenge is less about finding rare earth deposits than rebuilding the refining and processing expertise needed to turn raw materials into usable products.

“It’s not the rocks that are rare. It’s the processing and refining, which are complicated technologies,” Sternheim said.

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He noted the U.S. Army’s partnership with REalloys is designed to ensure critical defense materials can be sourced domestically rather than from geopolitical rivals.

NOEM WARNS OF ‘COORDINATED’ EFFORT TO FUNNEL CHINESE NATIONALS INTO US

“The reason the military partnership is so important, because that gives the country the security it needs. Nothing is reliant on other countries after that. We’re building it here. We’re building it with a partnership with the Army on their bases,” he said.

Looking ahead, Sternheim said expanding domestic capacity will take time but expressed confidence that the U.S. and its partners will make meaningful progress over the next several years.

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Fun Spot America Atlanta, home of ArieForce One, to close after Aug. 2

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Fun Spot America Atlanta, home of ArieForce One, to close after Aug. 2

An Atlanta-area amusement park with the largest zero-G stall roller coaster in the U.S. is planning to close later this summer, with fans only having a few more weeks to attend the park.

Fun Spot America Atlanta’s location in Fayetteville will close permanently after its final day of operation on August 2, though it remains open until that date from 10 a.m. to 10 p.m. Additionally, season passes and gift cards will remain valid until the final day of operation at the Fayetteville location.

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While Fun Spot America is closing the Atlanta-area amusement park, its other locations in Orlando and Kissimmee, Florida, will remain open and those locations will honor season passes and gift cards.

The amusement park is best known for the ArieForce One Roller Coaster, which claims the title of being the largest zero-G stall in the country.

DISNEYLAND VISITORS FACE GROWING WAVE OF RIDE CLOSURES, SHOW SHUTDOWNS HEADING INTO SUMMER 2026

Fun Spot America Atlanta CEO John Arie Jr.

John Arie Jr., owner and CEO of Fun Spot America, stands in his “it’s huge” pose in the Orlando, Florida, attraction. He said the new coaster at the Atlanta location will also boost his Central Florida parks.  (Dewayne Bevil/Orlando Sentinel/Tribune News Service via Getty Images)

The ArieForce One features a 146-foot first drop at an 83-degree angle, with the ride reaching a top speed of 64 m.p.h., according to Fun Spot America.

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The ride has a height requirement of 48 inches and lasts about 100 seconds. Parkgoers can access the ride with a single day pass, or with a pay-as-you-go price of $12 per person, per ride.

ArieForce One reaches a maximum vertical G of 3.75, with a minimum vertical G of minus 1 and max lateral G of plus or minus 1.25 G.

SIX FLAGS TO SELL 7 AMUSEMENT PARKS IN DEAL WORTH MORE THAN $330M

Six Flags goers on a roller coaster

Fun Spot America’s other locations in Florida will remain open. (Hans Gutknecht/MediaNews Group/Los Angeles Daily News via Getty Images)

FOX Business reached out to Fun Spot America for comment.

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Fun Spot America CEO John Arie, Jr., previously told Amusement Today that the decision to close the Atlanta-area park “was an extremely difficult decision.”

“Our Atlanta team has poured their hearts into serving our guests and creating a place where families could have fun together. We are deeply grateful for their dedication and for the support we have received from the Fayetteville community,” Arie added.

MUSK COMPANY CHOSEN FOR UNDERGROUND TRANSIT SYSTEM FOR UNIVERSAL PARKS

ATLANTA, GEORGIA - MAY 15: In an aerial view, the midtown skyline is seen from Piedmont Park on May 15, 2024 in Atlanta, Georgia. Atlanta is one of the host cities for the 2026 World Cup. (Photo by Alex Slitz - FIFA/FIFA via Getty Images)

The Atlanta-area theme park’s final day will be Aug. 2. (Alex Slitz – FIFA/FIFA via Getty Images)

The outlet’s report noted that the company plans to work with its team members during the transition period and will support them with resources.

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Fun Spot America opened its first theme park in 1979 with its Orlando location.

The Atlanta-area location was previously known as Fun Junction USA, and was acquired by Fun Spot America in 2017.

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Harbor Emerging Markets Select ETF Q1 2026 Commentary (EMES)

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Calamos Market Neutral Income Fund Q1 2026 Commentary (Mutual Fund:CMNIX)

Harbor Capital is an asset manager focused on curating an intentionally select suite of active ETFs that they believe have the potential to produce compelling, risk-adjusted returns within a portfolio. Note: This account is not managed or monitored by Harbor Capital, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Harbor Capital’s official channels.

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Form 4 Ciena Corp For: 30 June

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Form 4 Ciena Corp For: 30 June

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Remote Work Is Making It Harder for Grads to Find (and Keep) Jobs

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Remote Work Is Making It Harder for Grads to Find (and Keep) Jobs

Remote Work Is Making It Harder for Grads to Find (and Keep) Jobs

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Money Box – Chair of the Banking Review and Winter Fuel Payments

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Money Box - Chair of the Banking Review and Winter Fuel Payments

Available for over a year

More than 15,000 people have responded to a Government review into access to banking services in just three weeks since it opened. The review comes after a decade which has seen almost 7,000 bank branches close, with hundreds more happening this year and some announced in just the past few days. Richard Lloyd, a former Director at the consumer group Which?, gives his first interview since being appointed to lead the review.

HMRC must “learn lessons” for the future after incorrectly suspending child benefit payments from thousands of claimants last year. That is the conclusion of a report published this week by the National Audit Office. The mistake happened during the wider roll out of a pilot scheme designed to cut some of the hundreds of millions of pounds estimated to be lost to fraud and error in child benefit claims each year.

People who are 66 today, born 27 June 1960, are the youngest people who will get the Winter Fuel Payment this year. Normally the qualifying date is three months later. How does the payment work?

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And, VAT has been cut on summer attractions used by children – from theme parks to fast food – what kind of discounts are there?

Presenter: Paul Lewis
Reporters: Sarah Rogers and Jo Krasner
Researcher: Catherine Lund
Editor: Jess Quayle
Senior News Editor: Sara Wadeson

(First broadcast at midday on Saturday 27th June, 2026)

Programme Website

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Cruise passengers ‘stranded’ after air con failure to be flown home

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A woman in a pink bikini lies on a deck chair covered in pink blankets, reads a magazine. there are pink towels, a tote bag and a radio next to her.

Cruise passengers left stranded in Budapest for two days during a heatwave after the ship’s air conditioning failed will now be flown home.

Multiple people booked on to a river cruise aboard the Skyla, operated by Tui, complained to the BBC’s Your Voice about a lack of information and said elderly passengers were struggling as temperatures in the city rose above 35C this week.

Tui has apologised and told passengers it has arranged flights home for tomorrow and a full refund.

Judith Dunn, 83, had paid £2,000 for the planned trip along the Danube River and told the BBC the heat on board was “absolutely stifling”.

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She was one of 146 people booked on the trip, which was meant to be a special treat for her and a friend.

It would have spanned Judith and her late husband’s 60th wedding anniversary and the 80th birthday of her friend, whose husband passed away a year ago.

She said it turned into a “nightmare”. Judith and other passengers arrived in the Hungarian capital on Monday lunchtime, but were brought to the ship only to be told the air con had broken.

Around 1930 local time, she said they were transferred to hotels and had to make their own arrangements for food.

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“We have since found out that the air con has been broken for a little while, in fact the people who were here last week on a cruise had to be in a hotel as well. So they did know about this, so we were a little bit upset by that.”

Europe has been in the grip of a heatwave, and temperatures are forecast to hit 39C in Budapest on Tuesday.

Passengers were today taken back onto the ship for lunch.

Another traveller, Melanie Roberts, praised the crew for ensuring there was plenty of water.

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But she said there were “a few people who are quite distressed with the situation”.

“There are some elderly people on here and people who are not as mobile as others.

“I think basically now we’re getting to… the stage where people just want to go home.”

In a statement, Tui River Cruises told the BBC it was “aware of a technical issue affecting the air conditioning on Tui Skyla following the extreme heat in Budapest, and we’re very sorry for the disruption this is causing to our customers’ holidays”.

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“The ship is currently in Budapest, where engineers and specialist teams are working to fix this as quickly as possible.”

Following the statement, a letter given to passengers, seen by the BBC, said more time was needed to fully fix the problem and the decision had been taken to cancel the cruise.

People affected will receive a full refund and £100 voucher as a gesture of goodwill.

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Why Sellas Remains A Strong Sell After Doubling In Price (NASDAQ:SLS)

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Why Sellas Remains A Strong Sell After Doubling In Price (NASDAQ:SLS)

This article was written by

MBA with a focus Healthcare and Technology sectors.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

This article is intended to provide informational content and should not be viewed as an exhaustive analysis of the featured company. It should not be interpreted as personalized investment advice with regard to “Buy/Sell/Hold/Short/Long” recommendations. Financial models presented here, including DCF, rNPV, and scenario analyses, are illustrative tools based on the author’s assumptions and are highly sensitive to inputs; small changes can materially alter outputs. The predictions and opinions presented reflect a probabilistic approach, not absolute certainty. Efforts have been made to ensure accuracy, but inadvertent errors may occur. Readers are advised to independently verify information and conduct their own research. Investing in stocks involves inherent volatility and risk. Before making any investment decisions, it is crucial for readers to conduct thorough research and assess their financial circumstances. The author is not liable for any financial losses incurred as a result of using or relying on the content of this article.

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