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‘Massive increase’ in cod prices

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'Massive increase' in cod prices

But even with changing menus, there has still been a deluge of chippies closing. At its peak around a century ago, there were approximately 35,000 fish and chip shops across the UK. There are now about 10,000, and industry leaders are concerned more could disappear as prices rise.

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Rupee rises 50 paise to 95.24 against US dollar post RBI policy decision

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Rupee rises 50 paise to 95.24 against US dollar post RBI policy decision
The rupee appreciated 50 paise to 95.24 against the US dollar on Friday after the RBI liberalised norms for FPI investment in government securities.

Forex traders said the announcements in the RBI policy boosted investor sentiments after the apex bank asserted that the country’s forex reserves provide sufficient buffer against external shocks.

At the interbank foreign exchange market, the rupee opened at 95.72, then touched 95.24 in intraday trade, registering a rise of 50 paise from its previous close.

On Thursday, the rupee rose 2 paise to settle at 95.74 against the US dollar.

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The Reserve Bank on Friday expectedly kept interest rates unchanged for the second time in a row as it weighed the impact of rising energy prices and supply disruptions caused by the West Asia crisis.


Announcing the second bi-monthly monetary policy for the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) has unanimously decided to retain short-term lending rate or repo rate at 5.25 per cent with a neutral stance.
Moreover, the RBI raised limit for investments by Non-Resident Indians, Overseas Citizens of India in equity instruments. Malhotra also said that the central bank’s policy on exchange rate remains unchanged and it does not target any specific rate/band for the rupee.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.40, higher by 0.01 per cent.

Brent crude, the global oil benchmark, was trading up 0.36 per cent at USD 95.37 per barrel in futures trade.

On the domestic equity market front, Sensex fell 142.06 points or 0.19 per cent to 74,217.95, while the Nifty was down 38.75 points or 0.17 per cent at 23,377.80.

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Foreign institutional investors offloaded equities worth Rs 4,447.06 crore on a net basis on Thursday, according to exchange data.

Meanwhile, RBI has lowered GDP growth projection to 6.6 per cent from 6.9 per cent earlier for the current fiscal and raised CPI inflation projection to 5.1 per cent for FY27, higher from earlier estimate of 4.6 per cent. PTI

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Julian Wright’s litigation funders liable for legal costs, court finds

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Julian Wright’s litigation funders liable for legal costs, court finds

A WA court has found Julian Wright’s litigation funders liable for sister Angela Bennett’s legal costs in the dispute between the mining empire heirs.

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Uklon to acquire Ukrainian e-scooter operator E-wings for $2.2m

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Uklon to acquire Ukrainian e-scooter operator E-wings for $2.2m

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The crisis of increasing numbers of young people neither wanting to work or learn

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The findings of an interim report on young people and work from former Labour minister Alan Milburn is both bleak and frightening for all of us.

Former health secretary Alan Milburn speaks to the media on the publication of the interim Milburn Report into Young People and Work, at West Library Youth Employment Hub, north London.

Former health secretary Alan Milburn speaks to the media on the publication of the interim Milburn Report into Young People and Work.(Image: Jeff Moore/PA Wire)

There are moments when a government report hits hard, not because it says something entirely new, but because it brings together what many have been seeing and saying for years and gives it the urgency it deserves.

The interim report on young people and work from former Labour minister Alan Milburn is one such document, and its findings are both bleak and frightening for all of us. Currently, nearly one million young people aged 16 to 24 in the UK are NEETs (not in education, employment or training), a figure so large that, if they formed a city, it would be two and a half times the size of Cardiff.

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More troubling still, this is no longer simply a story of youth unemployment in the traditional sense, where young people are looking for work but unable to find it. The deeper problem now is detachment, with a growing proportion of young people neither wanting to work nor learn, nor actively seeking a job.

That distinction matters because unemployment can fluctuate with the economic cycle, whereas inactivity is harder to shift. Once a young person falls out of education, employment and training, especially for health-related reasons, the evidence suggests they can remain detached for years, with the report saying that almost eight in ten young people who became health-related inactive between 2017 and 2019 were still NEETs more than two years later.

The most striking shift is the role of health, particularly mental health. In 2015, just over a quarter of NEET young people reported a work-limiting health condition, but ten years later that had risen to 44 per cent.

Among disabled young people who are NEET, mental health has become a defining issue, with anxiety, depression, neurodevelopmental conditions and wider distress increasingly shaping whether a young person can make the transition from school or college into work.

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This is not a soft excuse but a profound change in the conditions facing a generation that has grown up through austerity, a pandemic, social media saturation, insecure housing prospects and a labour market that often demands experience before it is willing to offer any.

Yet the report is careful not to place the blame on young people themselves, and one of its most important conclusions is that the caricature of a lazy or work-shy generation collapses when tested against the evidence. In a survey carried out for the review, 84% of NEET young people said they wanted to find a job, education or training, with many having applied for dozens of roles and heard nothing back.

However, they face automated recruitment systems, online portals, psychometric tests and entry-level jobs that somehow require prior experience. The old route of walking into a shop, speaking to a manager and being given a chance has been replaced by a colder, more remote hiring process.

The problem is that the UK lacks a coherent participation system for young people that is accountable for ensuring they move successfully from education into sustained employment or further learning.

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Schools are judged largely on exam results, colleges are funded on numbers, retention and completion, and welfare replaces income but does not always build capability. Everyone sees part of the young person, but too often nobody owns the whole journey.

For Wales, this report should be taken particularly seriously, as our own NEET figures are already deeply worrying. The latest statistics show that 17% of 16- to 24-year-olds in Wales are not in education, employment or training, higher than the UK average. That is not a marginal issue but one affecting one in six young people, a massive social and economic problem, and, if we are honest, a failure of national ambition.

The Welsh dimension is complicated because responsibility is divided. Whilst education, health, social care, Careers Wales and local welfare assistance are devolved, social security, the National Minimum Wage and Jobcentre Plus remain largely reserved to Westminster, with employment support sitting awkwardly between the two governments.

This means that a young person at risk of becoming NEET in Wales may pass through school, college, Careers Wales, a local authority, the NHS, a Welsh Government employability programme, DWP, Jobcentre Plus and the voluntary sector. As a result, no single body is ultimately accountable for whether that young person gets into work, training or further education and stays there.

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Worst still, nothing will change if we have individual programmes, however well-intentioned, operating as separate interventions rather than as part of a single participation system.

The economic consequences are clear, and as we all know, Wales already faces long-standing challenges in productivity, inactivity, skills and income. So, if we are serious about building stronger sectors such as advanced manufacturing, energy and tourism, we cannot afford to allow such a large share of the next generation to drift out of the labour market before their adult lives have properly begun.

So what should Wales do? First, we need to start earlier, as the warning signs are as clear as day – persistent absence, low attainment, additional learning needs, family poverty, caring responsibilities, poor mental health and limited exposure to work – yet little is done to address them properly.

Second, we need a far stronger bridge between school, college and work, with proper work experience, employer engagement and vocational pathways treated as central to education rather than peripheral extras. Third, mental health support must be linked to participation, not simply diagnosis and waiting lists and the question should not only be “what is wrong?” but “what support would help this young person take the next step?”

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Above all, Wales needs a national youth participation strategy that is owned across government, local authorities, colleges, schools, health boards, employers and the voluntary sector, with one clear test of success: are more young people moving into sustained work, training or education?

Indeed, the real challenge is not that young people have given up on work, but that, too often, the system has given up on them, and for Wales, that should be when the findings of this impactful report turn into real action.

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Marketing firm The Genius Group tops list of North West’s fastest-growing companies

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The Sunday Times 100 list of Britain’s fastest-growing private businesses includes lead generation specialist TGG as well as fashion brands

Chris Niebel, Founder and CEO at The Genius Group (TGG)

Chris Niebel, founder and CEO at The Genius Group (TGG)(Image: TGG)

A Greater Manchester marketing and lead generation specialist has been named as the North West’s fastest-growing private company.

TGG, based in Altrincham and trading as The Genius Group, has been named the third-fastest growing company in the UK in the Sunday Times 100 list of Britain’s fastest-growing private businesses. It’s also the highest North West entry. The company reported an average annual growth of 269.94% over the last three years, and made £210.5m in sales in 2025.

Digital and creative marketing firm TGG was founded by Chris Niebel, 41, and Mark Shephard, 60, in 2017. It has seen huge growth in its work generating leads for law firms that specialise in claims for mis-sold products such as motor finance, running campaigns on platforms such as TikTok and Facebook, while its Valid8 business specialises in checking applicants’ IDs, credit files and car finance history.

Fashion and sportswear brands are also well represented in the Sunday Times 100 ’s North West list. Manchester fashion retailer Murci is ranked second, followed by Wilmslow’s Run North West and Liverpool’s Montirex.

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The list is published today online at thesundaytimes.com/100 and available as a supplement with the print edition of the newspaper this Sunday, June 7.

Chris Niebel, founder and CEO at TGG, said: “We’ve achieved this growth by consistently looking for opportunities others have overlooked and by creating genuine value for both consumers and our partners.

“I always believed we could build something significant. What I couldn’t have predicted was the incredible team, partners and technology that would help us achieve that vision.

“As someone who comes from a working-class background, I’ve always believed that success should be shared. We work hard to create an environment where people genuinely enjoy coming to work and feel part of something bigger. Whether that’s through employee experiences, team events, access to our Co-op Live suite, Old Trafford hospitality, personal development opportunities or other staff benefits, we want our people to feel valued for the contribution they make.

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“Giving back has also become an important part of who we are as a business. My wife, Roxsan, leads many of the charitable initiatives we support and together we’ve helped raise and donate hundreds of thousands of pounds to causes that are close to our hearts.

“I’m particularly proud that we’ve built this business in Altrincham – we believe businesses have a responsibility not only to create commercial success but also to make a positive impact on the communities around them.

“Being recognised by The Sunday Times as one of Britain’s fastest-growing private companies is a huge honour, not just for what we’ve achieved as a company, but for what we’ve achieved as a team.

The Genius Group (TGG) moved in 2025 to its headquarters at Foundation on George Street, Altrincham

The Genius Group (TGG) moved in 2025 to its headquarters at Foundation in Altrincham(Image: TGG)

“Our focus has never been on volume alone; it’s been on delivering measurable outcomes and building long-term trust.”

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The North West is the most successful region outside London, with 14 firms in the top 100. Some 45 of the firms are based in London, with 10 in the South East, eight each in the East of England and the Midlands, five in Yorkshire and the Humber, four in Wales, three in the southwest, two in Scotland and one in the North East.

A record 33 firms of the 100 firms nationally have female founders or CEOs, including Michelle Laithwaite of FuelHub and Megan Rossi of Bio&Me.

Some 72 of the top 100 firms were founded in 2015 or later. The oldest firm is Leeds-based Wilson Power Solutions, which was founded in 1946 and is now in its third generation. The list’s youngest companies were founded in 2022 – including the top-ranked firm, podcast producer Goalhanger.

Jon Yeomans, business editor of The Sunday Times, said: “Celebrating five years of The Sunday Times 100 shows the amazing variety of British businesses, led this year by the media producer Goalhanger taking the number one spot. The biggest trend over the last five years is the rise of consumer brands, with food, drink, fashion, and beauty companies now making up nearly half the list.

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“Several businesses who have featured in the past, such as Huel and Applied Nutrition, have continued to grow and find huge success, from launching on the stock market to being bought out by global giants.”

Mohammad Kamal Syed, head of Private Bank and Wealth Management UK and Crown Dependencies at Barclays, said: “Britain’s fastest-growing private companies are built by founders with ambition, resilience, and a clear vision for the future. As founders scale, achieving the right outcome is about more than value – it’s about securing the long-term success of the business and its people.”

He added: “Our continued support for The Sunday Times 100 reflects our commitment to backing Britain’s entrepreneurial businesses at every stage of their growth and celebrating the innovation and impact that they bring to the UK economy.”

The top 14 firms in the North West

1 TGG

Description: Legal claims services

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HQ location: Altrincham

Annual sales growth over three years: 269.94%

Latest sales: £210.5m*

2 Murci

Description: Fashion retailer

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HQ location: Manchester

Annual sales growth over three years: 140.34%

Latest sales: £9.3m*

3 Run North West

Description: Running shoes retailer

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HQ location: Wilmslow

Annual sales growth over three years: 139.48%

Latest sales: £11.4m*

4 Montirex

Description: Sportswear brand

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HQ location: Liverpool

Annual sales growth over three years: 103.95%

Latest sales: £129.8m*

5 CAPO

Description: Fashion brand

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HQ location: Accrington

Annual sales growth over three years: 99.44%

Latest sales: £14.2m*

6 P. Louise

Description: Beauty products retailer

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HQ location: Stockport

Annual sales growth over three years: 98.84%

Latest sales: £111.0m*

7 FuelHub

Description: Meal delivery service

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HQ location: Warrington

Annual sales growth over three years: 98.69%

Latest sales: £6.4m*

8 Just Bee Honey

Description: Honey manufacturer

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HQ location: Manchester

Annual sales growth over three years: 78.89%

Latest sales: £9.4m*

9 Bio&Me

Description: Food brand

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HQ location: Chester

Annual sales growth over three years: 77.44%

Latest sales: £15.9m*

10 FutureMeds

Description: Clinical trial site management

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HQ location: Liverpool

Annual sales growth over three years: 73.37%

Latest sales: £37.6m*

11 Claimsline Group

Description: Claims handler

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HQ location: Manchester

Annual sales growth over three years: 72.04%

Latest sales: £21.6m*

12 Car.co.uk

Description: Low value car marketplace

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HQ location: Preston

Annual sales growth over three years: 62.51%

Latest sales: £26.6m*

13 Think Hire

Description: Temporary energy provider

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HQ location: Oldham

Annual sales growth over three years: 54.54%

Latest sales: £15.1m*

14 Adanola

Description: Fashion brand

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HQ location: Manchester

Annual sales growth over three years: 54.48%

Latest sales: £102.7m

*Figures supplied by company to the Times

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UK house prices flat as Middle East uncertainty weighs, Halifax says

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UK house prices flat as Middle East uncertainty weighs, Halifax says

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CG Power’s growth momentum strong, but valuation comfort missing: Sandip Sabharwal

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CG Power's growth momentum strong, but valuation comfort missing: Sandip Sabharwal
New capacity additions at CG Power reinforce growth prospects in the power equipment space, but soaring valuations across the sector leave little room for fresh investors, says market expert Sandip Sabharwal.

CG Power continues to strengthen its manufacturing footprint, with the company recently inaugurating its S3 unit in Nashik. The expansion is expected to double switchgear production capacity from 9,000 units to 18,000 units, marking another milestone for a company that has emerged as one of the market’s biggest multibaggers over the past five to six years.

While the capacity expansion underscores strong demand trends in the power equipment segment, Sandip Sabharwal believes investors need to look beyond the headline growth story and focus on valuations.

“The new capacity is for switchgear, which is just a part of their business. Overall, CG Power has been doing well, and both the key business segments of the company have been firing,” Sabharwal said.

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However, he cautioned that companies such as CG Power, Hitachi Energy and GE Vernova have witnessed a significant rerating, pushing valuations well beyond traditional measures of fair value.


“The key challenge in buying many of these companies, which include something like CG Power, Hitachi Energy, or GE Vernova, is that their valuations have run way ahead of any sort of fair value you can ascribe to these companies. All these companies are trading at price-earning ratios much above 100 times, with sort of blue-sky projections of earnings growth for the next few years, which many analysts are justifying to give buy recommendations at these prices,” he said.
Sabharwal added that investors who entered these stocks at lower levels have little reason to exit, but fresh buying at current valuations may not be prudent.”So, I would say that all these companies, including CG Power, are at a stage where, for someone who holds them, who bought them early enough and holds them, and some of these stocks we also hold from earlier levels, there is no reason to sell. But at these price levels, I would not venture out to buy these companies.”

Power Equipment Stocks Already Pricing In Future Growth
The sharp rally in transmission and distribution (T&D) stocks has sparked debate over whether the market is fully appreciating the scale of infrastructure investments expected over the next few years.

Sabharwal disagrees with the view that the market is underestimating the opportunity.

“So, I do not think the street is behind the curve because the valuations more than reflect whatever is going to come in the future. I would say the street is rather ahead of the curve, where the valuations being ascribed to these companies are not justifiable under any sort of growth projections,” he said.

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According to him, current stock prices imply extraordinarily high earnings growth assumptions over a prolonged period.

“For these valuations to be justified, these companies need to grow earnings by 50-60% for the next 10 years consecutively, which is very tough. The next couple of years might still see decent growth, but beyond that, the growth obviously will slow down.”

He reiterated that existing shareholders can continue holding these stocks, but new investors should wait for meaningful corrections before considering entry.

Wockhardt‘s Zaynich Approval Excites Markets, But Near-Term Upside May Be Limited
Pharmaceutical major Wockhardt has been one of the standout performers in recent weeks following excitement around the approval of its antibiotic candidate, Zaynich.

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While acknowledging the significance of the development, Sabharwal believes the market may have become overly optimistic about the immediate commercial opportunity.

“So, the market got excited because of the approval, which obviously it should have because it is a great achievement. The scale-up, the pace of the scale-up, and the extent of opportunity initially could have been misunderstood,” he said.

He noted that while the long-term potential remains substantial, commercialization and market development will take time.

“Longer term, obviously, the opportunity is there, but it will take time for the market to build up, and many short-term investors could lose patience in the near term also.”

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Sabharwal maintained that the stock’s recent rally has already factored in much of the near-term benefit from the approval.

“My view was that it more than factors in whatever has happened for the near term. The near term could be the next three to six months. It will be very tough for the stock to move up further immediately just based on this product approval.”

He expects the stock to consolidate before any fresh upside emerges, depending on the product’s commercial success and subsequent developments.

Airline Route Cuts Reflect Industry Pressures
The aviation sector is also facing challenges as airlines scale back certain international operations amid elevated fuel costs and weak seasonal demand.

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Sabharwal pointed out that the industry is entering a traditionally softer travel period during July and August, making route rationalization a practical response to prevailing conditions.

“So, in any case, we enter a lean season of travel in July and August, and in this period, given the high fuel prices and the fact that the routes tend to be competitive on pricing, many of these companies are cutting down on these operations.”

While the development is not positive for the industry in the short term, he believes stronger players are likely to emerge with enhanced competitive positioning.

“So, it obviously is not a positive development by any standard of imagination, but tougher times make the stronger companies stronger.”

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Sabharwal highlighted InterGlobe Aviation, the parent of IndiGo, as one of the beneficiaries of this trend due to its strong balance sheet and substantial cash reserves.

“What this actually does is that, given their huge cash reserves and resilience of the balance sheet, this actually makes InterGlobe Aviation stronger for the long run.”

He added that while the stock may remain volatile amid fluctuations in crude oil prices and geopolitical developments in the Middle East, the company’s long-term outlook remains favourable.

“The stock will keep on being volatile, moving up and down based on how the underlying crude prices are moving and tracking the Middle East conflict, but the longer-term prospects will remain strong.”

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Australian shares drop as metals prices weigh on miners

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Australian shares drop as metals prices weigh on miners

Australia’s share market has ended the session and the week lower as softening commodity prices and stalled Persian Gulf peace talks dent investor sentiment.

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Engineering group CPM bought by German lift specialists Langer + Laumann

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Transaction advised on by Brabners Deal Advisory

Manchester-based engineering group Complete Plant Maintenance Engineering (CPM) has been acquired by German engineering specialist Langer + Laumann

CPM has been acquired by German engineering specialist Langer + Laumann(Image: Brabners)

Trafford Park engineering group CPM has been acquired by German group Langer + Laumann (L+L) in a move that will create a Europe-wide specialist in lift and elevator repair and maintenance.

L+L, backed by Nordic private equity investor Norvestor, has taken a majority stake in Complete Plant Maintenance Engineering (CPM), whose subsidiaries include Northern Drives & Controls (NDC), NDC Inc, NDC Deutschland & NDC Spain.

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CPM serves an international client base, with key focuses including elevators and solar panels. Its services include 24/7 electro-mechanical repair, replacement and maintenance services for specialist electronic drive systems.

L+L, based in Steinfurt near the Dutch border, focuses on elevator aftercare including elevator door drives and control unit kits for repair, modernisation and maintenance.

The combined group will have revenues of some €40m and will offer “a one-stop offering for the modernisation, repair and maintenance of critical elevator systems”.

CPM’s co-owners David and Jordan Griffin will continue to lead the business alongside Norvestor and L+L management, and have reinvested into the combined group.

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David Griffin, founder and managing director at CPM, said: “We started CPM in 1993 with a clear focus on responsive, around-the-clock engineering support, and that’s still what defines the business today. Joining Langer + Laumann is a natural next step – it gives us access to a broader technical capability and a stronger European platform, while preserving the service-led culture our team and our customers value.

“Selling a business you’ve built from the ground up is never a small decision, but we couldn’t have asked for a better partner to take it forward. Jordan and I are reinvesting because we genuinely believe the best chapter is still ahead.”

Brabners Deal Advisory led on M&A advice for CPM’s shareholders, with head of deal advisory Paula McGrath and Nicole Turton negotiating the deal’s price, structure and heads of terms. The team also managed the due diligence process.

Brabners’ corporate legal team, led by partner Daniel Hayhurst and Emma Norman-Jones, advised on the disposal and shareholders’ reinvestment into the combined group, working alongside German law firm, Noerr Partnerschaftsgesellschaft mbB.

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CPM has a long relationship with Brabners, with the law firm’s partner David Maples working on the firm’s original management buyout in 1993.

Paula McGrath, principal, and head of Brabners Deal Advisory, said: “CPM is exactly the kind of business European private equity is hunting for right now: a reliable, founder-led industrial with international reach, recurring service revenues and genuine technical depth.

“We’ve worked with David and the CPM team since the original MBO, so we came into the sale process with a deep understanding of the business and what made it attractive to international buyers. That continuity helped us move quickly through what was a complex, cross-border transaction and protect what mattered most to the shareholders. We look forward to watching the business’ continued development under its new structure.”

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Raspberry Pi stock surges 20% on upgraded 2026 profit outlook

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Raspberry Pi stock surges 20% on upgraded 2026 profit outlook

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