The cities were twinned in 2001 and recently celebrated their economic and business ties

Bristol is planning to bolster its trading relationship with China’s Guangzhou as the two cities mark 25 years of twinning. A delegation from the Chinese port city, which is based to the north west of Hong Kong on the bank of the Pearl River, visited the West of England to celebrate the economic ties between the two locations.

The five-strong group from Guangzhou’s municipal government spent three days in London before travelling to Bristol to meet members of the city’s business, political and academic community.

Also present was Peter Insole, principal historic environment officer and urban design team manager at Bristol City Council, who created the Bristol history mapping resource Know Your Place.

The visit – organised by Bristol & West of England China Bureau – involved visits to the Clifton Suspension Bridge; Ashton Court; Wong’s Restaurant, on Denmark Street; and the Guangzhou Garden at the University of Bristol’s Botanic Garden.

During the visit, Wen Yanji, deputy secretary-general of Guangzhou municipal government, proposed increased cooperation with Bristol across economic and trade activity, education and urban governance.

“This year marks the 25th anniversary of the sister-city relationship between Guangzhou and Bristol,” he said.

“Over the past quarter of a century, our two cities have advanced hand in hand, witnessed each other’s development and forged a deep and enduring friendship.

“From trade and business to people-to-people exchanges, from educational cooperation to urban governance, our collaboration has delivered fruitful results and stands as a fine example of local cooperation between China and the UK.”

Councillor Yassin Mohamud, Lord Mayor of Bristol, said: “As we mark this anniversary year, we do so with pride in what we have achieved together, and with confidence in what the future holds.

“Bristol values its friendship with Guangzhou deeply, and we look forward to continuing this partnership for many years to come.”

Dianne Francombe, chief executive of Bristol & West of England China Bureau, added: “We look forward to the next 25 years of engagement with Guangzhou and our partners in the Greater Bay area.”

Project was called ‘recipe for disaster’ by local councillor

Controversial plans to build 660 homes and a 60-bed care home in the open countryside at Wistaston have been narrowly approved despite being branded ‘a recipe for disaster’ by a ward councillor.

The development, which also includes a neighbourhood centre, is earmarked for a 44-hectare site to the east of Middlewich Road and will be accessed by a new three-arm roundabout on Wistaston Green Road.

About 120 residents objected to the proposal and were backed at yesterday’s (Wednesday) strategic planning board meeting (SPB) by ward councillors Margaret Simon (Con) and Alan Coiley (Lab) as visiting members.

Cllr Simon told the meeting: “660 homes accessed from a new roundabout on an already over-used, narrow country land which is prone to flooding is a recipe for disaster.”

She added: “Because of its location this development would not, as stated [by the applicant] enhance the regeneration of Crewe, its new residents would gravitate towards Nantwich for both schools and shopping.”

Cllr Coiley raised concerns about highways, including the need to reduce the speed limit to 20mph, the impact on wildlife and the need for any money from the developer to be spent in Wistaston.

David Diggle, the planning agent representing The Harworth Group, told the SPB: “Cheshire East currently has a significant shortfall in deliverable housing land, and this creates an urgent need to approve sustainable housing proposals now.”

He said the scheme included 198 affordable homes, significant highways and active travel improvements and more than 20 hectares of green infrastructure.

But his later response to questions about sustainability left Crewe councillor Marilyn Houston ‘flabbergasted’.

She asked what research had been done to suggest people in the new development on the edge of Wistaston and close to Nantwich would go to Crewe.

“On what planet would anybody think that someone would rent a bike and cycle to Crewe?” she asked.

Cllr Houston (Lab) also raised highways concerns saying: “I think that the access is going to be very, very problematic.

“I’m even minded to defer, if it possibly could be, to look at the build-up of traffic on Wistaston Green Road, and the very obvious need for a widening of that road.”

But the Crewe councillor said because the council doesn’t have a five-year housing land supply ‘it is very difficult for us to look at opposing an application like this’.

“I think previously we would have wanted to, because of the green gap and the loss of agricultural land etc, so I find myself in a very difficult situation,” she said.

Prestbury councillor Thelma Jackson (Con) said the development shouldn’t be built on farmland, ‘which is so important to our lives’.

She added: “There are so many brownfield sites that need doing, but it’s more expensive, so they don’t do it. It’s easier to dig a hole in a green field.”

The application had been recommended for approval by planning officers, and head of planning David Malcolm said he sensed reluctance from councillors to move approval.

“I appreciate the concerns… it’s really difficult for members, and residents particularly, who are having to endure these applications on their doorsteps, but government policy is absolutely clear at the moment, in terms of the drive for housing,” said Mr Malcolm.

Cllr Houston moved the outline application be approved, subject to conditions, and this was seconded by Crewe councillor Ben Wye (Lab).

The vote was tied, with four councillors voting for approval, four against and one abstaining.

The application was approved on the casting vote of acting SPB chair, Cllr Garnet Marshall.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Red Lobster is closing its Times Square restaurant after more than two decades in one of the world’s busiest tourist destinations.

The restaurant, located at 5 Times Square, is scheduled to close June 14, ending a high-profile presence the seafood chain has maintained in the heart of Manhattan since 2003.

“Times Square has been an important chapter in Red Lobster’s history, and this was a difficult decision,” the company said in a statement.

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Red Lobster said extensive and prolonged construction at the building has significantly impacted access, visibility and foot traffic at the restaurant. The company also cited the property’s planned conversion to residential use, saying continued operations at the location were no longer viable.

“We are grateful to the team members and guests who have made this restaurant special over the years,” the company said.

The closure comes as Red Lobster continues efforts to rebuild the business after emerging from Chapter 11 bankruptcy protection in 2024. The seafood chain filed for bankruptcy in May of that year after closing dozens of restaurants nationwide amid mounting financial pressures.

A bankruptcy court later approved the company’s reorganization plan, allowing Red Lobster to exit Chapter 11 under new ownership backed by Fortress Investment Group. At the time, the company said it would continue operating as an independent company with 544 locations across 44 states and four Canadian provinces.

RED LOBSTER CLEARED TO EXIT CHAPTER 11 BANKRUPTCY PROTECTION

As part of the restructuring, RL Investor Holdings LLC, an entity backed by Fortress Investment Group, acquired the company. Damola Adamolekun took over as CEO following the reorganization and has led efforts to revive the iconic seafood chain.

Red Lobster has not indicated that the Times Square closure is part of a broader round of restaurant shutdowns. 

RED LOBSTER CONSIDERING MORE RESTAURANT CLOSURES, CEO SAYS

The Times Square restaurant has occupied a prominent corner location at 41st Street and Seventh Avenue since 2003, serving tourists and theatergoers visiting the area. 

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Red Lobster said all affected employees will be offered the opportunity to transfer to another company location and will receive additional pay to support them through the transition.

Legal firm Knights advised Cardo on its latest acquisition

Cardiff-based building and maintenance contractor Cardo Group has further expanded with the acquisition of Merthyr electrical and engineering firm EFS Systems.

Legal firm Knights, through its Cardiff office, acted for Cardo on the deal, the value of which has not been disclosed.

EFS is an established contractor delivering commercial, industrial and renewable energy projects. Its capabilities include electrical design, installation, inspection, testing and maintenance, together with fire and security systems, data and networking, solar panels and electric vehicle charging solutions.

The acquisition is strategically aligned with Cardo Group’s existing maintenance, compliance, retrofit and decarbonisation offering, while adding further capability in electrical services and energy-efficient technologies.

Liam Bevan, chief executive of Cardo Group, said: “We’re really pleased to welcome the EFS Systems team into Cardo Group. Their track record of high-quality, people-focused services aligns closely with how we approach our work.

“Rob and the EFS Systems team have been trusted partners of mine for over 10 years, and we’ve worked closely with them on projects for a wide range of clients during that time.

“This acquisition strengthens our ability to deliver integrated services for our clients, while continuing to grow our presence in key regions. Just as importantly, it brings in a team with the right values and expertise to support our long-term ambitions.”

A specialist team of legal advisors at regional legal and professional services business, Knights, advised Cardo Group on the acquisition. The multi-disciplinary team was led by corporate partner Emma Borrington, supported by Elizabeth Hill and Edmund Anya in corporate, Sarah Luxmoore in employment, Krystal Gibbins in real estate, Steve Webb in construction and Sarah Cardew in corporate tax.

Corporate partner with Knights, Emma Borrington, said:“We were delighted to support Cardo Group on this acquisition. EFS Systems is a well-regarded business with strong technical capability, and the transaction is closely aligned with Cardo’s strategic objectives.

“It has been a pleasure to work alongside Liam, Alex Crewe and the wider Cardo team on another important transaction, and to support the business as it continues to invest in complementary specialist capabilities.

“We wish everyone at Cardo Group and EFS Systems every success as they take this next step together.”

The company is turning its fortunes around after a ‘difficult’ period

A Devon-based agricultural supply business founded 66 years ago has returned to profit after two “difficult” years. Mole Valley Farmers was established in 1960 by a group of farmers in South Molton who joined together to form an agricultural buying group.

The company, which now employs more than 1,700 staff and has 9,000 farmer shareholders, sells a range of goods including livestock feed, animal health products and pet supplies direct to farmers and the general public online and in its 48 stores.

In its latest set of results filed on Companies House, Mole Valley Farmers reported turnover of £555.7m for the year ended September 2025 – marginally down from £558.8m a year earlier. But the business returned to a group operating profit of £500,000 – an improvement of some £5.8m on the year before.

“After two consecutive years of substantial losses, it is deeply encouraging to report a return to a modest level of operating profit,” chief executive Jack Cordery said in a statement.

“This financial recovery, although only one step on a longer journey toward sustainable profitability, illustrates that the strategic adjustments implemented at every level of the organisation are taking effect.”

Mr Cordery said a “rigorous focus” on cost contral and operational efficiency had been central to Mole Valley’s performance over the last year.

“Following a period in which inflationary pressures, labour cost increases and volatile commodity markets created considerable headwinds, we undertook a comprehensive review of expenditure and internal processes.

“Through tighter financial discipline, improved stock management and targeted productivity measures, we have successfully reduced our operating cost base whilst maintaining strong service standards for farmer shareholders and customers.”

In its financial report, Mole Valley said it had reduced its operating costs by £3.7m in “a climate of increasing inflationary pressures. It added that greater working capital and debt reduction had also allowed the business to mull investment opportunities.

The company said it was looking to make “significant investments” over the financial year at its mills at Huntworth and Dorchester.

“We have seen a considerable turnaround from the previous year, despite plenty of head winds,” said chair Stephen Bones.

“We are clear that there is still much to do to ensure real business stability and resilience.”

He added: “In the current budget year, we are seeing sales and revenue growth and a continued focus on cost of sales. The business is now more resilient, better able to withstand external pressures and well positioned to invest in areas that support long-term value creation.”

Last year, Mole Valley Farmers agreed a deal with Plymouth port Cattedown Wharves, which saw it take over use of the quay-side storage facilities and collaborate to manage incoming cargoes.

The long wait for the NSE public listing appears to be entering its final stretch. The exchange recently confirmed that it expects to file its draft red herring prospectus (DRHP) by the second week of June, putting the country’s most anticipated IPO one step closer to reality.

The update has once again sparked interest in NSE’s unlisted shares, which continue to change hands actively in the private market. With the DRHP now less than two weeks away, investors may want to know does it still make sense to buy NSE shares before the IPO?

The answer from analysts is nuanced. Most experts agree that NSE remains one of India’s strongest financial franchises. However, they also caution that investors should not treat the approaching IPO as an automatic opportunity for quick gains.

NSE currently trades in the unlisted market at around Rs 1,950-2,050 per share, implying a valuation of roughly Rs 5 lakh crore. That valuation already reflects significant optimism around the company’s eventual listing.

“NSE is clearly one of India’s strongest capital-market franchises and remains one of the most awaited IPO candidates. However, investors looking to buy unlisted shares purely because the DRHP filing is close should exercise caution,” said Paresh Bhagat, CIO of Veer Growth Fund and chairman of Mangal Keshav.

“The business quality is not in question. The key risk is valuation and entry price.” Bhagat noted that based on FY26 profit after tax of around Rs 10,300 crore, the exchange is already valued at nearly 48-50 times earnings.
While NSE enjoys dominant market share, strong profitability and significant cash generation, he believes much of that strength is already reflected in current unlisted market prices. One of the biggest assumptions among investors is that buying shares before the IPO guarantees a profit once the company lists. Analysts say that assumption may not always hold true.The eventual IPO pricing remains unknown. In many large public offerings, companies deliberately leave room for public market investors by pricing the issue below prevailing unlisted market valuations.

If that happens, investors entering NSE at current unlisted prices could face limited upside or even temporary mark-to-market losses. “The pre-IPO window should not be seen as a guaranteed arbitrage opportunity,” Bhagat said. “If the IPO is priced more reasonably for public-market investors, the gap versus current unlisted prices could be meaningful.”

Others echo the same concern. “I would avoid buying NSE unlisted shares purely on the expectation of the upcoming DRHP filing,” said Arpit Jain, Joint Managing Director at Arihant Capital Markets.

“While the filing could be an important milestone in the IPO journey, a significant portion of the optimism around the listing is already reflected in the current unlisted market price.” Jain pointed to several high-profile IPOs in recent years where strong excitement before listing did not necessarily translate into exceptional post-listing returns.

He said investors should focus on valuation, offer pricing, market conditions and the final IPO structure rather than rushing to buy shares simply because the DRHP is approaching.

At the same time, few analysts dispute the quality of the underlying business. NSE remains India’s largest stock exchange and dominates equity derivatives trading. The exchange reported total income of Rs 18,713 crore and consolidated net profit of Rs 10,302 crore in FY26.

Its capital-light business model, strong cash flows and dominant market position have made it one of the most sought-after names in the unlisted market.

According to Nitant Darekar, Research Analyst at Bonanza, NSE currently trades at around 45 times FY26 earnings, based on earnings per share of Rs 41.62. While that valuation is not cheap, it remains below some listed peers.

“NSE remains a capital-light near-monopoly,” Darekar said. “At around Rs 1,950-2,170 in the unlisted market, it trades near 45x FY26 earnings. That’s rich, but below BSE at around 70x and MCX at around 80x.”

Darekar added that the recent settlement of the long-running co-location case has removed a major overhang on the IPO process. However, he cautioned that the exchange’s earnings remain linked to derivatives trading activity, which can be volatile, especially after regulatory changes in the futures and options segment.

He also highlighted another practical consideration for investors. “The urgency is real. Post-DRHP, fresh unlisted purchases face a one-year lock-in. But valuation, not the calendar, should drive the decision.”

That point is particularly important because many retail investors view the narrowing pre-IPO window as a reason to buy immediately.

Ishan Tanna, Senior Associate at Ashika Capital, said history suggests otherwise. “Historically, buying unlisted shares very close to the IPO stage has not always offered the best risk-reward for investors,” he said.

“In many cases, the biggest gains are made when IPO visibility is low and uncertainty is high. Once the DRHP gets filed and listing draws closer, valuations often become expensive as the IPO excitement premium starts getting priced in.”

Tanna said NSE remains a rare financial infrastructure asset with strong profitability and a dominant position in Indian capital markets, making it attractive for long-term investors.

However, investors chasing quick listing gains should recognise that late-stage entry into pre-IPO stories often carries greater risks than many assume.

For now, the consensus among market experts is that NSE remains one of India’s highest-quality businesses and its IPO will likely attract enormous investor interest. But with the stock already trading at elevated valuations in the unlisted market, investors may need to focus less on the countdown to the DRHP and more on whether the current price adequately compensates them for the risks ahead.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)