Connect with us

Money

Four checks to make NOW as clocks go back this weekend including heating and hot water – or risk extra costs

Published

on

Four checks to make NOW as clocks go back this weekend including heating and hot water – or risk extra costs

HOUSEHOLDS across the UK will get an extra hour in bed this weekend when the clocks change.

They will go back one hour at 2am on October 27, the last Sunday of the month, signalling the end of daylight saving time.

You will want to make four checks ahead of clocks changing this weekend

1

You will want to make four checks ahead of clocks changing this weekendCredit: PA

The change means mornings will be brighter but sunset will come an hour earlier as darker nights draw in.

Advertisement

Most people own some kind of smart tech like a phone or laptop which should update automatically early on Sunday morning.

But there are some devices you may need to adjust manually like any analogue clocks or cookers.

To help you get ahead of the clocks changing, here are four things you should do now to ensure you’re not caught out.

Change your clocks

Any analogue clocks will need to be pushed forward an hour.

Advertisement

If you don’t, any alarms you’ve set will go off an hour later which could make you late for work or any social plans.

Some alarm clocks are radio-controlled and automatically adjust their time and date, so check whether yours is or not before Sunday.

James Longley, managing director at Utility Bidder, said: “There are some cases where you will need to change the clocks manually.

“In the kitchen, you’ll have to take a look at your microwave and oven to update the time.

Advertisement

“Each appliance is different, but ordinarily, if your microwave has a clock button you will need to press it down for a few seconds and set a new time once you hear a beep.

Simple energy saving tips

“Similarly with ovens, a clock feature with up and down buttons should be standard on newer versions.”

Central heating and hot water

With the nights getting colder, you’ll want to make sure all your central heating systems are operating on the right time.

Smart tech will update automatically, but make sure you adjust anything analogue.

Advertisement

Fail to do this, and any timings you have in place to turn your central heating on and off could be wrong meaning you use heating or hot water when you don’t need it.

James, from Utility Bidder, explained: “Smart meters and thermostats should automatically adjust from British Summer Time to Greenwich Mean Time.

“But this may not be the case for older central heating systems, so be sure to check this so you aren’t wasting unnecessary energy from heating.”

When it comes to setting your heating at the right temperature, James said having it set at a minimum of 18 degrees Celsius should be enough to keep you warm.

Advertisement

“The World Health Organization recommends heating the home at around 18 degrees to maintain good health and a positive sleep routine.

“However, for the young, old or those who are unwell, 20 degrees Celsius is considered to be more appropriate.”

Why do the clocks change?

Clocks change twice a year, in Spring and Autumn, but why?

Advertisement

The concept of changing the clocks first arrived in Britain in 1907, when William Willett, the great-great-grandfather of Coldplay lead singer Chris Martin, self-published a pamphlet called “The Waste of Daylight”.

A year after Willett’s death, in 1916, Germany became the first country to adopt daylight saving time.

The UK did the same a few weeks later, along with other nations involved in the First World War.

British Double Summer Time was temporarily introduced during the Second World War, with clocks kept one hour in advance of Greenwich Mean Time to increase productivity.

Advertisement

Since the war, Britain has operated under British Summer Time except for between 1968 and 1971 when the clocks went forward but were not put back.

Getting the timing right for central heating systems means you’ll avoid paying to heat your home at the wrong time, which coudl add to bills.

Adjust smart lights and plugs

Anyone with automatic smart lights may need to manually adjust the time they’re set to come on.

If yours are connected to your phone then don’t worry as they should change automatically.

Advertisement

That said, you may still want to adjust the time they actually come on with the mornings turning lighter earlier.

The same rule applies to smart plugs that may be set up to turn lamps or other lights on at certain times of the day.

Having the lights come on when there’s still sunlight would be a waste of energy and money.

Review your finances

The clocks changing can be a great time to go over your finances ahead of the busy and expensive Christmas period.

Advertisement

Look over your bank statements or any credit card bills and work out where you could be saving money.

Use the time to make a budget for the festive period too, otherwise expenses can quickly grow out of control.

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

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

Advertisement

Source link

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Money

College leaver career schemes offer leg-up amid tough competition for graduate roles

Published

on

College leaver career schemes offer leg-up amid tough competition for graduate roles

NATIONAL Graduate Week kicks off on Monday – and is the most popular time for employers to open applications for prestigious jobs for those fresh out of university.

With around 800,000 students leaving higher education annually, competition for top graduate roles is always fierce, but this year it is tougher than ever.

Ipek Sahbazoglu is a graduate data analyst at Jaguar Land Rover

2

Ipek Sahbazoglu is a graduate data analyst at Jaguar Land RoverCredit: Supplied

More than A MILLION applications were made for such jobs in the last 12 months — a record high — new figures from the Institute of Student Employers show.

Advertisement

Employers get on average 140 applications per graduate job, 59 per cent up on the previous year.

The most sought-after roles, in digital and IT, attract 205 applications per vacancy, while the charity and public sectors are the least competitive with 74 and 85 applications per role respectively.

While some of the surge is due to hiring managers ditching the need for a minimum 2:1 degree, to make recruiting more inclusive, employment experts say soaring use of AI makes it faster for students to apply.

‘Opportunities growing’

ISE chief executive Stephen Isherwood said: “As AI makes it ­easier to apply for jobs, volumes are pushed up and quality goes down, creating more rejections.

Advertisement

“While this marks a positive move from employers, encouraging applications from a broader pool of candidates, the downside is that it has amounted to millions of rejection messages to students in the last year.

“However, applicant volumes have always outstripped vacancy levels and overall opportunities are still growing despite the challenging economic environment.”

The average graduate salary is up two per cent on last year to £32,539, according to jobs platform Adzuna, while some schemes in law and finance can pay up to £60,000.

Here is our Sunemployment guide to the top six schemes to apply for.

Advertisement

As one of the UK’s biggest em­ployers of graduates, BAE ­SYSTEMS will hire 1,000 new starters.

You’ll need a minimum 2:2. Search at baesystems.com/en/careers/careers-in-the-uk/early-careers.

JAGUAR LAND ROVER has 175 places across engineering, manufacturing, design, commercial and other areas. Apply at jaguarlandrovercareers.com.

Consulting giant CAPGEMINI has places for 270 graduates across management, technology and ­busi­ness consultancy. See capgemini.com/gb-en/careers

Advertisement

As well as traditional finance jobs, LLOYDS BANK’s 400-strong in­take includes positions in software engineering, cybersecurity and data analytics.

For details, see lloydsbankinggrouptalent.com/our-opportunities/graduates.

Opening on November 21, there are 100 business and head office roles at BRITISH AIRWAYS including commercial, engineering, tech and analytics. See careers.ba.com/graduates-bps-and-interns.

AWE NUCLEAR SECURITY TECHNOLOGIES is seeking 124 graduates. Find out more at awe.co.uk/careers/early-careers

Advertisement

DO US A FLAVOUR

LOOKING for a tasty new career? Food firms offer some of the most interesting roles and fastest career progression available anywhere.

PREMIER FOODS, which makes brands including Oxo and Mr Kipling, has up to 24 places available in marketing, sales, finance, procurement, IT and operations. HR Director David Wilkinson said: “It’s a great place to grow a career.”

Apply from November at bit.ly/4dWYSpX.

Advertisement

Want to work on brands like Maltesers? MARS is hiring 30 grads across management, engineering, supply chain, procurement, finance and R&D. See bit.ly/4fbMzqK.

MDS trains managers for the food supply chain and there are 60 places. See mds-ltd.co.uk/.

How to beat the crowds

WITH a million applications for graduate roles, how can you make yours stand out from the rest?

Here STEPHEN ISHERWOOD, chief executive of the Institute of Student Employers, shares his expert advice . . . 

Advertisement
Stephen Isherwood

2

Stephen IsherwoodCredit: Supplied

1. WORK IT: Treat your search for employment as a job in itself – spend more time on fewer applications, focusing on the positions you really want to land and are suited to.

2. SHOW THE REAL YOU: Relying too heavily on AI can lead to candidates coming across as less authentic to potential employers. Make sure your application genuinely reflects who you are and what you can do.

3. GAIN WORK SKILLS: The number of former interns landing jobs gets higher every year, but pretty much any work experience will boost your chance of success in the crowded jobs market.

Advertisement

4. ADAPT TO NEW TECHNOLOGIES: Video chats and AI-led interviews are becoming more common, so be familiar with this approach – career services can help.

5. DON’T BE DISCOURAGED: Employers dealing with endless applications means there are more rejections. Avoid the trap of believing the jobs market is impossible.

Commitment to hiring graduates remains strong – the market isn’t shrinking and opportunities are still out there to be seized.

YOU’RE WORTH IT

Advertisement

BEAUTY is big business – and top cosmetics company L’Oréal is searching for 23 graduates for its UK arm.

There are jobs available across commercial, supply chain, marketing and finance, based at the firm’s London HQ.

Emily Chiverton, HR Director L’Oréal UK & Ireland. Said: “We are looking for passionate people with ambition to build amazing careers at L’Oréal.

Our management trainee program is our talent accelerator to prepare the future of L’Oréal.

“It allows graduates to be trained and prepared for a future management role within the company by rotating between different disciplines for up to 18 months.”

Advertisement

Apply by the end of today at careers.loreal.com.

Source link

Continue Reading

Money

Our seven step easy-to-follow guide to pumpkin carving this Halloween

Published

on

Our seven step easy-to-follow guide to pumpkin carving this Halloween

HALLOWEEN is creeping up on us, so make sure you’re prepared to scare with the perfect pumpkin.

Here’s our guide to carving the most boo-tiful Jack Lantern in town.

Use a stencil to mark out the face - a bigger pumpkin will make this easier

3

Use a stencil to mark out the face – a bigger pumpkin will make this easierCredit: Alamy

1) PICK YOUR PUMPKIN CAREFULLY: Try to avoid ­damaged or mottled pumpkins as they may rot more quickly.

Advertisement

Harder ones will last longer and are also easier to carve. Seek out a thick, green stem to ensure yours is fresh and will look good for longer.

2) SIZE MATTERS: Smaller pumpkins are great for decoration but are harder to carve.

Choose a bigger pumpkin as you will have more leeway to correct any mistakes.

3) TAKE YOUR TIME: Wait until a day or two before Halloween to carve yours, as pumpkins only last for three to five days afterwards, before they start to rot.

Advertisement

Aim to carve from October 29.

Once the face is carved, cut the lid out at an angle, so it will sit back on top, then scoop out the inside

3

Once the face is carved, cut the lid out at an angle, so it will sit back on top, then scoop out the insideCredit: Alamy

4) COOL TOOLS: Use a pumpkin carving kit or improvise with a knife and ice cream scoop.

Cut out the lid at an angle so it will sit back on top then scoop out the inside.

Advertisement

Supervise your kids at all times.

I’m a parenting expert & next week will be Halloween hell if you don’t make 5 changes now with your little one

5) SUPER STENCILS: Draw on your design with a pen and cut out.

Carving templates are a big help — download one for free at pumpkinlady.com.

6) DON’T USE A NAKED FLAME: A traditional candle can be a fire hazard and should never be left unattended. Instead, pop an LED tea light into your pumpkin.

Advertisement
pop an LED tea light into your pumpkin and you're ready to scare

3

pop an LED tea light into your pumpkin and you’re ready to scare

7) LITTLE GHOSTS AND GHOULS? Get tiny tots involved too.

They will love drawing faces on small pumpkins and squashes with felt-tip pens.

Source link

Advertisement
Continue Reading

Money

Hundreds of pensioners to get £200 cost of living voucher before Christmas to help with energy bills

Published

on

Hundreds of pensioners to get £200 cost of living voucher before Christmas to help with energy bills

HUNDREDS of pensioners are to receive a £200 cost of living voucher to help with energy bills just in time for Christmas.

The financial boost comes via the latest round of the Household Support Fund which is worth a staggering £421million.

Some pensioners are to receive a £200 cost of living voucher to help with energy bills

1

Some pensioners are to receive a £200 cost of living voucher to help with energy billsCredit: Alamy

The fund is designed to help hard-up households cover the cost of living, mostly through cash grants, supermarket and energy vouchers.

Advertisement

Each council across England has been allocated a share of the £421million pot and decides who to distribute money to.

Pensioner households in Reading who are no longer eligible for the Winter Fuel Payment could and who are in receipt of support from the Council Tax Reduction scheme and/or Housing Benefit are to be sent a voucher worth £200.

The Council already hold the details of around 1,100 residents who are eligible, with vouchers being automatically distributed from December.

The £200 voucher will be posted in December and recipients have until 10 February 2025 to cash the voucher.

Advertisement

But remember – after this date, vouchers cannot be cashed in.

A Household Support Fund grant of £1,130,648 was confirmed for Reading to provide cost of living support to households in the most need.

This includes those who may not be eligible for other support the government has recently made available.

Reading’s Council Leader Liz Terry said: “We know from the number of people approaching the Council for support that the cost-of-living crisis has not gone away.

Advertisement

“We also know the Council’s vouchers can mean the difference between putting food on the table or being able to pay for heating.

“This year the Council has chosen to additionally use some of the funding available to direct support to pensioners in Reading no longer eligible for the Winter Fuel Allowance, but who are also in receipt of support through the Council Tax reduction scheme and / or Housing Benefit.

“We are grateful to the Government for acknowledging the importance of the Household Support Fund scheme to local councils and for extending it through the winter.”

What if I don’t live in Reading?

Each council across England has been allocated a share from the £421million pot.

Advertisement

But each local authority gets to decide its own eligibility criteria.

That means what you are entitled to will vary depending on where you live.

Not all councils have decided what they will do with their share of the £421million yet either.

The best thing to do is contact your local authority to see if any help is currently on offer.

Advertisement

You can find what council area you fall under by the using the Government’s council locator tool via gov.uk.

The Sun recently shared a guide and interactive map to help those unsure figure out what they may be able to claim.

Other help on offer

If you’re not eligible for the Household Support Fund, you might be able to get a grant from your energy firm to cover energy debt.

British Gas is handing out grants worth £1,700 to struggling households through its Individual and Families Fund.

Advertisement

The fund is available to British Gas and non-British Gas customers living in England, Scotland or Wales.

You won’t be eligible if you received a grant from the British Gas Energy Trust within the last two years.

And you must be seeking a grant to clear outstanding debt on a current or open gas, electricity or dual fuel energy account.

Crucially, you also need to have received help from a money advice agency within the last six months.

Advertisement

If you don’y qualify for help with British Gas, a number of other energy firms offer help to customers struggling with energy bill debt.

This includes OVO, Boost, E.On, E.On Next, EDF, Scottish PowerOctopusShell Energy, SSE and Utilita.

How has the Household Support Fund evolved?

The Household Support Fund was first launched in October 2021 to help Brits pay their way through winter amid the cost of living crisis.

Councils up and down the country got a slice of the £421million funding available to dish out to Brits in need.

Advertisement

It was then extended in the 2022 Spring Budget and for a second time in October 2022 to help those on the lowest incomes with the rising cost of living.

The DWP then confirmed a third extension of the scheme through to March 31, 2024.

Former chancellor Jeremy Hunt extended the HSF for the fourth time while delivering his Spring Budget on March 6, 2024.

In September 2024, the Government announced a fifth extension.

Advertisement

Source link

Continue Reading

Money

It’s World Pasta Day – here’s how to save cash and make the most of the dish

Published

on

It's World Pasta Day - here's how to save cash and make the most of the dish

IT’S World Pasta Day and the perfect moment to make the most of this versatile kitchen cupboard staple.

Tuck in to some of your favourite meals, from lasagne to macaroni cheese.

It's World Pasta Day and the perfect moment to make the most of this versatile kitchen cupboard staple

6

It’s World Pasta Day and the perfect moment to make the most of this versatile kitchen cupboard staple

And here are some other ways to save cash and make the most of the dish . . . 

Advertisement

REUSE WATER: You’re missing a trick if you drain away the water you’ve cooked pasta in.

Instead, use it to make sauces, as the starch helps thicken your concoction.

You can also use to create tastier soups and broths.

READ MORE MONEY SAVING TIPS

And if you plan to make bread from scratch, the starch water will help give a chewier texture than using plain tap water.

Advertisement

LOVELY LEFTOVERS: If you cook too much pasta, don’t bin it — turn it into another dish.

If you have extra penne or rigatoni, knock up a tasty pasta bake.

Or a pasta salad is an easy lunch — add fresh veg for extra crunch and a drizzle of oil, plus seasoning.

Leftover spaghetti can be turned into an egg frittata.

Advertisement

Simply beat enough eggs to cover the leftovers and cook in an ovenproof saucepan for five minutes then in an oven for another five.

Feeding a Family for £2.15: A Single Dad’s Journey

CHILD’S PLAY: Pasta can be fab to keep little ones amused.

Cooked spaghetti is perfect for sensory play. Divide into portions and coat in food colouring — just wash off all the dye before letting your child play with it.

Or give older ones dried pasta to create art from by glueing it on to paper and painting it.

Advertisement

FREE PASTA: To celebrate World Pasta Day, Bella Italia is giving away 2,000 pasta dishes when you order a main meal.

Sign up to the chain’s mailing list to get the deal, but offer ends today.

Pasta Evangelists are giving away 5,000 portions of fresh pasta between 3-4pm at 25 locations across the UK including London, Brighton, Cardiff, Glasgow and Newcastle.

Find your nearest at pastaevangelists.com/pages/wpd2024.

Advertisement
  • All prices on page correct at time of going to press. Deals and offers subject to availability

Deal of day

JoJo Maman Bebe gift set down from £20 to £10 at Tesco with a Clubcard

6

JoJo Maman Bebe gift set down from £20 to £10 at Tesco with a ClubcardCredit: supplied

GET ahead with your Christmas shopping. This JoJo Maman Bebe gift set is down from £20 to £10 at Tesco with a Clubcard.

SAVE: £10

Cheap treat

Daydream balm which comes in a lovely tin - and it's down by £1

6

Advertisement
Daydream balm which comes in a lovely tin – and it’s down by £1Credit: supplied

LOCK moisture into your lips with Vaseline limited-edition Vanilla Daydream balm which comes in a lovely tin. It’s £2, down from £3 at Asda.

SAVE: £1

WHAT’S NEW

YOU don’t need to wait until Christmas to tuck into this passion fruit martini panettone.

It’s beautifully buttery and infused with a vodka and passion fruit syrup. Now in Morrisons at £5.50.

Advertisement

Top swap

Tisserand Aromatherapy pulse point oil blend, left, £8, or Lacura’s £2.49 version, right, from Aldi

6

Tisserand Aromatherapy pulse point oil blend, left, £8, or Lacura’s £2.49 version, right, from Aldi

GET a better night’s kip with help from Tisserand Aromatherapy pulse point oil blend, left, £8, from Boots.

Or try Lacura’s £2.49 version, right, from Aldi, giving some savings to sleep soundly.

SAVE: £5.51

Advertisement

Little Helper

CARVE an impressive pumpkin with a little help from a stencil. Hobbycraft has a range of free ones to download and print plus lots of other Halloween ideas.

Shop & save

Red chain bag, down from £18.99 to £14 at H&M

6

Red chain bag, down from £18.99 to £14 at H&MCredit: supplied

ADD a pop of colour to your outfit with this fabulous red chain bag, down from £18.99 to £14 at H&M.

SAVE: £4.99

Advertisement

Hot right now

CO-OP members can buy two ready meals for £5, saving £2.50. Tuna and pasta bake and spaghetti and meatballs are among the options.

LAY NOW TO WIN £200

Join thousands of readers taking part in The Sun Raffle

6

Join thousands of readers taking part in The Sun Raffle

JOIN thousands of readers taking part in The Sun Raffle.

Every month we’re giving away £100 to 250 lucky readers – whether you’re saving up or just in need of some extra cash, The Sun could have you covered.

Advertisement

Every Sun Savers code entered equals one Raffle ticket.

The more codes you enter, the more tickets you’ll earn and the more chance you will have of winning!

Source link

Advertisement
Continue Reading

Money

UK’s best restaurants revealed as Uber Eats shares full list of top takeaways – did you favourite make it?

Published

on

UK's best restaurants revealed as Uber Eats shares full list of top takeaways - did you favourite make it?

THE UK’s best takeaway restaurants have been revealed in a brand-new list by Uber Eats.

The delivery platform has reached its shortlist for the coveted Restaurant of the Year title, which includes three burger joints and Caribbean “shack”.

3

Among the finalists is Urban Tandor, which serves authentic Indian dishes

3

Advertisement
Among the finalists is Urban Tandor, which serves authentic Indian dishesCredit: Uber
Another finalist, the Nashville Cluck, serves Nashville-style fried chicken

3

Another finalist, the Nashville Cluck, serves Nashville-style fried chickenCredit: Uber

The twelve finalists were whittled down from 130 entries across the UK and Ireland.

Judges included Great British Menu host Andi Oliver, street food connoisseur Kieran Monlouis and last year’s winner Josh Kleiner from Sandwich Sandwich. 

One of this year’s finalists is Soho Tavern, a Gastro pub in Birmingham.

Advertisement

In the cosy interior, punters can enjoy British-Indian classics in front of a sports match.

Dishes include like butter chicken for £11.25 and chilli chips for £5.50.

Another Indian eatery, Urban Tandoor in Bristol, also makes the list with its authentic curries.

Meanwhile, two fried chicken shops, in Liverpool and Nottingham, were selected – with the Nashville Cluck being popular for its buttermilk tenders.

Advertisement

Of the three best burgers, one is sold at Junglees in London – famed for its £10.99 smash burger.

While Locke Burger in Limerick has some of customers’ favourite house fries – and a luxurious bacon cheese burger for £10.45.

And lovers of Caribbean soul food will be pleased to see Natty’s Jerk Shack in Portsmouth in the mix – serving up a “modern twist on Jamaican cuisine”.

Scotland’s Top 10 Fish and Chip Shops for UK Takeaway of the Year

Dessert bars are not forgotten in the prestigious list.

Advertisement

Mackles ice-cream shop in Belfast sells opulent £6 sundaes – with favourites including the “Happy Hipp”, “Lotus Lover” and “Strawberry Shortcake”.

The winner of the sought-after title will be crowned in London on November 14.

They will bag a whopping £100,000 prize to invest into their business.

Matthew Price, General Manager for Uber Eats in UK, Ireland and Northern Europe, said: “A massive congratulations to all our regional finalists!

Advertisement

“The calibre of businesses taking part in our Restaurant of the Year Awards continues to grow. 

“I look forward to welcoming all the teams to the Awards in November, and hearing more about their journey as a small restaurant business.”

Who are the finalists for Uber Eats’ Restaurant of the Year award?

  1. Junglees, London
  2. Sqew Shawarma Bar, Yorkshire
  3. Natty’s Jerk Shack, South East
  4. 40 Ounce, North East
  5. The Nashville Cluck, North West
  6. Urban Tandoor, South West
  7. Chick and Shakes, Midlands and East Anglia
  8. The Soho Tavern, West Midlands
  9. Mackles, Northern Ireland
  10. Haystack Cafe, Wales
  11. Locke Burger, Ireland
  12. Salt & Chilli Oriental, Scotland

Source link

Advertisement
Continue Reading

Money

Mike Ashley threatens WWE-style smackdown at Boohoo by demanding they make him chief executive

Published

on

Mike Ashley threatens WWE-style smackdown at Boohoo by demanding they make him chief executive

MIKE Ashley is threatening a WWE-style smackdown at Boohoo by demanding the retailer makes him chief executive.

Just one day after dropping a separate £111million bid for Mulberry, the sportswear tycoon has deployed his favoured tactic of a public “poison pen” letter to attack the online fast-fashion giant’s management team.

Mike Ashley is threatening a WWE-style smackdown at Boohoo by demanding the retailer makes him chief executive

4

Mike Ashley is threatening a WWE-style smackdown at Boohoo by demanding the retailer makes him chief executive
Mike Ashley's current holdings, following his Mulberry bid

4

Advertisement
Mike Ashley’s current holdings, following his Mulberry bid

The missive, wired to the City yesterday morning, accused Boohoo of “abysmal” performance and “value destruction”.

Mr Ashley’s Frasers Group has steadily built up a 27 per cent stake in Boohoo — and now owns more than the founder and executive chairman Mahmud Kamani.

The letter from the former Newcastle FC owner claims the board had “lost its ability to manage Boohoo’s business and investments”.

Clive Black, analyst at Shore Capital, likened the explosive development of “the Ashley- Kamani bout” to “retail WWE”.

Advertisement

“Get out the popcorn,” he added.

Just last week Boohoo said it would address the 90 per cent collapse in its share price with a strategic review.

That could spell the break-up of its Pretty Little Thing, Karen Millen and Debenhams brands.

Meanwhile, chief executive John Lyttle said he would be stepping down after five years.

Advertisement

Mr Ashley said there was now a “leadership crisis” at Boohoo, which would only worsen its ongoing problems and delay a return to growth.

His letter stated that appointing Mr Ashley as a director and CEO was “the best solution” and it called for Mike Lennon, a partner at restructuring firm Kroll, to be installed on the board.

Strictly’s failed businesses

Mr Ashley’s public intervention comes after months of jostling behind the scenes.

The tycoon is thought to be particularly keen to gain control of Debenhams, which he tried to buy out of bankruptcy in 2020 — before Boohoo beat him to it.

Advertisement

Boohoo is likely to resist Mr Ashley’s demands and raise conflict of interest concerns, due to Frasers’ ownership of House Of Frasers.

In a terse statement, the retailer said yesterday: “The board is reviewing the content and validity of the requisitions with its advisers. A further announcement will be made in due course.”

Business analysis

MIKE Ashley is not one for the quiet life.

Advertisement

His motive for putting so much of Frasers Group cash into Boohoo initially appeared to be point-scoring against founder Mahmud Kamani.

Ashley, who has taken stakes in high street names like he’s placing bets at the Grand National, still reckons Kamani did him over in the battle to buy Debenhams.

So purchasing Boohoo shares on the cheap was like rubbing salt in Kamani’s wound that the retailer’s star had fallen.

A winning scenario for him now will be either he is installed in Boohoo and manages to sort out the company while making some cash thanks to an improved share price.

Advertisement

Or, Boohoo crumples and his score with Kamani will have been settled.

To Mike Ashley, retail is now almost a sport.

Odey rejoins firm

HEDGE fund manager Crispin Odey has rejoined the eponymous firm he founded after leaving last year in the wake of sexual misconduct allegations.

The tycoon made millions betting against the UK economy during Brexit — but his empire unravelled when the Financial Times reported complaints from several women of sexual harassment and assault.

Advertisement
Crispin Odey has rejoined the eponymous firm he founded after leaving last year in the wake of sexual misconduct allegations

4

Crispin Odey has rejoined the eponymous firm he founded after leaving last year in the wake of sexual misconduct allegationsCredit: Getty

Mr Odey was reappointed as a director of Odey Asset Management in late September, according to Companies House filings.

On the same day, nine partners resigned.

Barclays boosted

PROFITS at Barclays have risen by nearly a fifth as fewer people fall behind on debts.

Advertisement

Barclays is putting £82million aside for bad loans, a big drop from £267million last year.

The bank said that was due to “low delinquencies in UK cards, high-quality mortgage lending and the improved macroeconomic portfolio”.

Pre-tax profit was £2.2billion between July and September, up from £1.9billion last year.

Net interest income, the gap between borrower and saver charges, was £1.7billion.

Advertisement

Cost cutting and deals also helped.

Octopus bulb pay

OCTOPUS ENERGY says the Government has made £1.5billion from its rescue of bust energy supplier Bulb.

The windfall has been largely helped by falling wholesale energy prices.

Advertisement

Two years ago the Office for Budget Responsibility warned a bailout would cost taxpayers £6.5billion.

Octopus said it has paid over £3billion to the Government, which took Bulb into special administration.

The firm has overtaken British Gas as the biggest UK electricity supplier.

Magnum force at Unilever

UNILEVER has toasted its best growth in three and a half years as the Marmite to Magnum manufacturer’s turnaround takes shape.

Advertisement

Boss Hein Schumacher said his plan, which cuts 7,500 jobs, focuses on “doing fewer things, better”.

Unilever has toasted its best growth in three and a half years, pictured singer Iggy Pop

4

Unilever has toasted its best growth in three and a half years, pictured singer Iggy PopCredit: Alamy

Underlying sales grew 4.5 per cent in the fourth quarter.

Investors were cheered by the fact the consumer goods giant is finally selling more goods, rather than just relying on endless price hikes.

Advertisement

Mr Schumacher said plans were on track to next year spin-off the £15billion ice cream wing, which includes Magnums — as promoted by Iggy Pop — Cornettos and Ben & Jerry’s.

A stock market listing is the preferred option, and there will be a tussle between London and Amsterdam to be the venue for the float.

The ice cream unit grew sales 9.8 per cent in the last quarter, faster than any other division.

Stocks shake-up

A PROTEIN shake business that counts Coleen Rooney as an investor went public yesterday in a rare London stock market listing.

Advertisement

Applied Nutrition was valued at £350million after listing its shares at 140p, nearer the bottom of its price range.

It is one of the biggest stock listings of 2024 as the number of firms floating has fallen by 85 per cent to just nine this year, said Dealogic data.

The supplements firm’s founder Thomas Ryder said: “This positions us ideally for our next step of development.”

Dunelm’s booming

Advertisement

DUNELM has reported a 3.5 per cent rise in sales to £403million in the last quarter despite “volatile trading conditions”.

The home furnishings retailer said it had a boost from younger online customers after launching a student discount campaign.

The budget blues

CONSUMER and business confidence is falling ahead of the Budget, according to a trio of closely followed studies.

The GFK consumer index has fallen to its lowest level since March, dragged down by worries about the wider economic situation.

Advertisement

GfK’s Neil Bellamy said: “Consumers are in a despondent mood.”

Meanwhile, a consumer sentiment survey by PWC recorded the biggest quarterly drop since Spring 2022.

And the CBI said manufacturers’ confidence had dropped due to a slowdown in new orders.

Source link

Advertisement
Continue Reading

Trending

Copyright © 2024 WordupNews.com