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Supreme Court strikes down NCLT order, reviving edutech firm’s woes in BCCI-led insolvency proceedings- The Week

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Supreme Court strikes down NCLT order, reviving edutech firm's woes in BCCI-led insolvency proceedings- The Week

Byju’s insolvency proceedings took a new turn on Wednesday when The Supreme Court set aside the National Company Law Tribunal (NCLT) order that resolved the insolvency proceedings filed by the Board of Controllers of Cricket in India (BCCI) against the edutech firm for more than Rs 158 crores in settlement.

Reversing the tribunal’s verdict, the bench, headed by Chief Justice DY Chandrachud and comprising justices J B Pardiwala and Manoj Misra, ordered fresh adjudication into the matter and directed the nation’s cricket board to deposit the settlement amount of Rs 158.9 crore with a committee of creditors.

The NCLAT order was challenged by US-based lender Glas Trust Company LLC. On the eve of India’s Independence Day, the nation’s top court issued a stay the order by NCLT.

ALSO READ: India markets show how tough they are! Nifty, Sensex bounce back despite third day of selling pressure

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An expensive sponsorship deal

Byju’s greatest financial woes came in the form of the July 2019 “Team Sponsor Agreement” with the BCCI . According to the agreement, Byju’s was granted exclusive rights to display its brand on the national cricket team’s kit, telecast advertising, and access to tickets for BCCI-organized matches for a sponsorship fee.

Byju’s met its payment obligations through March 2022 and settled the fees for the India-South Africa series in June 2022. However, from then on, Byju’s did not pay invoices. This resulted in a shortfall of a whopping Rs 158.9 crore, triggering insolvency proceedings against the ed-tech firm.

ALSO READ: F&O trading can’t be a national pastime, says SEBI member Ashwani Bhatia

The National Company Law Tribunal (NCLT) ordered the initiation of corporate insolvency resolution on June 16 this year. The body suspended Byju’s board and appointed an interim resolution personnel to manage the edutech firm’s financial obligations. However, the premier court of the country put a stop to the order on August 14, directing BCCI to deposit the sum of about 158 Crores in a separate escrow account till further orders.

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Major shareholder Riju Ravindran, brother to Byju’s founder Byju Raveendran, had then committed to using his personal funds to cover the arrears from the proceeds of the sale of stock in Think & Learn, the parent company of Byju’s, from May 2015 thru January 2022.

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Trainline issues huge warning to passengers that must be followed or risk £100 fine

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Trainline issues huge warning to passengers that must be followed or risk £100 fine

TRAINLINE has issued a huge warning to passengers that must be followed or could risk being hit with £100 fine.

The digital platform, which allows customers to book travel online, is reminding users they can not use their Railcard on every train journey.

Trainline is reminding customers of rules surrounding railcards.

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Trainline is reminding customers of rules surrounding railcards.Credit: Alamy

A railcard is a discount card for young and retired people which helps them shave around a third off their travel costs.

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However, Trainline said some Railcards can only be used on fares that are above a certain price, at a certain time. 

While others have specific restrictions on the times you can travel. 

For example, if you’re travelling between 4:30am and 10am, some Railcards can only be used on fares that cost £12 or more.

If you do not adhere to these rules you could face a £100 fine for not complying with the ticket rules.

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A Trainline spokesperson told The Sun it is changing how it presents information to make the rules more easy for customers to understand.

They said: “While we have always applied railcards correctly and presented the right fees to our customers, recent events highlighted a sense of confusion for passengers around rail industry terms and conditions.

“And so, we have changed how we present this information in the booking flow, as well as adding information to our website, to give customers clarity when buying their tickets”

Travel cards have been in the spotlight recently after it was reported that Northern Rail passengers could be entitled to compensation.

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The travel giant said it was dropping cases of people accused of wrongly using a 16-25 railcard to get discounted travel at the wrong time of the day, The Telegraph reported.

It was said that Northen was breaking a rule whereby passengers with a railcard travelling on the wrong train must be offered the chance to pay back the difference “on the spot”.

Instead, the travel giant was accused of whacking travellers with a find on the spot

A Northern Rail spokesperson told the outlet: “We are withdrawing any live cases and will also look to review anyone who has been prosecuted previously on this specific issue”.

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The Sun has contacted Northern Rail for a comment,

How to avoid a fine when using your Railcard

Railcards are available to a number of different age groups, including students, young professionals and the elderly.

You have to pay for the card with the price usually working out at around £30 for a year or £70 for three years.

A number of different companies issue Railcards, such as Trainline which is the official retailer of Railcards by National Rail.

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Trainpal is another option but the price remains the same.

Using the discount can help you save around a third on your travel costs.

However, it is important to note that you could be fined if you travel during peak time or pay a certain amount for your ticket.

This is especially important when you buy Anytime tickets or other flexible tickets.

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For example, if you travel on a train before 10am and have used your Railcard to buy your ticket, make sure you didn’t pay less than £12.

This is because the ticket won’t be valid before 10am – even though it’s an Anytime ticket.

To avoid fines make sure that if you end up travelling on an earlier train, make sure to double-check any restrictions. 

You can read about the restrictions surrounding Railcards by visiting, https://www.railcard.co.uk/help/railcard-terms-and-conditions//

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Different types of Railcard

  • 16-25 Railcard:
    • Eligibility: Available to anyone aged 16-25, or mature students aged 26 and over who are in full-time education.
  • 26-30 Railcard:
    • Eligibility: Available to anyone aged 26-30.
  • Senior Railcard:
    • Eligibility: For those aged 60 and over.
  • Two Together Railcard:
    • Eligibility: For two named individuals aged 16 or over who travel together.
  • Family & Friends Railcard:
    • Eligibility: Up to four adults and four children (aged 5-15) can travel on one card.
  • Disabled Persons Railcard:
    • Eligibility: Available to those with a disability that makes travelling by train difficult.
  • Network Railcard:
    • Eligibility: For anyone, but only valid for travel in the Network Railcard area (South East of England)..
  • HM Forces Railcard:
    • Eligibility: For members of the armed forces and their families.
  • 16-17 Saver:
    • Eligibility: Available to anyone aged 16-17.

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Pubs face closure without Budget help, says industry giant

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Pubs face closure without Budget help, says industry giant

Pubs face widespread closures unless the chancellor announces an extension to business rates relief in next week’s Budget. the UK’s biggest pub company has warned.

David McDowall, boss of Stonegate Group, whose pubs include Slug & Lettuce, Yates’s and Walkabout, said thousands of landlords currently make just 12p of profit for every pint of beer they sell.

Help on business rates for the hospitality sector in England and Wales is set to run out in April.

Mr McDowall said that if it is removed, small publicans will see their business rates bill quadruple from April.

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Along with other costs the businesses are facing, he feared “they don’t have any more to give”.

Rates relief was introduced for pubs, restaurants, bars and cafes in 2020 in response to the Covid pandemic when businesses were forced to close.

In the Budget in November last year, the then Chancellor, Jeremy Hunt, announced it had been extended until April next year.

The measure means that companies in England can claim 75% relief on business rates up to £110,000, or 40% for firms in Wales.

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Mr McDowall told the BBC’s Today programme that the hospitality industry has faced a “barrage” of challenges in recent years.

These include recovering from Covid as well as high inflation, energy costs in the aftermath of Russia’s invasion of Ukraine and the effect of the cost of living on customers.

“The complete removal of that rate relief would prove very, very costly for pubs, bars, restaurants and cafes up and down the length and breath of the UK”, he said.

The British Beer and Pub Association recently revealed that landlords make 12p profit per pint. The average price of a pint of draught lager was £4.79 in September, according to the Office for National Statistics.

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Mr McDowall is one of a number of representatives from the hospitality industry who this week signed a letter to Chancellor Rachel Reeves asking for relief to be extended.

It warned about “the onrushing business rates cliff edge” facing firms 153 days after she delivers the Budget.

On Thursday, Hospitality UK and the British Retail Consortium, whose members also benefit from relief, said that in the year to March, businesses in these sectors paid nearly £9bn in business rates.

This is nearly a third of the total amount of revenue the government raises from business rates.

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They said that if relief is removed, it would cost hospitality and retail an additional £2.5bn.

Earlier this week, Hospitality UK also called on the chancellor to stick to Labour’s manifesto pledge to reform business rates.

The amount businesses pay is based on how much annual rent could be charged on the premises – which is known as the rateable value.

Hospitality UK argued that, because its businesses can usually be found in central locations such as High Streets, the cost to companies is high.

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Without reform “investment in our high streets will be curtailed, employment opportunities will be squandered and ultimately, we will see higher levels of business failure,” it said.

The Treasury has been contacted for comment.

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I visited Greggs’ new champagne bar – I loved a cocktail that is just like an iconic childhood treat

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I visited Greggs' new champagne bar - I loved a cocktail that is just like an iconic childhood treat

GREGGS is not a name you associate with fine dining or fancy booze.

However, as I tucked into a sausage roll covered in hot chilli sausage while drinking a £95 glass of champagne, I was surprised by how well they went together.

Consumer reporter Sam Walker got to try out Greggs' new champagne bar

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Consumer reporter Sam Walker got to try out Greggs’ new champagne barCredit: North News
The marbled bar is staffed by posh waiters in bow ties

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The marbled bar is staffed by posh waiters in bow tiesCredit: NORTH NEWS
Inside the new champagne bar in Fenwicks

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Inside the new champagne bar in FenwicksCredit: NORTH NEWS

Yesterday, I visited the chain’s new champagne bar pop-up in Newcastle.

The plush bar inside historic Fenwick’s Food Hall is opening to customers today and closing on December 31.

Shoppers will be able to get their hands on an assortment of savoury snacks including bakes, sausage rolls and melts with posh sauces, as well as cocktails based on classic sweet treats.

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Foodies can even pair the savoury bites with some seriously posh champagne and Prosecco, with both small glasses and whole bottles on offer.

Prices for a glass start at £10 and range up to £75 while bottles start from £37 and go up to a whopping £425.

At the pre-launch of the champagne bar, I got a first try of some of the new Haute cuisine and bubbly on offer.

The space has been designed in the Art Nouveau style with a marble c-shaped bar which is scattered with crystal bells to call for attention.

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A grand three-tiered glass display features a range of spirits too, with workers dressed in smart suit trousers and bow ties.

As I sat down, everything told me I was somewhere more akin to an underground club in 1900s Paris than your everyday Greggs branch.

I tried one starter, one main, two champagnes and a cocktail.

I’m a Greggs superfan and I’m visiting 190 stores in just eight days in my campervan…I’m only eating bakes from chain

First up was the £4 sausage roll with hot honey chilli sauce which came with bits of chopped fresh chilli inside.

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I never would never think of combining sausage roll with a sweet chilli sauce, but it was surprisingly better than predicted.

The sticky and tart sauce blended with the salty pork sausage meat well and the fresh chilli added a subtle kick.

That said, if you gave me the option of choosing between this and having a sausage roll with tomato ketchup, I’d choose ketchup every time as the flavours just pair better.

For the main option I tried the chicken bake with katsu curry sauce and pickled cucumber, which costs £4.75.

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If I’m not buying a sausage, bean and cheese melt at Greggs, a classic chicken bake is my next choice, but I was sceptical the trio of flavours would work together.

I must admit I was wrong though, and the umami flavour from the katsu sauce paired really nicely with the creamy white sauce from the chicken bake.

That, combined with the freshness of the pickled cucumber, and the trio of flavours made for a really balanced bite.

The two champagnes I had were the Bollinger Rosé Brut, which is £22 per glass or £95 a bottle, and the Perrier-Jouët Belle Epoque, on sale for £55 a glass or £295 a bottle.

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The first was light, citrusy and really refreshing, with a subtle hint of apple in there for a bit of tang.

The Perrier was a bit more tart and aromatic, but I was less of a fan of this one.

I loved yum yums as a kid so I was buzzing to try to the yum yum twist cocktail next.

It combines rum with a yum yum flavoured soft drink and icing sugar around the rim of the glass and costs £11.

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One sip and I was dragged back in time to being a school kid and tucking into a whole bag of the sweet pastries.

What’s on the menu?

Greggs’ champagne bar at Fenwick will be open daily from today, 11.30am to 6pm Monday to Saturday, excluding Thursdays, when it will shut at 7pm.

On Sundays, the bar will open at 11.30am and close at 4pm.

Shoppers keen to head down have to reserve ahead via www.fenwick.co.uk/events/restaurants/bistro-greggs-at-fenwick/bistro-greggs-at-fenwick

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But what is actually on the menu crafted by Fenwick executive head chef Mark Reid? This is the full list with prices:

  • Sausage Roll with Hot Honey Chilli Sauce – £4
  • Vegan Sausage Roll with Harissa Coconut Yoghurt – £4
  • Cheese & Onion Bake with Romesco Sauce & Almonds – £4.50
  • Steak Bake with Peppercorn Aioli – £4.95
  • Chicken Bake with Katsu Curry Sauce & Pickled Cucumber – £4.75
  • Sausage, Bean & Cheese Melt with Bloody Mary Ketchup – £4.50
  • Prosecco – Ca di Alte – £10 for glass or £37 for bottle
  • Rosé Prosecco – Ca di Alte – £12 for glass or £42 for bottle
  • Gremillet Brut Champagne – £15 for glass or £55 for bottle
  • Bollinger Special Cuvée Brut – £18 for glass or £80 for bottle
  • Bollinger Rosé Brut – £22 for glass or £95 for bottle
  • Laurent Perrier Rosé – £25 for glass or £125 for bottle
  • Rare Champagne Millesime – £40 for glass or £210 for bottle
  • Perrier-Jouët Belle Epoque – £55 for glass or £295 for bottle
  • Louis Roederer Cristal – £75 for glass or £425 for bottle
  • “Pink Jammie Fizz” cocktail – £11
  • Yum Yum Twist cocktail – £11
  • Cream Eclair cocktail – £12
  • Non-Alcoholic Peach Melba cocktail – £7

Greggs loved to cause a buzz with its pop-up events – but it’s unlikely to be rolled out more widely.

If you live nearby then it would be easy to make the journey and pop in.

But will we soon see Greggs on posh menus? Unlikely.

Greggs’ autumn menu

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Gregg’s tasty-autumn inspired menu is now available in stores across the UK for a limited time, here’s what’s on the menu:

  • Pumpkin Spice Latte – from £2.50
  • Over Ice Pumpkin Spice Latte – from £3
  • Salted Caramel Latte – from £2.50
  • Over Ice Salted Caramel Latte – from £3
  • Orange Mocha – from £2.60
  • Orange Hot Chocolate – from £3.10
  • All Day Breakfast Baguette – from £3.80
  • Mexican Bean & Spicy Cheese Flatbread – from £3.50
  • Pumpkin Spice Doughnut – from £1.35
  • BBQ Chicken Pizza Box – from £7.55
The sausage roll with sweet chilli sauce was the most peculiar-tasting bite

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The sausage roll with sweet chilli sauce was the most peculiar-tasting biteCredit: NORTH NEWS

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Travel

Major UK airport reveals £400million renovation plans – including larger terminal and more restaurants

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Bristol Airport has revealed plans of its five-year, £400million expansion

A MAJOR airport has revealed its multi-million renovation project that will make it a much better experience for holidaymakers.

Bristol Airport is to make huge changes over the next five years, with some of them already starting.

Bristol Airport has revealed plans of its five-year, £400million expansion

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Bristol Airport has revealed plans of its five-year, £400million expansionCredit: Alamy
The main improvement will be a larger terminal, which will be 70 per cent larger

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The main improvement will be a larger terminal, which will be 70 per cent largerCredit: Alamy
Other improvements include more restaurants, covered public transport walkways and larger lounges

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Other improvements include more restaurants, covered public transport walkways and larger loungesCredit: bristolairport

The main improvement will be increasing the terminal size, which will increase by 70 per cent.

It follows a record number of people travelling through the airport, welcoming 10million passengers in a 12-month period for the first time ever.

More restaurants and larger lounges will be part of the terminal expansion.

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It also means a larger baggage reclaim area as well as immigration area.

And next year, a new covered walkway will allow travellers to access the airport from the outside car parking and public transport area.

This follows the new development currently being built which includes a new multi-storey car park and larger bus terminal.

The entire project is set to cost £400million.

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Bristol Airport CEO Dave Lees told the Bristol Post that all of the changes will mean an passengers have an “improved journey” when using the airport.

He added: “There will be a range of casual dining options including more restaurants as well as increasing the size of our lounges for those wanting a quieter location to relax [and ] also be substantially increasing the immigration area, baggage reclaim hall and the number of baggage reclaim units.”

“These developments have already commenced with the biggest change to security in over a decade.”

World’s best airport is now in Europe – with cheap flights, record-breaking museums and 317 destinations

These developments included new security baggage and body scanners which were installed over the summer.

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UK airports were given a summer deadline to install these new scanners as part of the lifting of liquid restrictions.

The government has since postponed this so travellers still have to follow the 100ml rule.

However, the improved tech means passengers can now leave their liquids and electronics in their bags.

The improvements will cost up to £400million

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The improvements will cost up to £400millionCredit: bristolairport

Mr Leeds added: “The enhancements we’re making will also be welcomed by international tourists who use the Airport to explore the west and South Wales, visiting attractions and attending events – all of which is vital to those working in the tourism and hospitality sectors.”

Once the improvements are in full operation, the airport hopes to welcome up to 12million passenger a year.

Ryanair also launched new flights from Bristol Airport this summer.

The new routes included Copenhagen, Fuerteventura, Marrakech, Prague, Sofia and Tirana.

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And easyJet launched new routes from Bristol this winter – Tromso, Agadir, and Istanbul.

Other airlines that operate from Bristol Airport include Jet2, TUI and Aer Lingus.

It’s not the only UK airport undergoing a huge renovation.

Top 15 busiest airports in the UK

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Here are the 15 busiest airports in the UK by passenger numbers in 2023

  1. London Heathrow – 79.2 million
  2. London Gatwick – 40.9 million
  3. Manchester – 28.1 million
  4. London Stansted – 28.0 million
  5. London Luton – 16.4 million
  6. Edinburgh – 14.4 million
  7. Birmingham – 11.5 million
  8. Bristol – 9.9 million
  9. Glasgow – 7.4 million
  10. Belfast International – 6.0 million
  11. Newcastle – 4.8 million
  12. Liverpool – 4.2 million
  13. Leeds Bradford – 4.0 million
  14. East Midlands – 3.9 million
  15. London City – 3.4 million

London Stansted Airport confirmed a £1.1billion renovation, with a £600million new terminal.

And Manchester Airport is currently undergoing a £1.3billion renovation

Also being improved are security scanners and public transport

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Also being improved are security scanners and public transportCredit: Getty

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Police reform has become a forgotten issue

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Police reform has become a forgotten issue

Fatal shootings by armed UK officers are rare and statistics suggest system for monitoring cases is reasonable

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Major fund to boost women in business snubbed by big banks despite Chancellor Rachel Reeves calls for greater support

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Major fund to boost women in business snubbed by big banks despite Chancellor Rachel Reeves calls for greater support

A £250MILLION fund set up to boost women in business and backed by the Chancellor Rachel Reeves has been snubbed by City institutions.

Only Barclays, asset manager M&G, bank Morgan Stanley, Visa and the British Business Bank have so far pledged support.

UK, London, elevated view over city financial district skyline at sunset

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UK, London, elevated view over city financial district skyline at sunsetCredit: Getty

Among those to say “No” to the Invest in Women Taskforce are NatWest, HSBC, Bank of America and Legal and General.

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Aviva, which is headed by Amanda Blanc, is yet to commit, it is believed.

It follows research showing female founders attract under 2% of venture capital funding which is often key to get firms growing.

The Taskforce, cochaired by Barclays’ head of business banking Hannah Bernard and Brit entrepreneur Debbie Wosskow, was set up by the last government.

Reeves backs it and says the economy could be boosted by £250billion if women were able to start and scale businesses at the same rate as men.

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She is facing calls to get pension funds to direct assets into femaleled companies and has been warned that rises to capital gains tax will blunt female entrepreneurs’ ambitions.

Emma Jones, of business-to-business service Enterprise Nation, said: “If the end game is no longer the prospect it once was, women may not see entrepreneurship as a career path.

“That would be a massive loss to the economy.”

Ms Wosskow said: “We are set on our mission of making the UK the best place in the world to be a female entrepreneur.

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“We urge as many banks and investors as possible to join us.

“Everyone agrees that it is important that the industry comes together to solve this issue.”

ADDISON LEE SOLD FOR £269M

Addison Lee transports around seven million people across the capital each year and has 7,500 drivers

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Addison Lee transports around seven million people across the capital each year and has 7,500 driversCredit: Reuters

THE UK’s biggest minicab operator, Addison Lee, has been sold by its founder’s son to a Singaporean taxi firm.

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Cityfleet Networks, owned by Singapore’s Comfortdelgro, paid £269million.

The business has been sold by shareholders Cheyne Capital and Liam Griffin, son of founder John Griffin, who took back control of the business in 2020 to steer the firm through the pandemic.

Multi-millionaire John, who left school without qualifications, started the business with one car in 1975.

Liam last year attacked previous private equity owners, Carlye, for “making a hash” of plans to expand Addison Lee across regional cities. He said ComfortDelGro “share our philosophy, vision and ambition”.

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Addison Lee transports around seven million people across the capital each year and has 7,500 drivers.

A LATTE TO PAY

The cafe giant, backed by celebrities such as singer Ed Sheeran, above, suffered a sales slump forcing it to scrap profit guidance for the year

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The cafe giant, backed by celebrities such as singer Ed Sheeran, above, suffered a sales slump forcing it to scrap profit guidance for the yearCredit: Getty

Starbucks has promised to shake up its menu and prices after customers became sick of its pricey pumpkin spice lattes.

The cafe giant, backed by celebrities such as singer Ed Sheeran, above, suffered a sales slump forcing it to scrap profit guidance for the year.

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Starbucks said that global sales fell by seven per cent in the last three months as customers balked at the price of its drinks and the time it takes to queue at busy stores.

New boss Brian Niccol said the business would “simplify our overly complex menu, fix our pricing architecture and ensure that every customer feels Starbucks is worth it every single time they visit”.

It came as Coca-Cola yesterday reported a 1% sales slump.

LLOYDS BUDGET STABILITY ALERT

Lloyds made £1.8billion in profits in the third quarter of 2024, 2% lower than last year

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Lloyds made £1.8billion in profits in the third quarter of 2024, 2% lower than last yearCredit: EPA

LLOYDS, the UK’s biggest mortgage lender, has warned banks need a “competitive, stable” tax regime amid reports the Chancellor is planning a Budget tax raid.

Finance chief William Chalmers yesterday said the bank would welcome a Budget that promoted a “pro-growth agenda” and highlighted that Lloyds is already one of the UK’s biggest taxpayers.

He added: “It is also important to have a competitive, stable tax regime to encourage investment and lending.”

Lloyds made £1.8billion in profits in the third quarter of 2024, 2% lower than last year.

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McD’S IN PICKLE

MORE than £10billion has been wiped off the value of McDonald’s after its quarter pounders were blamed for a deadly E.Coli outbreak.

The fast-food giant has been implicated in 49 cases in the US, which has resulted in 10 hospitalisations and one death.

Shares in the firm fell by as much as 15% in two days after the US Centers for Disease Control confirmed a link to its onions.

Charu Chanana, chief investment strategist at SAXO, said: “McDonald’s revenues and earnings could face pressure.”

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M IN TAX FEAR

MARKS & SPENCER boss Stuart Machin says firms will find it harder to create jobs if, as reported, employers’ national insurance contributions rise in the Budget.

Mr Machin said any jump, when coupled with other taxes that hit retailers, such as fuel duty, would increase the difficulty.

He said: “This Government was elected to promote a growth agenda, but what I’ve seen and heard so far doesn’t add up to a coherent growth narrative.”

Marks & Spencer has around 65,000 staff.

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A £111MILLION bid for luxury handbag maker Mulberry has been dropped by Mike Ashley‘s Frasers Group. The decision comes one day after Mulberry said the offer was “untenable” without the backing of biggest shareholder Christina Ong.


BUILDERS AXE JOBS

HOUSEBUILDERS Barratt and Redrow are cutting 800 jobs just weeks after completing their £2.5billion merger.

The enlarged company said it was looking to make £90million of cost savings from efficiencies.

Staff affected will be in senior management, back office and central support roles, rather than development or sales.

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The industry is already grappling with a shortage of construction workers.

SHARES

  • BARCLAYS down 4.05 to 238.15p
  • BP down 3.75 to 402.70p
  • CENTRICA down 2.25 to 123.30p
  • HSBC down 1.60 to 679.90p
  • LLOYDS down 0.38 to 61.62p
  • M&S down 0.70 to 379.60p
  • NATWEST down 2.40 to 356.30p
  • ROYAL MAIL down 0.80 to 275.60p
  • SAINSBURY’S down 0.80 to 343.40p
  • SHELL down 24.50 to 2539.50p
  • TESCO down 2.50 to 353.60p

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