Ovo and Cheshire East Council launch new energy provider Fairerpower March 16, 2015 The UK’s first community energy supplier in over 60 years, a partnership between Cheshire East Council and Ovo Energy, opens for business today. The initiative has been facilitated by Ovo Communities which aims to help local organisations “cut out the middle man” and become an energy company themselves, overseeing everything from supply and generation, to [...]
General Election 2015: IOD slams Labour’s “obviously counterproductive” profit-sharing policy plans March 15, 2015 Potential Labour party plans to force companies to share profits with staff have been slammed by the Institute of Directors as “counterproductive” and a deterrent to investment. The policy to force firms with over 50 employees to set up profit-sharing schemes in the style of John Lewis is reportedly being considered by Ed Miliband in a bid [...]
FCA bans Gracechurch’s Sam Kenny from financial services industry and hands out £450,000 fine March 13, 2015 The former chief executive of Gracechurch Investments Limited Sam Kenny has been banned from working in the financial services industry and fined £450,000. Gracechurch, a now dissolved stock broking firm, was guilty of a host infractions. The Financial Conduct Authority found Kenny had used pressure selling techniques and Gracechurch had routinely sold stocks through misrepresentation [...]
UK construction suffers worst fall in more than a year in January March 13, 2015 UK construction suffered its worst fall in more than a year in January, due to a heavy decline in house-building. Output in the construction industry fell 2.6 per cent from a month earlier, when it had risen 0.6 per cent. The reading came in way below economists' expectations – many had forecast a rise of [...]
Afren share price falls as much as 30 per cent after refinancing agreement March 13, 2015 Shares in Afren fell today after the oil producer said it had hashed out a recapitalisation plan with its lenders. The Africa-focused company's share price closed down 28 per cent to 4.6 pence this afternoon. The company announced that it would receive $300m from bondholders and lenders by the end of June. Nonetheless, the agreement [...]
Revolution Bars prices initial public offering at 200 pence per share March 13, 2015 Revolution Bars has priced its initial public offering (IPO) at the lower end of expectations, or 200p per share, valuing the company at £100m. The group's private equity backer, Caspian Bidco, will raise £86m from the float, with no proceeds going to the company. The group, which owns 58 bars in towns and cities across the country, [...]
Wetherspoons profits drop: Pub chain looks for new weapons in push against supermarket price war March 13, 2015 JD Wetherspoon could be a victim of the supermarket price war. To fight the discounters, the pub chain offers competitive prices for breakfasts and Lavazza coffees – of which it has already sells 50m cups a year- between certain hours. It also sells 24m breakfasts a year and hopes to triple the sales of both [...]
Sir Philip Green lets go of loss-making BHS for £1 only March 13, 2015 Struggling retail chain BHS is to be sold for £1 after almost 15 years in the possession of billionaire Arcadia chairman Sir Philip Green. The iconic chain of department stores was founded in 1928 by American entrepreneurs seeking emulate the success of Woolworths. But the company has declined in recent years as it lost market [...]
Digital probe sparks row over broadband as Sky and Talk-Talk press Ofcom to break up BT and Openreach March 12, 2015 A battle between the UK’s largest telecommunications businesses intensified yesterday, as Sky and Talk-Talk pounced on a decision by the regulator to launch a wide-ranging probe into the sector. Both firms ramped up pressure on Ofcom to break up BT from the part of its business – called BT Openreach – that runs the UK’s broadband [...]
