Author: Scott Dylan

The renowned restaurant chain, Leon, has encountered significant financial challenges, reporting a pre-tax loss of £19.5m under its recent ownership. These figures have emerged following its sale by the Issa brothers to a major supermarket chain in 2023.Despite an increase in turnover, the chain has struggled to navigate through a challenging economic landscape compounded by external factors such as rail strikes and changing work patterns.Leon, an established restaurant chain, reported a substantial pre-tax loss of £19.5m for the financial year 2023. This represents a significant increase from the £13.2m loss recorded the previous year.At the time of sale, the supermarket…

The North East business scene is bustling with significant developments this week. Key contracts, investments, and acquisitions have been announced, showcasing the region’s dynamic and evolving business environment.Major players like Cundall, Kitwave, and Virgin Money are at the forefront of these changes, driving growth and innovation. This article delves into the notable deals and their implications for the region.The North East business landscape is poised for further development, with key players like Cundall, Kitwave, and Virgin Money driving significant changes. These developments are likely to attract further investment into the region.Cundall’s strategic move to Bank House is expected to enhance…

Carmoola, a car finance firm, has secured a significant £100m loan from NatWest, adding to its existing debt.The new loan follows previous financial arrangements including a £50m senior revolving credit facility.Carmoola aims to leverage this financing to expand its customer base and increase loan originations.The fintech’s revenues rose to £2.7m in 2023, although losses doubled and debt financing costs increased.NatWest’s support signifies confidence in Carmoola’s innovative approach to car financing.Carmoola, a fintech company in the car finance sector, has recently obtained an additional £100 million loan from the high street bank, NatWest. This loan adds to the company’s existing debt…

Olumide Osunkoya pleaded guilty in a UK court for illegally operating crypto ATMs.These ATMs processed over £2.6 million without FCA registration.This conviction marks the first of its kind under UK law.The FCA has intensified its crackdown on illegal crypto ATM operations.Osunkoya’s sentencing will be conducted at Southwark Crown Court.In a pioneering legal outcome, Olumide Osunkoya has admitted to illegally running crypto ATMs, marking the first conviction of its kind in the United Kingdom. Despite being denied registration by the Financial Conduct Authority (FCA) in 2021, Osunkoya continued to operate at least 11 ATMs, which collectively handled more than £2.6 million…

Asda recently overcame a significant technical issue that disrupted operations.Many customers were unable to complete transactions due to a till malfunction.Several stores faced delayed openings, causing shopper inconvenience.Some consumers expressed frustration over these repeated till problems.Asda has apologised and confirmed the resolution of the issue.Asda confronted a substantial technical issue earlier today which disrupted several stores nationwide. The problem affected the functionality of tills, rendering them inoperative and preventing transactions from being completed. Consequently, many customers were left unable to finalise their purchases.The issue caused notable disruption as stores had to delay their openings. This delay was unexpected and led…

Woodbourne Group is set to break new ground in the self-storage market with its latest venture in Brierley Hill. The Birmingham-based developer has received council approval and is poised to transform an existing industrial unit.This move marks the company’s entry into the self-storage sector, with the initial project in the Black Country being a multimillion-pound investment.New Self-Storage Facility PlansWoodbourne Group has unveiled plans to develop a pipeline of self-storage facilities, starting with a significant project in the Black Country. The endeavour will commence with the redevelopment of a one-acre plot on Pedmore Road in Brierley Hill, following council planning approval.…

DIY retailers experience increased sales ahead of winter fuel payments cut.B&Q reports a 20% rise in loft insulation sales.Wickes sees high demand for energy-efficient products.Government plans to cut winter payments to pensioners.Changes may impact millions, leading to energy costs concerns.DIY retailers are witnessing a significant surge in sales as the government prepares to cut winter fuel payments for millions of pensioners. B&Q, for instance, has reported a nearly 20% increase in loft insulation sales compared to the same period last year. This rise highlights a growing consumer focus on energy efficiency to offset potential increases in energy costs.Wickes has also…

Neath Port Talbot Council is grappling with a projected £23 million budget deficit for the upcoming financial year. This financial shortfall is compounded by expected job losses at Tata Steel, adding pressure on the council’s ability to maintain essential services.With increased demands on social services, housing, and education, as well as rising costs for goods, food, and energy, the council is urgently seeking a fair funding settlement from both the UK and Welsh governments to navigate these challenging times.Council’s Financial DilemmaNeath Port Talbot Council has issued a stark warning about a looming £23 million budget deficit for the 2025-26 financial…

The revised figures released by the Office for National Statistics (ONS) reveal a notable improvement in the UK’s economic growth for 2023. Initially estimated at 0.1%, the growth rate has now been revised to 0.3%. While this development underscores positive trends, several challenges persist, indicating a complex economic landscape ahead.According to the latest data, the UK economy grew by 0.3% last year, a substantial revision from the previously reported 0.1%. This adjustment follows the compilation of more detailed information on wages and corporate profits. Despite this improvement, the UK continues to be one of the slowest-growing economies in the G7,…

Vice President Kamala Harris has decided to cut short her West Coast campaign swing.Harris will return to Washington, DC, to attend briefings on Hurricane Helene at FEMA Headquarters.Her decision underscores the administration’s immediate response to the hurricane’s devastation.”We will provide whatever help they need in the days and weeks ahead,” Harris asserted in Las Vegas.The administration is committed to standing by the communities affected by Hurricane Helene and ensuring they receive the necessary support for recovery and rebuilding efforts.Trump is expected to visit Valdosta, Georgia, on Monday to receive a briefing on the damage and assist in the distribution of…