Author: Scott Dylan

BT’s share value experienced a significant boost following Altice’s decision to sell its 24.5% stake to Bharti, a substantial name in the telecommunications sector.The agreement between Altice and Bharti marks a noteworthy shift within the telecom industry, potentially enhancing BT’s strategic positioning on a global scale.Details of the Stake SaleShares in BT surged by 6.4% following the announcement of Altice’s decision to divest its 24.5% shareholding. The strategic sale to Bharti, a multinational conglomerate, signals a meaningful alteration in BT’s shareholder landscape.Altice, which acquired the stake amid financial challenges, has opted to sell to Bharti Televentures UK Ltd, under the…

Spirax-Sarco Engineering, a prominent engineering firm based in Cheltenham, recently released its half-year financial results, revealing figures that did not meet the anticipated targets. Despite initial hopes, the company’s revenue experienced a slight decline, with challenges persisting in key markets.Spirax-Sarco reported a 3% decline in revenue, amounting to £827 million for the first half of 2024. Meanwhile, the adjusted operating profit dropped to £160.3 million from the previous year’s £171.7 million. This decline in financial performance was attributed to a combination of a weak macroeconomic environment and a strong currency headwind.According to Nimesh Patel, group chief executive, Spirax-Sarco faced unforeseen…

Sainsbury’s has urged the UK government to reconsider its current business rates system. The supermarket chain warns that failure to do so might result in over 17,000 shop closures in the next decade.Highlighting the importance of immediate action, Sainsbury’s advocates for a 20% reduction in business rates. Such a move, according to the company, could aid in rejuvenating high streets and securing numerous retail jobs.The annual increment in business rates, governed by a controversial multiplier rate, has raised concerns among the retail industry. While the small business rate multiplier has been static at 49.9p since 2019, the standard business rate…

Heathrow Airport experienced a remarkable influx of passengers this summer. July alone saw 8 million travellers pass through the gates.This milestone solidifies Heathrow’s status as Europe’s busiest airport, outpacing major hubs like Amsterdam and Paris amid numerous challenges.In a record-breaking feat, Heathrow Airport facilitated travel for over 8 million passengers in July. This massive volume of travellers underscores Heathrow’s strategic importance in global aviation, positioning it ahead of other leading European airports.Remarkably, Heathrow exceeded 1.8 million passengers weekly for three consecutive weeks in July. This consistency highlights the airport’s robust operational capabilities and its vital role in facilitating international travel.This…

EARNZ, a growing force in the energy sector, has announced the acquisition of two companies in the South West valued at £3.1 million. This marks a pivotal step in its strategy to expand market presence.The acquired entities, Cosgrove & Drew and South West Heating Services, are poised to enhance EARNZ’s service offerings and align with its long-term goals of achieving sustainable growth in the energy industry.In a strategic move, a cash shell, EARNZ, has announced its acquisition of two prominent firms in the South West for £3.1 million. These companies, Cosgrove & Drew and South West Heating Services, are expected…

David Brayshaw retires as a non-executive director at Frasers Group after nearly eight years.Brayshaw’s resignation is effective as of 12 August.He initially joined the board in December 2016.David Daly, the chair, praised Brayshaw’s significant contributions to the company.The current board now includes a range of executives and non-executive directors.David Brayshaw has announced his retirement as a non-executive director from Frasers Group, a position he has held since December 2016. Brayshaw’s exit is effective from 12 August, following nearly eight years of service on the board.He brings a wealth of experience, having previously served as the director of debt finance at…

Manolo Blahnik’s pre-tax profits fell by 30% to €15.4 million in 2023 due to a luxury market slowdown.Group turnover decreased by 10% year-on-year, totalling €106.5 million, yet results met expectations.In light of geopolitical and economic challenges, Manolo Blahnik remains optimistic about future growth.The company is expanding its presence in Asia, North America, and Europe, maintaining strategic investments.CEO Kristina Blahnik highlights strong 2023 performance, despite challenges, and anticipates consumer confidence returning in 2025.In 2023, Manolo Blahnik, a luxury footwear and accessories brand, reported a decrease in pre-tax profits by 30%, amounting to €15.4 million (£13.1 million), as a result of a…

Shein is evaluating a site for its first UK warehouse as it eyes a listing on the London Stock Exchange.The warehouse is intended to be between 300,000 and 400,000 square feet, located within the Midlands’ ‘golden logistics triangle’.Shein has been assessing various potential sites in cities such as Derby, Daventry, Coventry, and Castle Donington.The decision is contingent on Shein’s stock market debut and ongoing negotiations with a third-party provider.Shein seeks to expand globally, although there are no immediate plans for UK warehouse acquisition.Shein is reportedly assessing the establishment of its first UK warehouse ahead of its anticipated flotation on the…

Userled, an AI startup, has secured £4 million to enhance its B2B marketing automation platform.The investment will drive Userled’s expansion and innovation in hyper-personalised marketing.Ground-breaking Funding for UserledUserled, an ambitious AI startup, has successfully raised £4 million in pre-seed funding. This significant investment underscores Userled’s potential in the B2B marketing sector. The funding round was led by the early-stage venture capital firm Localglobe. Additional support came from Dig Ventures and various angel investors, highlighting strong confidence in Userled’s vision and technology.The funding aims to propel Userled’s growth, allowing for strategic expansion and the acceleration of their AI-powered technology development. This…

British Steel is on the verge of securing a critical £600 million support package from the UK government. This financial aid comes amidst persistent challenges with its Chinese proprietor, Jingye, which jeopardise the operational sustainability of British Steel’s Scunthorpe plant.The proposed state bailout aims to facilitate a transformative shift to cleaner, Electric Arc Furnace (EAF) technology. While promising significant reductions in carbon emissions, the transition poses risks to employment, potentially affecting 2,000 jobs, raising concerns among trade unions.Labour has voiced a fresh commitment to settling the unresolved issues between British Steel and its Chinese owner, Jingye. British Steel holds a…