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Melrose founders target $2bn bid for US industrial group ECI
The industrial veterans who turned Melrose Industries into one of Britain’s most prominent public companies are targeting a $2bn (£1.59bn) takeover of a US-based manufacturer of wire harnesses.Sky News has learnt that Rosebank Industries, which floated on the London stock market last summer, has identified Electrical Components International (ECI) as its first major acquisition. Talks …
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Business Live
UK inflation rate hits 3% in January, sparking concerns at the Bank of England
The latest official statistics signal a sharper than anticipated uptick in inflation at the commencement of the year, as worries over sustained price pressures mount. The headline inflation figure rose to 3.0 per cent in January, reported the Office for National Statistics (ONS), climbing from December’s 2.5 per cent and surpassing the 2.8 per cent …
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Sky News
Inflation rise unlikely to shift Bank of England’s stance on interest rates
Inflation is rising faster than expected but the latest data is unlikely to shift the Bank of England’s stance on interest rates.The headline rate of inflation hit 3% in January, up from 2.5% the previous month and higher than the 2.8% forecast by economists and the Bank of England. It’s expected to go even higher, …
Business
Sky News
Inflation rises to a high not seen in nearly a year – official figures
Inflation has risen a surprising amount – to the highest in nearly a year – official figures show.This means prices are rising even more than at any time since last March, according to data from the Office for National Statistics (ONS) for January. The consumer price index (CPI) ticked up steeply to 3% from 2.5% …
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Business Live
Ann Summers reports £13.1m loss amid inflation and Google search challenges
Ann Summers has reported a deeper pre-tax loss of £13.1m for the year ending 29 June, 2024, as it faced “significant external pressures” that include the cost-of-living crisis, rising inflation, and Google’s safe search restrictions. This comes after a previous loss of £3.8m in the preceding 12 months, as reported by City AM. According to …
Business
Sky News
Thames Water multi-billion pound debt lifeline approved by High Court
Thames Water, which was due to run out of money, has been given a lifeline after a £3bn loan was approved by the High Court. The loan gives the UK’s biggest water provider time to sort out its finances and could ward off nationalisation. Court approval had been needed for the rescue plan centred on …
Business
Sky News
Pay rises despite job market worries
Wages have risen while unemployment unexpectedly saw no change, official figures show.Average weekly earnings rose 6% in the three months to December, data from the Office for National Statistics (ONS) showed, while wages – excluding bonuses – grew 5.9%, despite economists expecting a 5.8% rise. Money blog: Your parking disputes resolved by expertEven with inflation …
Business
Sky News
Reynolds set for fresh talks on British Steel rescue deal
The business secretary will this week hold a fresh round of talks with British Steel’s Chinese owner amid protracted talks about a state bailout of the Scunthorpe-based company.Sky News has learnt that Jonathan Reynolds will discuss the future of the industrial group with Jingye Group’s boss, Li Huiming, in the latest chapter of a negotiation …
Business
Sky News
Topps Tiles’ purchase of rival could bring up prices – competition watchdog
The UK competition regulator has warned Topp Tiles’ purchase of 30 rival shops could make prices more expensive and services worse.On Monday the competition regulator the Competition and Market Authority (CMA) said the acquisition of CTD Tiles stores could lead to competition issues. Money blog: Nearly 300 pubs permanently closed last yearThose competition issues could …
Business
Sky News
What’s happening with Thames Water and could it be nationalised?
It’s was crunch time for the UK’s biggest water provider Thames Water as its fate was announced on Tuesday morning. Thames Water finances hung in the balance with debts of £16bn and existing investors declaring the business “uninvestable”, due to the high fines it faces for environmental and other regulatory breaches and the clampdown on …
Business
Business Live
FTSE 250 firm Assura turns down fourth takeover offer amid strategic growth plans
Assura, the FTSE 250 healthcare real estate investment trust, has turned down a takeover bid worth over £1.5m – marking the fourth such rejection in the past six months. The Altrincham-based firm made headlines last week when it was revealed that private equity giant KKR and a major universities pension scheme had approached it, as …
Business
Business Live
Tyneside door maker Virtuoso collapsed with debts of more than £40m
Manufacturer Virtuoso Doors, which closed suddenly prior to Christmas sparking 100 job losses, ceased trading with a deficit of more than £40m, new documents show. The Gateshead-based firm, which specialised in production of composite doors, had been part of the Custommade Group until administrators were called in, in the days leading up to Christmas and …

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