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Failed full sale of Homebase leaves 2,000 jobs at risk
The jobs of more than half of the workforce at the DIY chain Homebase are at risk after the retailer’s owners called in administrators following a failed attempt at a sale.Sky News reported earlier on Wednesday that around 1,500 people were set to keep their roles as 75 of the 130 stores were set to …
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Business Live
Just Eat Takeaway sells Grubhub for just $650m – after paying $7bn in 2021
Just Eat, the delivery platform, has confirmed the sale of its US division, Grubhub, to American takeaway startup Wonder. The news prompted a 19 per cent surge in Just Eat’s shares during early trading. The platform was sold for $650m (£500m), marking a 90 per cent discount on the $7bn it paid in 2021, or …
Business
Sky News
Full list of Post Office branches that could close under ‘transformation plan’
The Post Office has announced that more than a hundred larger crown branches – those owned by the company directly – could close with the possible loss of hundreds of jobs.The Communication Workers Union has signalled a fight ahead as the Post Office confirmed details of its transformation plan. The affected branches collectively employ close …
Business
Sky News
The Range closes in on chunk of Homebase in pre-pack sale
The Range, the privately owned general merchandise retailer, is closing in on a deal to snap up a large chunk of Homebase which will save close to 1,500 jobs but raise doubts about at least 1,700 more.Sky News has learnt that administrators are being lined up to handle a pre-pack sale of scores of Homebase …
Business
Sky News
Post Office faces backlash over job cuts – with 115 branches at risk of closure
A union representing Post Office staff has lashed out at proposals that could result in 115 branch closures and significantly more than 1,000 workers losing their jobs, by describing them as “immoral”.The Communication Workers Union (CWU) signalled a fight ahead as the Post Office confirmed details of its transformation plan – first revealed by Sky …
Business
Sky News
P&O’s cost of firing and replacing 800 British workers revealed in new accounts
P&O Ferries spent more than £47m summarily sacking hundreds of seafarers in 2022, helping it cut losses by more than £125m and putting it on a path to profitability, according to accounts due to be published in the coming days.The dismissal of 786 mainly British seafarers, and their replacement with largely non-European agency staff earning …
Business
Sky News
Why P&O Ferries’ pariah status may never change
P&O Ferries’ summary sacking of hundreds of seafarers in March 2022 was and remains perhaps the most ruthless act of “restructuring” in British corporate history. From the furthest left of the trades union movement to the right of the Conservative government, P&O and its lightning-rod chief executive Peter Hebblethwaite were condemned for shamelessly putting profit before …
Business
Sky News
Post Office to set out plans for branch closures and job cuts
The Post Office is drawing up plans to close dozens of branches and axe hundreds of head office jobs as it tries to place its finances on a sustainable long-term footing.Sky News has learnt that the state-owned company is preparing to announce in the coming days that it will shut or seek alternative franchising arrangements …
Business
Sky News
Leap in unemployment rate raises question of Labour own goal
The UK’s jobless rate has risen by more than expected, raising questions over whether the new government’s early warnings on the state of the economy have backfired.Official figures from the Office for National Statistics (ONS) showed the unemployment rate at 4.3% over the three months to September. That was higher than the 4.1% figure expected …
Business
Sky News
Top Labour donor Vince takes flight with £20m Ecojet fundraising
Dale Vince, the prominent Labour Party donor and eco-entrepreneur, is kicking off a £20m financing for Ecojet, a new airline that claims it will be the world’s first zero-emission commercial carrier.Sky News has learnt that Ecojet is working with advisers at Wyvern Partners on its plans to raise growth equity. The fundraising is aimed at …
Business
Business Live
Metro Bank hit with £16.7m fine for inadequate monitoring of £51bn worth of transactions
Metro Bank has been hit with a hefty £16.7m fine by the Financial Conduct Authority (FCA) for its failure to adequately monitor transactions for potential financial crime risks. The City watchdog revealed that Metro Bank had inadequately monitored over 60 million transactions, totalling a value of £51bn, for money laundering risks between June 2016 and …
Business
Sky News
Former Chase UK boss swoops on Atom Bank stake
A new investment vehicle founded by one of Britain’s most prominent venture capitalists has swooped to buy a stake in Atom Bank, the digital-only lender.Sky News has learnt that Lexham Partners, which was established this year by the Hambro Perks co-founder Dominic Perks, is negotiating the purchase of a multimillion pound shareholding in Atom Bank …

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