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Lakeland’s family owners hoist ‘for sale’ sign ahead of tax rises
The family behind Lakeland, one of Britain’s most prominent privately held retailers, is exploring a sale after more than 60 years amid growing cost pressures sweeping the industry.Sky News has learnt that Lakeland, which is controlled by the three sons of founder Alan Rayner, has appointed advisers to gauge the appetite of prospective buyers for …
Business
Sky News
Rolls-Royce wins £9bn UK submarine contract in ‘boost to jobs and nuclear deterrent’
A £9bn nuclear submarine contract has been awarded to Rolls-Royce – hailed by the government as a win for the economy and the UK’s nuclear deterrent.The Ministry of Defence confirmed overnight that the UK company – not to be confused with the luxury motor car manufacturer – has won an eight-year contract to design, make …
Business
Sky News
Business secretary hints UK could join European trade area
The government has hinted it is open to joining a tariff-free trading scheme as part of its plan to “reset” its relationship with Europe.Business Secretary Jonathan Reynolds suggested that joining the Pan-Euro-Mediterranean Convention (PEM) could be acceptable as it “is not a customs union”. Politics latest: Minister ‘hopes’ Southport killer dies in prisonThe cabinet minister …
Business
Sky News
‘Unprecedented’ leap in business distress as consumer confidence tumbles
There has been an “unprecedented” rise in the number of businesses on the brink of insolvency, according to a closely watched report.The latest Red Flag Alert report by Begbies Traynor, an insolvency specialist, showed those in critical financial distress rose by 50% in the three months to December compared to June-August. It said that 46,583 …
Business
Sky News
Britain’s biggest mortgage lender expects three interest rate cuts this year
The boss of Britain’s biggest mortgage lender has told Sky News he expects three interest rate cuts this year, bringing some relief to borrowers and mortgage holders.Lloyds Banking Group chief executive Charlie Nunn said he anticipates rates will continue to fall gradually thanks to the resilience of household and business finances – but cautioned that …
Business
Sky News
Sainsbury’s to cut over 3,000 jobs – with all cafes to close
Sainsbury’s has revealed plans to cut more than 3,000 jobs.The supermarket said the move was a bid to save money ahead of a massive leap in costs from budget tax measures, due to come into force within weeks. Head office and senior management roles are among those affected, the chain said, adding that the cost-saving …
Business
Sky News
Manchester United and Chelsea owners aim for late winner in Lord’s Hundred auction
Part-owners of Chelsea and Manchester United football clubs are among a quartet of finalists vying to buy a big stake in London Spirit, the most prestigious franchise in English cricket’s Hundred competition.Sky News has learnt that a vehicle controlled by Todd Boehly, a shareholder in Chelsea, and members of the Manchester United-owning Glazer family have …
Business
Business Live
Revolution Beauty sales to fall by around a quarter in 2025 in blow to turnaround plans
Revolution Beauty anticipates a sales decline of approximately 25% in 2025, posing a challenge to the cosmetics company’s recovery strategy. The London-listed firm reported a softening of sales in its digital channels and some de-stocking by US retailers in December, as reported by City AM. Additionally, the launch of certain retail partnerships has been postponed …
Business
Sky News
Primark sales woes underline the challenges facing retail
Primark’s owners have reported a rare plunge in retail sales during the crucial Christmas quarter, underlining the challenges facing even discount retailers in the tough economy.Associated British Foods (ABF) reported a like-for-like sales decline of 6% for Primark in the UK and Ireland over the 16 weeks to 4 January. It said that while sales …
Business
Sky News
Real Madrid become first club to earn one billion euros in one year
Real Madrid have become the first football club to generate more than a billion euros (£845m) in revenue in a single year, topping a financial services company’s league.Winning both LaLiga and the Champions League last season, Deloitte said the Spanish club had overtaken Manchester City to reclaim top spot in its Football Money League. Real …
Business
Sky News
UK not to be a target of Trump tariffs, chancellor tells Sky News
Chancellor Rachel Reeves has indicated she will overrule environmental objections to a third runway at Heathrow in order to prioritise economic growth, a position likely to bring her into conflict with colleagues including energy secretary Ed Miliband.Speaking as she began a 48-hour pitch to international investors at the World Economic Forum in Davos, Ms Reeves …
Business
Sky News
Chancellor indicates she will overrule environmental objections to a third runway at Heathrow
Chancellor Rachel Reeves has indicated she will overrule environmental objections to a third runway at Heathrow in order to prioritise economic growth, a position likely to bring her into conflict with colleagues including energy secretary Ed Miliband.Speaking as she began a 48-hour pitch to international investors at the World Economic Forum in Davos, Ms Reeves …

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