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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 …
Business
Sky News
Metro Bank fined £16m for poor money laundering controls
Struggling Metro Bank has been fined £16m for poor money laundering controls.The Financial Conduct Authority (FCA) said the challenger bank failed to have the right systems and controls to adequately monitor more than 60 million transactions, with a value of over £51bn, for money laundering risks. The regulator identified failings between June 2016 and December …
Business
Sky News
Shell wins appeal in landmark emissions case
Shell has won its appeal against a climate court ruling that it must sharply reduce its carbon emissions.The oil and gas producer went to the Court of Appeal in the Netherlands following a decision in support of environmental campaign groups in the country, including Friends Of The Earth. That ruling, in 2021, ordered Shell to …
Business
Sky News
Ministers face succession headache at financial watchdogs
Ministers are facing the prospect of kicking off searches for new bosses for the City and banking watchdogs within months amid plans for a wider shake-up of Britain’s economic regulators.Sky News can reveal that the Treasury is likely to begin a process to recruit the next chief executive of the Financial Conduct Authority (FCA) in …

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