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Sky News
Shine comes off luxury jeweller Vashi as it calls in liquidators
Vashi, the upmarket jewellery retailer, has gone bust just months after seeking new funding at a valuation of £250m.Sky News has learnt that insolvency practitioners from Teneo Restructuring were appointed this week as joint liquidators of Vashi’s holding company. Insiders said the appointment followed a winding-up petition filed by Canary Wharf Group, one of Vashi’s …
Business
Sky News
Post-Brexit checks on goods from EU into UK to be reduced
Post-Brexit checks on goods coming to the UK from the EU are to be reduced, the government has confirmed.A new model has been announced to “minimise trader burdens and maintain border security while remaining aligned with international standards”. The government has delayed putting in place the checks four times, which are legally required under the …
Business
Evening Standard
Rathbones snaps up Investec wealth business in £839m deal
Rathbones has snapped up the wealth and investment division of rival Investec Group in a deal worth about £839 million.The move will see the creation of the UK’s “leading discretionary wealth manager” with combined funds under management of £100 billion, the firms said.Investec Wealth & Investment UK, a private wealth manager, is set to merge …
Business
Business Live
Exeter entrepreneur launches elite Devon event for South West businesses
Exeter-based business consultancy founder Mark Walters is inviting business leaders in the region to gather for a networking event. The owner of Marks Get Set will launch ‘The Business Breakfast Summit’ on April 20 at The Pig hotel in Combe, where he will invite South West business owners, entrepreneurs, and leaders to come together and …
Business
Evening Standard
Rathbones and Investec arm link in City wealth manager mega-merger
The CEO of Rathbones said the City is “ripe for consolidation” as his firm agreed a deal to combine with Investec’s UK Wealth and Investment arm, creating the UK’s biggest wealth manager.However, staff will fear job cuts as he noted some changes would be “inevitable”.Rathbones will pay £839 million in new stock in exchange for …
Business
Business Live
New CEO for company behind £120m stalled Saltend plant set to produce next generation MDF
A new chief executive has been appointed to lead Accsys Technologies Plc, the company behind the stalled construction product manufacturing plant in Hull. Jelena Arsic van Os will join the business that has put its £120 million Tricoya operation at Saltend on hold in July. She has more than 20 years’ experience in senior executive …
Business
Business Live
Clarks UK managing director steps down from role, exiting the business
Joe Ulloa, managing director for the UK, Ireland and MEA (the Middle East and Africa) at Clarks has stepped down from the role. Mr Ulloa joined the shoe retailer in 2017 as retail and franchise director of the UK and Europe. He later became managing director of the UK and Ireland in 2019 and in …
Business
Evening Standard
Saga cruise arm rebounds, but £269 million hit from insurance arm leads to steep losses
Self-described “superbrand for older people” Saga was hit by a £269 million writedown of its insurance business because of tighter regulations, despite a rebound for its cruise business boosting its underlying figures.Revenue jumped by 54% to £581.1 million, thanks mostly to the return of travel, with Saga’s travel business growing tenfold and ocean cruise revenue …
Business
Evening Standard
Virgin Orbit files for bankruptcy
Billionaire Richard Branson’s ambitious plans to launch the first satellites from the UK came crashing down to earth today after the company into which he had poured over $1 billion in cash filed for bankruptcy.Virgin Orbit, which Branson founded in 2017, said it had commenced a Chapter 11 proceedings at a US Bankruptcy Court in …
Business
Sky News
Ultimate Fighting Championship owner and WWE combining to create $21.4bn company
Ultimate Fighting Championship owner Endeavor Group Holdings Inc. and WWE are combining to create a $21.4bn (£17.3bn) sports entertainment company.Under the deal, Endeavor will hold a 51% controlling interest in the new company, which does not yet have a name, while existing WWE (World Wrestling Entertainment) shareholders will hold 49%. The firms put the enterprise …
Business
Sky News
Clean energy start-up Xlinks wins Abu Dhabi backing for £18bn project
An Abu Dhabi-listed energy company is in advanced talks to provide financial backing to Xlinks, a British-based startup hoping to build the world’s longest undersea cable to help meet future UK energy needs.Sky News has learnt that Taqa, which has operations spanning oil and gas, water and carbon capture and storage, is negotiating the purchase …
Business
Evening Standard
Efforts to tackle modern slavery ‘waning as transparency rules ignored’
Efforts to tackle modern day slavery are stalling as the number of companies disclosing anti-slavery measures within their supply chains has nearly halved, according to new analysis.International body the Chartered Institute of Procurement and Supply (CIPS) called on the Government to better enforce critical transparency rules that are being “ignored”.Some 29% of organisations required to produce …

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