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Deal worth £227m paves way for landmark city centre development
A £227m funding deal has been agreed that will pave the way for a major development in Manchester city centre. Real estate development lending platform Precede Capital Partners, alongside global financial services group Nomura, as provided the four-year whole-loan facility to Downing Living for its planned scheme in First Street. The development is expected to …
Business
Sky News
How do prepayment meters work and why is there a crackdown on them?
Too many people are on pay-as-you-go energy meters that risk them being cut off paying more, Ofgem, charities and the government have said.The regulator has said it will take legal action against any supplier that forces customers onto a prepayment meter and the government is issuing firms with a “cease and desist” order. It comes …
Business
Evening Standard
Ofgem vows to tackle ‘inappropriate energy supplier pre-payment meter practices’
Ofgem is to review the checks and balances energy firms have around placing customers on pre-payment meters, warning it will take further legal action if it finds they are not taking due care.In a blog, the watchdog’s chief executive, Jonathan Brearley, said he is concerned about the “sharp growth in households struggling to pay their …
Business
Business Live
Waitrose removes another popular brand from its shelves after Warburtons row
Waitrose has removed another popular brand from its shelves. The supermarket chain, which is part of the John Lewis Partnership, has stopped selling Mornflake porridge after having done for for 50 years. The move comes after Waitrose also took all Warburtons products from its shelves in a row over performance. READ MORE: Click here to …
Business
Evening Standard
Zahawi not planning to resign over tax as Sunak comes under pressure
Nadhim Zahawi is not planning to resign as Conservative Party chairman despite paying a penalty to resolve a tax dispute with HMRC.Allies said on Monday that the former chancellor “absolutely” will not be quitting in the face of growing pressure over his settlement, estimated to be around £5 million.Rishi Sunak has been urged by Labour …
Business
Business Live
‘We will see a hailstorm of damage’: Sacha Lord issues grim warning over withheld energy support to businesses
A grim warning has been issued by Greater Manchester’s night time economy adviser after local hospitality businesses reported not receiving the energy support payments they were promised. Sacha Lord, who is also the co-founder of The Warehouse Project and Parklife festival, said “we will see a hailstorm of damage inflicted on businesses” from the end …
Business
Sky News
US giant Lithia revs up deal to buy Ferrari dealer Jardine Motors for £300m
An American car dealership giant is in advanced talks to buy Jardine Motors, one of the largest automotive retail groups in Britain, for about £300m.Sky News has learnt that Lithia Motors, which has a market capitalisation on the New York Stock Exchange of more than $6.5bn, is within weeks of finalising a deal to buy …
Business
Business Live
Billionaire Issa brothers ‘exploring £13bn merger’ of Asda and EG Group
The billionaire brothers who own Asda are exploring a potential £13bn merger with their petrol forecourt empire. Mohsin and Zuber Issa acquired the supermarket giant in 2021 for £6.8bn alongside private equity form TDR Capital. According to a report in The Sunday Times, merger talks are being held ahead of refinancing at Blackburn-headquartered EG Group, …
Business
Evening Standard
Saga in talks to sell insurance underwriting arm
Over-50s group Saga has confirmed talks to sell the underwriting arm of its insurance division to help pay down its debts.The holiday and financial services firm said it was in discussions over a possible sale of Acromas Insurance Company, which underwrites around 25% to 30% of its insurance business.Reports at the weekend suggested Saga was …
Business
Business Live
South West firms entering administration leap by half
The number of South West companies collapsing into administration in 2022 jumped by more than half as rising inflation, weaker trade and geopolitical uncertainty continued to put businesses under pressure. A total of 100 companies in the region fell into administration last year – up from 64 companies in 2021 – analysis of notices in …
Business
Evening Standard
Funeral firm Dignity swept up by investors in £281m takeover deal
Funeral firm Dignity has been swept up by a group of investors linked to its former chief executive in a takeover move worth around £281 million, as it cautioned investors over tumbling profits.A bidding consortium consisting of SPWOne V Ltd and Castelnau Group, whose investment manager is Phoenix Asset Management Partners, made a final offer …
Business
Evening Standard
Fuller’s issues warning over earnings after train strike hit
Pub group Fuller’s has warned over annual earnings after train strikes left it nursing a sales hit of around £4 million and impacted its festive trading.The group said sales in the four weeks over Christmas and new year fell 5% compared with the same period in 2019 before the pandemic struck.It blamed the drop on …

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