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Somerset horse feed company sold out of administration, saving jobs
A North Somerset producer and seller of horse feed has been sold out of administration, saving seven jobs. The Pure Feed Company was placed into administration in November after being hit by a “combination of challenges” which it said left it unable to trade. According to administrators Begbies Traynor, difficulties included price rises in raw …
Business
Evening Standard
City bankers could receive unlimited bonuses as Bank of England pay consultation begins
City bankers may soon be able to receive unlimited bonuses after the Bank of England today announced plans for a consultation on scrapping the so-called ‘bonus cap’.The decision to scrap the cap, which sets limits on the ration between fixed and variable pay in financial services, was among the few policy moves that survived Kwasi …
Business
Sky News
Rail strikes ‘key’ reason for slump in high street visits ahead of Christmas
Visits to high streets slumped last week, according to industry data showing a “key” impact from rail strikes amid wider evidence of a hit to the economy from the industrial action.Springboard reported that shopper numbers across Britain fell 4.6% last week versus the week before amid the disruption to public transport – also blamed for …
Business
Evening Standard
London fintech Updraft raises £108 million to grow lending business
Lending firm Updraft today became the latest London fintech to ramp up its expansion plans after it completed a £108 million debt and equity raise to scale up operations.The Old Street-based business, which combines smart algorithms, open banking and credit reference data to offer bespoke personal loans to its customers, will use the funding to …
Business
Business Live
Mining firm Tungsten West boosts ore and mineral reserves at Plymouth mine
Mining company Tungsten West has boosted ore and mineral reserves at its Hemerdon mine near Plymouth, it has announced. The AIM-listed firm, which is looking to restart production at the site next year, provided the update to investors on Monday (December 19) as part of a feasibility study. The business said it had seen a …
Business
Business Live
Blackburn Rovers owner makes first profit in 10 years
The owner of Blackburn Rovers made its first pre-tax profit in 10 years after the Championship club sold its training ground, it has been revealed. Venkys London Ltd has reported a pre-tax profit of £2.6m for the 12 months to March 31, 2022, up from a loss of £21.4m in the prior year. Venky’s London …
Business
Business Live
North East tech innovator Kromek seals new deal with US giant Smiths Detection
North East tech innovator Kromek has sealed a new deal with a US supplier of security screening equipment. The NET Park based business, which develops and manufactures radiation and bio-detection technology solutions, announced a new distribution agreement with Smiths Detection, a global leader in threat detection and security screening technologies. Under the terms of the …
Business
Business Live
Former Ladbrokes and Greene King finance chief to step down as Lookers chairman
The former finance chief of Ladbrokes and Greene King is to step down as chairman of car retail giant Lookers for personal reasons. Ian Bull will leave his role on December 31, 2022, having held the position since October last year. During his career he has also served as chief financial officer at Parkdean Holidays …
Business
Evening Standard
‘UK recession to last until end of next year’
The UK economy is on track to shrink by 1.3% in 2023 amid a recession which is set to last until the end of next year, according to a new economic forecast.Economists at KPMG have predicted that the UK has already entered a “shallow but protracted” recession amid continued inflation and higher interest rates.Yael Selfin, …
Business
Sky News
Elon Musk to quit as Twitter boss – if he abides by poll he launched himself
Elon Musk will step down as Twitter boss – if he stands by his pledge to abide by the results of a poll asking users for their verdict on his tenure.The owner of Tesla and SpaceX set his poll in motion just after 11pm UK time, writing: “Should I step down as head of Twitter? …
Business
Sky News
UK power stations owner Uniper eyes ‘possible insolvency’ without £44bn state bailout
Uniper, the crisis-hit German gas trader that owns seven UK power stations, has warned shareholders it faces “possible insolvency” unless they back an additional state bailout worth more than €50bn (£44.6bn).Chief executive Klaus-Dieter Maubach told investors ahead of a crucial vote on Monday that they risked losing their entire investments in the company if they …
Business
Evening Standard
Retailers braced for ‘subdued’ build-up to Christmas
Retailers are braced for a subdued last few days of build-up to Christmas as households bear the brunt of energy and economic shocks.Analysts Springboard said the declines from month to month from September to November and then just a modest predicted rise this month would eradicate the gains made over much of this year.Diane Wehrle, …

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