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Gordon Ramsay’s restaurant empire eyes inflation hit after annual losses grow to £6.8m
Gordon Ramsay’s restaurant group has revealed widening financial losses and the loss of 300 staff while grappling COVID disruption.The celebrity chef’s empire reported combined losses of £6.8m for the 12 months to August 2021 – up from £5m in the previous financial year. Gordon Ramsay Restaurants, which operates 35 sites in the UK and 13 …
Business
Evening Standard
Bank of England unveils biggest interest rate rise in 27 years
The Bank of England raised interest rates by half a percentage point on Thursday in the biggest increase in the cost of borrowing for 27 years.It is the sixth consecutive hike from the Bank’s Monetary Policy Committee (MPC) since December and lifts its key lending rate from 1.25 per cent to 1.75 per cent.The move, …
Business
Sky News
Bank of England doubles down on inflation gamble to prevent greater damage ahead
How does it feel running an energy intensive business in the age of soaring prices?“It’s like a train coming down the tracks and you know you can’t avoid it,” says Matthew Greene. He’s the managing director of Ercon Powder Coating, a second-generation family firm in Bilston in the West Midlands, one of hundreds of manufacturers …
Business
Evening Standard
Next beats gloom with £860m profits forecast
High street chain Next has defied the retail downturn as its profits are boosted by return of formal dressing and the collapse of its high street rivals.The firm increased its profits guidance for the year to £860 million, up 4.5% on 2021 and £10 million ahead of previous forecasts, while full-price sales were up 5%. …
Business
Business Live
Property companies behind Newcastle Glassworks student block sold out of administration
A trio of companies behind a prominent Newcastle student accommodation site have been acquired out of administration. Newcastle Glassworks Limited, Newcastle Glassworks Management Limited and Bricks K5 Capital Ltd – all part of the wider Hong Kong-based Bricks Capital group – developed and managed via a leasehold structure the 270-bed Glassworks property in the city’s …
Business
Business Live
Sherwood Power awarded £250,000 to team up with supermarket on energy project
A North Yorkshire power company has secured £250,000 in Government funding after developing a solution for storing renewable energy. Richmond business Sherwood Power aims to use the funds to pilot its technology with a leading supermarket, in which the partnership will explore power possibilities for fresh food transportation. The company has been awarded the funding …
Business
Business Live
Fera Science launches £1m insect biomass conversion laboratory in York
A pioneering laboratory facility has opened in York to spearhead the growth of insect bioconversion – a method of feeding insects biomass waste to turn it into animal feed products. Fera Science has invested £1m in the 2,000 sqft conversion of a former storage unit at its Bioscience Campus site in the city. It will …
Business
Sky News
Accountancy firm Azets’ owner runs numbers on £1.5bn sale
The owner of one of Britain’s fastest-growing accountancy firms is drawing up plans for a sale that could value it at close to £1.5bn.Sky News has learnt that Hg, the private equity firm, has hired investment bankers at JP Morgan to oversee an auction of Azets. City sources said on Thursday that a sale was …
Business
Evening Standard
Phoenix Group buys insurer Sun Life UK for £248 million
Insurer Sun Life UK has been bought by rival business London-based Phoenix Group for £248 million.Phoenix Group is the UK’s largest long-term savings and retirement business with more than 13 million customers and £310 billion of assets under administration and will acquire the insurer in an all cash deal.At the end of last year, Sun …
Business
Business Live
Engineer yourself a great future career at Cornwall College
The Engineering Skills Centre, located at Sisna Park, is Cornwall College’s apprenticeship training hub in the heart of Plymouth. Opened in 2014 in response to the growing number of learners in and around the city, the Engineering Skills Centre has become an apprenticeship training facility for some of Plymouth’s leading engineering employers, including BD, MARS …
Business
Evening Standard
Morgan Sindall says the death of the Lonodn office has been exaggerated as fit-outs boom
Morgan Sindall says reports of the death of the London office are exaggerated, as strong demand for workplace fit-outs helped the construction company report record results. “The city is far from dead” its founder and chief executive, John Morgan, told the Standard, with demand for higher quality, modernised workplaces driving a “standout order book” for …
Business
Business Live
Luxury party apartments firm to expand into grade II-listed city centre building
A company that hires out luxury apartments for parties has snapped up a new location in Liverpool city centre. iStay Liverpool will start work on its new site at the five-storey, grade II-listed 17-21 Castle Street and is aiming to open during the second quarter of next year. The new location will have 33 apartments …

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