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‘A costly mistake’: JD Sports forced to sell Footasylum chain after long battle with competition watchdog
The UK’s largest sportswear retailer JD Sports Fashion is to sell its Footasylum chain following a long battle with the country’s competition watchdog.The business will be sold to German asset management firm Aurelius for £37.5m – a substantial loss on the £90m JD Sports paid for it three years ago. The news confirms a report …
Business
Business Live
Hinkley Point B turned off after more than 46 years
Somerset power station Hinkley Point B has been shut off for good after more than 46 years. The nuclear plant, near Bridgwater, closed off its second reactor at 10am on Monday (August 1). French energy giant EDF, which owns the plant, originally planned to stop generating power from the station in 2016, but announced in …
Business
Evening Standard
OnTheMarket CFO Beattie steps down from online property platform
The chief financial officer (CFO) of OnTheMarket the online property platform Clive Beattie has stepped down from his post to pursue “another opportunity”.The board of the group has appointed consulting company Korn Ferry to start a formal recruitment process for his permanent replacement and Beattie will remain with OnTheMarket in his current post until the …
Business
Business Live
North caravan park firm acquired by Lyons Holidays Parks
A North Wales caravan park firm has been acquired Sunnysands Caravan Parks, advised by Savills, has completed the sale of the business, which includes the freehold interest in five holiday parks located in North Wales, to Lyons Holiday Parks – the largest independent holiday park operator in Wales. The value of the deal has not …
Business
Evening Standard
Heineken profits surge as drinkers swallow higher prices
Profits at Dutch brewing giant Heineken have been refreshed by robust demand as beer drinkers chose to swallow higher pint prices.Sales in the first half of the year were up 37% to €16.4 billion (£13.8 billion) while profits soared 25% to a better than expected €2.2 billion, despite an average 8.9% rise in its prices.The …
Business
Sky News
UK manufacturing ‘hampered by market uncertainty, cost of living and war in Ukraine’
The UK’s manufacturing sector grew at its slowest pace in over two years last month, according to a closely-watched survey.The S&P Global/CIPS UK Manufacturing PMI scored 52.1 in July – the lowest for 25 months and down from 52.8 in June. Any number above 50 is seen as growth, so it means that the sector …
Business
Sky News
FCA reveals new rules for the marketing of high-risk investments
The Financial Conduct Authority has finalised tougher rules for the marketing of high-risk investments.Under the new rules, firms approving and issuing marketing must have the right expertise and those marketing some types of high-risk investments will have to do better checks to make sure those investments are well matched to consumers. Some incentives such as …
Business
Business Live
Bristol law firm Lysander announces double appointment
Bristol-based law firm Lysander has made a pair of appointments as it launches two new departments. The firm is joined by ex-Shoosmiths partner Christopher Cox, as head of commercial dispute resolution, and former Co-operative Legal Services solicitor Julia Sacco, as family law solicitor. Mr Cox and Ms Sacco will be responsible for building their own …
Business
Evening Standard
JD Sports sells Footasylum for £37.5 million after watchdog probe
High street sportswear retailer JD Sports has sold its Footasylum trainer outlet to private equity company Aurelius for £37.5 million taking more than a £50 million hit. The group founded on the backstreets of Manchester suburb Bolton that has now become a household name had been order to sell the business that it acquired for £90 …
Business
Business Live
Newland Homes secures Tewkesbury land for housing development
Housebuilder Newland Homes has secured the promotion of land on the outskirts of Tewkesbury, in Gloucestershire, extending to more than 80 acres. The plot, at Northway Mill Farm, has been identified as part of the first phase of the emerging ‘Tewkesbury Garden Town’ and has the potential to deliver more than 450 homes. Tewkesbury Garden …
Business
Business Live
Shield Therapeutics finalises $10m loan agreement from cornerstone shareholder
A cornerstone investor at Shield Therapeutics has finalised a $10m shareholder loan agreement with the Tyneside pharma firm. Gateshead-based Shield Therapeutics has developed an iron deficiency anaemia drug which is manufactured at a number of sites including North East bases, and is available in Europe under the Ferracru brand and other countries as Accrufer. In …
Business
Sky News
HSBC makes cost of living payment to UK staff as it backs ‘internationalism’ strategy
HSBC has revealed a £1,500 cost of living payment for thousands of UK staff while rejecting calls for a demerger or spin-off of its Asian business on the grounds of its “internationalism”.It is understood that around 18,000 of the London-headquartered bank’s lowest-paid workers will get the money to help them “avoid financial hardship” as inflation …

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