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Mike Ashley’s shopping empire buys Missguided in last-minute deal
Frasers Group, the shopping empire founded by Mike Ashley that owns House of Fraser and Sports Direct, has swooped in to save Missguided from collapse.The company has acquired the embattled online retailer for £20m, saving 147 jobs in the process. However 87 members of staff were made redundant when the company collapsed on Monday.Frasers Group …
Business
Sky News
Improve conditions for lorry drivers or face new tax, road haulage sector warned
A cross-party group of MPs has told the logistics industry to “get its house in order”, calling for better overnight facilities for drivers and new ways to boost recruitment.The Commons transport select committee said that if the changes are not made within two years then the most profitable parts of the industry could face a …
Business
Sky News
Ofcom investigating Royal Mail failure to deliver post on time
Ofcom is investigating Royal Mail’s failure to meet delivery targets during 2021-22.The regulator said: “Ofcom takes compliance with quality of service targets very seriously. “Our investigation, on behalf of postal users, will gather evidence to understand the reasons behind this substantial lapse in performance, and determine whether Royal Mail has breached its requirements.”Royal Mail failed …
Business
Sky News
Deutsche Bank raided in $1tn greenwashing inquiry
Deutsche Bank has been raided for the second time in less than a month, this time over a $1tn greenwashing scandal that has rocked the bank.Regulators in Germany claim that DWS, the bank’s asset management arm, sold investment products worth $1tn as more environmentally friendly and “sustainable” than they actually were. The former DWS head …
Business
Evening Standard
Government can’t shirk all blame for chaos at airports
The government has been merrily heaping blame for the chaotic scenes at British airports on the aviation industry. It’s all their own fault, so the briefing goes, it should have seen the upsurge in foreign holidays coming and it was perfectly happy to pocket government aid and furlough money while laying off thousands of workers …
Business
Evening Standard
Alarm as mortgage borrowing dives and credit card debt soars
Mortgage borrowing slumped but credit card debt rose sharply in April in an ominous sign that households are feeling the pinch of the cost of living squeeze.Latest figures from the Bank of England (BoE) show that net mortgage borrowing fell sharply from £6.4 billion to £4.1 billion. Mortgage approvals for house purchases dropped from 69,500 …
Business
Sky News
Shop prices growing at fastest rate in more than a decade
Shop prices grew at the fastest rate in more than a decade during May, spurred on by rapidly-accelerating food inflation.The figures come from the latest BRC-NielsenIQ Shop Price Index, which looks at baskets of food and non-food items and measures the change in price over time. It found that retail price inflation was 2.8% in …
Business
Evening Standard
Boohoo remains in race to bail out Missguided
Online retailer Boohoo will still plough ahead with its approach to acquire fast fashion brand Missguided despite the company falling into the hands of the administrators.However, the company will now not be able to offer a pre-packed rescue deal for the online retailer, due to its updated financial position and will now be in the …
Business
Sky News
Mortgage borrowing falls by 36% as housing market starts to cool
Mortgage borrowing fell by more than 36% in April when compared with the previous month, in yet another signal that the red-hot housing market in the UK is starting to lose momentum amid rising inflation and a cost of living crisis.The Bank of England said on Tuesday that net mortgage borrowing decreased to £4.1bn in …
Business
Business Live
Community ownership plans for one of Wales’ oldest ironmongers
A group of committed locals are trying to save a 141-year-old ironmonger in Newport, Pembrokeshire, by aiming to raise sufficient funds to buy the business and operate it as a cooperative community shop. Siop Havards Gymunedol Tydrath (SHGT) has opened a share offer with members of the public encouraged to come forward to invest, buy …
Business
Business Live
Dodgy roofer gambled away thousands of pounds of deposits from cancer patients
A roofer has been sentenced for gambling away thousands of pounds of deposits from people – some who were seriously ill – then failing to do any work. Lincolnshire County Council said Leon David Mann of Pilgrims Way, Gainsborough, and his company Gainsborough Roofing, took 50 per cent deposits of between £500 and £2,750 from …
Business
Business Live
Wales the only nation of the UK to see its economy shrink
Wales is the only nation of the UK to see its economy shrink, according to new figures from the ONS. For the third quarter (Q1) of 2021 gross domestic product (GDP) in Wales declined 0.3% on the previous quarter. Growth in England was 0.6%, while for Northern Ireland its economy grew 1.4% and for Scotland …

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