The Federation of Small Businesses (FSB) has issued a warning against potential tax increases by Chancellor Rachel Reeves, stressing their potential harm to economic growth.Business leaders caution against raising capital gains tax, which could deter entrepreneurial ventures and expansion.The current relief allowing entrepreneurs to pay less tax on gains is pivotal for small business owners.Suggestions for mitigating employment costs and protecting small companies were also made by the FSB.The Confederation of British Industry (CBI) encourages a budget that supports economic growth and clarity.The Federation of Small Businesses (FSB) has expressed its concern regarding Chancellor Rachel Reeves’ potential consideration of increasing…
Author: Dave Antrobus
The recent TGI Fridays rescue results in significant impacts, including job losses and closures, despite a private equity intervention.Over 1,000 employees face redundancy as 35 branches shut down amidst a restructuring effort.Private equity firms have stepped in to secure the future of 51 TGI Fridays restaurants, aiming to modernise the brand.Controversy arises from the manner in which staff were informed of redundancies, sparking criticism from the trade union Unite.The new direction seeks to stabilise the remaining restaurants, emphasising the need for adaptation in a competitive market.Despite a private equity buyout, TGI Fridays has closed 35 branches, leading to over 1,000…
KPMG and NatWest’s return to CBI marks a pivotal moment in the group’s ongoing recovery from recent challenges.Their re-engagement occurs 18 months after suspending their association due to a misconduct scandal.The CBI has undertaken significant restructuring efforts, including downsizing and securing financial support, to stabilise operations.Additional high-profile companies like Addleshaw Goddard also return, enhancing CBI’s credibility.The return of key members is perceived as critical for the CBI’s reintegration into influential business and government circles.KPMG and NatWest have reinstated their memberships with the Confederation of British Industry (CBI), signalling a significant vote of confidence in the organisation’s recovery efforts. This development…
SumUp, a payments firm, reported a notable revenue increase in 2023 even as growth has decelerated from previous years.The company achieved revenues of €188m (£156m) in 2023, marking a 26% rise compared to the prior year.Despite the revenue increase, the growth rate is slower than the nearly 50% leap experienced the year before.SumUp aims for a $9bn valuation as it gears up for a potential share sale, collaborating with Goldman Sachs.SumUp’s strategy involves expanding its merchant services and continuing branding investments, reflecting robust business resilience.SumUp, a prominent player in the payments industry, revealed a significant rise in its 2023 revenues,…
Dash Water introduces an innovative cucumber and mint flavour to its sparkling drinks range, revitalising a classic favourite.The new variant will replace the brand’s existing cucumber drink.Co-founder Jack Scott expresses confidence in consumer approval for this refreshing twist.Recent marketing efforts highlight Dash’s commitment to healthier drink alternatives.The brand anticipates its first profit, marking a significant milestone.Dash Water is revitalising its sparkling drinks range with the introduction of a new cucumber and mint flavour. This launch will see the new variant replacing the existing cucumber drink, offering consumers a refreshed taste experience that retains the brand’s focus on unique flavours from…
The Very Group has announced plans to appoint major banks to manage a strategic review, possibly signaling the end of the Barclay family’s ownership.Barclays, JP Morgan, and Morgan Stanley are poised to oversee a comprehensive review, which could lead to a full or partial sale.The Very Group is expected to be valued around £2.5 billion, a decrease from its previous £4 billion valuation.Insiders suggest the sale is favoured over refinancing, with interest in the company’s tech-focused financial services.Carlyle may emerge as a key player, having previously extended debt maturity dates, while leadership changes reflect ongoing strategic adjustments.The Very Group, a…
Footasylum has secured significant funding to enhance its growth and sustainability strategies within the UK market.The £35m package from HSBC includes a Sustainability Improvement Loan that ties interest rates to ESG performance.Footasylum aims to achieve ambitious sustainability targets, aiming for carbon net-zero by 2040.Plans for expansion include new store openings across key UK locations such as Aberdeen and Warrington.Footasylum reports record revenues, highlighting its strong market position and growth potential.Footasylum has successfully acquired a £35 million funding package from HSBC, designed to fuel its expansion and sustainability initiatives across the United Kingdom and beyond. This package is unique due to…
In a strategic move, Nish Kankiwala, John Lewis Partnership CEO, will transition back to a non-executive role.Kankiwala, who took the CEO position in March 2023, aims to facilitate a smooth leadership change.He steps down to support the new chairman, Jason Tarry, in March 2025.Under Kankiwala, John Lewis reduced pre-tax losses significantly, setting a profitable trajectory.His leadership was pivotal in a transformative phase, enhancing cash flows and strategy.Nish Kankiwala, the current Chief Executive Officer of John Lewis Partnership, is set to transition back to his previous role as a non-executive director in March 2025. This strategic decision comes as part of…
Since 2020, the UK has witnessed the disappearance of 500,000 small businesses, highlighting significant economic challenges.A notable decrease in self-employment and one-person companies marks this downturn, influenced by various factors.Government support delays and IR35 tax rule changes have significantly impacted consultants.Despite the decline in small businesses, large enterprises have seen growth in employee numbers.Upcoming government budget reforms are crucial to address business rates, capital allowances, and the skills crisis.The United Kingdom has experienced a steep decline in the number of private sector businesses, with a reduction of 500,000 from their 2020 peak of six million. This downturn is predominantly attributed…
In an innovative move towards sustainability, M&S is trialling drone and robotic technology to reduce carbon emissions in parsnip production.This pioneering agricultural method involves an ‘autonomous field,’ a first for UK retailers, improving both crop yield and quality.The project, in partnership with Huntapac, employs robots for various farming tasks and drones for crop monitoring.Incorporating green fertilisers and tech that uses less diesel than traditional tractors, this approach helps maintain soil carbon.The initial autonomously farmed produce will become available in M&S stores from November, funded by the company’s Plan A sustainability initiative.M&S, in a remarkable step towards sustainable agriculture, is utilising…