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…
Author: Dave Antrobus
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…
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…
UK house prices are climbing steadily, nearing record highs not seen since 2022.According to Halifax data, house prices rose by 0.3% in September, matching August’s rise.The annual inflation rate for house prices stands at 4.7%, the highest since November 2022.Favourable market conditions and falling interest rates have restored some buyer confidence.Despite positive trends, regional disparities persist and affordability remains a challenge.House prices in the UK have continued on an upward trajectory, rising by 0.3% in September as reported by Halifax. This rise mirrors the previous month’s increase, marking a third consecutive month of growth. Annual inflation has reached 4.7%, the…
Nestware, owner of Carpetright, has faced significant financial setbacks.The closure of The Floor Room resulted in £10.8m in losses for Nestware.Administration of The Floor Room led to 201 job losses.Nestware also wrote off £175.4m related to Carpetright, which entered administration.Carpetright’s debts included £3.5m rent arrears and £8m in outstanding customer orders.Nestware, the parent company of Carpetright, has encountered substantial financial difficulties recently. These challenges were primarily due to the closure of The Floor Room, which imposed a financial burden of £10.8 million on the company.The closure of The Floor Room, which occurred at the start of August, was a significant…
Key figures in retail urge UK government for business rate overhaul.More than 70 retail executives have united for this cause.They propose introducing a ‘Retail Rates Corrector’.The proposed reform aims to reduce business taxes by 20%.Such change is expected to boost retail sector investment.In a significant move, over 70 leading figures from the retail sector, including executives from major companies, have collectively addressed a letter to Chancellor Rachel Reeves. This coalition seeks to instigate reform in the current business rates system before the forthcoming Autumn Statement.The British Retail Consortium has orchestrated this appeal, calling for a ‘Retail Rates Corrector’—a proposed 20%…
Despite economic challenges, Bottega Veneta UK’s returns to profitability in 2023.The luxury brand faced an 8.9% drop in sales due to inflation and interest rates.Despite a turnover drop, the UK division posted a pre-tax profit of £336,007.The company saw a significant financial shift from its 2022 pre-tax loss.Kering, Bottega Veneta’s parent company, continues to support the brand.The UK branch of Bottega Veneta, a prominent Italian luxury fashion house, has managed to return to profitability in 2023. This achievement is significant given the prevailing cost-of-living crisis, which has adversely influenced sales figures. The company’s accounts, submitted to Companies House, reveal a…
A new padel club is planned for Prestwich, marking the sport’s growing popularity in Europe.Pure Padel Clubs Ltd is spearheading this development on Brooklands playing fields.The facility will include seven padel courts at the Manchester Maccabi Community and Sports Club.Bury Council has approved the plans, acknowledging the loss of some recreational space.Officials highlight the unmet demand for this sport, with infrastructure crucial for growth.A new facility for padel enthusiasts is set to rise in Prestwich, as a response to the sport’s increasing popularity across Europe. The facility is being developed by Pure Padel Clubs Ltd on the land formerly known…