Royal Mail is urging reforms in postal regulations to stay competitive amidst evolving market demands.The company stresses the need for government backing to overhaul the Universal Service Obligation.A potential cessation of Saturday second-class mail deliveries is under review by Ofcom.Royal Mail’s financial stability remains uncertain, complicated by a takeover bid from EP Group.Reforms are critical as the company faces mounting challenges, including financial losses and missed delivery targets.Royal Mail has been vocal in calling for reforms to its Universal Service Obligation (USO), which mandates uniform pricing and delivery services across the UK. This requirement, increasingly seen as outdated due to…
Author: Dave Antrobus
The British Business Bank has achieved a new funding landmark, supporting innovation and economic growth in the South West.A total of £5 million has been delivered to 10 businesses in the region within the first quarter of the year.Changing Social Limited, a digital consultancy, has raised £1.6 million in equity funding through Maven Capital Partners.Additional recipients of this fund include Rockfish and Kelp Industries, highlighting diverse growth across sectors.The fund aims to empower local businesses, encouraging further exploration of opportunities for growth and innovation.In a remarkable achievement, the British Business Bank has reached a £5 million funding milestone within the…
The leadership at Darktrace is undergoing a significant shift following its acquisition by Thoma Bravo.Poppy Gustafsson, a co-founder and significant figure in cybersecurity, announces her resignation.Jil Popelka, currently the Chief Operating Officer, will assume Gustafsson’s role.Gustafsson expresses pride in the company’s achievements since its inception in 2013.The transition reflects an ongoing trend of UK firms exiting the London Stock Exchange.Poppy Gustafsson, known for her substantial contributions to the cybersecurity sector, is stepping down from her role at Darktrace. Her departure follows the company’s acquisition by Thoma Bravo, a notable American private equity firm. Gustafsson, who established the firm in 2013…
An employment tribunal has dismissed allegations of racial discrimination and misconduct against a prestigious City law firm.The tribunal, led by Employment Judge Emma Burns, found Noel Deans’ claims of race discrimination, harassment, victimisation, and wrongful dismissal against Rosenblatt, a part of RBG Holdings, to be unsubstantiated. Deans, of African/Caribbean heritage, served as a salaried partner and was the first black partner in the firm’s history before his resignation in February 2020.Judge Burns criticised Deans for levelling serious accusations without sufficient evidence, specifically mentioning his claim of a fabricated witness statement by the firm during a 2019 employment case (‘SP claim’).…
The Manchester-based company MirrorWeb has secured a significant $63 million equity investment.MirrorWeb focuses on digital archiving and surveillance, primarily serving financial services.This investment comes from Mainsail Partners, a Texas-based firm.The funding will aid MirrorWeb’s expansion efforts both within the UK and the US.The investment reflects MirrorWeb’s innovative approach to compliance in a multi-channel communication landscape.MirrorWeb, a digital archiving and surveillance specialist from Manchester, has successfully secured a significant $63 million equity investment from Texas-based Mainsail Partners. This substantial investment aims to bolster MirrorWeb’s growth trajectory within the UK and US markets, providing a robust platform for its expansion plans.Founded in…
The UK state pension is projected to rise by over £400 annually, aligning with average earnings growth due to the triple lock policy.Criticism mounts over Labour’s decision to limit the winter fuel allowance to pensioners receiving pension credits.Some retirees claim the changes unfairly target them as a ‘cash cow’ in the current economic climate.The full state pension is anticipated to reach approximately £12,000 by the 2025/26 tax year.Final figures on pension increases are expected soon, with inflation currently at 2%.The UK state pension is set to rise significantly, with projections indicating an increase of over £400 a year. This adjustment…
Fentimans, a historic soft drink maker, voices concern over a proposed glass tax that could threaten its existence after 120 years.The Department for Environment, Food and Rural Affairs (Defra) plans to impose a £300 per tonne recycling cost on glass, part of an ‘extended producer responsibility’ initiative.Brewers and soft drinks manufacturers are protesting the tax, highlighting the financial strain it could place on their businesses.Trade bodies underscore the brewing sector’s contributions to the economy and call for government reconsideration of the tax.British Glass warns of significant job losses and requests a delay in the tax’s implementation, pointing out disparities with…
The UK’s private sector experienced unexpected growth in August, exceeding analyst expectations.S&P Global composite PMI rose to 53.8, surpassing predictions and marking a four-month high.Political stability and macroeconomic conditions boosted consumer spending, aiding growth.Inflation concerns remain as businesses anticipate potential tax changes from new budget.Despite positive trends, export challenges persist due to Brexit-related issues.The UK private sector economy displayed unexpected strength in August, with the S&P Global composite purchasing managers’ index (PMI) climbing to 53.8 from 52.8 in July. This surpasses analysts’ estimates of 53.4 and signifies a four-month high. A measure above 50 indicates expansion, with the services sector…
ScubaTx raises £1.4m to advance organ preservation technology in Manchester.The new Manchester office marks a significant growth step for the Newcastle-based company.ScubaTx leverages ‘persufflation’ to extend the viability of donated organs.The firm aims to harness Manchester’s scientific expertise and foster new partnerships.The GMC Life Sciences Fund is a major backer, accelerating ScubaTx’s innovation.ScubaTx, a prominent life sciences company, has secured £1.4m to further its groundbreaking work in organ preservation technology. This funding round, led by Praetura Ventures’ GMC Life Sciences Fund, comes on the heels of a successful £1.5m funding round last year.The opening of a new office in Manchester…
Shares of productivity software provider Getbusy fell by nearly 11% following disappointing half-year results.Annual recurring revenue for Getbusy saw a modest increase of less than £1 million, totalling £21 million by June 2024.The company’s net cash reserves significantly decreased to £0.2 million from £1.7 million the previous year.Despite a rise in adjusted EBITDA, Getbusy experienced a slight decline in paying users, attributing it to legacy business churn.The company aims to focus on higher value customers and anticipates future growth amidst current exchange rate pressures.Shares in Getbusy, a provider of productivity software, experienced a sharp decline, dropping nearly 11% after the…