Author: Sam Allcock

NatWest has purchased £1 billion in shares from the Treasury as part of its journey toward full privatisation.This transaction marks NatWest’s second buyback in 2024, acquiring 263 million shares at 380.8 pence each.The UK government’s ownership in NatWest, previously at 84% post-2008 bailout, now stands at 11%.Plans for a public share sale were cancelled in June due to taxpayer cost concerns.The ongoing reduction of government stake aligns with long-term privatisation objectives since the financial crisis.NatWest has taken a significant step towards its objective of full privatisation by purchasing £1 billion worth of shares from the UK Treasury. This move reduces…

The Competition and Markets Authority (CMA) has revealed that consumers in the UK are facing excessively high prices for baby formula, with significant price hikes recorded over recent years.The interim report from the CMA highlights a concerning trend where prices for baby formula have surged by 18% to 36% between December 2021 and December 2023. This situation has prompted the CMA to recommend several measures aimed at enhancing market competition and reducing costs for consumers. Among these proposals is the introduction of a price cap or a cap on profit margins, which could offer a faster route to price reductions.Sarah…

The push for transparency is intensifying as Lloyds faces pressure to reveal the full findings of the HBOS fraud investigation.The investigation, started in 2017, scrutinises a major fraud at the HBOS Reading branch that led to jail sentences in 2017.Key political figures and business groups are demanding the full release due to concerns over a potential cover-up by Lloyds.Critics, including MPs, emphasise the importance of transparent disclosure for accountability.Lloyds has yet to confirm if an unredacted version of the report will be made public, amidst growing calls from lobbying groups.As pressure mounts, Lloyds Bank is urged to fully disclose a…

In 2024, the retail landscape has witnessed a marked shift with a surge in supermarket brand accelerator schemes. Major players, including Tesco, Iceland, Co-op, Ocado, and Waitrose, have unveiled initiatives to foster start-up growth, blending financial support with invaluable market exposure.The sudden expansion of brand accelerator schemes by UK supermarkets might appear unexpected, but it aligns with their strategic goals to harness innovation. Joel Wallington, CEO of CoCubed, observes that supermarkets are keenly focusing on start-ups, not just to boost sales but to differentiate themselves in a competitive market. Start-ups like Deliciously Ella and Tony Chocolonely exemplify success by resonating…

Brewer JW Lees and Be.EV have teamed up to enhance EV charging options at pubs in the North West.This £1.8 million partnership will implement ultra-rapid EV chargers across seven pub locations.Upgraded and new charging stations are expected to cater to both local and visiting EV drivers.Research indicates the rising importance of convenient EV charging points for drivers.JW Lees aims to offer state-of-the-art charging facilities, setting a standard in the hospitality industry.JW Lees, a notable brewer and pub operator, has allied with Be.EV, a national charge point operator, to bring advanced EV charging amenities to pub-goers in the North West. This…

A proposed 20% tariff on UK imports to the US could significantly impact the UK economy.Economists warn of a potential £22bn loss in UK exports if the tariffs are imposed.Fishing, petroleum, pharmaceuticals, and electrical goods are among the hardest hit sectors.The UK faces choices of negotiation or alliance to combat the tariff threat.The global economy could shrink by 7% if a trade war escalates.The potential imposition of a 20% tariff on UK imports by the United States, led by former President Donald Trump, presents a substantial threat to the UK economy. Economists have projected a possible loss of £22 billion…

The acquisition of Yorkshire veterinary supplier Infusion Concepts by US-based Patterson Companies marks a significant strategic move in the veterinary sector.Infusion Concepts, located in Sowerby Bridge and York, is renowned for its infusion products in animal healthcare.The acquisition by Patterson’s UK division, National Veterinary Services Limited, strengthens their market position.Mills & Reeve provided expert legal guidance throughout this acquisition process.The acquisition allows Infusion Concepts’ family owners to step back, ensuring continuity in experienced hands.The recent acquisition of Infusion Concepts by Patterson Companies is a crucial development within the veterinary healthcare industry. This Yorkshire-based supplier, with headquarters in Sowerby Bridge and…

The Prolific North’s annual ranking of PR agencies is out, spotlighting the top 50 leaders in the industry across the North of England.The 2024 list is rooted in comprehensive data analysis, with financials, headcount, and client backgrounds considered for the rankings.Citypress ascends to the top position, marking a significant shift, while Carousel PR breaks into the top 10 for the first time.Newcomers like Bottled Imagination make a notable entry, indicating a dynamic change within the industry landscape.The rankings reflect both stability and dynamic shifts, offering insights into the current and future direction of PR in the North.The Prolific North’s Top…

In a significant development, Asda plans another round of job cuts, mere days after making 500 staff redundant without consultation. This new phase is expected to impact IT staff involved in separating Asda’s IT systems from Walmart, an initiative known as ‘Project Future’.The impending job cuts at Asda have raised considerable concern among workers and unions, especially after the retailer recently instructed over 5,000 head office employees to work from the office at least three days a week. Reports suggest the cuts will be ‘meaningful’, although the exact number remains undisclosed.Unions have criticised Asda for allegedly bypassing the mandatory 45-day…

Tesco, a major player in the retail industry, is bracing for a substantial increase in its National Insurance obligations, following recent amendments to employer contributions as outlined in the latest Budget.As one of the foremost employers in the UK with a workforce exceeding 300,000, Tesco could see its annual tax bill rise by £250 million due to these changes, according to analysis from Morgan Stanley. This adjustment arises from Chancellor Rachel Reeves’ inaugural Budget, which dictates that, from April 2025, employers’ National Insurance contributions will escalate from 13.8% to 15% on earnings above £175 per week.The development draws parallels across…