UK-focused equity funds faced substantial withdrawals in September due to Labour’s negative economic outlook, reversing a recent recovery in the market.In September, UK-focused equity funds saw net withdrawals totalling £666 million, indicating a marked shift in investor confidence.Despite other fund sectors seeing inflows, UK equity funds have not experienced positive net inflows since 2021.Criticism of Labour’s depiction of the UK economy, particularly by Chancellor Rachel Reeves, has contributed to investor wariness.Recent declines in consumer confidence and manufacturing optimism have compounded the negative market sentiment.In September, UK-focused equity funds experienced net withdrawals amounting to £666 million, as detailed by Calastone, a…
Author: Scott Dylan
Scott Dylan is the Founder of NexaTech Ventures
In 2023, KP Snacks achieved a significant profit surge, reaching almost £100 million, amidst challenging circumstances.The company reported a sharp rise in pre-tax profits, climbing from £64.3 million to £93.7 million within a year.Sales leapt to £626.7 million from the previous year’s £546 million, highlighting impressive growth.Despite facing unprecedented inflationary pressures and a cyber attack in 2022, KP Snacks maintained its market position.Sustainability efforts were bolstered by a significant reduction in plastic packaging, demonstrating a commitment to environmental responsibility.In 2023, KP Snacks, renowned for brands such as McCoy’s, Terrell’s, KP Nuts, and Popchips, reported a pre-tax profit of £93.7 million,…
The Solicitors Regulation Authority (SRA) has imposed Section 43 restrictions on a former assistant accountant at Osborne Clarke due to dishonest actions.Liam Gillard, the accountant in question, submitted falsified emails regarding a mandatory mock exam to his employer.The examination was part of Gillard’s course requirements to qualify as a chartered accountant with the Institute of Chartered Accountants for England & Wales.Gillard’s misconduct led to his employment termination, highlighting the serious implications of dishonest behaviour in the legal field.The SRA’s decision underscores the importance of integrity and honesty in professional practices.A recent decision by the Solicitors Regulation Authority has placed Section…
Tata Consumer Products, the owner of Tetley Tea, has initiated legal proceedings against striking workers, citing trespassing incidents during a pay dispute.The conflict centres on the Teesside production site, which produces a substantial portion of the UK’s tea supply.The GMB Union, backing the workers, has highlighted potential tea shortages resulting from the strikes.Tata Consumer Products maintains the importance of adhering to picketing rules, emphasising that breach of which amounts to trespass.The legal dispute, drawing significant attention, is set for a court hearing this Wednesday.Tata Consumer Products has pursued legal action against employees partaking in industrial action, accusing them of trespassing…
Etsy UK’s 2023 financial reports show a remarkable recovery in revenue, reaching £9 million, nearly matching pandemic figures.The 2023 revenue marks a substantial increase from £3.8 million in 2022, reflecting a strong operational performance.Etsy UK’s pre-tax profit rose significantly, driven by a strategic partnership with Adyen for payment solutions.Despite global conflicts, Etsy UK’s business remained stable, unaffected by inflation and interest rate influences.The UK division’s performance mirrors the robust growth observed in Etsy’s global operations, which reported $2.7 billion in revenue.Etsy UK’s revenue has surged to £9 million for 2023, demonstrating a significant recovery nearly aligning with figures seen during…
The UK explores extending probation periods to help reintegrate long-term sick workers.Deputy PM Angela Rayner leads discussions on flexible probations amid high sickness leave.Proposals aim to reduce legal risks for employers rehiring former sick employees.Unions express concerns over potential impact on workers’ day-one rights.Labour’s commitment to strengthen workers’ rights is part of the ongoing reform efforts.In an effort to address the issue of 2.8 million workers currently on long-term sickness leave, the UK government is actively considering the implementation of flexible probation periods. This initiative is spearheaded by Deputy Prime Minister Angela Rayner and Business Secretary Jonathan Reynolds and seeks…
The reinstatement of Jennifer Hallam after 22 years highlights resilience and challenges solicitors face.Jennifer Hallam, a solicitor struck off in 2002, reinstated after proving rehabilitation and resilience.The tribunal acknowledged her past abuse, affecting her misconduct and decision to strike her off initially.Hallam’s application supported by her exemplary efforts in academia and contributing to pro bono work.New conditions apply to Hallam’s practice, ensuring compliance and oversight by the Solicitors Regulation Authority.Jennifer Hallam, a solicitor removed from the roll over two decades ago, has triumphantly rejoined the profession. Her reinstatement was granted following a tribunal’s review of her past circumstances, which were…
Starling Bank has been penalised £29 million by the UK financial watchdog due to significant deficiencies in its crime prevention systems.The bank was found to have repeatedly breached protocols by opening accounts for ‘high-risk’ customers.The Financial Conduct Authority (FCA) noted a substantial increase in Starling’s user base without corresponding anti-crime measures.Serious issues were identified in 2021, revealing that 49,000 high-risk accounts were opened over two years.Starling Bank has acknowledged these failings, promising extensive safeguards and improvements.Starling Bank has faced a substantial penalty from the UK Financial Conduct Authority (FCA), amounting to £29 million, due to its inadequacies in preventing financial…
Greggs decides against further price increases for 2023 despite a slowdown in sales during the third quarter.CEO Roisin Currie confirms stabilising costs have allowed the company to halt further price hikes this year.Sales faced a downturn over the summer but showed recovery in September, with expectations of growth due to new menu offerings.Greggs is actively expanding its presence, planning up to 160 new shop openings across various locations this year.Analysts forecast potential growth in Greggs’ profits, driven by strategic expansions and menu innovations.Greggs, under the leadership of CEO Roisin Currie, has made a strategic decision to refrain from any further…
Nigel Blow, who was set to join Fenwick as CEO, has stepped down, linked to allegations against Mohamed Al Fayed.Blow’s decision follows accusations of sexual misconduct against Al Fayed by previous Harrods employees.A BBC documentary broadcasted the allegations, which have since gained significant legal attention.Blow’s career includes a 14-year tenure at Harrods during Al Fayed’s ownership.Fenwick confirmed that Blow will not assume the CEO role previously announced in July 2024.Nigel Blow, previously set to take on the role of Chief Executive Officer at Fenwick, has withdrawn from the position following serious allegations surrounding Harrods’ former owner, Mohamed Al Fayed. The…