The government has brought in city lawyers to review a proposed bailout deal from Harland & Wolff, the owner of the shipyard that built the Titanic. Sky News has learned that ministers have called in external advisers to assess whether the renegotiation of a Ministry of Defense contract to facilitate the sale of the company … Read more
Typhoo Tea is preparing to enter administration after 120 years in business, amid falling sales and growing debt. Typhoo, one of Britain’s oldest tea companies, has filed a court case to explore potential solutions, with the intention of appointing EY as administrator. In a statement to Sky News, chief executive Dave McNulty said: “This action … Read more
The UK economy grew by 0.1% between July and September, according to the Office for National Statistics (ONS). However, despite the slight positive GDP growth recorded in the third quarter, the economy contracted by 0.1% in September, dampening overall growth in the quarter. Growth was also slower than experts had expected and down from growth … Read more
Barclays is set to complete a deal to shed its UK merchant acquiring arm, allowing it to remain an investor in the business. Sky News has learned that Barclays and Brookfield, the Canadian asset management giant, are in detailed talks over a deal which would see the British lender retain a 20% stake in the … Read more
The government will unveil plans to overhaul Britain’s payments infrastructure, which will involve the Bank of England being given a more powerful oversight role. Sky News has learned that Treasury officials have given the green light to a new ‘Payments Vision’, details of which will be outlined at the Mansion House annual dinner this week. … Read more
A new investment vehicle founded by one of Britain’s biggest venture capitalists has taken a stake in Atom Bank, the digital-only lender. Sky News has learned that Lexham Partners, set up this year by Dominic Perks, co-founder of Hambro Perks, is negotiating the purchase of a multi-million pound stake in Atom Bank from a number … Read more
Crisis-hit Thames Water says it has received enough support from its creditors to potentially secure up to £3 billion in emergency funding. The UK’s largest water company has revealed that those holding more than 75% of its least risky debt have agreed to staged funding, saying the deal is expected to last until at least … Read more