Bestway Group, one of Britain’s largest private companies, is preparing to launch a formal financial restructuring process for its off-licence chains Bargain Booze and Wine Rack. Sky News has learned that the group has informed landlords of its proposed company voluntary agreement (CVA) for its Bestway Retail arm. Real estate sources said the conglomerate, founded … Read more
English rent prices have hit a new record, rising by almost 10% last year, according to official figures. The typical private rental price in England increased by 9.3% in the year to November, costing £116 more than 12 months earlier, according to the Office for National Statistics (ONS). English renters paid an average of £1,362 … Read more
At least 70 people within the Post Office and Royal Mail were aware of errors in the Horizon computer system, its manufacturer said on the final day of the public inquiry. Hundreds of subpostmasters have been wrongly prosecuted based on accounting errors produced by the faulty Horizon system. The final day of closing speeches was … Read more
Thames Water has won court approval to proceed with the next phase of securing a £3 billion emergency loan, with a hearing to seek approval from creditors scheduled for four days in the first week of February. The troubled utility told the High Court that without the loan it would run out of cash by … Read more
The Royal Mail group is set to pass into the hands of foreign investors, but the State will retain a “golden share” in the company. This means the the government will have to approve any key changes to Royal Mail’s ownership, head office location and tax residency. This is something the government does with companies … Read more
Closing statements are being presented to the Post Office Horizon IT inquiry and lawyers for key figures have submitted their final arguments. Ancient Post Office Boss Paula Vennells says in her own written statement posted online that she is “devastated” that information “was not shared with her” about the faulty Horizon IT system. It is … Read more
This is a crucial week for the water industry. Regulator Ofwat will make its “final determination” on Thursday on how bills will rise over the next five years. Before that, Britain’s largest company Thames water hopes to gain court approval for a £3bn bridging loan to avoid running out of cash in the spring. Together … Read more
The private equity firm surrounding Boots the Chemist’s parent company is assembling funding from a syndicate of banks for a possible buyout deal worth more than $10 billion. Sky News has learned that Sycamore Partners is arranging debt financing for a deal to buy Walgreens Boots Alliance, with Bank of America, JP Morgan and Wells … Read more
The economy remained in reverse gear in October, according to official figures covering the month before the government’s first budget. The Office for National Statistics (ONS) said output fell 0.1% following the 0.1% fall recorded the previous month. It was the first time since the COVID pandemic that the economy contracted for two consecutive months. … Read more
NatWest Group is to give its CEO a potential multi-million pound raise as it becomes fully privately owned again after almost 17 years in state hands. Sky News has learned that the chair of the bank’s remuneration committee, Lena Wilson, is consulting with major institutional shareholders over an overhaul of its board remuneration policy. Details … Read more