One of Britain’s biggest convenience store groups is plotting a £30m cash call to accelerate the expansion of its partnership with Morrisons, the supermarket giant. Sky News has learnt that McColl’s Retail Group has approached institutional investors about a placing to raise almost as much as its existing £40m market capitalisation. McColl’s could be forced
Business
Sir Richard Branson’s Virgin Atlantic Airways is plotting a surprise flotation on the London Stock Exchange as it pins its hopes on a rapid rebound in transatlantic travel. Sky News has learnt that Virgin Atlantic has been holding talks with institutional investors about making its public market debut just five months after landing a fresh
Jobs growth in the US exceeded expectations last month while unemployment fell in a further sign the economy continues to bounce back from the turmoil of the coronavirus pandemic. So-called nonfarm payrolls increased by 943,000 in July, official employment figures showed, which was above the 860,000 forecasted by economists. Hotels and restaurants reopening for business
Football Manager players will no longer be able to manage ‘Manchester United’, following a settlement between the club and the games developer Sports Interactive. Instead, from FM22 onwards, the Manchester United football club will be renamed “Manchester UFC” or “Man UFC”, the games maker announced on Friday. Fans of the game and the club have
A takeover bid for the supermarket chain Morrisons by a private equity-backed consortium has been increased to £6.7bn following speculation of a rival offer. The group led by Fortress Investment Group has increased its previous financial pitch for the Bradford-based grocer, which had been agreed by management, by £400m. It said it upped the offer
The creators of the long-running and often controversial cartoon South Park have penned a new deal to bring 14 more movies to screens. Matt Stone and Trey Parker have also seen their show renewed through to a 30th season in a deal thought to be worth about $900 million (£650 million). The pair will make
Andrew Bailey is about to go on holiday. But as the Bank of England governor’s mind turns to writing postcards, he knows he will soon be sending a more austere note to Rishi Sunak. If inflation exceeds the Bank’s target rate of 2% by more than one percentage point in either direction, the governor is
The Bank of England has warned inflation will increase further this year to double the target rate, but insisted rising prices will only be temporary as it kept interest rates on hold. The monetary policy committee (MPC) also kept in place measures to support the economy, despite some calls for them to be cut to cool
A row has broken out over the “naming and shaming” of companies which fail to meet minimum pay rules, with the John Lewis Partnership (JLP) understood to be furious after it was identified as an offender. The Department for Business (BEIS) released a list of 191 firms it wanted to publicly call out for failing
Britain’s economy continues to rebound but is losing some of the earlier momentum in the face of inflationary pressures, fresh figures indicate. Growth among UK service companies, which make up the lion’s share of UK economic output, slowed to its lowest levels since March although is still strong, according to an influential poll. The sector
A UK businessman with precious stock on the container ship Ever Given has spoken of his relief that the ship has finally arrived in the UK, four months later than scheduled. The vessel, one of the largest of its kind in the world, docked at Felixstowe to offload cargo following one of the most extraordinary
Young people benefit from being in the office, Chancellor Rishi Sunak has said, as he highlighted its positive influence on his own early career. Stressing the value of being physically in the workplace, the cabinet minister doubted he would have forged the links with mentors who had helped him if he had relied on Teams
Fewer contacts of people with coronavirus will be told to isolate by the NHS COVID-19 app after an update today. The “logic” which underpins how close contacts are identified and notified will be changed following a review into the NHS COVID-19 app by the health secretary, the Department for Health and Social Care says. Live
Defence and aerospace technology firm Meggitt has agreed a £6.3bn takeover deal by US firm Parker-Hannifin. The FTSE 250 company confirmed an offer from the US engineering technology giant valuing Meggitt at 800p per share. It said the move represents a 70% premium on the share value of the company at the end of trading
A former Unilever executive is being lined up to take the helm of the Whitehall agency which oversees taxpayers’ interests in businesses including the Post Office, NatWest Group and Channel 4. Sky News has learnt that Vindi Banga, who sits on the board of GlaxoSmithKline and chairs the cancer charity Marie Curie, is expected to
Rishi Sunak has written to Boris Johnson warning that the UK’s travel restrictions are “out of step” in comparison to other countries, reports suggest. According to the Sunday Times newspaper, the chancellor has raised concerns with the prime minister about the damage that the current border controls are doing to the UK’s economy and has
British employers have been warned that forcing staff to have the coronavirus vaccination could amount to a criminal offence, amid concerns over “no jab, no job” policies emerging. Only care home staff in England will need to have both vaccine doses to work under current legislation, with a consultation taking place on whether to extend
The UK is “closing in on” striking an agreement in principle with New Zealand, the international trade secretary has said. Liz Truss said “great progress” had been made in the sixth round of discussions between the two sides, which took place from 19 to 30 July. “We’re closing in on an agreement in principle, with
Up to a quarter of supermarket milk deliveries by the UK’s biggest dairy supplier have been unable to get through because of a shortage of lorry drivers. Speaking to Sky News, managing director of Arla Foods UK Ash Amirahmadi warned of a “summer of disruption” unless bold action is taken by the government to tackle
It is a “good idea” for people to have two coronavirus vaccine doses before returning to work but the government will not make it the law, Grant Shapps has said. The transport secretary told Kay Burley on Sky News that some companies may require employees to have received two jabs before entering the office again
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