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St Pancras owner eyes new services to Italy and Germany as it lures in Eurostar rivals

2025-04-22 19:27:30

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Strong take up for Transport for Wales new pay-as-you-to system

2025-05-19 10:33:42

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DVLA turns to senior Welsh Government civil servant for its new chief executive

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Rise in corporate insolvencies in England and Wales

2025-05-10 15:07:10

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FTSE 100 firms making progress towards gender equality as nearly half board seats go to women

2025-05-09 08:57:42

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National Grid to sell US renewables business for £1.4bn as it continues to slim down

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Gatwick expansion 'rationale not impacted by Heathrow third runway' aviation regulator says

2025-04-28 02:41:08

The Civil Aviation Authority (CAA), the UK's aviation watchdog, has given a nod to Gatwick Airport's bid for a second runway by accepting several financial pledges from the airport for the coming four years. On Tuesday, the CAA voiced its belief that Gatwick's expansion plans will still deliver "benefits to consumers", notwithstanding the potential development of a third runway at Heathrow, as reported by City AM. Gatwick has made commitments including a price cap on charges to its airline customers, and revisions to existing service quality targets aimed at consumers. The fresh commitments include setting the maximum increase in the price cap for the initial two years to the Consumer Price Index (CPI) minus one percent. The CAA highlighted that its backing for Gatwick's newfound targets is "conditional" upon the airport maintaining progress in its pursuit of a £2.2bn capacity enhancement. A conclusive verdict on the project is anticipated from Transport Secretary Heidi Alexander by Thursday. Gatwick hopes to convert its standby runway into standard operational use, which it claims could accommodate up to 76 million passengers annually and broaden access to an array of long-haul destinations. Meanwhile, the Labour government has shown support for various airport projects, all aimed at significantly amplifying capacity. Just last month, Chancellor Rachel Reeves delivered a speech on growth, affirming her backing for not only Heathrow's much-debated and perpetually postponed third runway but also for the less extensive proposals put forth by Gatwick and Luton airports. The government's decision in August to approve London City Airport's plans to significantly raise its annual passenger limit from 6.5m to 9m, despite a local council ruling, has also been a point of contention. Critics, including London Mayor Sir Sadiq Khan, argue that Gatwick's expansion plans undermine the need for a third runway at Heathrow, the UK's largest airport. The Civil Aviation Authority (CAA) stated on Tuesday that it had taken into account the "implications of the recent government announcement in relation to the development of a third runway at Heathrow."

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Dragons' Den success for Birmingham brothers behind sauce business Lumberjaxe

2025-05-07 05:01:25

A pair of Birmingham brothers won backing from a fashion entrepreneur last night on hit BBC show Dragons' Den. Brendon Manders and his younger brother Jaydon, from Bartley Green, pitched their seasonings and sauces business Lumberjaxe to a six-strong panel in the famous den. They asked for £90,000 in exchange for a 20 per cent share in the firm before agreeing a deal with Emma Grede. The brothers attended Bartley Green Secondary School and Brendon was previously a mobile barber while Jaydon worked for fast-food chain McDonald's and even won a Bill Gates Award at school for the person most likely to become a millionaire. Now based in Halesowen, they started Lumberjaxe in 2020 in their kitchen with just £200 after being inspired by family gatherings centred around their grandad's brick barbecue. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. The product range takes inspiration from American flavours and is made with natural ingredients. They have secured listings in more than 70 stores, such as garden centres and farm shops, and have reached a turnover of £150,000. On last night's show, the regular panel of Deborah Meaden, Peter Jones, Sara Davies, Steven Bartlett and Touker Sulleyman was joined by guest Dragon Emma Grede, the brains behind clothing brand Skims which she co-founded with US TV personality Kim Kardashian. The Dragons were impressed by the duo's hands-on approach to the business as they both create the recipes and fill their product tins themselves with help from a small team of three support staff. They also praised their energy and attitude, with Touker Suleyman describing Jaydon as "brilliant". "You are one of the brightest 21 year olds to enter this Den," he added. Despite hearing high praise and kind words from five of the panel, only Ms Grede decided to invest, giving the full £90,000 in exchange for the 20 per cent offered by the brothers. They said their focus now was on expanding their portfolio of retail partners to get their product range into major chains while increasing their online presence. Jaydon said: "We started this business with a simple goal, to make cooking fun and accessible to everyone. We couldn't be happier with the outcome (in the Den). "Emma's investment and mentorship are a game-changer for us. Her support and guidance will help us elevate our brand and make our vision a reality. "Our goal has always been to cook up good times while bringing people together through food and now, with her backing, we can make sure this goal reaches even more people." Brendon added: "We've come a long way and are keen to take our business to new heights. The whole experience in the Den was emotional but it confirmed our belief in what we're doing. "We hope our story can inspire others to take the leap and pursue their passions, no matter where they start." Ms Grede said: "Brendon and Jaydon are exactly the type of founders I like to back, self-starters with a super clear vision and a best-in-class product. "The fact they have bought Lumberjaxe this far with so little, aside from ambition and hard graft, tells me everything I need to know.

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Centrica shares surge after owner of British Gas beats earnings estimates

2025-04-29 05:05:37

Centrica's shares surged nearly 10 per cent in early trading today after the British Gas owner surpassed earnings estimates and increased its dividend. The FTSE 100 energy company reported earnings before interest, taxation, depreciation and amortisation (EBITDA) of £2.3bn for the year ending 31 December, as reported by City AM. Although this was a decrease from last year's £3.5bn, it significantly exceeded analyst predictions of £1.6bn. Adjusted earnings per share were 19p, surpassing previous forecasts of 18.62p. Following these results, Centrica announced on Thursday its plans to increase its dividend by 13 per cent to 4.5p and extend its existing share buyback programme by £500m. "2024 was a good year for Centrica as we made further operational improvements and ramped up our investment programme," said CEO Chris O'Shea. "This has resulted in happier customers and more innovative propositions, but there is so much more we can do." The British Gas owner also reiterated its targets for the coming years. According to its annual report, the energy behemoth aims for a £1.6bn run-rate of EBITDA by the end of 2028 and plans to raise the 2025 dividend per share to 5.5. "Looking ahead, I want to see Centrica continue to focus on the areas that make the biggest difference," O'Shea stated. "We are investing in the energy transition, ensuring our customers have the energy they need, when they need it at a price they can afford. "Everything we do must deliver an appropriate return, and and our investments during 2024 demonstrate our ability to invest responsibly and profitably."

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Octopus Energy's new green investment platform sells out in a week amid high demand

2025-05-01 05:09:01

A novel investment platform, enabling consumers to buy shares in green energy projects, has sold out within its first week. Octopus Energy initially offered investors the opportunity to purchase stakes in two wind turbines via the platform, known as 'the Collective', as reported by City AM. The overwhelming demand for the scheme led the energy supplier to issue a call on Thursday for other projects to express their interest in joining. This indicates a rising public interest in a more democratic funding approach to the energy transition. The Collective allows investors to directly purchase shares of listed green projects such as wind and solar farms, with investments ranging from £25 to £20,000. Investors also have the option to link any potential dividends to their energy accounts to reduce bills. Octopus revealed that hundreds had bought shares in the first two wind schemes, located in Yorkshire and Wales, over the past seven days. "One in three people we surveyed said they wanted to invest in green power and the response we've seen since launching has been nothing short of electric," said Zoisa North-Bond, chief executive of Octopus Energy Collective. "Selling out our first two projects in just a week shows just how much demand there is to reshape and democratise how green energy is funded and owned." Additionally, she stated: "We're now also inviting other projects to register their interest in listing on our platform to unleash even more public ownership of renewables. By adding more projects onto 'the Collective', we can empower even more people to take part in the clean energy revolution."

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Private equity giant Bain Capital proposes takeover bid for defence firm Chemring

2025-05-01 12:05:30

Bain Capital, one of the world's leading private equity firms, has reportedly initiated a takeover bid for defence group Chemring. The news was first reported by Sky News' Mark Kleinman, who stated that Bain has submitted at least one proposal to acquire the FTSE 250 group, which is utilised by Elon Musk's SpaceX, as reported by City AM. Shares in Chemring surged as much as 13 per cent to 400p on Monday following the announcement of the offer. According to Sky, an initial offer of 390p-a-share had been proposed, marking a significant premium compared to the 356p the stock was trading at prior to the bid being publicised. It was also suggested that Bain was preparing a second offer, although it remains unclear whether this has been submitted. Chemring, employing approximately 2,700 people, offers products and services to the aerospace, defence, and security markets, including NASA and Elon Musk's SpaceX. The defence sector is anticipated to experience growth due to increased spending triggered by President Donald Trump's return to the White House. Despite reporting a record annual order book of £1.04bn for the year ending in October, Chemring's shares have struggled over the past year. Its shares plummeted 13 per cent in December after it announced its results, with issues at a US plant overshadowing growth forecasts. The London Stock Exchange is facing a takeover bid amidst a turbulent period marked by continuous snubs and overseas takeovers over the past year. In December 2024, billionaire Daniel Křetínský, also known as the 'Czech Sphinx', had his £3.6bn takeover of the Royal Mail greenlit by the UK government.

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Morgan Sindall issues dividend hike as annual revenue hits record

2025-04-21 20:34:17

UK construction and regeneration group Morgan Sindall has announced record results for the year ending 31 December 2024. The group saw a 10% rise in revenue to £4.55bn, while adjusted operating profit climbed 15% to reach £162.6m, as reported by City AM. Adjusted profit before tax also increased by 19% to £172.5m, with adjusted earnings per share growing 13% to 278.8p. The company's net cash position improved to £492m. Following these strong results, Morgan Sindall boosted its total dividend by 15% to 131.5p per share. The firm, which offers construction, fit-out, property services, and urban regeneration for both public and private sector projects, reported a 28% expansion in its secured order book to £11.4bn. This growth was largely driven by its Mixed Use Partnerships arm, which saw a 62% increase in secured orders to £6.3bn. The Fit Out division also experienced a 31% boost in its order book to £1.4bn. Partnership Housing recorded an 18% increase in operating profit to £36.1m, with revenue up three per cent to £861m. Mixed Use Partnerships maintained steady revenue, though operating profit declined to £1.5m due to project completion phasing. However, its secured order book grew by 124% to £4.1bn. The Fit Out division delivered a robust performance, with operating profit up 38% to £99m and revenue up 18% to £1.3bn. The construction sector delivered robust performance for the company, with an eight per cent increase in revenue to £1.04bn and a notable 19 per cent climb in operating profit to £30.9m, aligning with its medium-term aspirations. Infrastructure services also witnessed considerable growth, posting an 18 per cent rise in revenue to £1.05bn. Operating profit reached £38.5m, even amidst project schedule fluctuations. John Morgan, Morgan Sindall's chief executive, expressed his delight at the year's outcomes: "2024 was another record year, reflecting the high quality of our diverse operations and the commitment of our people. We achieved double-digit growth in adjusted profit before tax and increased the full-year dividend by 15 per cent, supported by our strong order book." He commended the strategic advances and operational enhancements across the company, which position them favourably for aiding government initiatives: "Throughout the year, we made significant strategic and operational progress across the group and remain well positioned to support the government's affordable home and social infrastructure plans over the medium term."

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Barkley Plastics celebrates landmark birthday with new contract win

2025-04-23 04:53:05

A manufacturer is marking its 60th birthday celebrations with a string of new contract wins. Birmingham-based Barkley Plastics specialises in plastic injection moulding and toolmaking and has won work to produce controller parts and ambient lighting for a luxury high-end shower manufacturer. It has also secured new tenders for car charger components for Fast Amps and environmentally friendly plumbing fittings for Ecoclip. These latest wins have helped it bounce back from what it called "a difficult two years", saying it was now on course to turn over more than £4 million. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Expansion plans have been boosted by the £100,000 modernisation and streamlining of its facility in Birmingham's Highgate district to increase automation and the installation of a new quality control room housing measurement machines. Securing these new contracts coincides with the firm celebrating six decades in business this month. Among the firm's more interesting projects over the years have been the 1970s 'Homepride Flour Men', the Big Yellow Teapot for bluebird toys and making 20,000 plastic baubles for the world's largest chandelier, first used at the Winter Olympics in Sochi. Six staff among its 53-strong team have been with the company for more than 30 years. Matt Harwood, who took over as managing director from his father Mark in 2022, said: "Since Covid-19, there has been a lot of supply chain disruption and the automotive sector has been extremely volatile in terms of volumes. "Like before in our 60-year history, we've chosen to face these challenges head-on and are now in a position to target a significant amount of reshoring work that directly suits our technical plastic moulding expertise and the fact we have our own onsite toolroom. "It's a great achievement to last six decades in manufacturing and we've seen some interesting times.

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UK pub culture at risk as tax hikes and high bills threaten profitability, warns Peel Hunt

2025-05-18 23:16:38

Peel Hunt, the brokerage firm, has issued a warning that British pub culture is under threat due to structural pressures and tax increases. Despite hospitality being the largest contributor to economic growth in November and December, according to government data, tax hikes in the October budget have "halted and reversed a year-long upgrade cycle", says Peel Hunt. The increases to employers' national insurance and the minimum wage are expected to significantly ramp up cost pressures, as reported by City AM. The British Beer and Pub Association (BBPA) has stated that the cumulative impact of the October Budget will result in an additional £650m in costs for the sector. "Consumer demand is there, however, profits are being wiped out with sky high bills and pubs are facing yet more rates and costs come April," said Emma McClarkin, Chief Executive of the BBPA. UKHospitality echoed these sentiments, stating that while the industry's growth is "something the government should be backing", it is instead hindering the sector's potential by imposing such damaging costs on businesses. "Driving growth is rightly the national priority and hospitality can be the vehicle, if the government rethinks its regressive changes to employers' national insurance contributions." Retail and hospitality leaders have been campaigning to reverse or delay the changes to National Insurance Contributions (NICs), though analysts at Peel Hunt believe this is "very unlikely to succeed". However, they noted that the campaign might "make the Chancellor think twice next time." The importance of pubs for social cohesion was highlighted by Sacha Lord, chair of the Night Time Industries Association (NTIA), who warned that the UK could face an epidemic of loneliness due to pub closures. "For thousands of elderly and isolated individuals, their local is a vital source of companionship and community. And I'd argue that every generation needs pub life." Lord also expressed his concerns directly to policymakers: "I told [Rachel Reeves] to act before irreversible damage is done, and urged her to give pubs a fighting chance – not even to thrive, but simply to survive," he stated. The British Pub and Pint Association (BPPA) reported that just under 300 pubs in England and Wales called last orders for the final time in 2024. The sector has been hit hard by tax increases, structural shifts, and reduced disposable income, leading to a change in drinking habits with more people consuming alcohol at home rather than in pubs. According to Peel Hunt, the share of out-of-home alcohol sales dropped to 43.4 per cent in 2024. This figure represents a steady decline over the past two decades and is now approximately 10 per cent lower than its pre-pandemic level in 2019.

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Recruitment firm Hays faces steep profit decline as industry pressures mount

2025-05-08 01:58:20

North East business life: award, community and charity events of the week

2025-05-16 15:53:48

JK Lifting to create jobs following six-figure investment at Tyneside base

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Coca-Cola and Fifa reach agreement in time for Club World Cup

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Hikma Pharmaceuticals' revenue grows nine per cent to £2.47bn as profit booms

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London Heathrow announces first dividend since pandemic following ownership change

2025-05-09 19:40:23

Heathrow could face legal challenge from airlines over third runway, Emirates' boss warns

2025-04-30 01:34:54

Sheffield's One Health Group looks to create surgical hub through £8m fundraise

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NIC proposes electricity bill hikes for UK households to boost network investment

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BP to splash £7.9bn on fossil fuel spending and slash green energy investment

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