Business

Administrators to The Body Shop are aiming to clinch a sale of the stricken cosmetics retailer by the end of the month, even as its former owner veers away from making an offer for it. Sky News has learnt that FRP Advisory, which was appointed to handle the chain’s insolvency in January, has asked for

Labour will promise to get more young people on the housing ladder as it announces its “freedom to buy” scheme on Friday. The party will pledge to make the existing mortgage guarantee scheme – which sees the government act as a guarantor for people unable to save big deposits – into a permanent fixture if

UK entrepreneur Mike Lynch has been cleared of all charges by a US jury in the high-profile fraud case related to the sale of his software company Autonomy to Hewlett-Packard (HP) in 2011. Dr Lynch, who was extradited to the United States to face trial just over a year ago, was acquitted alongside a former

The 20 countries using the euro currency have seen interest rates cut from record highs following progress in the battle against inflation over the past two-and-a-half years. The Frankfurt-based European Central Bank (ECB) said on Thursday it was “appropriate” to trim its main deposit rate from 4% to 3.75%. It followed an assertion last month

The next government is being urged to do more to help drive the transition to electric vehicles as private sales of new pure battery models go into reverse. According to data covering May released by the Society of Motor Manufacturers and Traders (SMMT), there was a 2% dip in UK sales of new battery electric

A former senior executive at the Post Office was told by auditors the Horizon IT system was “a real risk”, four years before sub-postmaster prosecutions stopped. Post Office’s auditors Ernst and Young (now called EY) warned Alice Perkins, the company chair in 2011, that the accountancy software “is a real risk” and asked, “does it

The commitments offered by the Czech tycoon seeking to buy Royal Mail’s parent firm do not go far enough, according to the union leader representing its 112,000 UK frontline workers. Communication Workers Union (CWU) general secretary Dave Ward made his remarks following talks with representatives of Daniel Kretinsky’s EP Group. International Distribution Services (IDS) revealed

The headquarters of Toyota Motor has been visited in Japan as part of an investigation into official safety certifications that is affecting models across five major carmakers in the country. Hours after Toyota’s embattled chairman issued an apology for cheating tests on seven models, officials from Japan’s transport ministry descended on the offices in Toyota

The stock market influencer behind the so-called meme stock frenzy of 2021 has triggered a fresh surge in shares of GameStop, the struggling US videogame retailer. Keith Gill, who goes by the name Roaring Kitty online, revealed a $116m (£90.8m) position in GameStop on Sunday. Gill told his followers he controlled 1.8% of GameStop’s available

Wholesale costs for natural gas have hit their highest levels across Europe since December last year after key Norwegian export operations were shut down due to a cracked pipe. The damage, discovered aboard the Sleipner Riser platform, prompted wider energy infrastructure to be halted including the Nyhamna processing plant which exports gas to the UK,

Shein, the online fashion behemoth, is on the verge of taking a huge stride towards a London flotation that would value it at about £50bn and rank among the most significant – and contentious – deals in the UK’s capital markets for years. Sky News can exclusively reveal that Shein, which was founded in China

The latest in a spate of corporate transactions in Britain’s estate agency sector will be unveiled this week when London-listed Property Franchise Group (TPFG) strikes a deal to buy the Fine and Country chain. Sky News has learnt that TPFG will announce to the stock exchange as early as Monday that it has acquired Fine

Britain’s biggest water company has been told it faces a fine of more than £40m over the payment of a shareholder dividend in spite of its poor performance. Sky News has learnt that Ofwat notified Thames Water last month that it was minded to impose the penalty for breaching rules on the payment of dividends.

Superdry, the struggling London-listed fashion chain, has received a reprieve after the owner of its flagship store towed back from a challenge to its rescue plan. Sky News understands that M&G, the asset manager which had been contemplating a formal objection to Superdry’s restructuring plan, has decided not to proceed with the move. M&G owns

Life comes at you fast if you are the person responsible for maintaining the shareholder register at NatWest. Until last week, it was hoped that the bank would be at the centre of Jeremy Hunt‘s plans to get millions more Britons investing in the stock market. Money latest: Income growth ‘worst in generations’ The chancellor

A fancy dress manufacturer which traces its roots back to the 19th century is on the brink of insolvency after failing to find a buyer. Sky News has learnt that Smiffys, which is family-owned, is lining up PriceWaterhouseCoopers (PwC) as administrators, having tried to secure a sale in recent weeks. A notice of intention to

The establishment of Great British Energy is among the last remnants of the ‘green prosperity plan’ devised and championed by Ed Miliband, the shadow secretary of state for energy security and net zero, three years ago. The former Labour leader’s vision was to spend £28bn per year in the first five years of an incoming

Dr Martens has reported another sharp fall in profits following a “challenging year” for the business. The struggling company said global pre-tax profits in the 12 months to March were £97m – a fall of almost 43% on the previous year. Revenue also dipped 12% to £877m – down from just over £1bn in 2022/23.

Daniel Kretinsky is on the cusp of becoming the new man in charge of the Royal Mail. The board of its parent company, International Distribution Services (IDS), announced on Wednesday it had agreed to a takeover by Mr Kretinsky’s EP Group, which has valued the firm at £5.3bn. The deal must first be approved by

The owners of Royal Mail have agreed to a £3.6bn takeover bid by Czech billionaire Daniel Kretinsky. The company’s parent firm International Distribution Services (IDS) said its board of directors had approved the deal after a formal offer was made earlier this month. Mr Kretinsky’s EP Group already owns 27.6% of the business. Shareholders will