Business

JD Wetherspoon has credited a surge in sales and reduction in costs for its first annual profit since the COVID pandemic. The value pub and hotel chain, which trades from 826 sites across the UK and Ireland, reported profit before tax for the year to the end of July of £42.6m. That compared to a

Metro Bank has kicked off talks about the sale of a £3bn chunk of its mortgage book as part of an increasingly urgent attempt to shore up its fragile balance sheet. Sky News has learnt that advisers to Metro Bank – which saw its shares plunge on Thursday after acknowledging that it was seeking to

The competition regulator is to investigate the dominance of Amazon and Microsoft in the UK’s cloud market. It follows a study by the telecoms watchdog Ofcom which “identified features that make it more difficult for UK businesses to switch and use multiple cloud suppliers”. Ofcom added: “We are particularly concerned about the position of the

Metro Bank, the high street lender, is drawing up plans to raise hundreds of millions of pounds of new capital in weeks in a bid to strengthen its troubled balance sheet. Sky News has learnt that Metro Bank – the first new lender to open on Britain’s high streets in over 100 years when it

Fuel retailers have dismissed claims that drivers are being overcharged following a surge in pump prices. Data released by the RAC on Wednesday showed an 8p per litre surge in the cost of diesel last month to a new average of 163.1p. Petrol prices rose by nearly 5p per litre to 157p. The motoring group

Superdry, the struggling London-listed fashion retailer, is close to striking a partnership with India’s biggest retailer that will release tens of millions of pounds to bolster its fragile balance sheet. Sky News has learnt that Superdry is in advanced talks with Reliance Brands, part of the vast Mumbai-headquartered conglomerate, about a new licensing joint venture.

Food prices have dropped for the first month in more than two years, according to an industry lobby group that says food inflation is now in single digits. The British Retail Consortium (BRC)-NielsenIQ Shop Price Index found food inflation eased to an annual rate of 9.9% in September, which is down from 11.5% in August.

Sir Jim Ratcliffe, the petrochemicals billionaire, is contemplating buying a minority stake in Manchester United Football Club rather than seeking full control, in an effort to end a nearly 10 months-long process to resolve the club’s future ownership. Sky News has learnt Sir Jim’s Ineos Sports vehicle has proposed to the controlling Glazer family a

Water companies are making their case for a hike to annual household bills of up to £156 in the second half of the decade, to tackle challenges including shortages and sewage leaks. Industry body Water UK said the firms’ business plans, which have to be signed off by the regulator Ofwat, would see investment almost

The prominent financier Jonathan Rowland is to take the challenger bank he co-founded six years ago onto the London stock market through a reverse takeover of another business set up by his family. Sky News has learnt that Mr Rowland, who has floated a number of corporate vehicles in the City, has orchestrated a deal

The owner of Beds.co.uk and furniture retailer Cox & Cox has swooped to buy Victoria Plum, one of the UK’s best-known bathroom sellers. Sky News understands that AHK Designs acquired Victoria Plum late on Friday evening. The brand had been put up for sale by Endless, the investment firm which had owned it since 2019.

The German media giant which publishes Die Welt, one of Europe’s leading newspapers, has joined the race to buy The Daily Telegraph and its Sunday sister title. Sky News can exclusively reveal that Axel Springer has registered its interest in acquiring the British broadsheets. Insiders said the company, which also owns the Business Insider and

Energy bills in the first three months of 2024 are projected to increase before dropping later in the year, according to a closely-watched forecast. Consumers can expect more costly bills from January as energy regulator Ofgem will bring its price cap up to £1,898 for an annual average household bill – an increase of £64,

The UK is no longer lagging behind in the G7 group of wealthy countries as revised figures show economic growth was bigger than first thought. The economy grew more than previously thought in the first three months of the year, latest figures from the Office of National Statistics (ONS) show. The data shows UK economic

Unsecured creditors in Wilko face recovering as little as 4p in the pound of the money they are owed, according to the first estimate published by the collapsed retailer’s administrator. Sky News has learnt that PricewaterhouseCoopers’ proposals, circulated on Thursday evening, informed unsecured creditors in Wilko Limited, the main trading company, that they were likely

Rishi Sunak is under growing pressure to provide support for millions of households expected to struggle with energy costs this winter. More than 140 charities and organisations are urging the prime minister to avoid a “costly sticking plaster” and support Britons against “once unthinkable” prices. Energy bills are set to be about 13% more expensive

The risk of the lights going out is down this winter, with power margins almost back to levels seen before the energy crisis, according to an eagerly awaited report. National Grid ESO’s annual winter outlook, which assesses its own readiness for the coldest months of November to March, said it only saw a matter of

The timing could hardly be any more provocative. Barely 24 hours after the International Energy Agency (IEA) reiterated in a new piece of analysis that there was no need for new oil or gas projects if the world is to get to net zero, Britain has approved the biggest new oilfield in more than a

Meta has “surrendered” the lease on one of its London offices as tech firms continue efforts to slash costs. The parent firm of Facebook and Instagram let the space at 1 Triton Square from British Land, the FTSE 250 commercial property company, in 2021 but never moved in. Meta paid £149m to break the lease,

Customers will receive £114m off their water bills next year as the regulator has said water companies fell short of standards. The majority of water and wastewater companies in England and Wales underperformed, Ofwat said as part of its water company performance report. As a result, all but five of the 17 utility providers will

Nissan has committed itself to the sale of only electric cars across Europe from 2030, the year when the UK was supposed to have banned new vehicles powered by petrol and diesel. The Japanese carmaker also confirmed that all new models to be launched on the continent from now on would be fully electric. Its

With political party conference season upon us and the Tories scrambling for ways to appeal to voters and lessen Labour’s lead in the polls, abolishing inheritance tax has again been floated as the next government giveaway. So, how many people are paying inheritance tax and how much are they paying: will abolition allow grieving loved

Scrapping the HS2 rail line to Manchester would be a “gross act of vandalism”, senior Tories have warned Rishi Sunak. Former chancellor George Osborne and ex-deputy prime minister Lord Heseltine said the move would mean “abandoning” the North and Midlands. Writing in The Times, they warned the prime minister: “Governments are remembered for what they

One of Britain’s most prominent university spinout ventures is backing a developer of therapies for neurological diseases as part of a capital-raising to fund it through to clinical trials. Sky News understands that Crucible Therapeutics, which was founded by University of Sheffield academics at its Department of Neuroscience, will announce this week that it has

Former Tory prime ministers have warned Rishi Sunak about “delivering a mutilated HS2” after his government refused to deny it was considering axing part of the project. Boris Johnson said suggestions the Birmingham to Manchester route could be cut over cost concerns were “desperate” and “Treasury-driven nonsense”. He went on to urge the prime minister

KPMG is in advanced talks with regulators about a record fine running into tens of millions of pounds for failings in its auditing of Carillion, the construction company which collapsed in 2018 with the loss of thousands of jobs. Sky News has learnt that discussions between the accountancy firm and the Financial Reporting Council (FRC)

Wilko will close the last of its remaining high street stores next month. The collapsed homeware retailer’s final 111 sites will shut on three dates in early October. Most sites have already closed, with the latest wave closing for good yesterday. More than 10,000 jobs are expected be lost as a result of Wilko’s collapse.

Amazon Prime customers will face a choice between watching adverts or paying more to remove them when updates to the firm’s streaming service kick in at the start of next year, The company also warned that live events, such as sports, will continue to include commercials even if people have upgraded to the new ad-free

The return of summer weather last month helped retail sales recover despite a hit from weaker demand for fuel, according to official figures. The Office for National Statistics (ONS) reported a 0.4% rise – a figure that grew to 0.6% when the effects of fuel sales were excluded. It said stronger clothing sales drove the

Rupert Murdoch is stepping down as chair of Fox and News Corp. His son Lachlan will become the sole chair of News Corp – and continue as executive chair and CEO of Fox Corporation. In an announcement, Lachlan congratulated his father on a “remarkable 70-year career” – and said the 92-year-old will continue to provide

The Bank of England’s interest rate decision is on a knife edge, with the regulator considered as likely to make borrowing more expensive today as it is to maintain the current rate. The odds of a hike versus holding rates are nearly 50-50 – with money markets betting on a 46% chance that the base

Amid the gale raging both literally and figuratively around Downing Street this morning over the government’s green policies, a ray of sunshine has arrived from an unexpected source – inflation. Experts had predicted the figure for August would tick up to 7.1% from 6.8% in July – but instead, the ONS revealed it had actually

Millions of households across the UK will receive £300 from the government between 31 October and 19 November. It is the second of three cost of living payments – totalling £900 – being sent directly from the Department for Work and Pensions (DWP). Eligible pensioner households will also receive a further £300 payment later this