Business

The first “blank cheque” company to list in London after an overhaul aimed at helping the City compete with rival financial centres is in talks to merge with a privately owned drugs group developing treatments for chronic diseases. Sky News has learnt that Hambro Perks Acquisition Company (HPAC) is in advanced negotiations about a deal,

Michael Gove, the levelling up secretary, is closing in on a multibillion pound deal with Britain’s biggest housebuilders to help resolve the national cladding crisis exposed by the 2017 Grenfell Tower disaster. Sky News has learnt that major companies including Barratt Developments and Persimmon are preparing for the imminent signing of a legally binding contract

Jeremy Hunt became chancellor because he was the most sensible candidate left standing in the wake of Liz Truss’s catastrophic mini-budget. Four months on, he’s earned praise for balancing the books but still had a blank space to fill in when it comes to growth – a crucial plank of economic policy in danger of

The number of shops lying vacant on British high streets fell during the final three months of 2022, despite pressure on both firms and consumers from surging costs. Figures in a report from the British Retail Consortium (BRC) and Local Data Company (LDC) showed the overall vacancy rate improving to 13.8%. It marked a 0.1

Royal Mail’s parent firm has raised its estimate for the cost of industrial action so far to £200m and claimed that up to 12,500 union members have worked on strike days. International Distributions Services (IDS) said 18 days of walkouts at Royal Mail helped push the division to a £295m operating loss in the first

UK car production fell to its lowest level since 1956 last year, according to industry figures showing that the global shortage of parts continued to drag on performance. The Society of Motor Manufacturers and Traders (SMMT) had already reported how the sale of new vehicles in 2022 was severely damaged by the lack of key

A London-based estate agent chaired by the former Sainsbury’s chief Justin King is on the brink of a deal to buy rival Marsh & Parsons. Sky News has learnt that Dexters, which is privately owned, has been in talks for weeks with LSL Property Services, Marsh & Parsons’ London-listed parent company. Sources said a deal

Darren Westwood knows how to stick up for himself. As a kid, he was bullied in the playground and beaten up in his local town centre. Now he doesn’t take stick from anyone, no matter how big or strong they appear, even if they happen to be one of the biggest companies in the world.

Thousands of pensioners left facing an uncertain retirement by the collapse of Sir Philip Green’s high street empire are on the verge of a funding deal backed by one of Britain’s biggest insurers. Sky News has learnt that the trustees of the Arcadia Group pension scheme are close to striking a binding deal with Aviva

Twitter is being sued by the Crown Estate amid allegations of unpaid rent at its London headquarters. The Crown Estate, which manages a property portfolio belonging to the monarchy, filed a case at the High Court last week. Twitter’s office is based near Piccadilly Circus in central London – but reports have suggested that the

The government should introduce a “social tariff” guaranteeing cheaper energy to vulnerable users who cannot afford their basic needs, the chief executive of regulator Ofgem has said. Speaking as Ofgem launched an investigation into energy suppliers imposing prepayment meters on struggling households, Jonathan Brearley said the current high-cost energy market left some households simply unable

Some households with smart meters could be eligible for discounts if they cut their use of electricity between 5 and 6pm today. The National Grid ESO (electricity system operator) is, for the first time, activating the “demand flexibility service (DFS)” – which allows it to access additional flexibility when national demand is at its highest

The bank executive who helped to transform Virgin Money into one of Britain’s biggest high street lenders has landed a role at the helm of a British-based digital wealth manager. Sky News understands that Dame Jayne-Anne Gadhia will on Monday be unveiled as chair of Moneyfarm. Dame Jayne-Anne’s appointment will ignite speculation that Moneyfarm, which

The outgoing chief executive of Rightmove is among a pack of contenders to become the next boss of Future, the Marie Claire and Wallpaper publisher. Sky News has learnt that Peter Brooks-Johnson, who will leave the property portal in March, has been shortlisted to succeed Zillah Byng-Thorne, the media group’s veteran chief. Mr Brooks-Johnson is

Elon Musk has appeared in court to refute allegations that Tesla shareholders were defrauded out of billions of dollars by his tweets. The company’s chief executive wrote in 2018 that he had “secured” funding to take the electric carmaker private and later that investor backing was “confirmed”, causing shares to soar and then fall. Less

The Treasury is close to agreeing a £300m aid package for the UK’s second-biggest steel producer in a move aimed at reducing its carbon footprint and averting the loss of thousands of industrial jobs across northern England. Sky News has learnt that Jeremy Hunt, the chancellor, has been advised by officials to approve a request

Google workers in the UK and Ireland face uncertainty after its parent company Alphabet announced 12,000 jobs are to be axed globally. The Silicon Valley giant employs more than 5,000 staff in both countries, but the company would not be drawn on how the mass redundancies would impact them. The “difficult news” about the job

Lloyds Pharmacy is to pull out of 237 in-store Sainsbury’s branches, potentially putting more than 2,000 jobs at risk and exposing the financial pressure on UK pharmacies at the height of the NHS crisis. Lloyds Pharmacy, which bought Sainsbury’s 280-strong pharmacy network in 2015 in a deal worth £125m, said it would close the branches

Argos will shut all of its stores in the Republic of Ireland in June this year, the company said on Thursday, following a “period of careful consideration”. The move is expected to result in 580 employees losing their jobs and the closure of 34 sites across the country. The company, which sells electronics, gadgets, and

Major North Sea oil and gas operator Harbour Energy has revealed plans for job cuts, blaming the impact of the government’s windfall tax on profits. A spokesperson for Harbour, the biggest offshore producer in UK waters, told the Reuters news agency the job losses would impact its head office functions in Aberdeen. They added that