Business

Superdry’s landlords are to bear the brunt of a painful restructuring of the fashion retailer as it prepares to outline a survival blueprint with the backing of its founder. Sky News has learnt that Superdry is preparing to publish a formal restructuring plan as soon as Tuesday that will entail steep rent cuts at a

The future of Nick Read, the embattled Post Office chief executive, will be determined this week with the publication of a report triggered by whistleblowing allegations about the conduct of the state-owned company’s bosses. Sky News has learnt that an independent report compiled by Marianne Tutin, a barrister at Devereux Chambers, has been submitted to

An arm of Standard Chartered, the FTSE-100 bank, is taking a stake in a British company set up with the objective of providing ethical financial products to customers. Sky News understands that SC Ventures will announce on Monday that it is injecting an unspecified multimillion-dollar sum into Algbra, which counts a host of illustrious names

The former JD Sports Fashion boss who presided over its soaring stock market valuation is taking a stake in Applied Nutrition, the fast-growing sports supplement maker, as it steps up preparations for a bumper flotation. Sky News has learnt that Peter Cowgill, who left the high street giant just under two years ago, is acquiring

Getir, one of the world’s largest grocery delivery platforms, is in talks about a radical restructuring just two years after it was valued at nearly $12bn (£9.6bn). Sky News has learnt that Getir, which was founded in Turkey and now operates in five markets including the UK, is examining a number of options as part

Three of the “big four” boiler manufacturers for the UK cannot guarantee customers will be refunded the so-called “boiler tax” that companies added to new boilers earlier this year. In January boiler-makers hiked costs by up to an extra £120 per boiler to cover anticipated penalties for a green scheme – which has now been

Poor software and bias toward making only small, sequential changes is one of the reasons economic forecasters at the Bank of England failed to predict and prepare for the cost of living crisis, brought about by high inflation, according to a “once in a generation” review. The review announced last year was undertaken by the

A former Post Office boss has said he wanted “most strongly” to record his personal apology to branch managers impacted by the Horizon IT scandal. As managing director of the group from 2006 to 2010, Alan Cook was at the helm when about 200 prosecutions were brought against subpostmasters. Hundreds of people were wrongly convicted

A former Post Office executive who celebrated the conviction of a pregnant sub-postmaster has said sorry. Former managing director David Smith made the apology to the Post Office Horizon IT inquiry, which is investigating who knew what and when about the faulty accounting software that ruined lives and led to the conviction of hundreds of

Hundreds of steel workers are set to go on strike over the proposed closure of Port Talbot’s blast furnaces. Unite the Union announced the result of its strike ballot on Thursday but walkout dates are yet to be confirmed. Around 1,500 workers based in Port Talbot and Newport voted in favour of strikes. It will

Fake flights and caravans are the two most common items being sold by fraudsters in relation to travel, Lloyds Bank’s research has found. As Britons head online to book deals for the upcoming bank holidays and summer, they have been urged to “remain vigilant”, with the average holiday scam victim being conned out of £765.

The investor trying to take control of Everton Football Club has pushed back its target date for completing the deal as it scrambles to raise hundreds of millions of pounds to fund it. Sky News has learnt that 777 Partners has told stakeholders including the Premier League and prospective lenders that it now expects its

More than seven million people in the UK were struggling with bills and credit repayments in January, according to a financial watchdog. The number is down significantly on the 10.9 million people in the same position in January 2023. However, it’s still above the 5.8 million recorded in February 2020, before the pandemic and the

Post Office victims campaigner Alan Bates has told the inquiry into the Horizon IT scandal that it was “pretty obvious” the organisation “were after me – one way or another”. Mr Bates was also described as “unmanageable” by a former senior figure at the organisation, documents disclosed at the inquiry into the Horizon IT scandal

Barclays has launched a legal challenge over a ruling that it unfairly paid commission to a car finance broker, underlining growing anxiety among Britain’s biggest lenders about the potential scale of an industry-wide compensation bill. Sky News has learnt that Barclays is mounting a judicial review against the Financial Ombudsman Service (FOS) over a decision

Ted Baker is to shut 15 of its stores across the UK within weeks, the retailer’s administrators have announced. Around 245 staff will be made redundant. It comes after Sky News revealed that hundreds of jobs were at risk after the company behind the brand’s UK shops, No Ordinary Designer Label Limited (NODL), collapsed last

Santander UK, Britain’s fifth-biggest high street bank, is cancelling its membership of a key lending standards body because of the duplication of regulatory standards to which the industry is required to adhere. Sky News has learnt that the Spanish-owned bank served notice last week of its intention to quit the Lending Standards Board, citing the

English cricket chiefs will next week take another step towards a radical revamp of the sport’s ownership structure by launching plans to sell stakes in The Hundred’s eight franchises. Sky News has learnt that the England and Wales Cricket Board (ECB) will interview bankers in the coming days as they prepare to raise funds by

Employees across the country have today been granted the legal right to request flexible working from the day they enter a new job. Previously, the right was only applicable if someone had worked for their employer for 26 weeks or more. The Flexible Working (Amendment) Regulations 2023 gained Royal Assent in July as Kevin Hollinrake,

The crisis enveloping Thames Water has deepened after its holding company announced it had been unable to meet debt repayments. Kemble Water said it missed an interest payment that was due on Tuesday. The firm said it had asked its lenders to take no immediate action so as to “provide a stable platform while all