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Oct 1 2024

Mulberry rejects Mike Ashley’s takeover bid | Business News

Mulberry, the struggling UK luxury brand, has rejected a proposed takeover bid by Mike Ashley’s Frasers Group.

Frasers, which is majority owned by the tycoon and best-known for its Sports Direct brand, made an offer on Monday that valued Mulberry at £83m.

The company is the second largest shareholder in Mulberry, with a 37% holding.

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It claimed to be acting to prevent “another Debenhams situation” after apparently being kept in the dark over a move by Mulberry, last Friday, to raise cash.

Mulberry, best known for its handbags, has been battling weak demand amid a global luxury slump and revealed last week it had fallen sharply into the red during its last financial year as a result of the challenges.

Its annual accounts had contained a warning that the downturn had resulted in a “material uncertainty which may cast significant doubt on the group and parent company’s ability to continue as a going concern” if it persisted.

Mulberry responded on Tuesday by declaring that the proposal by Frasers, which has been run by Mr Ashley’s son-in-law Michael Murray since 2022, did not recognise the company’s “substantial future potential value”.

The bid, it also said, did not have the support of its majority shareholder.

Mulberry said it had discussed the approach with Singapore-based Challice – controlled by billionaire Ong Beng Seng and his wife Christina.

The firm put faith in its recently appointed chief executive Andrea Baldo to drive a turnaround and said it would stick with the plans for a capital raising.

This “provides the company with a solid platform to execute a turnaround and, ultimately, to deliver best value for all Mulberry shareholders,” it concluded.

Frasers’ approach, worth 130p per share, valued the stake in the company it does not own at £52.4m.

Under UK takeover rules, it has until 28 October to make a firm offer for Mulberry or walk away.

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Mulberry shares were trading 3% lower on Tuesday morning.

Dan Coatsworth, investment analyst at AJ Bell, said of the battle: “Ashley’s blood is likely to be boiling at being kept out of the loop by Mulberry with its fundraising plan last Friday, given that Frasers owns 37% of the company.

“Ashley may no longer run Frasers but as the majority owner of the retail conglomerate, you can be sure he’s active behind the scenes. The stake in Mulberry was also acquired when he was in charge of Frasers, so he’s likely to take the snub personally.

“Mulberry’s fundraising looks dangerously close to being a cash call simply to keep the lights on. Frasers has now stepped in with a possible takeover offer – it’s not a particularly generous one, but this situation doesn’t deserve it.”

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Sep 11 2024

New York Sun owner weighs takeover bid for The Daily Telegraph | Business News

The owner of The New York Sun, a right-leaning American newspaper, is weighing a surprise bid to become the new owner of The Daily Telegraph.

Sky News has learnt that Dovid Efune, who acquired the former daily broadsheet in 2021, has expressed an interest in acquiring one of Britain’s most influential daily newspapers and its Sunday sister title.

Mr Efune, who is also chairman of The Algemeiner, a Jewish newspaper originally published in Yiddish but which now appears in English.

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Mr Efune is being advised by the boutique investment bank Liontree while on Wednesday evening, Semafor, a US news outlet, reported that he had financial backing from Oaktree and Hudson Bay Capital, as well as the family office of hedge fund manager Michael Lefell.

The Daily and Sunday Telegraph are expected to change hands for between £400m and £500m.

A deadline for formal bids has been set for September 27, with National World, the London-listed vehicle headed by David Montgomery, and Sir Paul Marshall – who this week paid £100m for The Spectator – also among the likely bidders.

Mr Efune has not been publicly linked to the process until now, although industry sources said he first began exploring an offer when the original auction of the Telegraph titles kicked off last year.

One source said a management presentation had been scheduled for him with Telegraph executives.

In an opinion article published earlier this year, Mr Efune wrote: “At the Sun, we hold the view that the opportunity remains greater than ever for any newspaper that is compiled with a view to serve the reader above all.

“In the words of Charles Dana, a newspaper “must correspond to the wants of the people. It must furnish that sort of information which the people demand, or else it can never be successful.”

The Telegraph auction is being orchestrated by advisers to RedBird IMI, the Abu Dhabi-backed entity which was thwarted in its efforts to buy the media titles by a change in ownership law.

A separate bid orchestrated by Nadhim Zahawi, the former chancellor, is the subject of bilateral discussions with IMI, the Abu Dhabi-based venture which wanted to take a controlling stake in the British media assets before being blocked by the government.

Sky News revealed exclusively last month that Sir Paul was the frontrunner to buy The Spectator, which along with the Telegraph titles was owned by the Barclay family until their respective holding companies were forced into liquidation last year.

RedBird IMI, a joint venture between IMI and the American investor RedBird, paid £600m last year to acquire a call option that was intended to convert into equity ownership.

A sale of The Spectator for £100m would leave it needing to sell the Telegraph titles for £500m to recoup that outlay in full – or more than that once RedBird IMI’s fees and costs associated with the process are taken into account.

Of the unsuccessful bidders for the Telegraph, Lord Saatchi, the former advertising mogul, offered £350m, while Mediahuis, the Belgian publisher, also failed to make it through to the next round of the auction.

Lord Rothermere, the Daily Mail proprietor, pulled out of the bidding earlier in the summer amid concerns that he would be blocked on competition grounds.

Sky News recently revealed that Mr Zahawi had sounded out Boris Johnson, the former prime minister, about an executive role with The Daily Telegraph if he succeeded in buying the newspapers.

IMI is controlled by the UAE’s deputy prime minister and ultimate owner of Manchester City Football Club, Sheikh Mansour bin Zayed Al Nahyan.

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The Lloyds debt, which totalled more than £1.15bn, was repaid by RedBird IMI on behalf of the family.

RedBird IMI’s attempt to take ownership of the Telegraph titles and The Spectator was thwarted by the last Conservative government’s decision to change media law to prevent foreign states exerting influence over national newspapers.

RedBird IMI declined to comment, while Mr Efune has been contacted for comment.

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Aug 1 2024

Robert Jenrick says Conservatives can win next election as he officially launches bid to lead party | Politics News

Robert Jenrick thinks the Tories can win at the next election – but he added the party has a “mountain to climb” and must show “where we went wrong”.

The former immigration minister will formally launch his campaign for the Conservative leadership on Friday.

He will say the Tories need to undergo “serious changes” to restore voters’ trust following the party’s worst-ever general election result.

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The Newark MP is expected to tell a campaign rally in the East Midlands: “We have a mountain to climb.

“Trust is hard-fought but easily lost. It can’t be restored overnight.

“But if the party learns the hard lessons, listens to the country and shows the party has changed – if we show the country that we have listened, if we show the country we know where we went wrong and have learned our lessons – if we show that we understand the scale of the challenges this country faces and are capable of delivering for Britain again, if we show that we have come together, a broad church, but united by a common creed…

“Above all, if we show that we have changed, I know we can win again.

“Not in two terms. Not in a decade. But at the next general election.”

Mr Jenrick is the sixth Conservative MP to declare their intention to run in the race to replace Rishi Sunak as Tory leader.

He will compete against shadow communities secretary Kemi Badenoch, shadow work and pensions secretary Mel Stride, shadow security minister Tom Tugendhat, shadow home secretary James Cleverly and former home secretary Dame Priti Patel.

On Monday former home secretary Suella Braverman, once seen as the choice of the right for future Tory leader, ruled herself out of the race after claiming she had been branded “mad, bad and dangerous” by colleagues.

Mr Jenrick, who has represented Newark since 2014, has held a number of ministerial roles in the Commons, including as housing secretary, as health minister and as exchequer to the Treasury.

He was an ally of Mr Sunak, but resigned as immigration minister last year over the former prime minister’s plan to send migrants to Rwanda, describing the bill as a “triumph of hope over experience”.

In a campaign video this week, Mr Jenrick said Mr Sunak’s party had been “unable or unwilling” to do what was required to reduce migration to the UK.

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Mr Jenrick will run on a platform of cutting immigration and pulling out of the European Convention on Human Rights, which Mr Sunak had been reluctant to commit to.

Nominees for Tory leader must have 10 backers to submit their papers to enter the race.

The field will be whittled down to four in time for the Tory conference in Birmingham before MPs vote for a final two candidates, who will face a ballot of Conservative members.

The new leader will then be announced on 2 November.

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Apr 22 2024

Lucy Letby renews bid for permission to appeal murder convictions | UK News

Child killer Lucy Letby has renewed her bid for permission to appeal against her convictions, claiming the trial judge was wrong to refuse four of her applications.

Letby, 34, was sentenced to 14 whole-life orders last August after being found guilty of murdering seven babies and trying to kill six others.

She was convicted of committing the offences at the Countess of Chester Hospital’s neonatal unit, where she worked as a nurse, between June 2015 and June 2016.

Letby, represented by Ben Myers KC, renewed her application for leave to appeal today in front of three judges at the Court of Appeal in London.

She has put forward four grounds of appeal, in each of which she claims the trial judge wrongly refused an application made on her behalf during the trial.

If the Court of Appeal judges decline to give permission, it will mark the end of the appeal process for Letby.

Letby, from Hereford, was found guilty of seven counts of murder and seven counts of attempted murder, two of which were against the same baby, and cleared of two further attempted murder charges after a 10-month trial at Manchester Crown Court.

The jury couldn’t reach verdicts on six counts of attempted murder, relating to five children.

The identities of the children involved in the allegations can’t be reported due to a court order.

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Feb 28 2024

‘British Airways killer’: Man who killed wife Joanna Simpson with claw hammer loses bid for freedom | UK News

A man who killed his wife with a hammer more than 13 years ago has lost his bid for freedom.

British Airways captain Robert Brown bludgeoned 46-year-old Joanna Simpson to death in their family home in October 2010 as their two young children cowered in a playroom.

Brown then dumped the 46-year-old’s body in a makeshift coffin in Windsor Great Park.

The killing was the subject of a new ITV documentary The British Airways Killer.

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Brown’s High Court challenge against a government move to block his automatic release from prison was dismissed by Mr Justice Ritchie today.

He had claimed “political motivation” amid a media campaign against his release improperly contributed to a decision to refer his case to the Parole Board.

His lawyers argued at a hearing in London earlier this month that Justice Secretary Alex Chalk’s referral was unlawful.

Brown was cleared of murder after a trial, but admitted manslaughter on the grounds of diminished responsibility, with a psychiatric report saying he suffered from an “adjustment disorder”.

Brown was sentenced to 24 years for manslaughter and a further two years for an offence of obstructing a coroner in the execution of his duty.

Aged 47 at sentencing in 2011, Brown believed he was “stitched up” by a prenuptial agreement and was affected by stress linked to his divorce, a judge was told.

He was due to be automatically freed on licence halfway through his sentence in November last year, but Ms Simpson’s friends and family urged Mr Chalk to intervene.

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Referral overrides automatic release

In October last year, Mr Chalk used new powers to have Brown’s case reviewed by the Parole Board.

Brown’s lawyers argued the referral was “an obvious attempt to seek to reverse engineer justification for a decision that was in reality prompted and obtained through conscious or unconscious political bias”.

The Ministry of Justice (MOJ) rejected his allegations, arguing the minister “in no way seeks to ‘go behind’ or ‘disapply’ or ‘fail to respect’ the sentencing court’s decision”.

Lawyers for the department said Mr Chalk believed Brown “would pose a significant risk of serious harm to the public if released on licence”, adding the offender had “persistently refused to engage in the rehabilitative elements of his sentence”.

Mr Chalk’s referral overrode Brown’s automatic release.

‘He must be kept in prison’

Ms Simpson’s mother Diana Parkes, who was made a CBE in December for services to vulnerable children suffering from domestic abuse and domestic homicide, said the decision was the “right one”.

She added: “Brown committed the most horrific crime against my loving and caring daughter, Jo. He must be kept in prison.”

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Feb 5 2024

Cairngorms handed £10.7m Lottery boost in bid to become UK’s first net zero national park | UK News

The Cairngorms has received a £10.7m funding boost as part of plans to transform it into the UK’s first net zero national park.

The National Lottery Heritage Fund has awarded the cash to Cairngorms National Park Authority to help deliver its Cairngorms 2030 action plan.

The five-year initiative – seeking to tackle the nature and climate crisis – brings together 20 long-term projects and could reach up to £42.3m in costs.

The programme’s goals include:
• To become the first national park in the UK to reach net zero.
• Create the equivalent of 1,500 football pitches of new woodland.
• Develop the world’s first outdoor dementia resource centre.
• Transform the way people get around the Cairngorms.
• Pioneer nature-friendly farming and green finance.
• Foster meaningful relationships with under-represented communities.
• Restore 6,500 hectares of carbon-storing peatland.
• Prescribe nature on the NHS.
• Empower communities to shape the future of their area.
• Restore and enhance three iconic rivers – the Spey, Dee and Esk.

The Cairngorms – which covers parts of Aberdeenshire, Moray, Highland, Angus and Perth and Kinross – is the largest national park in the UK.

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The funding was announced as First Minister Humza Yousaf visited the area on Monday along with Scottish Greens co-leader Lorna Slater, minister for green skills, circular economy and biodiversity.

He said: “The Cairngorms 2030 project is an excellent example of over 70 partners working together to deliver benefits for rural communities, businesses and the natural environment.

“Our national parks create new employment opportunities and promote green skills and jobs. They also help to generate and channel investment into the area’s natural resources.

“Investing in protecting and enhancing Scotland’s precious environment creates great opportunities that will benefit people and communities throughout the country, particularly in rural areas.”

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Sandy Bremner, convener of Cairngorms National Park Authority, said they were “delighted” to receive the lottery funding.

He added: “This five-year, £42.3m initiative will put the power to tackle the nature and climate crisis in the hands of the people in the park.

“It will benefit people’s health and wellbeing, develop sustainable transport solutions and help nature – and we are ready to get going on delivering for all those who live, work and visit this very special place.”

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Jan 15 2024

Conman Mark Acklom challenges court bid to seize his assets after romance scam | UK News

Conman Mark Acklom is challenging a bid to seize his assets, five years after he was jailed for a notorious romance scam.

His lawyer told a judge that another man had admitted “pilfering” money from the victim, so it was difficult to know how much Acklom got.

Acklom, 50, was jailed for defrauding divorcee Carolyn Woods of £300,000 after wooing her and promising to marry her in Gloucestershire.

He used a false name and convinced her he was a wealthy banker and MI6 agent, before going on the run.

After being extradited from Switzerland in 2019, he admitted five charges, but had originally faced 20 charges that amounted to the theft of £750,000.

The Crown Prosecution Service now wants a court to establish exactly how much Acklom benefited from his crimes against Ms Woods – and what he has left – so it can try to confiscate his assets.

Prosecutors believe Acklom, who was first jailed for fraud when he was 18, has profited by £1.3m in his whole criminal career, in which he has been jailed in several countries.

His lawyer Martin Sharpe said prosecutors had abused the current confiscation process under the Proceeds of Crime Act (POCA) by not disclosing certain documents to the defence.

Mr Sharpe told a court in Bristol: “Paul Kaur is somebody who made admissions in interview [with police] that he had pilfered money from the complainant [Ms Woods].

“Part of the prosecution case was that the money Mr Acklom took from the complainant he channelled into Paul Kaur’s account.”

Mr Sharpe said: “In order to assess the benefit to Mr Acklom we need to find out how much money he [Kaur] took.”

The lawyer said he didn’t know how much money Mr Kaur took because he hadn’t spoken to him and “because he wouldn’t co-operate”. He said he did not know how to contact Mr Kaur.

Mr Kaur, a businessman, told Sky News last year that he had worked for Acklom and, like Ms Woods, had been duped by him. He was never charged by police.

The bid to establish Acklom’s benefit from the scam on Ms Woods began, effectively, from the day he was jailed and there have been several court hearings.

The latest is being held in front of Judge Martin Picton, who sentenced Acklom and told him at the time that he had acted in a “ruthless and utterly selfish manner”.

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The court was today told Acklom had been freed from a Spanish jail last year, after being extradited at the end of his UK sentence.

He was subject to a Spanish confiscation order of €374,000 (£321,000). His lawyer didn’t know whether he had paid it.

Acklom was not in court in Bristol, and is living in Spain with his family and likely to become a Spanish citizen. His wife is Spanish.

Judge Picton said the hearings have “gone on for a bit now, to put it mildly”, and said that, so far, he has not “heard a word from Mr Acklom”.

He added: “It leaves me utterly bemused that we spend a lot of time, here today, tomorrow and another four days later establishing a [monetary] figure that has beyond even an outside chance of ever being recovered from a person living outside the jurisdiction.”

Acklom’s lawyer described the law around confiscation as “a confused landscape”.

The hearing was adjourned for the day after the judge suggested lawyers from the two sides could discuss a possible agreement before coming back to court on Tuesday.

Judge Picton is expected to make a final decision on a confiscation order in April.

Paul Kaur has been asked for a response.

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Dec 18 2023

Eddie Izzard fails in bid to become Labour’s candidate for Brighton Pavilion | Ents & Arts News

Eddie Izzard has failed in her latest bid to represent the Labour Party as an MP at the next general election.

The 61-year-old comedian and activist announced in August she would run to be Labour‘s candidate in Brighton Pavilion.

However, Izzard, who also goes by the name of Suzy, was pipped to the candidacy by musician and activist Tom Gray, famous for being part of the band Gomez.

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Posting on X, formerly known as Twitter, after being selected by the local branch of Labour, Mercury Prize winner Gray thanked Izzard and other candidates for showing such “solidarity and integrity” during the campaign.

Izzard had promised to fight for a “passion-driven creative education system”, increase the supply of affordable homes, secure more money for the NHS and champion mental health if she was selected.

It marks the second time the comedian failed to be selected, missing out last year when she campaigned to be the Labour candidate for Sheffield Central.

Labour is hoping to win Brighton Pavilion for the first time since 2005 after Green MP Caroline Lucas announced she would be standing down.

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Ms Lucas, who was the first and so far only Green MP to enter the House of Commons, won the constituency with a majority of nearly 20,000 in 2019.

Sian Berry, who came third in the 2021 London mayoral election, has been selected as Ms Lucas’s successor in the seat.

Last year, Izzard also lost out in the selection contest to be the candidate in the safe Labour seat of Sheffield Central, coming second to a local councillor.

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Oct 4 2023

Metro Bank plots capital-raise in bid to allay City concerns | Business News

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 launched in 2010 – is working with advisers to secure several hundred million pounds in new debt and equity.

City sources said on Wednesday evening that the company had hired bankers at Morgan Stanley to work on the capital-raising plans, while Moelis, another investment bank, is also thought to be involved.

Royal Bank of Canada, Metro Bank’s corporate broker, is also involved in the equity-raise.

Metro Bank’s board, which is chaired by Robert Sharpe, a veteran banker, is exploring a range of options to shore up its troubled balance sheet.

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A potential equity-raise of more than £100m is understood to be among them, although analysts and industry executives have cast doubt on its ability to deliver that following a precipitous fall in its share price.

Metro Bank has 2.7 million customer accounts, making it one of the 10 largest banks in Britain.

It offers current accounts, business accounts, personal loans and insurance products, and employs about 4,000 people, operating from about 75 branches across the country.

Shares in Metro Bank have halved during the last month to leave it with a market capitalisation of less than £100m, having been valued at about £3.5bn at its peak in 2018.

The company’s directors are also understood to be trying to raise roughly £200m of loss-absorbing capital known as MREL.

Metro Bank needs to refinance £350m of existing MREL debt which is due to expire this time next year.

Another alternative being considered would involve the sale of billions of pounds of mortgage assets, a move that would reduce its earnings but also sharply reduce the amount of capital it is forced to hold.

Further options could entail a debt-for-equity swap or an outright sale of the company.

In a statement issued to Sky News, a Metro Bank spokesman said: “As previously stated, Metro Bank continues to consider how best to optimise its capital resources to allow it to take advantage of the deposit and asset origination platform that has been built.”

On Wednesday evening, City insiders said that banking regulators and the Treasury were closely monitoring Metro Bank’s capital-raising plans.

While there is no suggestion that it is at risk of imminent collapse, rumours have circulated for years about its finances.

In 2019, customers formed sizeable queues at some of its branches after suggestions circulated on social media that it was in financial distress.

Days later, it unveiled a £350m share placing in a move designed to allay such concerns.

News of Metro Bank’s efforts to secure a new capital injection comes weeks after it was dealt a severe blow by the Prudential Regulation Authority (PRA), which supervises British banks’ capital and solvency.

In mid-September, it announced to the London stock market that the PRA had informed it that it would not gain approval this year for an internal ratings-based model allowing it to hold less capital against its mortgage assets.

Metro Bank has had a chequered history with City regulators, despite its relatively brief existence.

Last December, it was fined £10m by the Financial Conduct Authority for publishing incorrect information to investors, while the PRA slapped it with a £5.4m penalty for similar infringements a year earlier.

The lender was founded in 2009 by Anthony Thompson, a financial services entrepreneur, and Vernon Hill, an American who eventually left in controversial circumstances in 2019.

Metro Bank has been forced to sell assets in the past, announcing a deal in December 2020 to sell a portfolio of owner-occupied residential mortgages to NatWest Group for up to £3.1bn.

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May 5 2023

CBI hires business ethics consultancy to spearhead survival bid | Business News

The crisis-hit CBI has drafted in a business ethics consultancy to aid a review of its culture four weeks before a meeting of its membership that will determine its future.

Sky News can reveal that Rain Newton-Smith, the new CBI director-general, has signed off the appointment of Principia following an exodus of corporate backers two weeks ago.

Britain’s biggest business lobby group is facing an existential crisis over its handling of allegations of rape and other sexual misconduct.

It has suspended most of its activities pending the outcome of a root-and-branch review, with many long-time supporters, including Aviva and John Lewis Partnership, having deserted it.

Last month, it sacked its director-general, Tony Danker, after an inquiry into his behaviour, although he subsequently accused the CBI of “throwing me under a bus”.

In a memo sent to members on Friday morning, Ms Newton-Smith said an EGM to decide on a way forward for the CBI would take place on 6 June.

“We’ve now appointed Principia Advisory after reviewing a number of submissions last week,” she wrote.

“They are experts in building ethical organisations, and will work with us to identify the root causes of past failure, and recommend the changes required for cultural renewal and rebuilding trust.

“They will provide us with the independent, rigorous analysis, and the deep expertise in conduct and culture we need.”

Ms Newton-Smith said the CBI needed “concrete actions and transparency about what we’re doing, so that everyone feels empowered to share their stories and knows they will be supported”.

She added that its staff were “already doing what they do best, coming together with brilliant ideas and dedication”.

“But members need to be at the heart of this work too,” she wrote.

“Without a mandate from you, we have no future.”

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“With a general election looming, the voice of business urgently needs to be heard.

“And we are continuing to provide you with economic insights to make better decisions in these challenging economic times.

“I just hope that, working together, we can rebuild our culture, redefine our purpose and regain your trust so that we can help make that happen.”

A CBI spokesperson confirmed the contents of Ms Newton-Smith’s memo.

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