Author: SKYNEWS

The owners of The Daily Telegraph have been dealt a fresh blow after the collapse of the parent company behind Arrow XL, a UK-wide delivery business.Sky News has learnt that Logistics Group Limited, which until recently also owned Yodel, fell into administration earlier on Friday. The decision is understood to have been orchestrated by HSBC, the company’s main lender.Money latest: Lender to increase some mortgage deals in ‘baffling’ moveIt was unclear on Friday how many jobs could be put at risk by the insolvency. The move is the latest setback to befall the Barclay family, which was once among the…

JD Wetherspoon hopes to soon open its 1,000th pub in the UK after reporting another leap in profits.The chain currently has more than 800 branches but says its “best estimate” is the potential for around 200 more in the coming years. It comes as the pub giant revealed that its pre-tax profits soared to £36m in the six months to the end of January – up eightfold from the £4.6m it made during the same period the year before.Bar sales increased by 11.6%, while food sales grew by 7.6%.The total number of Wetherspoon pubs peaked at 955 back in December…

The former chief executive of South African multinational retailer Steinhoff was told he would be arrested shortly before he was found fatally injured, police have said.South Africa’s Financial Sector Conduct Authority fined Markus Jooste almost £20m on Wednesday for false accounting – the same day a warrant was issued for his arrest.He was expected to hand himself in, along with former colleague Stephanus Grobler, who was also subject to a warrant, and appear in court on Friday.”The allegations include, among others, fraud, a pattern of racketeering activities and contravention of Financial Markets Act against Steinhoff International Holdings,” police said. Image:…

Plans by Vodafone and Three to merge could lead to higher prices for millions of mobile phone users, the competition watchdog has warned.The proposed £15bn deal, announced last year, would bring 27 million customers together under a single provider. But the Competition and Markets Authority (CMA) said it could lead to “higher prices and reduced quality” because it risks reducing rivalry between operators.Money blog: Where house prices and rents are going up, and where they’re fallingIt comes after the regulator carried out an initial review into the deal, which would create the UK’s largest mobile network. The CMA has now…

A single graduate in the UK has £231,000 of student debt, new figures show.Campaigners have described the figure as “jaw dropping” – and claim it is evidence tuition fees are in dire need of reform. The Student Loans Company, which released the figures, say this balance belongs to a Plan 2 borrower, meaning it could only have been taken out after 2012.In another case, a single loan has attracted interest of more than £54,000. Image: File pic: iStock An SLC spokesperson said graduates leave university with an average debt of £44,940 in England – and higher balances are usually caused…

The chairman of the Land Registry is being considered by ministers as a potential replacement for Henry Staunton, the Post Office chairman who was sacked earlier this year.Sky News has learnt that Neil Sachdev is among a small number of final candidates to become interim chair of the Post Office. Mr Sachdev, who also chairs the East-West Railway Company, is understood to have been interviewed by the Department for Business and Trade alongside at least one contender from a private sector background, according to industry sources.One said that ministers were keen to finalise the appointment within weeks amid continuing controversy…

Bahrain’s sovereign wealth fund has completed a deal to take full ownership of McLaren Group, one of the most revered names in British manufacturing, after years of negotiations to put the company on a stable long-term footing.Sky News understands that McLaren will announce later on Friday that the recapitalisation of the supercar manufacturer and Formula One team shareholder has been concluded. The deal will pave the way for McLaren to pursue a technology partnership with a global automotive giant that could also involve Mumtalakat offloading a minority stake in the Woking-based company.In a statement issued to Sky News, Paul Walsh,…

Retail sales flatlined in February as “extremely” wet weather put off shoppers from heading to the high street.There was 0% growth in the sector last month, according to new figures from the Office for National Statistics (ONS) on Friday. It said a good performance for clothes shops and department stores was offset by falls in food and fuel sales, possibly because of rising prices at the pumps.Money latest – Where property prices are going up and where they’re fallingHowever, it appears the weather also had a major impact as consumers also shunned in-person stores in favour of online shopping. February…

One of the world’s biggest private equity firms is among a pack of suitors circling RSK, a British-based environmental consultancy, in a deal that would value it at well over £1bn.Sky News has learnt that Carlyle is one of several parties in discussions with Alan Ryder, RSK’s founder and chief executive, about a possible transaction. City sources said on Thursday that a deal could involve the outright purchase of a large minority stake in RSK, which employs more than 15,000 people and operates in 40 countries.RSK, which has struck sponsorship deals to raise brand awareness with partners including the League…

The final series of royal drama The Crown leads this year’s BAFTA TV Awards nominations, picking up eight nods including four in the acting categories – but misses out on the best drama shortlist.Happy Valley, The Gold, Slow Horses and Top Boy are the four shows up for the prize, which will be one of the biggest of the night. Black Mirror’s Demon 79 episode follows closely behind The Crown with seven BAFTA TV nominations, while The Sixth Commandment, The Last Of Us, The Long Shadow and Succession also feature several times on the shortlist. Image: Black Mirror Demon 79.…