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Professional Services

Barclays hit with £40m fine over 'reckless' failure to disclose Qatar links
By City AM
The FCA has fined Barclays £40m for failing to disclose fees paid to Qatari investors during a 2008 capital raise, during which the lender was trying to avoid a bailout
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HMRC doubles amount it pays out in tax fraud tip-offs – but accountants say it needs to do more
By City AM
£1m total is the highest figure of at least the past seven years
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Next chapter for Margetts Wealth after management buy in
West Midlands
Deal sees brace of directors take equal shares in the Birmingham-based financial services business
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Investment bank Cavendish announces Manchester expansion with new office at No.1 St Michaels
North West
The City of London investment bank has appointed Oliver Tebbutt as partner to lead the office and will open in the city in January
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British Business Bank on the performance of its £130m Investment Fund for Wales
Deals
The bank said £10m was deployed in the fund's first year and will now be accelerated with the £40m reserve also being utilised
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Mattioli Woods' profit slashed as it quit London stock market after takeover
By City AM
The Leicester-headquartered wealth manager has now been delisted from the London Stock Exchange's AIM after being acquired by Pollen Street
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Consumer confidence dips as interest rate cut fails to lift gloom
By City AM
After a steady climb throughout the year so far, consumer confidence dipped in November amid warnings it could continue to fall into 2025
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NatWest Group hits 13-year peak: Should investors sell at 52-week high?
By City AM
Investors should ignore the 52-week high when making their decisions, say experts - but what about the people on the inside?
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HSBC's sweeping changes: Managers face job reapplications in global cost-cutting strategy
By City AM
The º£½ÇÊÓƵ's biggest bank is reportedly asking hundreds of managers in its corporate and investment banking arm to re-interview for their jobs as part of a cost-cutting drive
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Frozen assets of former WealthTek boss John Dance could be used to benefit clients
Insolvency and Administration
Administrators of the shuttered firm acknowledged the "hardship" and "distress" caused to clients as they received the first tranche of £26.6m from the Financial Services Compensation Scheme
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Law firm opens Bristol office as it expands across South of England
Offices
It is the seventh º£½ÇÊÓƵ site for Birketts which has taken space at the EQ building near Temple Meads
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Tyneside energy specialist Green Zone Surveys powers up North West expansion
Energy
The Wallsend firm now has a permanent base to serve North West customers
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People on the move: key North East appointments and promotions
Appointments
Companies featuring in this week's round-up include RWO, EMG Solicitors, Avison Young, Jump, The Education Network and Gradon Architecture
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Fast-expanding professional services firm Hazlewoods opens first office in Wales
Cardiff Capital Region
The Cheltenham headquartered firm is recruiting for staff at its new office in Cardiff
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Jobs saved at Grimsby fish supplier D&A Seafood Solutions which collapsed with debts of £1.5m
Deals
All 32 staff transfer over to new owners Ramus (Grimsby) Ltd
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Newcastle training firm nesma aims for expansion with Northern Powerhouse Investment Fund loan
Deals
The marketing and PR specialist is also looking to double its revenue year-on-year over the next five years
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£1m on offer to high-growth West Midlands businesses
West Midlands
Midven and FundingHero have teamed up to run a mentoring and accelerator programme
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Aviva reports 'very strong' performance in third quarter amid insurance demand boost
By City AM
The FTSE 100 insurance firm has reported growth across all of its key business units for the nine months to September, with general insurance premiums up 15 per cent
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New investment firm with £1.5m per deal firepower sets up in the North East
Finance
EverQuest Capital Partners is linked to CPI and will target disruptive, high growth innovators within the supply chain
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Lloyds to end union recognition for senior staff, new forums introduced
By City AM
The FTSE 100 lender, which has around 60,000 employees, told staff in a memo last month that it had "agreed new arrangements" with the Unite and Accord unions that will take effect from January
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Monzo advises customers to update operating systems for continued app support
By City AM
The digital bank has contacted its customers to tell them their accounts might not be as secure as possible.
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Klarna gears up for US IPO, eyes blockbuster debut with potential $20bn valuation
By City AM
The Swedish company, which was founded in 2005, has around 85m active consumers across more than 575,000 merchants globally, and is the º£½ÇÊÓƵ's largest buy now, pay later firm
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The latest acquisition deals in Welsh business
Deals
Companies featured include Drone Evolution, Llusern Scientific, Do-It Solutions and NES Services Group
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Growing Newcastle business advisors RMT snaps up KSA Group in undisclosed deal
Deals
The deal marks RMT’s third acquisition since it became part of the Sumer Group
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Banking & FinanceThe latest acquisition and equity investment deals in WalesFirms featured include Amotio, Draig Therapeutics, Ceryx Medical, Pink Storage and B Fit Group.
By City AMBank of England rate cut 'almost certain' after poor economic growthThe Bank of England is "almost certain" to cut interest rates next month after the economy slumped for a second month in a row, according to economists.
Future of º£½ÇÊÓƵ banking: Which specialist lenders are likely takeover targets?
By City AM
The º£½ÇÊÓƵ banking sector has seen a flurry of mergers and acquisitions in recent years, with the latest a landmark deal between Santander and TSB Bank
Call for new º£½ÇÊÓƵ 'investment hub' to prevent financial services from losing global position
By City AM
A new report warns that the º£½ÇÊÓƵ risks losing its status as a leading financial centre unless it acts quickly to modernise and streamline investment services
Jupiter snaps up º£½ÇÊÓƵ's largest investment manager for non-profits in £100m swoop
By City AM
The FTSE 250 fund manager said the deal to buy CCLA will deliver at least £16m in annual recurring cost savings as it seeks to streamline support functions and incorporate CCLA's technology to reduce duplication in systems.
Close Brothers announces strategic shift in lending, prioritising commercial insurance over personal lines
By City AM
The lender said it would start to focus on insurance products designed for businesses, which the firm said offered better risk-adjusted returns and long-term growth potential
TransportFuture of northern HS2 land still 'under consultation'Lord Hendy tells new BBC podcast series the land earmarked for Leeds and Manchester legs is still held by HS2
Work starts on new £1.25bn electric arc furnace for Tata at Port Talbot
Wales
The electric arc furnace will make greener steel from scrap.
£2m sale deal for Sutton Coldfield property
West Midlands
Home to wine warehouse and dental surgery has been snapped up by private investor
Housebuilders agree record £100m payments after competition probe
Housing
Barratt Redrow, Bellway, Berkeley Group, Bloor Homes, Persimmon, Taylor Wimpey and Vistry have been investigated over allegations of sharing information
Humber Estuary could be new home to 'floating power barge' and small nuclear reactor
Energy
The Humber Estuary could be home to the º£½ÇÊÓƵ's first small nuclear reactor, following an agreement signed by an international consortium.
DorsetDorset Council planning to spend more cash on local goods Changes in Government rules should now make it easier for the authority to 'buy local', it has said
McVitie’s owner Pladis investing £56m in North West sites – including Stockport Jaffa Cake plant and Aintree's Jacob’s Cream Cracker bakery
Food and Drink
Move will see robotic chocolate moulding line in Stockport and new ovens at Liverpool bakery
Aviation textile company opens larger production facility in Somerset
Somerset
The company has long-standing relationships with Boeing Defence º£½ÇÊÓƵ and Leonardo
Pennant International agrees global partnership deal with Siemens
Deals
The AIM-listed company has also entered into a collaboration agreement with a German software business
Liverpool's new town plan is 'one of the most exciting regeneration opportunities' in º£½ÇÊÓƵ and beyond
Economic Development
The new town would span 5km from just north of Liverpool city centre, across Everton, Anfield and Kirkdale and into Bootle