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Professional Services

From potential unicorn to financial struggle: HSBC abandons stake in fintech Monese
By City AM
HSBC has written off its remaining stake in Monese, just two years after investing $35m in the British fintech once hailed as a potential "unicorn"
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Belron International's profits soar by 120% as Autoglass owner's sales near £500m
By City AM
Belron International's sales jumped to almost £500m during its latest financial year
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Cotswold equestrian brand for men secures funding to expand
Finance
Wolf London was founded in 2022 by competitive eventer and show jumper Andre Gardiner
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Trio of Humber Haines Watts offices acquired by Xeinadin
Deals
The acquisitive professional services group has taken on staff across the Grimsby, Hessle and Scunthorpe offices
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Birmingham Law Society welcomes new president
West Midlands
Family law partner Richard Port has taken over the reins at historic business body
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Private equity giants gear up for Hargreaves Lansdown takeover with expanded lender group
South West
The private equity consortium that will take over Hargreaves Lansdown has added a raft of new lenders to the group financing the £5.4bn cash offer for the investment platform
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Labour's non-dom tax reform may not generate revenue, Treasury officials fear
Conservative Party
The government is reportedly "scrambling for a rethink" of the proposed non-dom reforms as it is feared they might not raise any money
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'Exceptionally good' Lloyd's of London conditions help underwriter report soaring premiums
Professional Services
Helios Underwriting reported it had benefited from strong insurance market in the first half of its financial year
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Finance lender Atelier launches new Birmingham base
West Midlands
London-based firm opens office in city's business district to work with developers across the Midlands
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KPMG highlights rising regulatory pressure from FCA's consumer duty
KPMG
Latest biannual Regulatory Barometer highlighted requirements to comply with and embed consumer protection regulations
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Co-founder of Wrexham-based bank Chetwood Financial standing down as CEO
Appointments
Andy Mielczarek will be succeeded by Paul Noble
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Co-op's legal arm sees profits soar by over 50%, fuelled by digital strategies and market growth
The Co-operative
Co-op Legal Services reported a 56% increase in revenue to £42m
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Revenue up but partner earnings fall at PwC º£½ÇÊÓƵ, as firm intensifies focus on AI and tech upgrades
Pricewaterhousecoopers
The accountancy giant spent over £100m on platforms including AI
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New law firm launches in Birmingham
West Midlands
DBA Law is made up of five staff who previously worked together at Thursfields
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Hargreaves Lansdown announces update on acquisition
Finance
The Bristol-based investment platform agreed a £5.4bn takeover deal last month
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Investor Maven signals confidence in North East deals market over coming years
Deals
The Newcastle office of the private equity firm says it has seen significant interest from regional firms wanting to grow
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Inheritance tax receipts on track for record year as Chancellor considers reforms
By City AM
Inheritance tax receipts are on course for another record-breaking year as the Treasury continues to rake in billions from the controversial levy
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Zoopla returns to profit as it cuts almost 100 jobs during 'sustainable' year
By City AM
Zoopla's parent company has slashed its pre-tax loss by almost £600m, new accounts show
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People on the move: key North East appointments and promotions
Appointments
Companies welcoming new arrivals and making promotions this week include RMT Technology, Muckle LLP, YoungsRPS, Miller º£½ÇÊÓƵ and Climb & Conquer
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Catherine Mann Advocates for Restrictive Monetary Policy to Address º£½ÇÊÓƵ's Embedded Inflation
By City AM
Inflationary dynamics appear to be "embedded" in the economy, according to a Bank of England rate-setter, who advised a "guarded" approach to interest rate cuts.
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New Black Country warehouse for tyre supplier
West Midlands
GB Tyres is planning to expand internationally after adding a third West Midlands plant to its portfolio
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Treasury veteran Charles Roxburgh to lead Lloyd's of London starting May 2025
By City AM
The prominent insurance market said that following a "robust and extensive search", Roxburgh would take up the role on 1 May 2025
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Investec expects profit to rise despite º£½ÇÊÓƵ challenges
By City AM
The bank expects adjusted operating pretax profit in the six months to September to be between £450m and £482m, up from £441m in the same period last year.
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Carmarthen accountancy firm Clay Slaw Butler under new ownership
Professional Services
It has been acquired by acquisitive professional services group Xeinadin
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FinanceUltimate Finance reports 'record' first half and moves into larger officesThe asset-based lender is seeing an increase in demand for its services
FinanceUltimate Finance reports 'record' first half and moves into larger officesThe asset-based lender is seeing an increase in demand for its services
Bank of England rate cut 'almost certain' after poor economic growth
By City AM
The 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.
DealsFuture of £58m Bristol research centre in question following dealWiltshire respiratory business Vectura has been acquired and the firm's new US owners have reportedly delayed a decision on the investment at Bristol and Bath Science Park
Future of northern HS2 land still 'under consultation'
Transport
Lord Hendy tells new BBC podcast series the land earmarked for Leeds and Manchester legs is still held by HS2
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
McVitie’s owner Pladis investing £68m in º£½ÇÊÓƵ sites – including big boosts for Stockport Jaffa Cake plant at 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
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
East MidlandsSocotec expands º£½ÇÊÓƵ footprint with Scottish acquisitionThe Burton-based provider of testing services has bought out º£½ÇÊÓƵ Testing and Certification
Welsh recruitment firm marks 'successful' 12 months following MBO
Wales
The deal was completed last year and the business has since experienced considerable growth
Expansion for manufacturer following funding deal
West Midlands
The Active Hands Company was founded by Rob Smith after a life-changing spinal cord injury left him partially paralysed in all four limbs
Hinkley Point C workers to be provided with extra parking spaces at rugby club
EDF
The construction workforce at the new nuclear power station is expected to reach its peak over the next 18 months
County Durham tech firm Filtronic seals £13.4m defence deal
Deals
The deal comes during a strong period for the company, which has bases in Leeds, Sedgefield, Manchester, Cambridge and the US