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Professional Services

South West accountancy firm expands with double acquisition
Deals
The deal will take the number of Monahans' offices to 10
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HSBC commits to no branch closures until 2026, invests £50m in º£½ÇÊÓƵ network
By City AM
The bank is due to tell its nearly 15m º£½ÇÊÓƵ customers this week that it will extend a promise not to reduce its 327-strong branch network.
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Citigroup to scrap EU bonus cap for hundreds of London staff
By City AM
The news comes after Barclays told staff last week that its so-called material risk-takers (MRTs) would be able to earn a bonus worth up to 10 times their base salary, up from a current ratio of 2:1
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People on the move: key North East appointments and promotions
Appointments
Companies featuring in this week's round-up include Twist Group, Hay & Kilner, Sweeney Miller Law, Merit, Bonded and CustomerSure
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Barclays to scrap EU bonus cap for top bankers and traders
Barclays
The move means the bank's material risk-takers (MRTs) will be able to earn a bonus worth up to 10 times their base salary, up from a current ratio of 2:1
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Popular Tyneside brewery bought by new owners after falling into administration
SMEs
Anarchy Brew Co went into administration on August 1 but all jobs have been saved following the pre-pack deal
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Assura acquires 14 º£½ÇÊÓƵ private hospitals from Northwest for £500m, boosting NHS partnership potential
By City AM
Assura has acquired a º£½ÇÊÓƵ private hospital portfolio from Canadian group Northwest Healthcare Properties for £500m, ahead of a potential funding boost from Labour's spending spree
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GB Bank to move headquarters from North East to London
property news
The property finance specialist has also appointed a new CEO as its co-founder and current CEO steps down from the business
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Legal & General's profit beats estimates, dividend up amid new CEO's strategic overhaul
By City AM
The FTSE 100 insurance and pension giant reported a core operating profit of £849m for the half-year, up from £844m during the same period in 2023 and ahead of a company-compiled analyst consensus estimate of £834m.
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Hiscox reports 'robust growth' in results despite 'more active loss environment'
By City AM
The Lloyd's of London insurer reported a 3.3 per cent growth in insurance contract written premium (ICWP) for the six months to 30th June
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Rachel Reeves could 'free up billions' for spending but it won't change fiscal fundamentals
By City AM
The Chancellor has plenty of options to free up space under the current fiscal framework, but the Institute for Fiscal Studies argues that the focus should be on the merits of more borrowing, rather than the technical details
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MBO at Black Norman Solicitors is backed by River Capital
Professional Services
Merseyside practice hopes to expand
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º£½ÇÊÓƵ's big banks ready for crisis with no public funds needed, Bank of England reports
By City AM
The Bank of England said on Tuesday that the º£½ÇÊÓƵ's major banks had "continued to make significant progress in improving their preparations for resolution"
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Financial turnaround for Abrdn with CEO search underway, reports £800m net inflows
By City AM
The FTSE 250 asset management group - which was formerly known as Standard Life Aberdeen - reported net inflows of £800m for the first half of 2024
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Japanese stocks lead Asian market recovery with Topix surging 8% after historic drop
By City AM
Japanese stocks have rebounded from Monday's dramatic rout, leading a broader Asian rally, as investors regain their nerve after a brutal start to the week
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New Street Consulting Group seals £6.5m investment to drive forward expansion plans
Deals
The deal follows the Leeds firm's recent acquisition of The Chemistry Group
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Care home group expands footprint with acquisition
West Midlands
Nottingham-based Affinity Care Consortium has bought a 50-bed facility in Chelmsley Wood
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Societe Generale offloads º£½ÇÊÓƵ and Swiss private banking units in £771m sale
By City AM
The French bank is selling its º£½ÇÊÓƵ and Swiss wealth management businesses to Geneva-based Union Bancaire Privee
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West Country accountants among º£½ÇÊÓƵ's best places for women to work
Employment
Bishop Fleming has offices in Bath, Bristol, Cheltenham, Exeter, Plymouth, Torquay, Truro and Worcester
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Bank of England's Andrew Bailey commits to full term amid challenges and criticism
By City AM
The Governor of the Bank of England said he was "looking forward" to the next four years, despite the criticism he has faced during a challenging first half of his term
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Survey reveals nearly half of º£½ÇÊÓƵ millionaires consider leaving due to Labour's tax policies
By City AM
Nearly half of the º£½ÇÊÓƵ's millionaires are now more likely to leave the country after Labour's general election victory, a new study has revealed
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July investment insights: Which were the best and worst performing funds?
By City AM
July was a month that saw small companies funds dominate the top performers - and the tech sector struggle
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People on the move: key North East appointments and promotions
Appointments
Companies announcing new roles include Knight Frank, Azets, Hotel Gotham, Lowes Financial Management and Simon Bailes Peugeot
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Bank of England's Huw Pill cautions against complacency in inflation fight despite rate cut
By City AM
Bank of England chief economist Huw Pill said that despite returning to the two per cent target, inflation still needs to be "squeezed out" of the º£½ÇÊÓƵ economy.
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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
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.
HousingHousebuilders agree record £100m payments after competition probeBarratt Redrow, Bellway, Berkeley Group, Bloor Homes, Persimmon, Taylor Wimpey and Vistry have been investigated over allegations of sharing information
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
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
Revised plans for bridge from Bristol Arena to Brabazon submitted by YTL
South West
The developers have said the bridge will help manage traffic flows on the arena's event days
North East investment company Develop North launches new growth strategy
property news
The company launched by Tier One Capital says devolution and overseas investment have made the region ripe for investment
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