Author: Scott Dylan

UK fashion label Sosandar is set to broaden its retail footprint by launching in-store concessions within the prestigious Irish department store Arnotts, as part of a strategic move to foster closer connections with its consumer base.The Cheshire-headquartered firm, listed on the London Stock Exchange, has been encouraged by the strong demand for its apparel in Ireland, prompting the establishment of its flagship concession in Dublin’s renowned shopping destination, as reported by City AM. Sosandar aims to bolster customer engagement through its physical presence in Ireland.Arnotts, situated on Henry Street in central Dublin, falls under the umbrella of The Selfridges Group,…

Chemicals firm Accsys has confirmed its decision to terminate plans for a construction material factory in Hull. This decision follows nearly two years of inactivity at the site due to escalating costs and the loss of the primary contractor.Originally intended to produce next-generation MDF material via its subsidiary, Tricoya UK, the £120 million project faced continuous delays and cost overruns. The facility, which promised the creation of 30 jobs, has now been deemed unfeasible for future profitability.Following a comprehensive review initiated in November last year, Accsys announced that it would incur a significant non-cash cost of €20 million and an…

Lego has sustained its recent success, with UK sales and profit rising for the sixth consecutive year in 2023.The Berkshire-based division of the Danish behemoth reported a turnover of £449.2m for its latest financial year, an increase from the £440m it posted for 2022. According to recently filed documents with Companies House, Lego’s pre-tax profit also grew from £18.9m to £24.2m over the same period.The last time the business did not increase its UK sales and pre-tax profit was in 2017 when its turnover fell to £269.6m, from £286.4m in 2016, and its profit went from £11.4m to £10.7m, as…

The UK government is introducing new measures to combat late payments by large firms to small businesses, aiming to improve transparency and hold companies accountable for poor payment practices.On average, delayed payments cost small businesses £22,000 annually, according to research from the Department for Business & Trade (DBT) and the Federation of Small Businesses. A consultation has been launched to explore ‘tough’ new laws designed to hold larger companies accountable for late payments, while requiring greater transparency in their payment practices. Under the proposed rules, large firms will be obligated to include payment data in their annual reports, enabling closer…

The UK arm of a global coffee enterprise, headquartered in Uxbridge, has reported significant financial growth for 2023. Recently filed accounts with Companies House indicate that the division’s turnover reached an unprecedented £102.3 million, up from £92.5 million in the previous year.In addition to the remarkable turnover, pre-tax profits saw a noteworthy rise, increasing from £1.3 million in 2022 to £1.5 million in 2023. Furthermore, the company expanded its workforce, with the average number of employees growing from 87 to 98, as disclosed by City AM.The board expressed satisfaction with the 2023 results, describing them as satisfactory.Globally, the broader group,…

The number of new home approvals in the United Kingdom has plummeted to its lowest level in a decade, presenting significant challenges to the government’s ambitious housebuilding targets.The Home Builders Federation (HBF) has revealed that only 53,379 new homes were approved in the three months leading up to June, the lowest quarterly total since 2014. Over the year to June, approvals fell by 12 per cent to just over 230,000 units, the lowest figure for any 12-month period in the last decade.This decline, according to HBF, is a direct result of the previous government’s approach to house building, particularly with…

The latest SME Confidence Tracker reveals that while business optimism has rebounded post-election, small business leaders are calling on the government to address critical financial barriers to unlock growth.The survey of 1,000 SMEs found that 68% expect sales to increase over the next six months, a 7% rise since March 2024. With stabilising inflation and lower interest rates, 63% of SME leaders now feel more confident about making capital investments, while 52% are more likely to pursue major investments following the General Election.However, concerns persist about the potential for tax hikes in the upcoming budget, with 87% of respondents calling…

A critical road leading to the Hinkley Point C nuclear power station in Somerset will be temporarily closed for significant repairs, according to Somerset Council. Scheduled to take place in three phases, these essential works are set to last over a month, affecting the route between the entrance of the plant and Cannington Roundabout.Commencing on Monday, September 23, the specialist resurfacing contractor, Heidelberg Materials, will undertake the task with completion expected by Tuesday, October 26. The repairs are planned to occur overnight from 7pm to 5am to minimise daytime disruption. Although full road closures will be implemented during each phase,…

A landmark devolution deal for Hull and East Yorkshire has been finalised, signalling the election of an appointed mayor next year.The agreement, paralleled by a similar arrangement for Greater Lincolnshire, confers expansive powers to the newly elected leader, encompassing control over transport, housing, skills, and investment. This initiative, while pending parliamentary approval and local consent, aims to align the region with other areas in the North, fostering economic growth through a unified leadership.The announcement has garnered positive responses from both local and national politicians. Hull City Council leader Mike Ross expressed, ‘After years of being left out in the cold…

The Bank of England is poised to keep interest rates steady at 5%, signalling a cautious approach towards monetary policy adjustments.Governor Andrew Bailey has emphasised the importance of not reducing rates too rapidly or excessively, highlighting the need for a balanced strategy. Economists anticipate that the Monetary Policy Committee (MPC) will maintain the current rate during the upcoming meeting on Thursday. This decision would sustain the Bank’s base rate at its highest level since the 2008 financial crisis.The central bank’s recent rate cut from 5.25% to 5% in August marked the first reduction since 2020, providing some respite for borrowers…