Ovo Energy, the UK’s third-largest household supplier, has informed staff of its decision to cut its workforce by a quarter. Sky News reported on Wednesday evening that 1,700 roles were to be axed in a bid to save money as the industry battles crippling rises in the cost of raw energy, especially gas, that have
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Ovo Energy, the UK’s third-biggest gas and electricity supplier, is to cut a quarter of its workforce as part of a restructuring aimed at saving costs amid the deepening industry crisis. Sky News has learnt that Ovo could announce details of its plans as soon as Thursday, with roughly 1,700 out of 6,200 roles expected
Former directors of Thomas Cook, one of Britain’s biggest travel companies, are to be formally cleared of wrongdoing by the government’s bankruptcy watchdog after a probe lasting more than two years. Sky News has learnt that the Insolvency Service has concluded its investigation into the collapse of Thomas Cook, which was forced into compulsory liquidation
UK households have experienced the biggest slump in their financial wellbeing as a surge in the cost of living takes its toll, a new survey suggests. A quarterly household finance index compiled by Scottish Widows fell to 40.1 in the final quarter of last year, down from 44.0 in the third quarter. It was the
Two of the world’s biggest buyout firms have joined forces to pursue a multibillion pound takeover of Boots, Britain’s largest high street chain of chemists. Sky News has learnt that Bain Capital and CVC Capital Partners are assembling a joint bid for the retail behemoth, which trades from more than 2000 stores and employs over
A residential energy supplier part-owned by a Cheshire local authority is lining up administrators amid suggestions that it could collapse as soon as this week. Sky News has learnt that Together Energy, which serves about 170,000 homes, is preparing to call in insolvency practitioners from FRP Advisory, the London-listed restructuring firm. One energy industry executive
The chief executive of Rolls-Royce Motor Cars (RRMC) has told Sky News the company expects to continue to be immune from the global shortage of semiconductors holding back the wider car industry. Torsten Müller-Ötvös was speaking after the BMW-owned but Goodwood-based luxury marque revealed a record set of annual sales figures for 2021 – the
With lots of focus on the current cost of living crisis, new data for Sky News reveals which professions have been most affected. UK wage data from hiring website Indeed shows that only a few jobs have experienced wage increases far higher than inflation since the start of the pandemic. Those with the highest pay
WH Smith has kicked off a search for a new chairman as the high street and travel hub-focused retailer continues to grapple with the impact of the pandemic. Sky News understands that headhunters advising the chain have begun approaching prospective replacements for Henry Staunton, who has chaired the business since 2013. Mr Staunton, a former
The British company which has orchestrated a torrent of retail share placings for cash-strapped companies during the pandemic is in advanced talks to sell a big stake to the world’s largest technology investor. Sky News has learnt that PrimaryBid is close to finalising the details of a $150m (£110m) funding round that will be led
Eyewitness: Remembering a job done By James Matthews, Scotland correspondent Hunterston is a human story too. It showed in the gathering of around a dozen former employees who lined the approach road to watch this nuclear power station, their station, breathe its last. The 40-second rapid release of steam into the cold January air was
The US jobs recovery stalled at the end of last year even as official figures confirmed annual record growth in employment numbers. Closely-watched data from America’s bureau of labour statistics (BLS) showed the world’s biggest economy added 199,000 jobs in December – well short of the 400,000 figure pencilled in by forecasters. Experts said a
Oil and gas companies operating in the UK’s North Sea are expected to report “near record” income in 2021 and 2022 as the price of energy skyrockets. Wood Mackenzie analysis says that UK oil and gas operators are projected to record around $17bn in cash flow for last year, and approximately $18bn this year. Such
Holiday bookings have seen a sharp bounce-back after the lifting of travel restrictions unleashed pent-up demand for breaks, the boss of travel operator Jet2 has said. Chief executive Steve Heapy told Sky News that bookings climbed by 150% earlier this week as the government scrapped pre-departure tests for passengers arriving in Britain and eased requirements
Unions and fair pay campaigners are demanding a recognition of UK workers’ contribution to the UK during the coronavirus pandemic as the annual ‘high pay day’ arrives – albeit a day later than usual. The High Pay Centre said 9am on Friday would mark the time when the median FTSE 100 chief executive (CEO) would
Fashion retailer Next has set out plans to hike its prices by as much as 6% over coming months as costs soar partly thanks to labour shortages pushing up wages. The group, which published a trading update showing better than expected revenues over the Christmas period, also cited higher shipping and manufacturing costs. A hike
Boris Johnson’s government is set to announce new measures to help with rising energy bills within the next month. Ministers across government have now concluded that “something needs to be done” on energy bills ahead of a 1 April rise, although they have not yet determined what form this assistance will take. This means the
A local authority-backed energy supplier with 170,000 customers faces collapsing within weeks as a last-ditch search for new funding nears its end. Sky News has learnt that Together Energy, which is 50%-owned by Warrington Borough Council, is likely to run out of money later in January without an emergency capital injection. A source close to
Business Secretary Kwasi Kwarteng will hold further talks with energy suppliers on Wednesday as the government continues to explore ways of softening the blow of a forecast 50% increase to household energy bills. A third round of talks between industry and ministers in the week since the Christmas break comes after Boris Johnson said he
A Serbian-born cable television tycoon has become the latest entrant to the Premier League’s eclectic roster of club-owners after striking a £100m deal to buy Southampton. Sky News has learnt that Dragan Solak, founder of United Group, has invested a chunk of his fortune in a controlling stake in the Saints, who sit 14th in