Business

Mitie Group, the London-listed outsourcer, has kicked off a search for a successor to Derek Mapp, its long-serving chairman. Sky News has learnt that the FTSE-250 company is working with the search firm MWM Consulting on a hunt for Mr Mapp’s replacement. Potential candidates have started being sounded out in the last few weeks, according

Thames Water has secured a £3bn injection to avoid running out of cash. There were fears the UK’s biggest water supplier, which serves 16 million customers, could have run out of money by Christmas. But the cash injection secures its financial future for at least the next year, or possibly until the end of May

Rachel Reeves will rewrite the government’s fiscal rules in next week’s budget to allow her to increase borrowing for public investment by around £50bn. Speaking to Sky News in Washington DC, the chancellor said that the self-imposed rule under which borrowing must be falling by the fifth year of economic forecasts will be redefined from

The owner of fashion chains Whistles and Phase Eight is in advanced talks to buy White Stuff, another prominent high street clothing retailer. Sky News has learnt that The Foschini Group (TFG), the South African-based retailer, is close to concluding a deal to acquire White Stuff and invest in its future expansion. Sources said a

Folkestone has been drawing in crowds in recent years with regeneration and private developments transforming parts of this port town on the Kent coast. But many residents will tell you that the fabric of this community is being torn apart. Local services are deteriorating and have been for some time. Leisure centres have shut down

The International Monetary Fund (IMF) has upgraded its projection for UK growth this year by 0.4% to 1.1% – the largest upward revision for any advanced economy. In a boost to Chancellor Rachel Reeves as she prepares to travel to Washington for the IMF’s annual meeting this week, its latest world economic outlook predicts strengthening

The International Monetary Fund (IMF) has upgraded its projection for UK growth this year by 0.4% to 1.1% – the largest upward revision for any advanced economy. In a boost to Chancellor Rachel Reeves as she prepares to travel to Washington for the IMF’s annual meeting this week, its latest world economic outlook predicts strengthening

A new commission is to investigate Britain’s troubled water industry in a bid to tackle sewage pollution, “broken” infrastructure, and toughen up weak regulators. The new Independent Water Commission will deliver the “largest review of the sector since privatisation”, the UK and Welsh governments said as they unveiled the plans. Campaigners have warned against trade-offs

Government borrowing is at its highest since the pandemic due to public sector pay rises and the high cost of borrowing, official figures show. Last month had the third highest September borrowing on record, coming only behind 2020 and 2021, according to data from the Office for National Statistics (ONS). While more money came in

The prospects of a rescue deal being struck for a British hypersonic aviation pioneer appeared to recede this weekend when it emerged that talks with a Gulf-based state fund had stalled. Sky News has learnt that negotiations between Reaction Engines and the UAE’s Strategic Development Fund, the investment arm of the UAE’s Tawazun Council, about

Ministers will oversee the HS2 project as the cost of delivering the high-speed train line has been allowed to “spiral out of control”, the transport secretary has said. Louise Haigh announced on Sunday she has launched an independent review into how costs have been allowed to balloon “without sufficient explanation”. The transport secretary and her

Ministers are exploring plans to hand ownership of the Post Office to thousands of sub-postmasters across Britain in an historic shake-up at the 364 year-old institution. Sky News has learnt that the Department for Business and Trade (DBT) has asked BCG, the management consultancy, to examine options for mutualising the Post Office. The work is

Tony Danker, the former director-general of the CBI, is to receive in the region of £500,000 from the business lobbying group in a settlement reached nearly a year after he was ousted in the midst of a wider sexual misconduct scandal. Sky News has learnt that Mr Danker, who left the organisation in April 2023,

The founder of BrewDog has claimed that entrepreneurs will abandon Britain if capital gains tax is increased. James Watt, the founder of the brewery and pub chain, told Sky News that a significant rise in the tax “will do far more damage to our economy” and deal a hammer blow to the prosperity of every

Overhauling workers’ rights could cost businesses around £5bn a year, the government has said. The Employment Rights Bill, which aims to tackle low pay and poor working conditions, is being debated by MPs today as it passes through its next stage in parliament. Within the bill are a series of reforms branded the biggest overhaul

Baillie Gifford, the Edinburgh-based fund manager, has told staff to return to full-time office working, the latest in a string of employers to cool on pandemic era remote working practices. Sky News understands that Baillie Gifford’s roughly-1,800 employees were notified in a video call several weeks ago that they were expected to attend its offices

A collection of bondholders in Thames Water are mobilising to protect their interests amid an intensifying battle to avert the company’s nationalisation. Sky News has learnt that Class B bondholders were notified on Thursday they would no longer be part of the same group as the Class A noteholders represented by Jefferies, the investment bank,

The owner of Wagamama has begun exploring a £300m refinancing as it seeks to reduce its borrowing costs by locking in lower interest rates. Sky News has learnt that The Restaurant Group (TRG), which delisted from the London Stock Exchange last year after being bought by Apollo Global Management, is in talks with banks about

Britain’s new National Wealth Fund has struck a £1bn deal with two of Britain’s biggest high street lenders to retrofit thousands of homes to upgrade their energy-efficiency. Sky News has learnt that the government-backed vehicle has agreed with Barclays and Lloyds Banking Group to provide partial guarantees on loans to housing associations across Britain. An

The parent company of PizzaExpress is hiring bankers to help it refinance a £335m bond ahead of its maturity, amid tough trading conditions for casual dining operators. Sky News has learnt that Wheel Topco is close to appointing PJT Partners, the investment bank, to advise it on talks with its debtholders. PizzaExpress trades from 359