Serco, the outsourcing giant behind NHS Test and Trace, has confirmed that it was hit by a cyber attack – but told Sky News its oft-criticised scheme had not been impacted. The company won several coronavirus-related contracts, including NHS Test and Trace, via a procurement system that came under fire from the public spending watchdog
Business
Lenders to Virgin Active are preparing for a fight over the future of one of Britain’s biggest gym chains as its owners draw up a radical blueprint to help it survive the pandemic. Sky News has learnt that a syndicate of roughly half a dozen banks held a beauty parade of financial advisers this week
ASOS is this weekend on the brink of capping one of the most tumultuous months in the history of the British high street by sealing a deal worth nearly £300m to buy TopShop and Miss Selfridge. Sky News understands that the online fashion retailer hopes to sign an agreement with Arcadia Group’s administrators ahead of
Financial markets have been rocked this week by a battle initiated by ordinary people against those who are usually dubbed market manipulators – hedge funds. This is not being fought on trading floors but online and is a consequence of an explosion in the popularity of amateur share trading by armchair investors and collaboration among
Shares in US retailer GameStop have fallen 44% to lose some of the extraordinary gains fuelled by Reddit users – only to recover again in after-hours trading. Thousands of investors have been buying the shares to try to reap quick gains and impose losses on hedge funds who have “shorted” the company – betting billions
A record percentage of retail space is lying empty as the coronavirus crisis places intolerable pressure on businesses, according to industry data. The latest BRC-LDC vacancy monitor, which excludes stores forced to shut their doors because of COVID-19 restrictions, found 13.7% of all shops were empty in the final quarter of 2020. Store vacancies had
Boohoo Group is in advanced talks to acquire the remaining components of Sir Philip Green’s high street empire in a deal that will accelerate the transition of famous British retail names to becoming online-only brands. Sky News has learnt that Boohoo is nearing exclusive negotiations to snap up the Burton, Dorothy Perkins and Wallis brands
UK car production slumped to its lowest level since 1984 last year as the coronavirus pandemic disrupted factories and depressed demand, industry figures show. Brexit uncertainty was also partly to blame as the number of vehicles manufactured in Britain fell by 29.3% to 920,928, according to the Society of Motor Manufacturers and Traders (SMMT). SMMT
The 737 MAX has been cleared to resume passenger flights in Europe in a boost for Boeing as it prepares to reveal, what is expected to be, a record annual loss for the company. The US plane maker has been locked in crisis mode since the flagship of its fleet of planes was grounded globally
An announcement on mandatory hotel quarantine for some travellers is expected later today, a move that could deal a further blow to an already struggling tourism industry. Home Secretary Priti Patel will make a statement in parliament about border restrictions, after senior ministers met on Tuesday to discuss whether quarantine should be required for all
The future of the high street stationery chain Paperchase will be salvaged this week in a rescue deal led by a lender connected to Permira, the private equity giant. Sky News has learnt that Paperchase will be sold through a pre-pack administration on Wednesday to Permira Debt Managers, which has provided funding to the business
The UK’s unemployment rate has hit 5% for the first time in over four years, according to official figures which suggest over 200,000 people lost their jobs in the three months to November. The Office for National Statistics (ONS) also said 828,000 fewer people were on company payrolls through December compared to the pre-COVID-19 crisis
ASOS has said it is in pole position to snap up the most valuable brands, including TopShop, within Sir Philip Green’s collapsed Arcadia empire. The online fashion retailer issued a short statement to the City on Monday morning to announce it was in “exclusive” talks with administrators after Sky News revealed details on Saturday. The
Fashion retailer Boohoo has paid £55m to acquire the brand of collapsed rival Debenhams – with the intention of relaunching it online. The cut-price deal for the brand name and intellectual property is expected to result in the closure of Debenhams’ remaining stores, according to a report in the Financial Times which was later confirmed
The boardroom pay chief at Hollywood Bowl is facing a shareholder backlash this week after the company decided to ignore the coronavirus crisis in its decision about incentive payouts to top executives. Sky News has learnt that Hollywood Bowl has been trying to appease top investors in recent days in order to prevent an embarrassing
Asos, the online fashion retailer, has emerged as the surprise frontrunner to buy TopShop from the administrators to Sir Philip Green’s former high street empire. Sky News has learnt that Asos has moved into pole position to buy the brand for more than £250m, days after a consortium led by Next withdrew from the race.