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Southern Rail owner handed £13.4m fine

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Southern Rail’s owner has been fined £13.4m by the Department of Transport over delays.

The Go-Ahead Group operates Southern Rail via its Govia Thameslink Railway (GTR) subsidiary.

“We are pleased that this issue has been concluded, and accept and are sorry that our service levels haven’t been good enough for passengers”, said GTR CEO Charles Horton. “We run the most congested network in the UK where passenger journeys have doubled in the last 12 years.”

“This has meant we have been running services for more and more passengers while also allowing stations to be rebuilt, platforms extended, track and signalling replaced and new trains and technology introduced too.”

Unions have rejected the fine as being too lenient.

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Premier makes “world-class” oil find off Mexico

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UK independent exploration firm Premier Oil has announced a “world-class oil discovery” off the coast of Mexico.

The find, made with partners Talos Energy and Sierra Oil & Gas, came at the Zama-1 well, the first private offshore exploration well in Mexico’s history. Premier holds a 25% share in Block 7, where the well is located.

“We are delighted to be announcing this significant new oil discovery offshore Mexico,” said CEO Tony Durrant. “We have encountered a very substantial oil bearing interval which indicates over 1 billion barrels of oil in place, a commercial standalone development which adds materially to Premier’s portfolio of assets worldwide”

The find was made in 166 metres (546 feet) of water, around 60 kilometres (37 miles) offshore the industrial port of Dos Bocas.

“It is particularly pleasing that our strategy of focusing our exploration portfolio on high impact opportunities in proven but under-drilled basins has led to this world class discovery with our first well in Mexico,” said Durrant. “The oil discovered in the Zama-1 well is an extremely important event for Premier, the joint venture and for Mexico and we look forward to working with the government and our partners to realise the full potential of this exciting discovery.”

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Pearson sells share of Penguin Random House in $1bn deal

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Media group Pearson has announced the sale of a 22% share in Penguin Random House to Bertelsmann.

The deal is expected to close in September and values Penguin Random House at around $3.55bn.

“The transaction is in line with our strategy and allows us to generate net proceeds of approximately $1 billion, strengthen our balance sheet, return £300m of surplus capital to shareholders via a share buyback and maintain a significant income stream from an ongoing 25% stake in the world’s leading consumer publisher,” Pearson said in its announcement.

“Combining Penguin with Random House has proved to be a great publishing success, as well as enabling some big cost savings,” said Pearson CEO John Fallon. “This has benefited readers, authors, and shareholders.

“Today’s deal enables Pearson to realise a significant amount of the value we’ve helped to create whilst continuing to be part of the world’s biggest and best trade publisher. We will use the proceeds to maintain our strong balance sheet, invest in our business and return £300m to shareholders.”

When completed, the deal will see Pearson’s share fall to 25%.

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VIDEO: How having your own business is like never working a day in your life

Nick Wheeler video
Nick Wheeler, Chief Executive and founder of Charles Tyrwhitt Shirts

Ruraidh Conlon O’Reilly speaks with entrepreneur Nick Wheeler about the “constantly changing” entrepreneurial landscape.

Successful businessman Wheeler was in Dublin to speak with guests at the KPMG Inspire Series, which features guest speakers from across the business spectrum, from leading entrepreneurs to venture capital and business leadership and management experts.

Charles Tyrwhitt Shirts is a leading UK shirts and menswear maker, which has taken the traditional retail model and added a highly successful online presence, quickly becoming one of Europe’s leading online retailers.

The full interview with Wheeler will be available over the coming weeks.

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Advance tickets to be sold on day of travel on UK trains

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Train operators have agreed a deal whereby advance tickets can be sold on the day of travel to British railway users, in some cases up to ten minutes before departure.

The announcement was made by the Rail Delivery Group, which brings together Network Rail and the railway operators.

“Not everyone can plan journeys in advance and now more people can buy cheaper tickets on the day, even on their way to the station,” explained Jacqueline Starr, Managing Director of Customer Experience at the RDG.

“We want customers to get the best possible deal whenever they travel. With 97 per cent of your fare going back into running and improving the railway, investment is driving quicker improvement, more choice and greater freedom.”

The initiative was first made by CrossCountry in 2015, with over a million advance ticket journeys undertaken since then. The popularity of advance tickets, typically only available until midnight before the day of travel, has quadrupled in the past decade according to the RDG.

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Carlsberg snaps up London Fields Brewery

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Craft beer brewery London Fields has been bought out by Carlsberg UK and will operate it in a joint venture with New York’s Brooklyn Brewery.

The Hackney-based brewer was founded in 2011 and today’s announcement involves returning brewing to the company’s original north London railway arches home.

“We’re thrilled to add London Fields Brewery to our growing portfolio of great quality craft and specialty beers,” said Julian Momen, CEO of Carlsberg UK. “Our customers, and specifically those in London and other major cities, are looking to us to offer them the best possible range of interesting craft beers – and we think that, with nurturing, London Fields Brewery has huge potential. It’s the right move for us as we build a credible craft portfolio.”

London Fields is responsible for beers such as Craft Lager, Easy IPA and Shoreditch Triangle IPA. These will now become part of Carlsberg’s House of Beers offering alongside Brooklyn’s beers.

As Brooklyn Brewery CEO Eric Ottaway explained, “we’re excited to be able to work closely with this great London-based craft brewery. The range of beers, their eye-catching artwork and the great location of the brewery in Hackney makes for a fantastic platform. London Fields Brewery is surrounded by a thriving creative community that reminds us of home, and we’re looking forward to becoming part of it.”

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£150m aviation investment announced at Rolls-Royce

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Aircraft engine giant Rolls-Royce has announced £150m of investment in its civil engineering facilities in the UK.

The development at new and existing facilities is intended to provide for a plan to double engine production and will come onstream over the next few years, with the company developing and testing the next generation of aviation engines.

“This investment comes at a time of unprecedented growth in Rolls-Royce, said Eric Schulz, Rolls-Royce president. “We are doubling the production of new engines at the same time as introducing three new engines to the market.

“With this investment, we are creating the capacity and flexibility to deliver on our goals, while committing to sustain employment in the UK and I would like to thank the unions for their support in delivering this important package of investment.”

The group employs over 22,000 in the UK and the bulk of the investment will be formed by a civil aero engine testing facility at Derby. Derby’s maintenance repair and overhaul facility, its Derby manufacturing facility and its Nottinghamshire factory are also in line for investment, and the company announced a reversal of previously announced plans to close its Derby precision machining facility.

The news was welcomed by business secretary Greg Clark and Unite negotiator Simon Hemmings.

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UK entrepreneur Nick Wheeler kicks off KPMG Dublin series

Picture credit/Julien Behal
NO FEE
27/06/2017
KPMG today launched a new series of speaker events for business, the KPMG Inspire Series, with it’s first speaker being entrepreneur Nick Wheeler, Chief Executive of Charles Tyrwhitt Shirts, a leading UK shirts and menswear maker which has taken the traditional bricks and mortar retail model and added a highly successful online presence, quickly becoming one of Europe’s leading online retailers.  Nick Wheeler spoke to guests at a lunch in the Royal Hibernian Academy, Ely Place, Dublin.Picture shows Nick Wheeler with Olivia Lynch, Partner and Head of Private Enterprise at KPMG in Ireland at the RHA Gallery,Dublin in front of a painting by Blaise Smith one of the artists featured in the RHA’s 187th Annual Exhibition.
Pic Julien Behal Photography/No Fee
More info contact Nuala Buttner Q4 PR 085-1744275
KPMG has launched a new series of speaker events for business, the KPMG Inspire Series, with UK entrepreneur Nick Wheeler, chief executive of Charles Tyrwhitt Shirts.

Successful businessman Wheeler spoke to guests at a lunch in the Royal Hibernian Academy in Dublin at the KPMG Inspire Series yesterday. The series will feature guest speakers from across the business spectrum, from leading entrepreneurs to venture capital and business leadership and management experts.

Charles Tyrwhitt Shirts is a leading UK shirts and menswear maker, which has taken the traditional retail model and added a highly successful online presence, quickly becoming one of Europe’s leading online retailers.

Olivia Lynch, Partner and Head of Private Enterprise at KPMG in Ireland said: “We have created the Inspire Series to share the very best business insights on how to build, grow and transform a business. At KPMG Private Enterprise, we have a long and proud history of working shoulder to shoulder with Irish entrepreneurs, helping them to move through the various stages of the development of their businesses, from the early days to scaling up. We’re always looking for new ways to share insights and that’s what led us to launch the KPMG Inspire Series.”

She continued: “We are delighted to be joined today by shirt entrepreneur Nick Wheeler. Nick has taken a highly conventional business, making and selling high quality shirts and menswear, and has transformed it into a global, business with bricks and mortar stores in Paris, London and New York, and, probably most important in the modern business era, a huge global online presence. Across the traditional and new retail platforms, Nick’s business sells over five million shirts a year. His passion to succeed as an entrepreneur is inspirational and we hope will encourage those enterprises attending today to be similarly motivated and inspired.”

The next event in the series will feature Julie Meyer of Ariadne Capital on fundraising and investment opportunities.

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UK election results hit consumer confidence – YouGov

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The indecisive outcome of this month’s general election damaged consumer confidence, according to data released by YouGov.

The research firm saw a sharp dip in the important economic measurement immediately after the vote.

“UK consumer confidence slumped sharply after the indecisive result of the general election, falling to levels comparable to the immediate aftermath of last year’s vote to leave the EU, our latest analysis with the Centre for Economics and Business Research shows,” explained YouGov head of reports Stephen Harmston.

“We found that in the first eight days of June – before the results were known – the YouGov/Cebr Consumer Confidence Index stood at 109.1, around the same level it was at the month before the snap election was declared. However, in the first twelve days after the votes were counted, the Index fell to 105.2.”

YouGov identified two key drivers in the data: lack of confidence over property prices, and a “slow puncture” in people’s household finances.

“However, the data suggests that the job security and business activity measures, both for the last 30 days and the next 12 months, are proving relatively resilient,” said Harmston.

 

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British tech firm Imagination for sale amid Apple dispute

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UK computer processor firm Imagination Technologies Group is on the market and has received takeover interest from a number of parties, the group announced in a statement today.

The company, which designs and makes graphics and processing chips for products such as Apple’s iPhone, said that following approaches from potential buyers “the board of Imagination has therefore decided to initiate a formal sale process for the group and is engaged in preliminary discussions with potential bidders”.

Imagination’s share price collapsed in April after Apple said it would no longer use its licensed technology in 15 months’ to two years’ time. “Apple has not presented any evidence to substantiate its assertion that it will no longer require Imagination’s technology, without violating Imagination’s patents, intellectual property and confidential information. This evidence has been requested by Imagination but Apple has declined to provide it,” the company announced at the time.

“Further, Imagination believes that it would be extremely challenging to design a brand new GPU architecture from basics without infringing its intellectual property rights, accordingly Imagination does not accept Apple’s assertions.

“Imagination has reserved all its rights in respect of Apple’s unauthorised use of Imagination’s confidential information and Imagination’s intellectual property rights,” it said in April.

The company “remains in dispute with Apple Inc”, today’s statement also said.