Ineos presented with £1.2bn bill to make Defender’s rival October 9, 2022 Ineos Automotive has been presented with a £1.2bn bill for its efforts to manufacture a rival to Land Rover’s Defender. Since its 2017 foundation, the car maker – a subsidiary of chemicals giant Ineos Industries – has faced several challenges, as first reported by the Sunday Times. Ineos doubled its losses to €212m (£193m) in [...]
Virgin Orbit ‘opportunistic on the market’ as it eyes new fundraising October 9, 2022 Virgin Orbit’s boss Dan Hart said the satellite launching company is going to be “opportunistic on the market,” as it seeks additional funding rounds following a disappointing SPAC listing. A subsidiary of Richard Branson-backed Virgin Galactic, the firm raised only $228m (£205m) when it listed in December 2021 on the NYSE. However, the initial target [...]
Avanti operator FirstGroup gets six-month extension from DfT to improve ‘unacceptable’ service October 7, 2022 FirstGroup has struck a short-term deal with the government to continue its contract for the West Coast Partnership (WCP) until Match next year. The Department for Transport placed the operator on a six-month contract and “challenged it to deliver the urgent increase in services required”. The deal includes the operation of Avanti West Coast, which [...]
£1.5bn Liverpool Street station upgrade sparks conservationists’ concerns October 6, 2022 A £1.5bn proposed upgrade of Liverpool Street station has sparked concern among conservationists. Shard Quarter developer Sellar, alongside Network Rail and Elizabeth line operator RMT, unveiled the plans today. The mixed use blueprint includes plans for up to 10 floors of office space, as well as six floors taken up by the Andaz hotel. Developers [...]
Porsche surpasses Volkswagen as EU’s most valuable car maker October 6, 2022 Porsche has overtaken parent company Volkswagen as Europe’s most valuable car maker as its valuation increased to around €84bn (£73.5bn) a week after its IPO. The luxury car maker’s value was initially pushed up to €85bn as shares surged to €93 earlier this morning. But even though shares stabilised to around €91 by lunchtime, Porsche’s [...]
Watchdog: Network Rail staff paid more than market rates October 6, 2022 Network Rail maintenance earn around a fifth more than similar roles in the rest of the industry, Data published today by rail watchdog the Office for Rail and Road (ORR) showed that the average total reward – which include pension costs and other measurable benefits – was 18 per cent above the average. The analysis [...]
Analysts slash Motorpoint’s forecast following £10.5m profit slump October 6, 2022 Analysts at Liberum have slashed their forecasts for Motorpoint after the car dealer reported a £10.5m slump in profit. “We reduce our FY23E profit before tax by 50 per cent to £7m,” Liberum’s senior analyst Sanjay Vidyarthi wrote. Motorpoint – which posted today a record £785m revenue for the six months ended 30 June – [...]
Union bosses warn of further strikes despite ‘different face’ to government October 5, 2022 Union bosses have warned of further action potentially taking place despite a “different face” to the government. Mick Lynch, general secretary of union RMT, said there could be additional transport strikes if a settlement between rail workers and train operators is not reached. “We’re reballoting now to get a fresh mandate for the next six [...]
Brittany Ferries calls on Govt to ‘refocus’ and improve seafarers’ conditions October 5, 2022 Brittany Ferries’ chief executive Christophe Mathieu has called on the UK Government to “refocus” its attention to improving conditions for those working in the Channel. “We welcomed former transport secretary Grant Shapps’ determination to drive up standards in the ferry sector and to set minimum wage requirements for ferry workers,” Mathieu said. “Now we urge [...]
Halfords buys commercial tyre firm Lodge Tyre for £37.2m October 5, 2022 Halfords has bought commercial tyre firm Lodge Tyre for £37.2m in cash, the motoring services retailer announced today. The London-listed company will pay an initial £33.2m while a further £4m will be paid in FY25 depending on performance. “The acquisition of Lodge Tyre is yet another example of Halfords’ strategic aim of becoming a motoring [...]