Virgin launches bid to stay in UK railways with plans for open-access service June 11, 2019 Virgin Trains will attempt to stay in Britain’s railways by applying for an open access service on the West Coast mainline to get around the government’s controversial snub of its franchise bid two months ago. Virgin has applied with Stagecoach, French state-owned rail company SNCF and rolling stock company Alstom to run an hourly service [...]
Taxify relaunches in London under Bolt branding in challenge to Uber June 11, 2019 The European ride-hailing firm formerly known as Taxify is today relaunching its services in London, two years on from being forced to halt rides in the capital. The firm, which first entered the UK market in 2017 via the purchase of an existing private hire business, had its third-party licence suspended by Transport for London [...]
HS2 bulldozes BHS warehouse to make way for new Euston station June 10, 2019 High Speed Two has released images of its progress at Euston station, where it has demolished BHS’ flagship warehouse. Euston station marks the starting point of the £56bn railway, which will connect London to Birmingham in the first phase, and the West Midlands to Leeds and Manchester in the second. Read more: Transport giants unveil [...]
Crossrail contractors could ask for more money to meet opening deadline, EY warns June 10, 2019 Crossrail’s contractors are likely to demand more money if they are rushed towards the new 2019/2020 opening date, auditor EY has warned. The big four auditor has warned Transport for London (TfL) that such an outcome could increase pressure on the transport body, which is already battling the costs of the Crossrail delay. Read more: [...]
Outsourcer Interserve went into administration owing more than £100m to creditors June 10, 2019 Interserve owed more than £100m to firms including accountants, local authorities and IT suppliers when it went into administration in March. The outsourcer owed its unsecured creditors £50.5m, while its secured creditors were due £55.4m, according to documents filed with Companies House. Read more: Interserve kicked off government’s late payments scheme Among the biggest losers [...]
Ferguson dips on concerns over US market June 10, 2019 Worries about the US economy weighed on Ferguson shares this morning, analysts said, as the company announced a $500m buyback. The plumbing company, which does 85 per cent of its business in the US, escaped effects of a potential US slowdown in the quarter. But future concerns helped drive shares down 3.9 per cent, said [...]
Thomas Cook shares take off on potential Fosun deal June 10, 2019 Thomas Cook shares soared more than 18 per cent this morning after the travel agent confirmed it was in talks with Fosun International over the sale of its tour operator business. The Chinese tourism company, which is Thomas Cook’s largest shareholder, has approached the company over a potential takeover. Read more: Fosun lines up bid [...]
First Group ‘may sue government’ if no deal on South Western Railway franchise contract June 9, 2019 First Group is open to suing the government if the two cannot agree terms on its South Western Railway franchise. Responding to reports the company could bring legal action, a spokesperson said any suggestions of this were “purely hypothetical”. First Group’s new boss Matthew Gregory had told the Sunday Times if the two sides could [...]
Fosun lines up bid for Thomas Cook tour operating business June 8, 2019 Thomas Cook’s biggest shareholder, Fosun Tourism Group, is in talks to take over the struggling firm’s tour operating business. The Chinese owner of Club Med owns 18 per cent of Thomas Cook already, and is now in talks to make a bid for the majority of its business, according to Sky News. Read more: IAG [...]
France consider selling Renault stake to aid Nissan alliance June 8, 2019 France is ready to cut its stake in Renault in order to help the car company consolidate its partnership with Nissan. The state currently owns a 15 per cent share in Renault, but French finance minister Bruno Le Maire is ready to reduce that if it leads to a “more solid” alliance between the firms, [...]