The Body Shop to close 75 stores across UK and cut hundreds of jobs - The Guardian

The Body Shop is to close 75 stores across the UK in the next six weeks with the loss of 489 jobs, according to administrators who are overseeing the restructuring.

The closures are spread across the country, from Swansea to Glasgow, and mean that nearly 800 people will lose their jobs in total when the 300 redundancies at the head office are taken into account.

However, 116 Body Shop stores will stay open under the changes, which affect only the company’s UK operations, the administration firm FRP said.

Body Shop Denmark has declared bankruptcy, while its division in Belgium, with 16 stores and 50 employees, has reportedly also been declared bankrupt. The Irish business is expected to go into liquidation next week. Before the closures, the brand had about 1,000 company-owned stores worldwide and a further 1,600 franchise branches.

Last week, the administrators at FRP laid out plans to retain more than half of Body Shop stores in the UK as they announced the closure of seven shops. On Thursday, they told staff an additional 75 stores would close over the next four to six weeks.

The retailer, which employs more than 2,200 people in the UK, called in administrators in mid-February, just months after being taken over by the restructuring firm Aurelius in November.

Tony Wright, the joint administrator, said: “In taking swift action to right-size the Body Shop UK store portfolio, we have stabilised the business and are providing the best opportunity for this iconic brand to have a long-term, sustainable future.

“The UK business continues to trade in administration, and we remain fully focused on exploring all options to take the business forward.”

Aurelius is the main creditor, with secured debt that will ensure it gets paid by administrators before most other creditors. One option is that it takes back the chain after the shop closures and job cuts.

Alternatively, the administrators could begin a formal sale process for the remaining stores. The UK fashion retailer Next, which has snapped up a host of brands, from Cath Kidston to Fatface, is thought to be among industry names that are interested.

The Body Shop has had three owners since it was sold by its founder, Anita Roddick, shortly before her death in 2007.

Roddick, who set up the business in Brighton in 1976, campaigned against animal testing of cosmetics and promoted natural products sourced ethically in a way that would support small producers around the world.

She shocked fans of the brand by selling up to L’Oréal in 2006, the cosmetics multinational that owns Maybelline and Garnier, for £652m. The brand was then sold on to the Brazilian natural cosmetics group Natura, which already owned the Australian Aesop beauty brand, for €1bn in 2017. After Natura built up debts in buying the home-selling cosmetics group Avon, it sold off Aesop to L’Oréal and then The Body Shop to Aurelius late last year.

The Body Shop’s popularity has waned in recent years as competition heated up from rivals in the natural beauty market, including Lush and Rituals, and the boom in internet sales has affected bricks and mortar retail.

The group’s Irish, Japanese and some of its mainland European divisions were sold to a group called Alma24 in late January, whose main director has close links to Aurelius. The German division of The Body Shop, which has about 60 stores, was put into insolvency two weeks ago.

The Irish operations, where 50 people work at seven stores, was expected to go into liquidation next week and employees refused to work on Thursday after being told they would not be paid for the last three weeks of their employment, the Irish Examiner reported.

The Body Shop’s Denmark division was declared bankrupt on Wednesday, with 15 stores to close and 90 job losses. Anders Hoffmann Kønigsfeldt, a lawyer at the law firm Bech-Bruun, has been appointed as administrator. There are a few Body Shop stores owned by franchisees that are not affected by the bankruptcy.

Tine Mohr Jensen, a senior retail manager at The Body Shop in Denmark, wrote in a LinkedIn post: “It’s tough to say goodbye to something that has been such a big part of my life for over 12 years. The Body Shop will always be cherished. I hope from the bottom of my heart The Body Shop will stand strong again all over the world.”

The UK stores due to close in the next six weeks

Aylesbury
Banbury
Barnstaple
Basildon
Battersea
Bedford
Beverley
Bexleyheath
Blackburn
Blackpool
Bournemouth Commercial Road
Bolton
Brixton
Broughton Park
Bury
Camberley
Carlisle
Carmarthen
Chippenham
Cirencester
Croydon
Didcot
Durham
East Kilbride
Edinburgh Gyle Centre
Edinburgh Princes Mall
Epsom
Fareham
Farnborough
Glasgow Braehead
Glasgow Fort
Glasgow Silverburn
Glasgow Station
Grimsby
Halifax
Harlow
Hastings
Hempstead Valley
High Wycombe
Huddersfield
Hull
Ilford
Ipswich
Isle of Wight
Islington
Kendal
King’s Lynn
Leeds White Rose
Lewisham Centre
Lichfield
Loughborough
Luton
Macclesfield
Middlesbrough
Morpeth
Newton Abbot
Northampton
Oldham
Perth
Peterborough Queensgate
Portsmouth
Regent Street
Salisbury
Stafford
Stansted Airside
Stratford Upon Avon
Swansea
Telford
Thanet
Trowbridge
Wakefield Trinity Walk
Walthamstow
Wigan
Woking
Wolverhampton

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2024-02-29 20:35:00Z
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Sainsbury's to cut 1,500 jobs as part of £1billion 'cost cutting' plan - The Mirror

Sainsbury’s has announced plans to cut around 1,500 jobs as part of efforts to reduce costs by £1 billion.

Sainsbury’s has announced plans to cut around 1,500 jobs as part of efforts to reduce costs by £1 billion over the next three years.

The supermarket chain said it would cut roles in its contact centre in Widnes, Cheshire, at its in-store bakeries and a few at local fulfilment centres. At Widnes, a "vast majority" of its staff will see their employment move to a different company which Sainsbury's already works with and all of Sainsbury's Careline services will now be run by this external company.

Sainsbury's said its investment in technology and automation also means it needs fewer local fulfilment centres and a "very small proportion" of staff will be impacted. It also plans to move more of its shops "to a more efficient way of freshly baking products". Sainsbury's said the money it saves will be reinvested into the business to give customers "great value, quality and service."

Those affected by the move have all been told of the plans today and will be helped to find new roles "where possible" within Sainsbury's. However, Sainsbury's noted that the layoffs are still "subject to consultation".

In a statement, chief executive Simon Roberts said: "As we move into the next phase of our strategy, we are making some difficult, but necessary decisions. I know today's news is unsettling for affected colleagues and we will do everything we can to support them. As a result, the supermarket will be conducting a consultancy process with bakers in these stores.

"Sainsbury's has reassured affected colleagues that it will find alternative roles for them where possible, as it will for any colleague affected by changes proposed today. The proposals we've been talking to teams about today are important to ensure we're better set up to focus on the things that create a real impact for our customers, delivering good food for all of us and building a platform for growth."

The £1billion cost cutting plan was first detailed in the group's "Next Level Sainsbury's Strategy" report published earlier this month. The strategy involved using more automated tills and warehouse robots. The plan also mentioned introducing AI systems to help its fulfilment centres with restocking. Although the plans did not mention job cuts, Sainsbury's boss did not rule it out when he presented the plan this month.

Sainsbury's employs around 152,000 staff across its 600 UK supermarkets and over 800 convenience stores. Despite the layoffs, the supermarket chain said it was still planning to open more stores across the country this year.

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2024-02-29 15:35:00Z
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Ryanair won't add more Dublin routes due to passenger cap - RTE.ie

Ryanair will not be growing its routes in and out of Dublin this summer because of the passenger cap at the airport, the airline has said today.

The company also warned that the cap is also blocking its plan to grow Irish traffic by 50% between now and 2030.

However, launching its summer schedule, the airline said it is expecting to grow traffic at regional airports Cork, Shannon and Knock over the coming months.

"Dublin Airport is a piece of national infrastructure and we cannot wait four years or longer from planning delays to have the cap lifted," Ryanair group chief executive Michael O'Leary said at a briefing in Dublin this morning.

Dublin Airport is close to its 32 million passengers per year limit and operator daa is currently seeking permission to have the cap lifted to 40 million.

Today the airline once again reiterated its call for the Minister for Transport Eamon Ryan and Tourism Minister Catherine Martin to take urgent action, even on an interim basis, to scrap the cap.

Mr O'Leary said the ministers should either "grow, or go".

The matter is currently before the planning authorities and the Minister for Transport Eamon Ryan has said it is not appropriate for him to intervene, despite strong calls from airlines and business organisations for the cap to be lifted.

Mr O’Leary said without the cap restrictions, it would have placed four more aircraft in Dublin for summer of 2024, creating 12 new routes and growing passenger numbers by 2 million on last year.

Instead, he said, the new aircraft will be placed elsewhere in Europe, with just one new aircraft coming to Ireland this summer, to Cork.

He said if the Government can not intervene by ministerial order then it should pass legislation.

Despite the difficulties in Dublin, the airline said it expects to add 50 new Boeing 737 aircraft and plans to open 80 new routes across Europe.

This will lead to traffic rising by 16 million passengers, from 183.5 million to over 200 million.

Earlier the Aer Lingus chief executive, Lynne Embleton, said the passenger cap at Dublin was a serious issue.

"And this has not been well managed at all," she claimed.

"And it will have serious consequences if it isn't lifted and that would be for the airlines, it would be for jobs and more importantly it is for the economy."

She said an independent study had found that for every 1m passengers that don't get to come into Ireland there is a €1.4bn loss to the economy in direct and indirect value.

She added that because Ireland is an island nation connectivity is really important, and so this needs to be resolved really quickly.

"And if that means a two step planning process where we get a quick interim lift to the passenger cap that may be necessary."

Ms Embleton said for the moment the airline is sticking with its current plans for Dublin but is in dialogue with airport operator daa.

She said the other issue is the need to lift the long-term cap to 40m by 2030, which is something the airline supports.

She said she had seen references to increased carbon emissions and understandably that has become a debating point.

But she said the company's forecasts show Aer Lingus can grow its passenger numbers 20% to 2030, reduce emissions per passenger and total net emissions.

"So the debate we need to be having around growth is good for the economy, and it can be done sensibly and with consideration to the environment," she stated.

Speaking in the southeast today, Minister for Public Expenditure Paschal Donohoe said he is "very broadly" in favour of more passengers coming through Dublin Airport but added that the daa's application to raise the passenger cap needs to be dealt with through planning.

Asked today if he agrees that the cap makes Dublin Airport uncompetitive, Paschal Donohoe said: "This is currently the subject of a planning process".

"This is being dealt with by Fingal County Council and it wouldn't really be appropriate for me to be involved in a matter that is now being dealt with through our planning process," he said.

"Very broadly I do support more passengers coming through our airport - that's consistent with our national aviation policy. This specific matter of the cap is one that's now being dealt with by our planning process," he added.

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2024-02-29 10:35:17Z
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St James's Place shares fall 30% as it takes £426mn provision for client refunds - Financial Times

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1. St James's Place shares fall 30% as it takes £426mn provision for client refunds  Financial Times
2. St James's Place to pay overcharging victims up to £426m as shares collapse  The Telegraph
3. FTSE falls after disappointing news from Reckitt and St James's Place  The Independent
4. St James's Place put in its place by investors as action on fee conduct bites  Sky News
5. FTSE 100 live: Stocks slump on dire results, St James crashes, bitcoin flies  Proactive Investors UK

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2024-02-28 17:10:24Z
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SJP shares crash after it sets aside £426m for advice fee refunds - Citywire New Model Adviser

St James’s Place (SJP) has set aside a £426m provision to refund clients’ ongoing advice fees following a back-book review, forcing the wealth giant to more than halve its dividend.

At 8.30am, SJP’s shares had sunk 30%, to 436.5p per share. 

SJP said in its full-year results this morning that its cash position has been ‘significantly impacted by’ a review exercise which found there was a lack of evidence that clients who pay for ongoing advice were receiving an annual service.

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2024-02-28 11:48:45Z
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Thames Water is lobbying for higher bills and lower fines to avoid bailout, report claims – business live - The Guardian

Last week, the chair of the environment, food and rural affairs select committee, Sir Robert Goodwill, wrote to the Ofwat chief executive David Black to urge him to ensure water companies clean up their act before bills rise.

The committee recommended that any forward programme “must clearly set out how Ofwat will balance its need to regulate with protecting the financial viability of the water companies”.

Stating that many Ofwat investigations into malpractice in the water sector take several years to complete, undermining public trust in the sector, Goodwill also urged the regulator to give details as to how it will complete investigations in a more timely manner.

With regard to household water bills, the letter emphasised the importance of the effects on consumers of proposals to raise water bills in order to finance the essential investment in new infrastructure. The committee noted that this investment has for many years been “neglected in favour of profit and dividends to shareholders”.

Goodwill wrote that

an increase in bills will produce a justifiable perception of unfairness from consumers who are being asked to shoulder the burden of improvements by companies who have consistently and publicly failed on delivering their core obligations.

Returning to our main story, Thames Water, the Liberal Democrat Treasury Spokesperson and MP for Richmond Park, Sarah Olney, said:

This week the government told me they won’t make their contingency plan in the event of Thames Water’s collapse public.

This is a cover up.

Customers and taxpayers deserve to know what ministers plan to do if this disastrous situation happens.

The bike and car parts retailer Halfords has warned of a sharp fall in profits, blaming “unusually mild and very wet weather” for lower footfall, and reduced sales of winter tyres and car cleaning products.

It said the cycling market has become more challenging and competitive, with more promotions, and more customers buying on credit, leading to weaker profit margins.

Its shared were hammered after the profit warning, plummeting nearly 24%.

Halfords now expects profits before tax to fall to £35m to £40m, a downgrade of at least 17%, for the year to the end of March. It assumes the market will stay tough for the rest of its fourth quarter, including the peak Easter cycling period in March. In January, the firm had estimated profits of between £48m and £53m.

Here is our full story on Tata’s new £4bn gigafactory in Bridgend, which will bring about 4,000 jobs to the region.

Taylor Wimpey, one of Britain’s biggest housebuilders, said it will build fewer homes this year as the housing market remains fairly weak, as it posted a 49% slump in annual profits.

The company said the market stabilised at the start of this year as mortgage rates eased, but a delay in the first interest rate cut and concerns over the economy have tempered hopes of a quick recovery.

Jennie Daly, the chief executive, said:

It is still early in the year and the macroeconomic backdrop remains uncertain, however it is encouraging to see some signs of improvement in the market, with reduced mortgage rates positively impacting affordability and customer confidence.

Revenues fell 20.5% to £3.5bn last year, while profit before tax and one-off items almost halved to £473.8m.

Taylor Wimpey completed 10,848 homes last year, versus 14,154 in 2022. Average selling prices on private homes rose 5.1 to £370,000. It expects to build between 9,500 and 10,000 homes this year.

The firm said it welcomed the Competition and Market Authority’s final report, published on Monday, from its housebuilding market study “with its focus on improving the planning system, adoption of amenities and outcomes for house buyers”. Taylor Wimpey said it would “cooperate fully” with the regulator’s new investigation.

The CMA opened an investigation into eight housebuilders, including Taylor Wimpey, after it found evidence they may be sharing commercially sensitive information that could affect the price of homes, such as sales prices and details of incentives for buyers.

The report concluded that it had “fundamental concerns” over the housebuilding market, pointing to the complex planning system and the limitations of speculative private development as the key reasons for the too few homes being built.

The government set a target of building 300,000 homes a year by the mid-2020s in its 2019 manifesto but only 250,000 were built last year, with many in the sector warning that this is likely to shrink considerably this year.

The CMA found that profits of the 11 largest housebuilders were “generally higher than we would expect for a well-functioning market”. However, it also warned that any measures introduced to tackle profitability in the sector would reduce the number of homes being built and exacerbate supply problems.

The report was also critical of the quality of homes built by some developers.

The luxury carmaker Aston Martin said its annual loss narrowed more than expected because it raised its prices to record levels.

It launched the DB12, an open-top model, last year, with prices starting at $248,086.

The company reported an adjusted pre-tax loss of £171.8m for 2023, compared with £451m the year before. Analysts had forecast a loss of £209m.

Aston Martin said it was on track to hit its longstanding target of a 40% gross profit margin this year.

In other corporate news, mobile phone giant Vodafone has confirmed it is in exclusive talks to sell its Italian business to Switzerland’s Swisscom in a deal worth €8bn (£6.8bn).

The company said:

Vodafone has engaged extensively with several parties to explore market consolidation in Italy and believes this potential transaction delivers the best combination of value creation, upfront cash proceeds and transaction certainty for Vodafone shareholders.

Good morning, and welcome to our rolling of business, the financial markets, and the world economy.

Thames Water is lobbying the government and industry regulator Ofwat to let it increase household bills, pay dividends to shareholders and receive lower fines as it seeks to stave off a potential multibillion-pound taxpayer bailout, the Financial Times reported.

Britain’s largest water company is desperately trying to avoid being taken over under the government’s special administration regime.

Last week the government passed updated water insolvency legislation, suggesting the company could be moving closer to a collapse. Officials at the Department for the Environment, Food and Rural Affairs have drawn up contingency plans for the company’s failure, worried that about the consequences if the company collapsed, as it supplies water and sewage services to a quarter of England’s population. The FT said the secret plan to save the firm is called “Project Timber”.

Ministers hope that Ofwat will allow “regulatory easements” such as reduced fines to reduce the financial pressure on the company, the paper reported.

The current situation was described by one insider as “like a flooded room with only an inch of air at the top”. He added: “The shareholders would be irrational to put any equity in if they don’t win concessions.”

Europe’s largest electrical vehicle battery factory will be built in Bridgewater, Somerset, its Indian owner Tata Group has confirmed.

Construction is to begin immediately, and the factory is expected to start producing batteries in 2026. Tata decided to locate the 4bn facility, which is backed by £500m of government funding, at the 620-acre Gravity Smart Campus. It is the site of a former Royal Ordnance factory that made bombs during World War Two.

The factory will make batteries for Tata Motors and JLR, formerly Jaguar Land Rover, before later expanding to produce cells for commercial vehicles, two-wheelers and energy storage solutions.

Asian shares have lost ground ahead of a barrage of US data on GDP and inflation later. Japan’s Nikkei has slipped 0.08%, Hong Kong’s Hang Seng has lost 1.4% and the Shanghai Composite dropped 1.9%.

Financial markets are now expecting the first interest rate cut from the US Federal Reserve in June, rather than March as anticipated at the start of the year. Traders have pencilled in 77 basis points of cuts against pricing in 150 bps at the start of the year.

The Agenda

• 10am GMT: Eurozone consumer confidence final for February

• 1.30pm GMT: US GDP second estimate and PCE price index for Q4 (forecast: 3.3%)

• 3.30pm GMT: Bank of England policymaker Catherine Mann speech

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2024-02-28 07:41:00Z
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Taylor Wimpey warns of more planning turmoil as profits halve - latest updates - The Telegraph

Taylor Wimpey has warned about the impact of planning delays as it revealed pre-tax profits nearly halved last year.

The developer said revenues dropped 20.5pc to £3.5bn in 2023, while profits before tax dropped 47.8pc to £473.8m as buyers grappled with higher mortgage costs.

Shares fell 3.6pc in early trading as it revealed it completed 3,306 fewer homes last year, down 23pc to 10,848, as chief executive Jennie Daly said the “planning environment remains challenging”.

The company highlighted “delays and resource pressures impacting housing land supply”.

It comes as the competition watchdog found this week that planning systems across Britain were “unpredictable”, with many local authorities under-resourced and several without an up to date local plan for housing. 

Taylor Wimpey was also named as one of eight of Britain’s biggest housebuilders that are under investigation for suspected illegal information sharing amid fears that collusion in the industry has pushed up prices.

The developer’s shares had gained 24pc over the last six months amid hopes that the Bank of England was poised to begin cutting interest rates this year. 

Read the latest updates below.

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2024-02-28 09:27:00Z
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UK grocery price inflation falls to two-year low amid supermarket price war - The Guardian

Grocery price inflation in the UK has slowed to a two-year low as fierce competition among supermarkets offset the impact of the Red Sea shipping crisis on goods prices.

In a boost to households, supermarket prices were 5.3% higher than a year earlier in February, the lowest rate since March 2022 and down from January’s 6.8%, according to the analyst Kantar. Grocery sales grew by 5.1% in the four weeks to 18 February.

Tom Steel, the strategic insight director at Kantar, said: “Things are looking up for shoppers this February. Consumers have been navigating a grocery inflation rate of more than 4% for two years now, so this latest easing of price rises is especially welcome.

“Though there’s been lots of discussion about the impact the Red Sea shipping crisis might have on the cost of goods, supermarkets have been pulling out all the stops to keep prices down and help people manage their budgets.”

A separate report from the British Retail Consortium showed food inflation fell to 5% in February from 6.1% in January, amid tumbling energy costs and a supermarket price war.

As the price war intensified among retailers, Morrison’s became the latest retailer to launch a price match scheme with Aldi and Lidl, after Asda made the move in January.

Promotions picked up again after a post-Christmas slowdown, and consumers spent £586m more on them than in February last year, up 4%, according to Kantar. Sainsbury’s and Iceland were the only retailers to attract more shoppers through their doors.

People celebrated Valentine’s Day by spending 12% more on steak and 16% more on boxed chocolate than last year.

But they were on the hunt for value, spending £36m on meal deals costing £10 or more in the week leading up to 14 February. This figure is slightly down on 2023 when spend hit £43m, but that was because consumers chose to make more savings this year through price cuts, Kantar said. Sales of chilled ready meals and desserts on promotion did particularly well this year.

As “Dry January” ended, alcohol sales volumes jumped by 18% on the previous month, with consumers buying 28% more wine and 16% more beer and lager. Red wine was particularly popular, with 8m more bottles bought this month than in January.

Lidl was the only retailer to achieve double-digit growth: its sales rose by 10.9% over the 12 weeks to 18 February, making it the fastest-growing grocer for the sixth month running. It increased its share of the market to 7.5%.

Its fellow discounter Aldi also grew faster than the overall market, with sales up by 5.7%, maintaining its 9.4% share.

Sainsbury’s and Tesco, Britain’s largest grocer, increased their share of the market, as their sales grew by 7.6% and 6.2% respectively.

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2024-02-27 09:57:00Z
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February dip sends UK food price inflation to nearly two-year low - The Guardian

Tumbling energy costs and a price war between Britain’s supermarkets have slowed food inflation to its lowest rate for nearly two years in a boost for households trying to cope on stretched budgets.

The cost of meat, fish and fruit dipped in February, meaning food prices rose 5% on last year, down from 6.1% in January and the lowest since May 2022, according to the British Retail Consortium (BRC) shop price index.

Although the figures show prices are still rising, the rate is far lower than the double-digit increases consumers have consistently faced since rising energy prices triggered rampant inflation over the past two years.

The index showed food prices fell 0.1% in February on the previous month, its first monthly fall since last September.

“This was driven by easing input costs for energy and fertiliser while retailers competed fiercely to keep prices down,” said Helen Dickinson, the chief executive of the BRC.

A sharp fall in the wholesale price of gas has fed through into household energy bills, with the industry regulator Ofgem announcing last week that its price cap will fall 12%, or £238 to £1,690, from April. Meanwhile, there are increasing signs the major supermarkets are ramping up efforts to compete on price.

The cost of living crisis has weighed on retailers’ attempts to maintain their profit margins while attracting customers tackling increases in household bills and shopping budgets.

Last week, Morrisons launched a campaign to tell customers it offers the same or cheaper prices than discounters Aldi and Lidl, echoing similar marketing drives by Tesco, Asda and Sainsbury’s.

Overall, shop price inflation eased to 2.5% in February, from 2.9% in January. Nonfood prices rose, up 1.3% on a year earlier and 0.7% on January.

Richard Walker, the executive chair of frozen food chain Iceland, said a cost squeeze in its supply chain had eased and it had seen “strong sales” after cutting prices, including on pizzas, beef burgers and ready meals.

“Cost pressures throughout manufacturing are coming down and this is starting to come through,” Walker said. “We are passing on the biggest falls faster than wholesale prices are coming down for us to get ahead of the game. For our customers, offering great value is more important than ever.”

The BRC figures showed the price of furniture, electricals, and health and beauty products rose, but clothing fell as retailers attempted to lure shoppers with promotions.

Dickinson said that easing inflation was “good news” for shoppers, but warned that the increase in shipping costs due to disruption in the Red Sea could push up the cost of non-food items, and reiterated calls for government help on retailers’ business rates bills ahead of next month’s budget.

Separate data from the CBI showed retail sales in the year to February fell at a modest pace after a sharp drop last month. Its quarterly survey predicted the rate at which sales would fall will accelerate next month.

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2024-02-27 00:01:26Z
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Housebuilders face probe from competition watchdog - BBC

Getty Images

By Dearbail Jordan

Business reporter, BBC News

Some of the UK's biggest housebuilders are being investigated over whether they have been sharing information which could influence house prices.

The Competition and Markets Authority has launched the probe after a year-long investigation into housebuilding in England, Wales and Scotland.

It also said "significant intervention" in the market was needed to ensure enough homes were built to meet demand.

The watchdog also raised concerns over the quality of new homes.

The CMA said that its investigation had uncovered evidence suggesting "information sharing", which "could be influencing the build-out of sites and the prices of new homes".

CMA chief executive Sarah Cardell told the BBC: "Through our investigation we've seen evidence of potential exchanges of confidential, commercially sensitive information relating to sales prices and sale rates between some of the UK's major housebuilders.

"Now we don't believe that that's a key driver of the fundamental poor outcomes in this market, but it is clearly critically important that all companies comply with competition law so today, we're also announcing the launch of a new Competition Act investigation to look into that further."

The housebuilders being investigated are:

• Barratt
• Bellway
• Berkeley
• Bloor Homes
• Persimmon
• Redrow
• Taylor Wimpey
• Vistry

The CMA said it had not yet reached any conclusions as to whether or not competition law has been broken.

Housebuilding companies listed on the London Stock Exchange saw their share prices fall in early trading. Persimmon shares fell by 2.8% to £13.74 each, closely followed by Taylor Wimpey down 2.7% at 142p.

A spokesperson for Bellway said: "We are reviewing the CMA's report. Bellway has engaged and co-operated fully with the CMA throughout its market study - and will continue to do so."

Redrow, which recently agreed to be taken over by Barratt for £2.5bn, said that it has "fully co-operated with the CMA throughout its market study" and continues to work with the watchdog.

Berkeley declined to comment.

The BBC has contacted all the named housebuilders for comment.

In its wider report into the housebuilding market in England, Wales and Scotland, the CMA said there were "persistent shortfalls" in the number of homes being built.

Last year, less than 250,000 were built across the whole of the UK, far below a target of 300,000 for England alone.

In its 2019 manifesto, the Conservative Party promised to build 300,000 homes a year by the mid-2020s and pledged to make the planning system "simpler".

But the CMA said that the planning system was one of the key factors slowing down construction of new homes, describing it as "complex and unpredictable".

It said planning often takes a long time for builders to navigate before construction can start. It found that many planning departments are under resourced, don't have up-to-date local plans and lack clear targets or incentives to deliver a certain number of homes in their area.

Builders also often have to consult with a wide range of people and slow responses to planning proposals can delay construction.

The CMA said that recommendations to streamline the planning system as well as other measures would mean more homes could be built each year and help "make homes more affordable".

But it said: "Even then, further action may be required to deliver the number of homes Great Britain needs in the places it needs them."

Related Topics

• Companies
• Competition and Markets Authority
• Housing market

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2024-02-26 10:26:55Z
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Train delays and cancellations as South East hit by signal failure - BBC

By Bob Dale & Hanna Neter

BBC News, South East

Rail services across Sussex and Surrey have been severely disrupted due to a major signalling fault.

A power failure in the early hours of Monday has caused delays and cancellations to Southern and Thameslink services.

Govia Thameslink said it expected the disruption between East Croydon and Brighton to continue until 15:00 GMT.

Network Rail apologised and told passengers to check with train operators before travelling.

The disruption includes:

• No Gatwick Express trains are running until further notice
• Services between Brighton and Chichester reduced to one train an hour
• No Thameslink services between Cambridge and Brighton
• Delays and cancellations between Brighton, Portsmouth and Chichester

• All you need to know about upcoming train strikes

A Network Rail spokesperson said: "At 03:04 there was a loss of power across some the UK Power Networks which significantly impacted our Three Bridges Signalling Centre which controls the signalling across the majority of our Sussex route.

"All signalling was restored at 06:30 and while some Southern services have resumed operating across the Sussex route, a number of Southern and Thameslink services remain significantly disrupted and there are currently no Gatwick Express services in operation until further notice.

"We're really sorry to any passengers disrupted this morning and we encourage passengers to check with their train operator before travelling for the latest information and updates."

Eddie Mitchell

Southern said there had been points failures at both Haywards Heath and Hove.

Passengers are being advised to allow at least an extra 60 minutes for their journeys.

Matt Daymond returned to Brighton station for a second attempt to get into work, after initially being told there were no trains at all.

"I need to get into the office, I've got some important meetings to go to" he said.

"I work somewhere they expect you to be in so you end up having to go in late and then stay in late, because they expect you to put the hours in."

Ben Jackson and Arabella Saucell were trying to travel home from Brighton to Manchester.

"We woke up this morning and realised there were a few delays" said Mr Jackson.

"I've got the half-day off work so I might have to let them know that I can't make it in."

Ms Saucell said: "We're kind of used to it by now. It's always like this. When I went back for Christmas it was the same."

Follow BBC South East on Facebook, on X, and on Instagram. Send your story ideas to southeasttoday@bbc.co.uk.

Related Topics

• Govia Thameslink Railway
• London

Related Internet Links

• Govia Thameslink Railway

• Southern Railway

• Network Rail

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2024-02-26 09:54:14Z
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Investigation launched into eight homebuilders after 'persistent under delivery' of new houses - Sky News

The UK has seen a "persistent under delivery" of new homes, according to the competition watchdog, which has launched an investigation into eight major housebuilders.

Too few new homes are being delivered due to a "complex and unpredictable" planning system and the gap between what private developers are building and what people need is widening, the Competition and Markets Authority (CMA) said.

Its report into the housebuilding industry also identified "substantial concerns" about estate management charges - with homeowners "often facing" high and unclear charges for the management of roads, drainage and green spaces.

Less than 250,000 new homes were built last year across Britain - well below the 300,000-target for England alone, the CMA said.

Reason for missed targets

Targets have only been met when local authorities build houses, the CMA said, but the majority of building currently comes from the private sector, it added.

"It is notable that housebuilding has only reached the levels that are currently being targeted in periods where significant
supply was provided via local authority building".

More on House Prices

Related Topics:

Along with planning problems, a key reason for this is the system of development where homes are built without knowing in advance who will buy them or for how much, a system known as speculative private development.

Read more
NatWest boss who earns £764,000 says not 'that difficult' to buy a house
Sir Keir Starmer outlines desire for 'patriotic economy' through boosting home ownership

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The majority (60%) of houses built from 2021 to 2022 came through this system which allows builders to respond to market changes but has led to a gap between what people need and what is being built.

"The evidence shows that private developers produce houses at a rate at which they can be sold without needing to reduce their prices, rather than diversifying the types and numbers of homes they build to meet the needs of different communities (for example providing more affordable housing)," the CMA said of the system.

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0:39

Housing minister Lee Rowley spoke to Sky News in December.

Quality concern

Concern about the quality of housing was also identified.

The number of owners reporting issues increased over the last decade, the CMA found, as housebuilders don't have strong incentives to compete with each other on quality and consumers have unclear routes to have problems solved.

Serious problems, such as collapsing staircases and ceilings, were experienced in a "substantial minority" of new houses.

Investigation into major housebuilders

An investigation into eight housebuilders has been launched as the CMA suspects them of sharing commercially sensitive information, which could be influencing the prices of new homes.

While the issue is not one of the main drivers high house prices and the shortfall in delivery number, the CMA said it is important that it tackles anti-competitive behaviour if found.

Developers being investigated include Barratt, Bellway, Berkeley, Bloor Homes, Persimmon, Redrow, Taylor Wimpey, and Vistry.

The CMA said it has not reached any conclusions at this stage as to whether competition law has been infringed.

Roughly two-fifths of the homes built between 2021 to 2022 were delivered by the largest, national housebuilders, many of whom are the subject of the CMA investigation, while more than 50,000 homes were delivered by thousands of smaller, regional builders.

Growing estate management charges

A "growing trend" of housing estates with privately managed public amenities such as green spaces was found by the CMA.

Of new homes sold by the biggest builders in 2021 to 2022, 80% were subject to estate management charges which, the CMA said are "often high and unclear".

The average charge was £350, the CMA found, but one-off, unplanned charges for significant repair work can cost thousands of pounds and cause considerable stress to homeowners.

"Many homeowners are unable to switch estate management providers, receive inadequate information upfront, have to deal with shoddy work or unsatisfactory maintenance, and face unclear administration or management charges which can often make up 50% or more of the total bill", it added.

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2:30

Levelling Up Secretary Michael Gove in December pledged to intervene if there are delays to housebuilding as a result of poor performance by councils.

Planning

A streamlining of the planning system has been recommended by the CMA as it said many planning departments are under resourced, do not have up to date local plans and no clear targets or strong incentives to deliver the numbers of homes needed.

Groups that planners are legally required to consult often hold up projects by submitting holding responses or give late feedback to consultations on proposed developments, it added.

A Bellway spokesperson said: "Bellway has engaged and co-operated fully with the CMA throughout its market study - and will continue to do so. We remain focused on the delivery of high-quality new homes that meet local demand and enhance the communities we build in as we work to increase the supply of UK housing."

A spokesperson for the Home Builders Federation said: "We welcome recognition that the planning system is a fundamental barrier to delivery and adds unnecessary delay and cost into the development process, and the need for local authorities to have plans in place and properly resourced planning departments."

"Housebuilders do not want to be long-term managers of estates and make absolutely no profit from the management companies that are required to be put in place."

The National Federation of Builders' said: "The CMA report has confirmed that the housing crisis is caused by the planning process and government failure.

"Planning has stopped new homes being built, especially social houses... We didn't need a CMA report to confirm this, but it certainly helps drag the politicians over the coals for their utter failure on housing, planning, and the impact on the consumer through ever increasing housing costs."

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Former Prince Andrew aide eyes role in takeover bid for Currys - Sky News

A former private secretary to Prince Andrew is playing a key role in the deliberations of a Chinese online retail giant over a possible bid for Currys, the high street electrical goods chain.

Sky News has learnt that Amanda Thirsk, who quit as the Duke of York's private secretary nearly four years ago, is working in a senior business development role at JD.com.

Image: Ms Thirsk was Prince Andrew's private secretary

A former banker, Ms Thirsk worked at Buckingham Palace for Prince Andrew from 2004 until the spring of 2020, when she reached a settlement to terminate her role in the aftermath of his disastrous interview with the BBC's Panorama programme.

She is understood to have been working with JD, one of China's biggest e-commerce groups, for much of the period since she left the Palace.

Ms Thirsk also quit her role as chief executive of Pitch@Palace, Prince Andrew's flagship business venture, shortly after stepping down as Prince Andrew's private secretary.

Sources said she was now involved in JD.com's evaluation of a possible bid for Currys, which saw its shares soar last week after Sky News revealed that it had attracted takeover interest from Elliott Advisors, the private equity firm.

JD.com has yet to submit a formal offer for the London-listed retailer, but has been set a mid-March deadline by the Takeover Panel to do so or walk away.

More on Prince Andrew

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Listed on New York's Nasdaq exchange and in Hong Kong, JD.com has over 600m customers globally.

It operates more than 1,600 warehouses in China, making it a vast logistics player even by the standards of the world's most populous nation.

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A spokesman for JD.com and Ms Thirsk both declined to comment.

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