Heathrow to invest £2.3bn in airport upgrades in boost for passengers
Heathrow has announced ambitious plans to invest £2.3 billion in enhancing the airport over the next two years, representing the most significant private sector capital investment in UK transport infrastructure to date. This investment marks a substantial increase from previous estimates of around £244 million and will be channelled into improvements across all terminals, encompassing baggage systems and facilities to enhance both departures and arrivals, as reported by City AM. The announcement arrives hot on the heels of Ardian, a French private equity firm, and Saudi Arabia’s sovereign wealth fund, the PIF, acquiring a stake exceeding 37% in the airport. As Britain's premier airport, Heathrow declared on Wednesday that this injection of capital would "drive economic growth across all parts of the UK." Emphasising the importance of readiness for the future, the statement highlighted the need to support industries dependent on Heathrow's international links, in line with the UK's industrial strategy. Thomas Woldbye, Heathrow's CEO, stated: "Heathrow is the UK’s gateway to the world, and ultimately, the country’s gateway to growth." He further confirmed the airport's commitment to ongoing investment, saying: "Today’s announcement confirms that we will continue to invest more than £1bn of private sector cash each year into the airport to deliver facilities our airlines and passengers want, while boosting the UK economy and creating opportunities for businesses up and down the country." In a record-breaking year, Heathrow is set to surpass 80 million passengers in 2024.
Travel industry set for a boost on Sunshine Saturday as Brits book their 2025 getaways
Sunshine Saturday, the travel industry's much-anticipated day for holiday bookings, is expected to fall on 4 January in 2025. This day, which traditionally occurs on the first Saturday of every new year, sees a surge in people planning their getaways for the upcoming months. With Heathrow Airport wrapping up its busiest year with two record-breaking months and Virgin Atlantic on track to achieve its first post-pandemic profit in the 2024 financial year, it appears that the travel sector has overcome its passenger woes. However, despite the uptick in numbers, the industry's recovery is ongoing, as reported by City AM. Travel and tour operators are keenly awaiting an increase in year-on-year bookings to strengthen their financial positions, according to Chris Tate, head of travel at RSM UK. "Real wages continue to rise, and with interest rates starting to fall, pressure on household finances is beginning to ease," he noted. "Consumers are cautiously optimistic but will still be on the lookout for a bargain so we may see another increase in package holidays to help consumers manage costs and budget effectively." It seems luck—or perhaps shopping trends—is favouring travel companies as Brits increasingly opt for experiences like holidays over purchasing goods. An RSM survey revealed that 41 per cent of consumers plan to take an overseas holiday lasting longer than five days in 2025, a significant increase from 35 per cent the previous year. The demand for weekend trips abroad is also expected to surge, with nearly a third of consumers planning a short break, an increase from a quarter. The survey found that only 15 per cent of Brits have no plans to travel at all.
Jolly's department store in Bath facing closure after 200 years
A historic store in Bath is facing closure after more then 200 years. Jolly's, on Milsom Street, is one of the oldest department stores in Europe. It is currently run by the House of Fraser group, but 'closing down' posters have put in the windows of the shop, saying "all stock must go". Bath and North East Somerset Council, who own building, said: "The council was unaware of the intention of the current occupier to put up the notices which have appeared in the windows of the store." The local authority is reportedly engaging with a new party to transform Jolly's into the flagship store on the street. Frasers Group, the present operators, have remained silent in the face of enquiries. The iconic store is anticipated to close its doors permanently in February 2025. Locals have been eager to share cherished memories associated with Jolly's on social media. Ally Allen wrote: "So sad. Jolly's brings back so many happy memories, especially when I lived near Bath when I was very young." Kay Stanton said: "I never realised the history of the building till recently. Regrettably the days of department stores are quite weak now. Not surprised it's closing." Echoing the sentiment of loss, Jacqueline Hopkins added: "Very sad! My grandmother used to work there as a seamstress, and made men's shirts for a shilling (5p) a time, this must have been prior to 1900!" Jolly's traces its roots back to the 1810s when James Jolly established a linen drapery store in Deal, Kent. Building on its success, by 1823 he opened a seasonal store in Bath for his son Thomas, which by 1830 became a permanent establishment. In the following years, the store changed hands, being purchased by E J Dingles and Co in 1970 and eventually becoming part of House of Fraser – now under Mike Ashley's Frasers Group umbrella.
Harry Potter and the Cursed Child maker remains in the red amid West End troubles
The company behind the globally popular stage play, Harry Potter and the Cursed Child, continues to face financial difficulties as falling sales and show closures take their toll. The joint venture responsible for producing the show worldwide reported a turnover of £41.3m for the year ending 31 March 2024, a decrease from the previous year's £45.2m. According to recently filed accounts with Companies House, its pre-tax loss also increased from £960,026 to £876,003 during the same period. The last time the joint venture recorded a pre-tax profit was in the year ending 31 October 2020, when it achieved £955,945, as reported by City AM. Harry Potter Theatrical Productions, founded by JK Rowling and Neil Blair in 2013, works alongside Sonia Friedman Productions and Colin Callender’s Playground through their joint venture, HPCC Group, to produce, invest in, and license the play. Over the course of the year, productions were staged in cities including London, New York, Hamberg, Tokyo, Melbourne, and Toronto. However, the Melbourne production closed in July 2023 after a five-year run, and the Toronto show also ended that month after just over a year. Despite these closures, ticket sales increased from 496,214 to 544,257. A statement approved by the board attributed the decline in revenue to a broader industry trend in the UK, with West End earnings falling after an exceptionally strong 2022, boosted by a surge in post-Covid demand. "In London, the popularity of the original two-part production of Harry Potter and the Cursed Child endures with the show celebrating its seven-year anniversary during the period." "The show remains profitable and continues to make profit distributions during the year." "The single-part New York production continues and has become the fifth-longest-running play in Broadway history." "The New York production was also profitable during the period and made profit distributions to the benefit of the group." "Both London and Broadway have an open-ended run and currently the directors expect this to continue. The licensed productions are ongoing." "During the year, the group agreed a brand new worldwide schools’ licence, which will enable participating schools to produce a special adaptation of the show." "Beyond the financial period under review, a new North American tour opened, starting in Chicago in September 2024, with future performances in Los Angeles and Washington DC also confirmed." City AM reported in June that Nimax Theatres, the West End operator behind prominent London venues such as The Palace, Garrick, and Apollo Theatres, saw a turnover rise to nearly £33m over the 12 months ending 1 October, 2023. This increase from just under £32m the previous year represents a 10% growth since the period ending 29 September, 2019 – marking the group's last fiscal year before the outbreak of the pandemic. The company managed to stay profitable despite a slight dip in pre-tax profit from £8.5m to £7.5m over the year. Nimax attributed much of its success to long-running shows, with three theatres in its group hosting year-long productions: Harry Potter and The Cursed Child and The Play That Goes Wrong, playing at The Dutchess and Palace Theatres respectively, and the musical Six, which concluded its second full-year run at the Vauderville. In October, City AM reported that profits at Warner Bros’ Harry Potter studio tour near London exceeded £100m as it created over 100 jobs to manage the growing demand for the attraction. The business behind Warner Bros Studio Tour London – The Making of Harry Potter, posted a pre-tax profit of £100.8m for 2023. This new total followed Warner Bros Studios Leavesden's pre-tax profit of £79.7m for 2022. The accounts also revealed that the company’s turnover increased from £247.1m to £258.4m during the same period. To accommodate the rising demand for the tour, the business expanded its workforce from 622 to 724 within the year. Warner Bros Studio Tour London – The Making of Harry Potter is a walk-through exhibition in Leavesden, Hertfordshire, owned by the US film studio’s tours division.
Dozens of jobs saved as digital healthcare group Remedi Solutions bought from administration – and new owner Nadeem Sarwar says Cheshire business has 'significant growth potential'
Dozens of jobs have been saved after a health startup was bought from administration by a digital health entrepreneur who says it still has great growth potential. Runcorn’s Remedi Solutions launched in 2020 to supply prescription medication through its technology platform to care homes across the country. In August, it handled the seventh highest number of prescription items of any business in England. But the business began suffering from cash flow problems and Nick Harris and Lucinda Coleman, of PKF Francis Clark, were appointed administrators on Friday, December 6. They then sold the business to Remedi Healthcare Ltd, a new company founded by Nadeem Sarwar, founder of digital pharmacy and healthcare e-commerce group Phlo Technologies. That deal was backed with a financial package from Castlebridge Finance and Tallaght Financial and has saved 83 jobs. Mr Sarwar said: “I’m delighted to have secured the future of Remedi’s workforce and the important services we provide to our valued customers. I would like to thank all our employees, customers and suppliers for their support during what has been a challenging period. “Remedi has a top-class digital platform for pharmacy in care homes; we are planning significant investment in the platform alongside working with partners to allow the business to hit its full potential. “Knowing the digital health and digital pharmacy industry extremely well, I see significant growth potential for Remedi Healthcare and I’m genuinely excited about the future.” Nick Harris, director of business restructuring at PKF Francis Clark, said: “Remedi has a dedicated team delivering a vital service to care homes across the country, using its automated dispensing system. Unfortunately, the business had struggled to achieve the sales volumes needed to be profitable and was facing cash flow problems. “We are delighted to have saved all 83 jobs, especially at this time of year. After initially being appointed by the directors to carry out an options review, we then ran an accelerated marketing process with support from Christie & Co and successfully negotiated the sale of the business in a tight timeframe.” Lucinda Coleman from PKF Francis Clark added: “Administration is always a last resort, but we are pleased that in this case the business and assets have survived along with the jobs of so many skilled individuals.” Tony Evans and Stephen Jacobs at Christie & Co assisted the administrators, alongside legal adviser Kevin Hawthorn at DAC Beachcroft. PKF Francis Clark’s team also included Dan Ott. Remedi Healthcare was advised by Alastair Dunn, from BTO Solicitors.
Boohoo offers Frasers a board seat - but only if it's not Mike Ashley or Mike Lennon
Boohoo's board has extended an offer to Frasers for a board seat, but with the stipulation that neither Mike Ashley nor Mike Lennon are the proposed candidates. In response to Frasers' open letter, Boohoo's board made it "clear to Frasers" that they would not endorse the appointment of either Mike Ashley or restructuring expert Mike Lennon under any circumstances, as reported by City AM. However, the fast-fashion firm stated its willingness to provide Frasers with a single board seat "if it puts forward an appropriate candidate for the role of non-executive director." Frasers Group argued in an open letter on Thursday that Boohoo's resistance to Mike Ashley and Mike Lennon joining its board essentially "boils down" to apprehensions that it would "dilute [executive vice chair Mahmud Kamani] influence". Two prominent proxy advisers, Glass Lewis and Institutional Shareholder Services (ISS), have supported Boohoo's concerns about potential conflicts of interest should Ashley and Lennon be appointed. Frasers, which owns a 28% stake in Manchester-based Boohoo and also holds a stake in rival online retailer Asos, was accused by Boohoo's board of a "selective approach" to shareholder protection. In a market statement this morning, Boohoo clarified that "when it comes to protecting minority shareholders, Frasers will decide which commitments it wishes to give and on what terms". Boohoo's board has made it clear that "this selective approach is consistent" with the sentiments expressed in Frasers' letter to shareholders from late November. The board emphasised, "It is not for Frasers to pick and choose how it does so in order to suit its own commercial interests or wider corporate strategy in relation to boohoo and its assets," In a firm stance against the proposed appointments, Boohoo reiterated its call for shareholders to vote against the plan to bring Ashley and Lennon onto its board. Earlier on Monday, Ashley had levelled accusations of "gross mismanagement" at Boohoo’s board, criticising them for lacking "no clear strategy" to reverse the company's fortunes, which have seen its share price plummet by 90% over the past five years. In response to the latest developments, Tim Morris, Chair of boohoo Group, stated, "the board has consistently said that due to obvious conflict points and because of their historical ties to Frasers, Mike Ashley and Mike Lennon are not appropriate candidates to join the board in any circumstances, whatever commitments are offered." He further highlighted Frasers' refusal to agree to several critical protections the board would require from an appropriate nominee. Morris concluded by stressing the importance of addressing these issues for the protection of all shareholders, asserting, "these are key issues which need to be addressed for the protection of all Shareholders and it is not for Frasers to pick and chose which commitments it will give."