The department store chain Beales has gone into administration. The 138-year-old Bournemouth-headquartered company has 23 outlets and employs more than 1,000 people. The business continues to trade while the administrators look for a buyer. Beales has been unprofitable for several years, with high rents and high business rates making it difficult to compete with online rivals.
The Korean firms Hyundai and Kia Motors are to make a €100m investment in the UK-based electric vehicle company Arrival. Arrival says it is ‘reimagining vehicle design and assembly to create Generation 2 electric vehicles’. Generation 1 electric vehicles are existing fossil fuel vehicles retrofitted with electric power, making them expensive, inefficient and costly to run and maintain. In contrast, Generation 2 products will be designed from scratch, improving cost, design and efficiency. Arrival has its headquarters in London and more than 800 employees in five countries. Its immediate focus
Abcam has acquired Expedeon’s proteomics and immunology business, which includes Innova and TGR Biosciences.
Full-fibre broadband provider Swish Fibre has been acquired by Fern Trading. The deal will see £250m of investment, starting with 10 Gigabit per second full-fibre network across 250,000 properties in the Home Counties.
The private equity firm LDC has sold Pure Cottages Group to Sykes Holiday Colleges. Pure Cottages Group runs more than more than 1,500 holiday homes across Cumbria, Cornwall and the Cotswolds.
The commercial litigation law firm ERT Law has been bought by the legal and professional services company Knights.
The capital investment firm Nimbus has acquired Firth Vickers Centrispinning and Paralloy from Doncasters Group. Doncasters has sold seven operational sites in recent months as it aims to halve its operational site footprint by 50% and refocus on its superalloy casting and superalloy production facilities.
Unruly, the social video advertising platform, has been sold by News Corp to Tremor International. The deal will see News Corp receive 6.91% of Tremor International stock, a minimum revenue guarantee of £30m and UK CEO Rebekah Brooks join the board of directors of Tremor International in the “near future”.
The minimum wage for workers aged over 25, now known as the National Living Wage, is to rise by 6.2% to £8.72 an hour from April 2020. The rate for 21-24 year olds is due to increase from £7.70 to £8.20, while the rate for 18-20 year olds will increase from £6.15 to £6.45 and the rate for 16-17 year olds goes up from £4.35 to £4.55.
A new top five UK housebuilder has been created following the announcement that Bovis Homes has completed its acquisition of Galliford Try’s Linden Homes and Partnerships & Regeneration businesses. Following completion of the deal Bovis will change its name to Vistry Group plc.