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Coronavirus: Tata Steel seeks £500m government loan

Coronavirus: Tata Steel seeks £500m government loan

Business
Britain’s biggest steel producer is seeking hundreds of millions of pounds in government support as the industry grapples with a slump in global orders caused by the coronavirus.Sky News has learnt that Tata Steel, owner of the Port Talbot steelworks in South Wales, has approached ministers to ask for a funding package worth in the region of £500m. The request is said to be under discussion with the Treasury and the Department for Business, Energy and Industrial Strategy.It comes after Tata Steel's big customers, which include car manufacturers, called a halt to production across Europe because of the COVID-19 pandemic.Although some plants are to reopen in the coming weeks, economists believe a recovery in industrial production will be slow and protracted with demand continuing to be weak ...
Debenhams slumps to £500m loss as stores face axe

Debenhams slumps to £500m loss as stores face axe

Business
Debenhams, Britain's biggest standalone department store chain, will announce the biggest loss in its 240-year history on Thursday as it sets out a plan to shrink its footprint in a radically shifting retail environment. Sky News can reveal that Debenhams will report a statutory annual loss of almost £500m for the year to 1 September.The mass of red ink on its accounts will arise from an overall charge of more than £500m - offsetting underlying profits of about £33m - relating to goodwill and impairments connected to store leases and IT systems.Alongside the full-year loss, Debenhams will confirm the closure of one-third of its 165 stores over the next five years, a stark upward revision from earlier guidance that around ten of its stores were facing the axe....
Buy-to-let lender to unveil £500m flotation

Buy-to-let lender to unveil £500m flotation

Business
A buy-to-let mortgage lender which cancelled a £400m auction last year amid a row over Brexit is about to unveil plans for a London stock market listing.Sky News has learnt that Charter Court Financial Services, the owner of the Exact and Precise mortgage brands, is likely to announce its intention to float as soon as this week.The move could give Charter Court a market value of about £500m, sources said this weekend.It was unclear, however, how much it would seek to raise from the sale of new shares to investors.The arrival of another UK challenger bank on the London market will come despite a slowdown in buy-to-let mortgage lending following Bank of England measures to cool the market.Charter Court, which is owned by the hedge fund Elliott Associates, is working with Barclays and Royal B...
Blackstone to buy The Office Group for £500m

Blackstone to buy The Office Group for £500m

Business
The world's biggest property investor is buying a British flexible office provider in a deal that will be interpreted as a vote of confidence in the UK economy as Brexit talks get underway.Sky News has learnt that Blackstone, the private equity giant whose activities include managing more than €140bn of real estate assets, will announce on Monday the purchase of a controlling stake in The Office Group.The transaction will value the privately owned landlord of corporate clients such as Facebook and Santander UK at £500m, according to insiders.The timing of the deal, which comes at a time of conflicting signals about the outlook for UK commercial property, will be seen as a sign that global investors remain confident in its prospects.The beginning of formal talks between the UK and the Europ...