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Williams F1 team-owner plots engineering stake sale

Williams F1 team-owner plots engineering stake sale

Business
By Mark Kleinman, City editor The owner of the Williams Formula One (F1) team is exploring the sale of a stake in its engineering arm in a deal that could raise tens of millions of pounds for the famous racing outfit.Sky News has learnt that Williams Grand Prix Holdings, which is listed on the Frankfurt Stock Exchange, has been approached by several parties about a deal involving Williams Advanced Engineering (WAE). A transaction would mark another significant milestone for the British-based company, which was founded by Sir Frank Williams and Sir Patrick Head in 1977.Its eponymous F1 team enjoyed enormous on-track success in the 1980s and 1990s led by drivers including Nigel Mansell and Damon Hill, but it has struggled to compete in ra...
Mothercare recovery falters as it plots UK spin-off

Mothercare recovery falters as it plots UK spin-off

Business
By John-Paul Ford Rojas, business reporter Mothercare has revealed its battle to turn around its fortunes is proving tougher than expected as it confirmed plans for "evolving and optimising" the ownership of its UK business.The beleaguered retailer reported a 3.2% fall in first quarter like-for-like sales amid an "uncertain and volatile" market and "fragile consumer confidence". It said that against this backdrop and the need for continued discounting, profit margin improvements were "expected to take longer than previously anticipated" and annual profitability was set to show no improvement on the previous year - when it reported a pre-tax loss of £66.6m.Shares fell 11% in early trading.The update came hours after Sky News revealed that Mothercare was
Mitie plots £100m raid on giant Interserve arm

Mitie plots £100m raid on giant Interserve arm

Business
By Mark Kleinman, City editor The outsourcing group Mitie is this weekend plotting an audacious ‎takeover bid for the biggest division of rival Interserve just hours after it endured a brief skirmish with administration.Sky News can reveal that Mitie is drawing up plans to offer Interserve's new owners - a consortium of banks and hedge funds‎ - roughly £100m for its support services unit. The support services business carries out facilities management work for the government and numerous private sector clients in the UK and the Middle East.If completed, a deal would create a company employing close to 100,000 people in the UK, making it one of the country's biggest private sector employers.Around 40,000 of Interserve's 45,000‎-strong ...
TransferWise plots share sale at £3bn valuation

TransferWise plots share sale at £3bn valuation

Business
By Mark Kleinman, City editor Digital payments group TransferWise is poised to cement its status as one of Britain's most prized technology companies by orchestrating a share sale valuing it at about $ 4bn (£3.1bn).Sky News has learnt that TransferWise has appointed Goldman Sachs to advise on the sale of approximately $ 200m (£153m) of shares by existing investors. The deal, if completed, will underline the company's reputation among the UK's tech start-ups, with a stock market flotation now likely to be on the medium-term agenda.Sources close to the situation said the secondary share sale was at an early stage, with an announcement unlikely for some time.TransferWise's putative $ 4bn valuation would be more than twice the level at which it las...
3,500 jobs at risk as Honda plots Swindon closure

3,500 jobs at risk as Honda plots Swindon closure

Business
By Mark Kleinman, City editor Honda is preparing to announce the closure of its factory in Swindon, dealing a devastating blow both to its 3,500-strong workforce and ministers' hopes that the UK will remain an elite manufacturing economy after Brexit.Sky News has learnt that the Japanese car manufacturer could disclose the plan as soon as Tuesday morning. A Honda spokesman did not return calls seeking comment on Monday.If confirmed, the move will represent a further savage blow to Britain's automotive sector amid enormous uncertainty surrounding the terms of future trade with the European Union.A source close to Honda said the company was expected to close its plant in Swindon in 2022, although the company will retain its European headquarters in Bracknel...