Britain’s biggest banks are braced for a drop in demand from borrowers as a result of the Brexit vote.
A Bank of England review found they were expecting new mortgage numbers to fall due to uncertainty. And there were fears businesses would delay decisions on investments and mergers.
Worry: A Bank of England review under Mark Carney found they were expecting new mortgage numbers to fall due to uncertainty
Lenders do not intend to cut back on the amount of credit available.
Convenience shop chain McColl’s has bought 298 Co-op shops in a £117m deal.
McColl’s is placing 10.4m new shares to raise £13.1m to help fund the purchase. The shops are too small for Co-op’s required size. The 3,808 staff will move across with the sale. McColl’s announced the deal after the stock market closed. Prior to the announcement its shares rose 2.33 per cent, or 3p to 131.5p.
CG Restaurants & Bars has bought a new location for its Dirty Martini bar chain. The leisure chain is to pay £1.2m to redevelop the former Mary-Jane’s bar in the City into a Dirty Martini. It will be Dirty Martini’s ninth location after it opens its first site outside London in Cardiff in October. It said sales have grown 8 per cent year to date.
Notonthehighstreet.com has hired a finance director to help it grow. David Phillips joins from wine firm Matthew Clark which was recently bought by listed drinks business Conviviality. The website that allows independent firms to sell their wares online has been raising money to expand.
Britain’s steel industry could receive a boost after the EU accused China of distorting the market.
EC president Jean-Claude Juncker travelled to Beijing and threatened to derail China’s hopes of gaining the market economy status it covets with the World Trade Organisation.
He said the EU was not defenceless and would form a joint working group with China. ‘The overcapacity of China is exactly twice the entire steel production of Europe,’ he said.
Premier Inn owner Whitbread is checking out of hotels in India, Indonesia and Thailand as new chief Alison Brittain puts her mark on the business.
She said she will withdraw from the six budget hotels in India and South East Asia to focus on Germany and the Middle East.
The Government has invested £16m in 24 food and technology firms to fund and improve agricultural-focused tech firms.
It said the money will help firms developing creations such as weed-killing robots and ultra-sensitive storage technology.