Business roundup for Spain and the UK

On the hunt  HUNTER BOOT whose £125 (€140.7) wellingtons are worn by royalty and rained-on festival goers, is looking for a buyer.

The company, which was founded in 1856 and holds two royal warrants, is seeking out potential acquirers amid a post-Covid boom.

Sales plummeted during the pandemic but demand surged during this summer’s music festivals once restrictions were lifted.

The Edinburgh company is currently nearing completion of a £7 million (€7.8 million) cash injection, in addition to separate sale discussions.

Its most recent accounts revealed a £5.1 million (€5.7 million) loss on £10.8 million (€12.1 million) sales in the year to January 2022.

FCA gets tough BARCLAYS is allegedly under investigation by the Financial Conduct Authority (FCA) regarding possible flaws in compliance and anti-money laundering measures.

The FCA requested an independent review of the bank’s systems last year after noticing a high volume of money-laundering and “know your customer” incidents, the Financial Times said.

“Know your customer” checks, which focus on a new client’s identity and risk factors, are aimed at preventing the concealment of funds obtained from criminal activity.

The Financial Times stated that the FCA had written to Barclays’ requesting a “skilled persons review” by an outside party like a legal or accounting firm.

The financial regulator has brought several high-profile money laundering and compliance cases in recent years as it attempts to lose its reputation for being over-lenient when dealing with financial offences.

All at sea EXTENDING Barcelona-El Prat airport could involve a 3,400-runway, one nautical mile (1.8 kilometres) out to sea.

A private consultancy firm has sent details of the €2.1 billion project to Cataluña’s regional government, where sources said all options should be studied and it was “positive” that experts were working on the issue.

The chosen location would lessen the environmental impact on the area, the scheme’s supporters maintained, although Barcelona city mayor Ada Colau immediately criticised the project.

It would be very expensive and the money would be better spent on the Mediterranean Corridor rail link between Catalonia and Valencia, she said.

Spy game COURIER firm DX Group admitted that rival Tuffnell Parcels Express was taking legal action against the company following accusations of corporate espionage.

The admission followed a Sunday Times report which revealed that three DX staff members, all former Tuffnell employees, had conspired to obtain daily customer service reports.

A DX employee allegedly offered a Tuffnell traffic clerk a £50 (€56) payment in exchange for confidential information.

Sheffield-based DX declined to comment further, “as matters are now subject to legal proceedings,” a company statement added.

On the hunt  HUNTER BOOT whose £125 (€140.7) wellingtons are worn by royalty and rained-on festival goers, is looking for a buyer.

The company, which was founded in 1856 and holds two royal warrants, is seeking out potential acquirers amid a post-Covid boom.

Sales plummeted during the pandemic but demand surged during this summer’s music festivals once restrictions were lifted.

The Edinburgh company is currently nearing completion of a £7 million (€7.8 million) cash injection, in addition to separate sale discussions.

Its most recent accounts revealed a £5.1 million (€5.7 million) loss on £10.8 million (€12.1 million) sales in the year to January 2022.

Windfall tax THE European Banking Authority’s president said he did not believe that Spain’s bank windfall tax would have a negative impact on banking or limit credit.

Referring to the 4.8 per cent tax on a bank’s net income and net commissions above €800 million, introduced to subsidise inflation-busting measures, Jose Manuel Campa told El Pais interviewer that the tax was valid.

It had been proposed by the government and approved by parliament, the Oviedo-born  economist and former politician pointed out.  “It is legitimate.  There’s nothing more to be said,” he declared.

Good news ORGANIC pearl company Majorica, which filed for bankruptcy in 2020, has emerged from administration.

Now the property of Gregoire Bontoux Halley, a member of the family that founded Carrefour, the company foresees a turnover of approximately €22 million this year with sales equalling those of pre-pandemic years.

The company, which has 120 employees, announced plans for expansion in markets markets which include Germany, the US and Mexico where the brand is already well-known

There will also be an increased presence in Asia, where the fifth Majorica outlet opened recently.

Waiting for permission ORANGE and MasMovil have given the European Commission (EC) formal notification of their merger plans.

The EU’s antitrust regulators now have until March 20 to decide whether to approve the €18.6 billion deal between the French company and its Spanish rival.

If they have serious concerns regarding the merger they could also decide to launch a further, more extended investigation.

Last July MasMovil and Orange signed an agreement which, if allowed to go ahead, would create a forceful mobile and broadband offer to challenge Telefonica. Analysts predicted at the time that this could  open the door to similar agreements in the UK, Italy and Portugal.

If the EC says “yes” to the deal it would leave third-ranked Vodafone stranded, although insiders point out that it enjoys a more consolidated market.

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