Business Extra

Business Extra

WOKING: Practically bankrupt following predecessors’ unwise investments Photo credit: CC/Willrocks10

Budget meltdown WOKING COUNCIL is effectively bankrupt with debts of £2 billion (€2.3 billion) following predecessors’ risky investments involving skyscrapers and hotels. Its chief executive said the full impact on residents was not yet clear, but all spending for non-essential services had been halted after issuing a Section 114 notice.  

Fully-owned AFTER obtaining a 60 per cent stake in 2021 and increasing this to 62.5 per cent last year, Santander Bank bought the remaining 37.5 per cent of its Brazilian subsidiary Toro Investimentos. Santander did not reveal the sums involved on acquiring the online brokerage company, which has 1.3 million clients. 

Sad loss THE death was announced on June 7 of Sir Ivan Menezes (63), British-American long-time chief executive of Diageo, following a brief illness.  He joined London-listed £75 billion (€87.2 billion) Diageo, now the world’s largest spirits manufacturer, after its formation following the 1997 merger of Guinness and Grand Metropolitan.

Nadal plans Following the success of Tatel in Madrid, and the Toto Italian restaurants, tennis ace Rafael Nadal and Baleares hoteliers, the Matutes family, intend to open similar restaurants in Dubai and Abu Dhabi.  There are also plans for more eateries in Marbella, London, New York and Milan.

Tough times CHALLENGING months lay ahead, the owner of the Simply Be and JD Williams home shopping companies warned after going into the red. Shares in N Brown Group, which also owns men’s clothing brand Jacamo, slumped after reporting annual losses of £71.1 million (€82.6 million) for the year ending on March 4.

Nobody wins CORREOS cancelled its four-year €67 million contract for telecommunications services signed with Telefonica in February.  The decision to cancel the deal followed an appeal from Telefonica’s rival Orange, previously barred from the tender for alleged breaches, after the French company complained that revealing Telefonica’s offer had put all the other competing companies at a disadvantage.

Old favourite LINGERIE and stockings company Marie Claire, founded in 1907, is in talks with the unions, employees and clients that include  El Corte Ingles to find a solution that will allow it to survive.  If an answer cannot be found, the firm will be obliged to start insolvency proceedings involving the loss of 280 jobs.

Playing safe THE John Lewis Partnership, which experienced a third year of losses and axed the staff bonus for only the second time since 1953, is spending more than £1 million (€1.16 million) on revitalising its children’s range.  Executive director for John Lewis, Naomi Simcock, said the business wanted to create “an immersive experience” and a destination, “not just a shop.”

Turkish delight STRUGGLING Asos shares rose by 7 per cent following reports in The Sunday Times that it had received a £1 billion (€1.16 billion) takeover bid from the Turkish online retailer Trendyol last December. Asos, which owns Topshop and Miss Selfridge, was valued at between £10 and £12 (€11.64 and €13.96) a share by Trendyol.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca province and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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