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Yahoo
24 minutes ago
- Yahoo
New Telegraph owner RedBird to turn page with Whitehall filing
The putative owners of The Daily Telegraph will take another step towards gaining control of the right-wing newspaper in the coming days when they formally notify Whitehall of their plans. Sky News has learnt that lawyers acting for RedBird Capital Partners, the US-based investor which will own a majority stake in the publisher if the deal is approved, could set out the company's proposals in a filing with the Department for Culture, Media and Sport (DCMS) as soon as this week. The move would represent another step towards concluding the 27-month hiatus over the Telegraph's ownership - a period which began with Lloyds Banking Group forcing the newspaper's parent company into insolvency proceedings over outstanding loans owed by the Barclay family. Sources said that the notification by RedBird Capital's lawyers would pave the way for the lifting of an interim enforcement order (IEO) imposed by Lucy Frazer, the then Conservative culture secretary, in December 2023, which prevented the acquirers from exerting any control over the Telegraph. The removal of the IEO is likely to result in the DCMS issuing a new public interest intervention notice (PIIN), which would prompt investigations by Ofcom and the Competition and Markets Authority into the £500m takeover. Last month, the House of Lords approved legislation to allow a UAE state-backed investor - IMI - to acquire a stake of up to 15% in the Telegraph as part of the RedBird deal. The takeover had originally been conceived as a joint endeavour between RedBird and IMI but was thwarted by political opposition to foreign state ownership of national newspapers. IMI is controlled by Sheikh Mansour bin Zayed Al Nahyan, the vice-president of the United Arab Emirates and ultimate owner of Manchester City Football Club. Other bidders tried to gatecrash the deal, with the field of rival contenders led by Dovid Efune, the owner of The New York Sun. Last month, his key backer - the hedge fund founder Jeremy Hosking - told Sky News their bid was "ready to go" if the RedBird-led transaction fell apart. Announcing its agreement to acquire the Daily and Sunday Telegraph titles in May, Gerry Cardinale, founder of RedBird Capital, said it marked the "start of a new era" for two of Britain's most prominent newspapers. However, it is nearly a month since the Lords voted to approve the legislation allowing IMI to own a minority stake, a verdict which prompted Mr Cardinale to say: "With legislation now in place, we will move quickly and in the forthcoming days work with DCMS to progress to completion and implement new ownership for The Telegraph." Sources said the formal notification to Whitehall could come as soon as this week but could yet be delayed further. Senior Telegraph executives and journalists are said to be frustrated at the latest phase of the process. Sky News has already revealed that Sir Leonard Blavatnik, owner of the DAZN sports streaming platform, and Daily Mail proprietor Lord Rothermere are preparing to buy minority stakes as part of the RedBird-led transaction. RedBird said in May that it was "in discussions with select UK-based minority investors with print media expertise and strong commitment to upholding the editorial values of the Telegraph". The Telegraph titles' parent company was forced into insolvency proceedings in 2023 by Lloyds, which ran out of patience with the Barclay family, their long-standing owner. RedBird IMI, a joint venture between the two firms, paid £600m several months later to acquire a call option that was intended to convert into ownership of the Telegraph newspapers and The Spectator magazine. The Spectator was sold last year for £100m to Sir Paul Marshall, the hedge fund billionaire, who has installed Lord Gove, the former cabinet minister, as its editor. None of the parties involved in the Telegraph ownership situation
Yahoo
an hour ago
- Yahoo
Starling agrees to acquire accounting tools provider Ember
Starling Group has announced an agreement to acquire Ember, a UK-based accounting fintech company, for an undisclosed sum. The acquisition aims to integrate Ember's digital tax and bookkeeping software into Starling Bank's existing app and online banking platform, providing small business owners with a solution for managing finances including bank transactions and tax submissions. Starling said the integration comes as many sole traders, landlords, and small and medium-sized enterprises (SMEs) are not yet prepared for the UK's Making Tax Digital initiative, which becomes compulsory from April 2026. The legislation mandates that sole traders and landlords earning above a certain threshold submit quarterly tax reports to HM Revenue and Customs (HMRC) using approved software, alongside their annual self-assessment. Ember's software, recognised by HMRC, is designed to assist business owners in meeting these requirements. Starling Group CFO Declan Ferguson said: 'We are a natural fintech consolidator, so targeted acquisitions like Ember will form a key part of our strategy as we continue to develop Starling Bank in the UK and Engine by Starling overseas. 'Just as Fleet Mortgages has flourished since we bought it in 2021, I am confident that Ember's best-in-class tools will become a fantastic addition to Starling Bank's offering.' Ember co-founders Daniel Hogan and Aaron Shaw said: 'We created Ember to take the pain out of accounting for small businesses – to help people make faster, clearer financial decisions without the stress. 'Making Tax Digital has created a real call to action for SMEs and Ember provides the solution to this. Our deal with Starling Group will mean that we are setting a new standard for how banking and accounting should work together – seamlessly integrated and refreshingly simple.' Starling Bank, which is said to have a 9% market share in small business banking, plans to fully integrate Ember's software by the end of 2025, facilitating compliance with the new digital tax legislation. Currently, Ember caters to clients of major banks such as HSBC, Revolut, Barclays and Lloyds. However, from 2026, its software will be exclusive to Starling Bank customers. Starling also plans to discontinue Ember's accountancy advisory services following the acquisition, which remains subject to customary closing conditions. "Starling agrees to acquire accounting tools provider Ember " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
an hour ago
- Yahoo
Bayer Leverkusen reach agreement with Sevilla for Loic Bade
Bayer Leverkusen are one step away from signing Loic Bade as they have reached an agreement worth €29 million with Sevilla, according to journalist Fabrice Hawkins. The Bundesliga giants are now sorting out the personal terms with the French central defender on a five-year contract. Despite competition from Inter Milan and Bournemouth, Bade has indicated his desire to move to Germany. Bade will become the second prominent defensive investment for Die Werkself this summer, following Jarell Quansah's arrival from Liverpool. After losing star defender Jonathan Tah to rivals Bayern Munich for free, new manager Erik ten Hag is planning to build a world-class backline heading into the 2025/26 season. Bade has been one of the bright spots for a declining Sevilla side over the last two seasons. The 25-year-old quickly enhanced his reputation as one of the sought-after defenders in Europe. His performances also led to his debut with the France national team earlier this year. He is an excellent passer and progressor of the ball and is solid in aerial and physical duels. Bade has shown he has the calibre to play in the Champions League, so he can be an integral part of Leverkusen's squad.. Lekerkusen have decided to keep Ecuadorian centre-back Piero Hincapie this season despite interest from elsewhere. Hincapie, Quansah, Edmond Tapsoba and Bade will form a formidable backline and can stand toe-to-toe with Bundesliga champions Bayern. Former Manchester United defender Victor Lindelof is another potential defensive target. They are looking to strengthen the midfield and attack, with Brighton & Hove Albion's Facundo Buonanotte and Monaco's Eliesse Ben Seghir lined up as possible targets.
