Latest news with #ThisisMoney
Business Mayor
21-05-2025
- Business
- Business Mayor
Popular electronics retailer that collapsed in 2012 to be revived
Comet will be making a big comeback in Britain online after being snapped up by London-based online marketplace OnBuy. OnBuy will plough £10million into reviving the Comet brand and will relaunch its website in the final quarter of this year, a spokesman for OnBuy told This is Money. Cas Paton, chief executive and founder of OnBuy, said: 'We're not just reviving a name; we're reimagining what trusted electronics retail looks like in a digital-first economy.' Paton told This is Money: 'Comet is a name that still resonates with millions of UK shoppers – a brand that sparks real nostalgia and fond memories. While it faced challenges in the past, much of that stemmed from missed opportunities in adapting to the digital age.' In a bid to radically shake-up electricals retail, OnBuy said the deal would position it as a 'serious challenger' to major rivals like Amazon and Currys. OnBuy said it planned to resurrect Comet 'as a marketplace at the apex of e-commerce.' Back online: Comet will be making a comeback in Britain online after being snapped up by OnBuy Comet will be 'fully integrated' into OnBuy's 'powerful marketplace network', it said on Wednesday. OnBuy acquired Comet from Miso Technologies, who owned it for six years. Comet, which was one of the leading electrical retailers in Britain, was placed into administration in 2012, leading to 240 store closures and 6,500 people losing their jobs. The brand was sold to Miso Technologies in 2020. Miso Technologies revived the Comet brand as an online-only retailer. On Wednesday, Cas Paton, chief executive and founder of OnBuy, said: 'Comet is a brand long associated with offering the very best deals in home appliances and consumer electronics. 'Its heritage is one that we want to protect and enhance using our innovative technology and business model.' He told This is Money: 'Our primary focus is on building a powerful, online-only marketplace. OnBuy boss Cas Paton told This is Money he has radical ambitions for Comet 'This agile model will enable us to stay competitive, aligned with what today's shoppers really want, and scale quickly. 'We see a significant opportunity in the market for a dedicated electricals marketplace, one that not only delivers value, choice, and convenience to customers nationwide, but also supports thousands of UK-based retailers. 'While our strategy is digital-first, we recognise the continued importance of the high street. 'That's why we're already exploring ways to connect Comet to local retail, whether through partnerships with independent stores or by introducing convenient collection points.' On its website, Miso Technologies said it would, for the time being, be able to assist with existing Comet customer queries. The group has been operating the Comet brand's online shop. It said this week: 'Whether it's a return, warranty issue, or a general enquiry, we're still available and happy to assist.' Adam Muir, managing director at Misco Technologies, said: 'Following six years of exponential growth in our core business, we've taken the decision to sell the Comet brand. 'We're delighted to be leaving this household name in the hands of one of Britain's leading technology businesses. 'OnBuy has highly ambitious plans to redefine Comet's reputation as an e-commerce juggernaut, and we look forward to seeing this legacy brand taken to new heights.' OnBuy has reported 50 per cent year-on-year sales growth since Donald Trump took office. The challenger brand enjoyed a record-breaking year, as it facilitated more than £150million worth of sales across Britain in 2024, driving gross profits of in excess of £20million. Five years ago, OnBuy boss Cas Paton said it was aiming to take on Amazon in an exclusive interview with This is Money. Comet's demise in 2012 was one of the biggest high street casualties Britain has seen. Its collapse buoyed the likes of rivals like Dixons and Argos, which was owned by Home Retail at the time. Comet, which was Britain's largest electrical specialist retailer after Dixons, was hit hard by dwindling consumer spending in Britain after 2008. Amid a global financial crisis, many shoppers had less disposable cash and could not afford to buy big-ticket appliances like washing machines or fridges. Amazon was also starting to chip away at conventional retailer's sales figures. In 2012, Comet filed an intention to appoint an administrator, with a view to entering administration days later. It said in 2012: 'The board is urgently working with its advisers to seek a solution to secure a viable future for the company'. Since the demise of Comet, other big name brands like Debenhams and Wilko have collapsed. Deloitte was waiting in the wings to handle the group's administration and store closures. In 2020, Deloitte was ordered to pay a fine and costs of £1.8million and 'severely reprimanded' by regulators in connection with its administration of Comet in 2012. Read More Regional Banks' Deposit Remix Not as Good as the Original The Institute of Chartered Accountants in England and Wales (ICAEW) said Deloitte failed to comply with its code of ethics in connection with its appointment as Comet's administrator. The ICAEW found Deloitte had failed to ensure that it was sufficiently objective as the retailer's administrator. It fined Deloitte £925,000 and ordered it to pay costs of £890,000.
Business Mayor
18-05-2025
- Business
- Business Mayor
Shell facing revolt over chief's 'excessive' pay packet
Wael Sawan earns 63 times that of the average Shell employee, says Pirc By CALUM MUIRHEAD Updated: 11:03 BST, 18 May 2025 Shell is facing a possible revolt at its annual meeting this week after a leading shareholder advisor said investors should oppose the pay packet for its executives. It comes as the oil giant faces questions on its strategy after reports it is weighing up a takeover bid for rival BP. Ahead of the meeting near Heathrow Airport on Tuesday advisory firm Pirc said it was concerned the packet for Wael Sawan was 'excessive' saying the ratio of the chief executive's pay to an average employee was 63 to 1. Last year, Sawan received £8.6 million in pay and bonuses, up from £7.9 million the previous year. Pirc also encouraged shareholders to support a proposal which, if passed, would force the firm to explain how targets for its liquefied natural gas business aligned with its plans to reach net-zero emissions by 2050. Opposition: Advisory firm Pirc said it was concerned the packet for Wael Sawan (pictured) was 'excessive' While Shell has encouraged investors to oppose the resolution, Pirc said the LNG business presented 'a critical area of financial and climate-related risk' due to the firm's reliance on the division for a large chunk of its sales. Pirc has also opposed the re-election of chairman Sir Andrew Mackenzie after saying Shell's climate planning and governance fell 'significantly short' of expectations. Easy investing and ready-made portfolios Free fund dealing and investment ideas Flat-fee investing from £4.99 per month Account and trading fee-free ETF investing Free share dealing and no account fee Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Compare the best investing account for you READ SOURCE
Business Mayor
17-05-2025
- Automotive
- Business Mayor
Major driving licence change for 50 MILLION Brits to be launched this summer – check how to apply now
A MASSIVE shake-up to driving licences for nearly 50 million Brits is gearing up to launch this summer – and it could change how you prove your identity, drive, and even buy booze. The Government has confirmed that it will begin rolling out digital driving licences as part of a major tech upgrade aimed at modernising public services. 3 The move will affect around 50 million Brits who currently hold a provisional or full driving licence Credit: Getty 3 Those who prefer to keep using their plastic cards can continue doing so Credit: Getty The move will affect around 50 million Brits who currently hold a provisional or full driving licence. Initially, the digital version will sit alongside existing plastic photocards, which will remain valid, but it's expected to eventually be accepted in all the same situations, such as hiring a car, proving your age, or showing ID at the airport. A Department for Science, Innovation and Technology (DSIT) spokesman confirmed to This is Money that a digital driving licence will arrive later this year. 'The Wallet will be launched this summer with the first credential being a digital Veteran card. 'Later in the year, we plan to begin rolling out a digital driving licence, which will eventually be usable for everything your paper licence is currently used for. 'We're working closely with DVLA and industry to meet this timeline.' Importantly, the department also made it clear that the digital version is not compulsory. Those who prefer to keep using their plastic cards can continue doing so. The aim is to offer flexibility while making life easier for people who already use their smartphones for banking, health services and travel. Once launched, drivers who wish to get the digital version will need to download the Wallet app from official app stores. After that, they'll be asked to verify their identity using facial recognition, upload any necessary documents and follow a few simple steps. Once approved, your licence will appear on your phone and be ready to use. It's expected to work similarly to existing digital railcards, giving people quick access to their details and allowing for instant updates. You'll also be able to view things like your driving record, renewal dates, and any endorsements through the app. The change is part of a wider plan to save the Government billions by moving services online. According to ministers, the goal is to improve how people interact with official services and help achieve efficiency savings of up to £45 billion. Transport Secretary Heidi Alexander has described the change as a 'game changer' for the millions who rely on their licence daily, particularly for ID purposes. She said having a secure, digital version on your phone is the natural next step in a digital age. Despite the potential benefits, some concerns have been raised. Critics worry that moving to digital documents could exclude older people or those without smartphones, particularly in rural areas with patchy signal. There are also fears about what might happen if your phone runs out of battery or gets stolen. Read More Audi Sport confirms ten new RS models by 2026 Research by Quotezone revealed that the nation is split over the idea. Around 49 per cent support the change, but 47 per cent are against it — with many citing concerns over security and data sharing. Some users also prefer the reassurance of having a physical card, particularly when travelling abroad, where digital licences may not yet be accepted. Still, DSIT has stressed that the Wallet will have robust security, using the same kind of two-factor authentication found in most banking apps. And if you ever lose your phone, your licence can be remotely deactivated, preventing anyone else from accessing it. Privacy campaigners have also raised the alarm over how much personal data could be stored in one place. The government says no one will be forced to use the digital wallet and that only those who actively choose to download the app will need to upload their ID. Over time, the app will be expanded to include other important documents too, such as Blue Badges, PIP letters, DBS checks, and even marriage or birth certificates. Officials hope that by 2027, people will be able to manage most of their key government documents all from one place. The last big shake-up to licences happened back in 1998 when the paper version was replaced by the plastic photocard. In 2015, the paper counterpart was scrapped altogether. This new digital rollout marks the biggest change in nearly three decades. Applications for the digital driving licence will open once the Wallet goes live later this summer. DSIT says a full announcement will be made nearer the time. Drivers are being urged to only download the official app from Apple or Google Play to avoid scams or fake versions. A recent poll of 1,000 motorists by Regtransfers found that fewer than half — just 43 per cent — even knew the change was coming. As the rollout approaches, ministers say public awareness will grow, especially as more services begin to link into the new system. Meanwhile, the European Union is working on its own version of a digital driving licence, which could eventually make cross-border travel easier. That rollout would affect over 440 million drivers — showing just how fast digital ID is becoming the norm across Europe. For now, though, UK drivers are being given the choice, not the requirement,to switch.
Scottish Sun
17-05-2025
- Automotive
- Scottish Sun
Major driving licence change for 50 MILLION Brits to be launched this summer – check how to apply now
App launching soon could change how millions prove their identity daily GEARING UP Major driving licence change for 50 MILLION Brits to be launched this summer – check how to apply now Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MASSIVE shake-up to driving licences for nearly 50 million Brits is gearing up to launch this summer – and it could change how you prove your identity, drive, and even buy booze. The Government has confirmed that it will begin rolling out digital driving licences as part of a major tech upgrade aimed at modernising public services. Sign up for Scottish Sun newsletter Sign up 3 The move will affect around 50 million Brits who currently hold a provisional or full driving licence Credit: Getty 3 Those who prefer to keep using their plastic cards can continue doing so Credit: Getty The move will affect around 50 million Brits who currently hold a provisional or full driving licence. Initially, the digital version will sit alongside existing plastic photocards, which will remain valid, but it's expected to eventually be accepted in all the same situations, such as hiring a car, proving your age, or showing ID at the airport. When are digital driving licences coming? A Department for Science, Innovation and Technology (DSIT) spokesman confirmed to This is Money that a digital driving licence will arrive later this year. "The Wallet will be launched this summer with the first credential being a digital Veteran card. "Later in the year, we plan to begin rolling out a digital driving licence, which will eventually be usable for everything your paper licence is currently used for. "We're working closely with DVLA and industry to meet this timeline." Is it compulsory to get one? Importantly, the department also made it clear that the digital version is not compulsory. Those who prefer to keep using their plastic cards can continue doing so. The aim is to offer flexibility while making life easier for people who already use their smartphones for banking, health services and travel. Once launched, drivers who wish to get the digital version will need to download the Wallet app from official app stores. After that, they'll be asked to verify their identity using facial recognition, upload any necessary documents and follow a few simple steps. Once approved, your licence will appear on your phone and be ready to use. It's expected to work similarly to existing digital railcards, giving people quick access to their details and allowing for instant updates. You'll also be able to view things like your driving record, renewal dates, and any endorsements through the app. The change is part of a wider plan to save the Government billions by moving services online. According to ministers, the goal is to improve how people interact with official services and help achieve efficiency savings of up to £45 billion. Transport Secretary Heidi Alexander has described the change as a 'game changer' for the millions who rely on their licence daily, particularly for ID purposes. She said having a secure, digital version on your phone is the natural next step in a digital age. Despite the potential benefits, some concerns have been raised. Critics worry that moving to digital documents could exclude older people or those without smartphones, particularly in rural areas with patchy signal. There are also fears about what might happen if your phone runs out of battery or gets stolen. Research by Quotezone revealed that the nation is split over the idea. Around 49 per cent support the change, but 47 per cent are against it — with many citing concerns over security and data sharing. Some users also prefer the reassurance of having a physical card, particularly when travelling abroad, where digital licences may not yet be accepted. Still, DSIT has stressed that the Wallet will have robust security, using the same kind of two-factor authentication found in most banking apps. And if you ever lose your phone, your licence can be remotely deactivated, preventing anyone else from accessing it. Privacy campaigners have also raised the alarm over how much personal data could be stored in one place. The government says no one will be forced to use the digital wallet and that only those who actively choose to download the app will need to upload their ID. Over time, the app will be expanded to include other important documents too, such as Blue Badges, PIP letters, DBS checks, and even marriage or birth certificates. Officials hope that by 2027, people will be able to manage most of their key government documents all from one place. The last big shake-up to licences happened back in 1998 when the paper version was replaced by the plastic photocard. In 2015, the paper counterpart was scrapped altogether. This new digital rollout marks the biggest change in nearly three decades. Applications for the digital driving licence will open once the Wallet goes live later this summer. DSIT says a full announcement will be made nearer the time. Drivers are being urged to only download the official app from Apple or Google Play to avoid scams or fake versions. A recent poll of 1,000 motorists by Regtransfers found that fewer than half — just 43 per cent — even knew the change was coming. As the rollout approaches, ministers say public awareness will grow, especially as more services begin to link into the new system. Meanwhile, the European Union is working on its own version of a digital driving licence, which could eventually make cross-border travel easier. That rollout would affect over 440 million drivers — showing just how fast digital ID is becoming the norm across Europe. For now, though, UK drivers are being given the choice, not the requirement,to switch.
The Irish Sun
17-05-2025
- Automotive
- The Irish Sun
Major driving licence change for 50 MILLION Brits to be launched this summer – check how to apply now
A MASSIVE shake-up to driving licences for nearly 50 million Brits is gearing up to launch this summer – and it could change how you prove your identity, drive, and even buy booze. The Government has confirmed that it will begin rolling out digital driving licences as part of a major tech upgrade aimed at modernising public services. 3 The move will affect around 50 million Brits who currently hold a provisional or full driving licence Credit: Getty 3 Those who prefer to keep using their plastic cards can continue doing so Credit: Getty The move will affect around 50 million Brits who currently hold a provisional or full driving licence. Initially, the digital version will sit alongside existing plastic photocards, which will remain valid, but it's expected to eventually be accepted in all the same situations, such as hiring a car, proving your age, or showing ID at the When are digital driving licences coming? A Department for Science, Innovation and Technology (DSIT) spokesman confirmed to This is Money that a digital driving licence will arrive later this year. "The Wallet will be launched this summer with the first credential being a digital Veteran card. Read more on Motors "Later in the year, we plan to begin rolling out a digital driving licence, which will eventually be usable for everything your paper licence is currently used for. "We're working closely with DVLA and industry to meet this timeline." Is it compulsory to get one? Importantly, the department also made it clear that the digital version is not compulsory. Those who prefer to keep using their plastic cards can continue doing so. Most read in Motors The aim is to offer flexibility while making life easier for people who already use their smartphones for banking, health services and travel. Once launched, drivers who wish to get the digital version will need to download the Wallet app from official app stores. After that, they'll be asked to verify their identity using facial recognition, upload any necessary documents and follow a few simple steps. Once approved, your licence will appear on your phone and be ready to use. It's expected to work similarly to existing digital railcards, giving people quick access to their details and allowing for instant updates. You'll also be able to view things like your driving record, renewal dates, and any endorsements through the app. The change is part of a wider plan to save the Government billions by moving services online. According to ministers, the goal is to improve how people interact with official services and help achieve efficiency savings of up to £45 billion. Transport Secretary Heidi Alexander has described the change as a 'game changer' for the millions who rely on their licence daily, particularly for ID purposes. She said having a secure, digital version on your phone is the natural next step in a digital age. Despite the potential benefits, some concerns have been raised. Critics worry that moving to digital documents could exclude older people or those without smartphones, particularly in rural areas with patchy signal. There are also fears about what might happen if your phone runs out of battery or gets stolen. Research by Quotezone revealed that the nation is split over the idea. Around 49 per cent support the change, but 47 per cent are against it — with many citing concerns over security and data sharing. Some users also prefer the reassurance of having a physical card, particularly when travelling abroad, where digital licences may not yet be accepted. Still, DSIT has stressed that the Wallet will have robust security, using the same kind of two-factor authentication found in most banking apps. And if you ever lose your phone, your licence can be remotely deactivated, preventing anyone else from accessing it. Privacy campaigners have also raised the alarm over how much personal data could be stored in one place. The government says no one will be forced to use the digital wallet and that only those who actively choose to download the app will need to upload their ID. Over time, the app will be expanded to include other important documents too, such as Officials hope that by 2027, people will be able to manage most of their key government documents all from one place. The last big shake-up to licences happened back in 1998 when the paper version was replaced by the plastic photocard. In 2015, the paper counterpart was scrapped altogether. This new digital rollout marks the biggest change in nearly three decades. Applications for the digital driving licence will open once the Wallet goes live later this summer. DSIT says a full announcement will be made nearer the time. Drivers are being urged to only download the official app from Apple or Google Play to avoid scams or fake versions. A recent poll of 1,000 motorists by Regtransfers found that fewer than half — just 43 per cent — even knew the change was coming. As the rollout approaches, ministers say public awareness will grow, especially as more services begin to link into the new system. Meanwhile, the European Union is working on its own version of a digital driving licence, which could eventually make cross-border travel easier. That rollout would affect over 440 million drivers — showing just how fast digital ID is becoming the norm across Europe. For now, though, UK drivers are being given the choice, not the requirement,to switch. 3 The aim is to offer flexibility while making life easier for people who already use their smartphones for banking, health services and travel Credit: Getty
