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Patisserie Valerie on the brink of collapse
Patisserie Valerie is teetering on the brink of collapse after admitting it needed “an immediate injection of capital” to survive. The 200-strong chain, which has nearly 3,000 staff, has discovered a multimillion-pound black hole in its accounts and has suspended its shares. It has been unable to confirm that it will be able to pay staff wages this week. The chairman of Patisserie Valerie is the serial entrepreneur Luke Johnson.
Richard Branson halts negotiations with Saudis
Sir Richard Branson has halted talks with Saudi Arabia’s sovereign wealth fund about a planned $1bn investment in Virgin’s space companies. The entrepreneur has also suspended his participation in two advisory boards. The moves come after the disappearance of Saudi journalist, Jamal Khashoggi. Sir Richard told the Financial Times that Virgin had asked Saudi authorities for more information.
Work begins to turn Kent motorway into lorry park
Work is beginning on the process of turning a motorway in Kent into a potential lorry park to cope with the possible impact of a no-deal Brexit. The M26 will be closed through the night until next week for site surveys. This will be followed by another set of closures leading up to Christmas to install gates in the central reservation. The moves come as fears grow that Britain will crash out of the EU without a deal.
FTSE falls again amid global market turbulence
The FTSE 100 fell again in a second day of global market turbulence, notes The Guardian. London’s financial sector felt the brunt of the chaos in global financial markets with shares more than 10% below their record peak in May. A …read more
Source:: The Week – All news