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The company behind the Bloodhound supersonic car – which aims to hit speeds of 1,000mph – has entered administration.
Bloodhound Programme Ltd, the firm behind the initiative to break the land speed world record, went into administration on Monday.
Project Bloodhound was founded in 2007 with plans to race the car at a specially built track in the deserts of South Africa.
The team is seeking £25 million investment to provide guaranteed funding and see the project to completion.
Bloodhound Programme Ltd has entered into administration with the appointment of Andrew Sheridan and Geoff Rowley, partners at specialist business advisory firm FRP Advisory LLP, as joint administrators on 15 October 2018: https://t.co/jNMhShSGQ5 pic.twitter.com/N5MOTXxFGg
— BLOODHOUND SSC (@BLOODHOUND_SSC) October 15, 2018
Over the past 11 years, the project has operated on a partnership and sponsorship model with support from companies including Rolls-Royce and Rolex.
The Ministry of Defence has lent prototype jet engines for the car and Northern Cape Provincial Government in South Africa supported the creation of the track.
Members of the public have donated to support the car’s development and a global education programme, which has reached more than two million children.
Bloodhound has already reached 200mph during tests at Newquay Airport in Cornwall last year.
Mark Chapman, chief engineer of Project Bloodhound, said: “Bloodhound has had enormous success in creating the world’s most advanced land vehicle.
“As we now move out of the R&D phase and into the operational phase of the project, we recognise that we need a different approach to funding.
“This project is built around the most successful team in the history of land speed racing, and with the right support we have no doubt that the project will achieve its aims and could be racing for the record in as little as 10 months.”
Andrew Sheriden and Geoff Rowley, partners at FRP Advisory LLP, were appointed as joint administrators for Bloodhound Programme.
“Bloodhound is a truly ground-breaking project which has already built a global audience and helped to inspire a new generation of Stem (science, technology, engineering and maths) talent in the UK and across the world,” Mr Sheriden said.
“Entering into administration provides some breathing space to identify an investor who will bring the guaranteed funding, impetus and expertise required to drive the project forward.
“Whilst not an insignificant amount, the £25 million Bloodhound requires to break the land speed record is a fraction of the cost of, for example, finishing last in a F1 season or running an Americas Cup team.
“This is an opportunity for the right investor to leave a lasting legacy. We are already in discussion with a number of potential investors and would encourage any other interested party to contact us without delay.”
Bloodhound will cover a mile in 3.6 seconds at full speed.
The world land speed record of 763mph is held by Thrust SSC, led by Bloodhound’s project director Richard Noble and driver Andy Green.- Press Association
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CYBG has formally completed its £1.7 billion takeover of Virgin Money, marking one of the first major banking deals in the UK since the financial crisis.
It comes after the two banks – which together hold around £84 billion in assets – received final approval in a court hearing on Friday.
Virgin Money’s London-listed shares have now been cancelled, with the all-stock deal resulting in another 540 million new CYBG shares entering the market.
CYBG announces completion of @VirginMoney acquisition creating the UK’s sixth biggest bank. https://t.co/i3RZMNRz7e
— CYBG PLC (@cybgplc) October 15, 2018
A raft of resignations also followed the deal’s completion.
It includes Virgin Money chairwoman Irene Dorner and chief executive Jayne-Anne Gadhia, though Ms Gadhia has agreed to work as a senior adviser to CYBG boss David Duffy over the next 18 months.
He will be supported by CYBG finance chief Ian Smith, while Virgin Money’s chief financial officer Peter Bole will become group integration director to help with the changes across both businesses. [quote]Today marks an historic milestone for CYBG and Virgin Money, creating the first true national competitor to the status quo in UK banking with a clear ambition to provide customers with the best service in the UK.[/quote]
Hugh Chater, managing director of the core bank of Virgin Money, meanwhile, will be responsible for the day-to-day operation of the Virgin Money business.
CYBG chief executive David Duffy said the deal will help it compete with larger rivals, which include the likes of Barclays, Lloyds and RBS.
He said: “Today marks an historic milestone for CYBG and Virgin Money, creating the first true national competitor to the status quo in UK banking with a clear ambition to provide customers with the best service in the UK.
“Bringing the two banks together creates the UK’s sixth-largest bank combining strong product, service and technology capabilities alongside an iconic brand with well-known consumer champion credentials.
“We are focused on delivering an excellent customer experience as we bring the two businesses together. This will be achieved through a clear, low-complexity, phased integration and re-branding plan over the next three years.
“This is a unique combination that will enable us to compete with the large incumbent banks.”
But the deal has struck a bad chord with some consumers worried about CYBG’s transition to the Virgin Money brand.
CYBG stressed there were no plans for an “immediate” changeover, but that the retail sides of its brands including Yorkshire and Clydesdale banks would transition to Virgin Money branding over the next three years.
It is exploring a similar move for users of its small and medium-sized enterprise (SME) banking services.
“The Virgin Money brand has potential in the SME market, and testing with existing Clydesdale and Yorkshire Bank customers is under way to evaluate the Virgin Money brand affinity with SME customers and the appropriate timescale for any SME rebranding exercise,” CYBG said.
The combined group will use CYBG’s existing platform, though only around 30% of the group’s accounts are expected to have to migrate across.
“There will be no ‘big bang’ customer migration,” CYBG pledged.
The reassurance comes as peer TSB continues to grapple with the aftermath of an IT meltdown sparked by its own move to a new banking platform built by Spanish owner Sabadell.
CYBG and Virgin Money have also courted controversy over plans to shed more than 1,500 jobs.
Today it's official! We're teaming up with @clydesdalebank and @yorkshirebank to bring #BetterBanking to all our customers. #PerfectBalance pic.twitter.com/eOAnnafCMt
— Virgin Money (@VirginMoney) October 15, 2018
However, CYBG has pledged to maintain a “substantial base” at Virgin Money’s Gosforth headquarters for at least three years.
The combined group is expected to result in annual cost savings of around £120 million by the end of September 2021.
With more than six million customers, the bank will also hold £70 billion in customer loans and around £58 billion in mortgages.
Virgin Group chief executive Josh Bayliss said: “The Virgin Group started Virgin Money 23 years ago to shake up the UK’s banking sector.
“By putting customers and employees first, and working to make a real difference to people’s lives, we quickly became one of the most admired financial services businesses in the UK.
“Today’s announcement marks the beginning of the next chapter in the Virgin Money story.
“The combination of Virgin Money and CYBG will offer unrivalled service, an innovative digital platform and outstanding products, bringing huge benefits for customers, employees and communities alike.
“Together we have the size, scale and financial firepower to change banking for good.”- Press Association
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