Category: Uncategorized

eBay has made a significant move in the fight against fashion waste by abolishing fees for the sale of second-hand clothing on its platform, aiming to encourage more people to participate in the circular economy of fashion.
This decision, effective immediately, underscores the company’s commitment to sustainability and its efforts to rival prominent second-hand clothing apps like Vinted and Depop.
Starting today, eBay users can sell pre-owned clothing items, including those with tags still attached, without incurring any fees. This initiative reflects eBay’s acknowledgment of the growing importance of sustainability in consumer behavior, particularly among younger demographics attracted to platforms focused on second-hand fashion.
However, it’s important to note that the fee waiver does not extend to other fashion-related items such as trainers, watches, handbags, and jewellery. Standard seller fees still apply to these categories.
Kirsty Keoghan, eBay’s general manager of global fashion, emphasized the significance of the fee waiver in promoting a circular economy for fashion. Keoghan stated, “Free fashion selling has come at the right time for a nation sitting on billions of pounds worth of unwanted clothes.” She highlighted the ease of selling clothes on eBay and the financial benefits it offers to sellers.
eBay’s decision aligns with its broader sustainability goals, aiming to divert clothing from landfills and contribute to waste reduction efforts in the fashion industry. The company cited its role in preventing over 1,600,000 kilograms of clothing waste from reaching landfills last year through second-hand clothing sales on its platform.
The fashion industry’s environmental impact is substantial, accounting for approximately 10% of global carbon emissions. By promoting the resale of pre-owned clothing, eBay seeks to mitigate the environmental footprint of fashion consumption and foster a more sustainable approach to apparel consumption.
With this move, eBay positions itself as a leader in sustainable fashion initiatives while also addressing the evolving preferences of consumers, who increasingly prioritize ethical and environmentally conscious shopping practices.
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eBay Waives Fees for Second-Hand Clothing Sales to Combat Fashion Waste

Next and Frasers Group have emerged as potential buyers for Ted Baker’s European retail business, signalling interest in salvaging the fashion label after its recent collapse into administration.
Both companies are in discussions with administrators at Teneo Advisory to explore the possibility of acquiring all or parts of Ted Baker’s operations.
The collapse of No Ordinary Designer Label Limited, Ted Baker’s retail and ecommerce business in Britain and Europe, last month prompted interest from retail heavyweights Frasers Group, helmed by Mike Ashley, and Next, under the leadership of Lord Wolfson of Aspley Guise. Authentic Brands Group, which acquired Ted Baker for £211 million in 2022, attributed the collapse to significant damage incurred during a partnership with AARC, a Dutch company overseeing Ted Baker’s UK and European operations.
While Ted Baker’s administration resulted in the closure of several stores and redundancies, potential buyers Next and Frasers Group are exploring avenues to salvage some shops under a prospective deal. Sources suggest that both companies have a limited timeframe to submit bids, with an announcement expected within the next three weeks.
Next and Frasers Group have established themselves as active players in the retail acquisition landscape, with Next acquiring brands like FatFace, Joules, and Cath Kidston, among others, in recent years. Frasers Group, on the other hand, has expanded its portfolio with acquisitions such as Matchesfashion, Wiggle, and Jack Wills, demonstrating a strategic focus on diversifying its retail offerings.
The interest shown by Next and Frasers Group in Ted Baker underscores the ongoing challenges faced by the fashion retailer since the departure of founder Ray Kelvin in 2019. Despite subsequent leadership changes and transformation efforts, Ted Baker has struggled to regain its footing in the market. Its acquisition by Authentic Brands Group in 2022 marked a shift to a privately owned and licensed business model, yet the company’s fortunes have continued to wane.
As Ted Baker navigates through administration, the prospect of acquisition by established retail players like Next and Frasers Group offers a glimmer of hope for the brand’s future, potentially providing a path to revitalization and sustainable growth in the retail landscape.
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Next and Frasers Group vying to acquire troubled Ted Baker

Barclays, a prominent high street banking giant, has launched a legal challenge against a ruling by the Financial Ombudsman Service (FOS) regarding a commission payment made for car finance, signalling mounting apprehension among major lenders regarding potential compensation obligations.
The legal dispute revolves around a decision made by the FOS last June, which found Barclays to have unfairly paid commission to a car finance broker in the case of a customer referred to as Miss L. The customer was allegedly unaware of a nearly £1,600 commission included in her loan agreement when purchasing a car in 2018.
Sources within the financial sector disclosed that Barclays has opted to pursue a judicial review in response to what it perceives as several misinterpretations of the law in Miss L’s case. However, the bank maintains that its challenge is specific to this instance and not indicative of broader industry concerns.
Miss L’s case was highlighted by the Financial Conduct Authority (FCA) in January amid a review of historical motor finance commission arrangements and sales across multiple firms. The FCA, although not explicitly naming the firms under scrutiny, engaged EY to conduct a thorough review of these practices.
The FCA’s inquiry has sparked fears among bank investors of potential compensation liabilities akin to those witnessed during the payment protection insurance (PPI) scandal. Lloyds Banking Group, for instance, provisioned £450 million in its annual results to cover possible compensation arising from the FCA’s probe.
While Lloyds Banking Group refrained from commenting on potential legal action, Barclays has taken a proactive stance in challenging the FOS’s decision. The bank emphasizes its commitment to supporting the FCA’s review of historic motor financing arrangements.
A spokesperson for Barclays stated, “We do not agree with the Financial Ombudsman Service’s decision in this case and are therefore challenging it.” The spokesperson reiterated Barclays’ cooperation with the FCA’s broader review while ensuring that the customer affected by the challenge would not incur any financial losses.
Barclays’ legal action underscores the heightened scrutiny faced by banks regarding their past practices, with the outcome potentially shaping the landscape of the car finance industry in the UK.
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Barclays Challenges Financial Ombudsman Service Over Car Finance Commission Claim

Insolvency practitioners overseeing The Body Shop’s affairs are contemplating a Company Voluntary Arrangement (CVA) as part of a strategic move to save one of Britain’s well-loved high street brands.
FRP Advisory, the appointed administrators, have disclosed plans for a potential CVA, which would entail engaging in discussions with landlords to secure rent reductions and address other creditor concerns. The proposed CVA seeks to facilitate The Body Shop’s exit from administration and enable its continued operation under the ownership of Aurelius, the investment firm that acquired the brand just months ago.
The collapse of The Body Shop into administration earlier this year underscored the challenges confronting the retail stalwart, founded nearly fifty years ago by Dame Anita Roddick and Gordon Roddick. Aurelius assumed ownership amidst a bleak financial scenario, characterized by adverse cash positions attributed to poor financial performance in the preceding year and depleted stock levels post-Christmas trading.
Aurlius encountered immediate cash flow challenges, exacerbated by unexpected costs and terminated banking facilities, precipitating a substantial funding shortfall exceeding £100 million. The strain prompted the closure of nearly half of The Body Shop’s UK stores and significant job losses at its headquarters.
Despite these setbacks, FRP remains optimistic about The Body Shop’s prospects, envisioning a revitalized brand poised for long-term profitability. The proposed CVA aims to provide a lifeline for the iconic retailer, allowing it to reposition itself as a modern, dynamic beauty brand.
While the specifics of the CVA proposal are yet to be finalised, FRP anticipates unsecured creditors to receive dividends in due course, although the exact size remains undetermined.
Aurelius’s ongoing financial support during the administration process underscores its commitment to sustaining The Body Shop’s operations amidst the restructuring efforts. Notably, The Body Shop’s businesses across Europe and parts of Asia had been divested to a family office prior to the UK arm’s insolvency.
Despite facing challenges in recent years and increased competition, The Body Shop’s legacy as a trailblazer in environmental advocacy and cruelty-free cosmetics endures, reflecting its enduring significance on British high streets.
As The Body Shop navigates its path forward under new ownership and amidst ongoing restructuring, stakeholders remain hopeful that the brand’s distinctive ethos and enduring legacy will continue to resonate with consumers in an evolving retail landscape.
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The Body Shop’s Administrators Consider CVA as Rescue Path

The UK construction industry has marked a significant turnaround, returning to growth after enduring six consecutive months of decline, as revealed by a closely monitored survey.
S&P Global’s survey highlighted a resurgence in civil engineering projects and a stabilization in housebuilding activities as key drivers behind the sector’s recovery.
The Purchasing Managers’ Index (PMI) score, derived from the survey data, climbed to 50.2 in March, surpassing February’s 49.7 and marking the highest reading since August of the previous year. A PMI score above 50 indicates expansion in the sector.
Tim Moore, S&P Global’s Economics Director, noted the promising outlook for the industry, citing improvements in order books and a rebound in tender opportunities. He attributed these positive developments to factors such as reduced borrowing costs and early signs of economic recovery in the UK during the first quarter of 2024.
However, Moore highlighted persistent challenges in hiring, with concerns over margin pressures and risk aversion among major clients hindering employment growth. Delays in replacing departing staff led to a decline in total employment numbers for the third consecutive month.
S&P Global’s survey also revealed a moderation in supply chain pressures, signaling some relief for the sector.
Earlier this week, a similar survey focusing on the UK manufacturing industry reported growth for the first time in 20 months, signaling a gradual economic recovery from the impact of high inflation in the previous year.
The Competition and Markets Authority (CMA) recently raised concerns about the inadequate delivery of new homes in the UK, prompting an investigation into major housebuilders. The widening gap between housing supply and demand has been a pressing issue addressed by the regulator.
Matthew Pointon from Capital Economics interpreted the latest PMI figures optimistically, forecasting a gradual rise in construction activity driven by falling interest rates. He noted a slight improvement in housing activity, suggesting stabilization in housing construction and a recovery in demand as mortgage rates ease.
While acknowledging recent fluctuations in interest rates, Pointon highlighted data from the National House Building Council (NHBC), indicating a recovery in housing starts from the lows observed in the latter half of the previous year.
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UK Construction Industry Rebounds, Ending Six-Month Decline

The latest figures from UK insurers reveal a staggering 34% increase in car insurance premiums for British drivers, significantly outpacing the more modest rises observed in the rest of Europe.
The Association of British Insurers (ABI) disclosed that despite a substantial 18% rise in motor claims payouts last year, British drivers encountered premium spikes far exceeding those seen across the continent.
Contrary to the UK’s sharp increases, car insurance premiums in Italy climbed by 6%, Spain by 5%, and France by a mere 2%, according to financial disclosures from one of Britain’s prominent insurers, Admiral, which also operates in European markets.
The ABI’s acknowledgment of the disparity between UK insurance payouts and the soaring cost of cover may reignite calls for an investigation into potential market exploitation affecting British drivers. Reports indicate instances of car insurance renewals soaring by 50% or more, exacerbating the strain on drivers amid a burgeoning cost of living crisis.
The steep surge in premiums has not spared owners of electric vehicles (EVs), with some experiencing premiums doubling over the past year, reaching staggering amounts exceeding £5,000. Meanwhile, in Germany, Europe’s largest car market, premiums rose by 11% to 13%, surpassing those of its European counterparts but still falling considerably short of the burdens shouldered by British motorists.
While the ABI attributes the rise in UK premiums to escalating vehicle repair costs, increased theft-related payouts, and rising expenses for temporary replacement vehicles, concerns persist regarding insurers leveraging inflationary pressures to bolster profit margins. Despite a 17.85% rise in total UK claims payouts, reaching £9.9 billion in 2023, the substantial premium hikes indicate a potential discrepancy in insurers’ pricing strategies.
Calls for regulatory intervention to scrutinize the fairness of UK motor insurance pricing have intensified, with stakeholders expressing apprehensions over potential market exploitation. Although the Financial Conduct Authority (FCA) has refrained from launching a full investigation, parliamentarians and consumer advocates continue to advocate for closer oversight.
Carla Lockhart MP has urged the government to advocate for greater scrutiny of the industry, highlighting constituents’ discontent over “exorbitant” insurance costs. Jonathan Fong, ABI’s manager for general insurance policy, underscored insurers’ efforts to mitigate rising costs while urging consumers to explore competitive policy options.
Admiral cited the UK’s unique liability framework as a contributing factor to higher premiums compared to EU counterparts, emphasizing variances in injury claims and inflation drivers across different jurisdictions. As debates persist over the fairness and transparency of UK motor insurance pricing, calls for regulatory scrutiny intensify to ensure equitable treatment for British drivers.
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UK Car Insurance Costs Surge by over a Third, but just 2% in France

The UK economy appears to have turned a corner, showing signs of recovery and gaining momentum, as highlighted by two influential surveys revealing a “turning point” in growth.
Research conducted by BDO, a consultancy firm, indicates that output surged to its highest level since May 2022 last month, accompanied by a decline in inflation to its lowest level in over three years.
The BDO Output Index rose to 102.39 in March, surpassing the 100-point threshold that delineates growth from contraction. This uptick was propelled by increased activity in both the services and manufacturing sectors.
Kaley Crossthwaite, a partner at BDO, remarked, “Output reaching its highest point in nearly two years illustrates the UK’s robustness in the face of global economic adversities and is a significant stride towards economic stability and growth.”
These findings align with other surveys indicating expectations for impending interest rate cuts and a moderation in price growth, which buoyed output last month. Purchasing managers’ indices for the services, manufacturing, and construction sectors all registered above the 50-point mark indicative of growth, marking the first simultaneous growth signal since June 2022.
Following a contraction in GDP of 0.1 per cent and 0.3 per cent in the third and fourth quarters of last year, respectively, the UK economy grappled with recession. However, the International Monetary Fund forecasts a 0.6 per cent expansion for the UK economy this year.
A slowdown in the growth of food, alcohol, and restaurant prices contributed to BDO’s inflation index declining to 96.81, its weakest reading since February 2021 amidst Covid-19 lockdowns.
These data hint that the Office for National Statistics’ official inflation estimate for March, slated for publication on April 17, may decrease from 3.4 per cent. Additionally, they bolster expectations for forthcoming interest rate cuts by the Bank of England from a 16-year high of 5.25 per cent.
According to financial markets, the monetary policy committee is anticipated to reduce the UK base rate three or four times this year, commencing either at the June or August meetings, potentially invigorating UK economic growth that has languished over the past 18 months.
However, BDO notes that employment has sustained its downward trend for the ninth consecutive month, dropping to its lowest level in over a decade. The monetary policy committee has expressed intent to lower rates only once the labour market has cooled sufficiently.
Meanwhile, Deloitte’s survey of 64 chief financial officers from leading UK-listed companies, including eight FTSE 100 and 23 FTSE 250 firms, with a combined market value of £201 billion, indicates growing confidence in trading prospects.
Ian Stewart, chief economist at Deloitte, observed, “Optimism among the UK’s largest businesses is running at well above average levels, suggesting that the worst of the economic downturn is behind us, with current sentiment at levels that preceded periods of good growth in 2010, 2014, and 2021.”
Chief financial officers anticipate interest rate cuts of a full percentage point over the next 12 months, alongside expectations for inflation to decline to 2.9 per cent in a year’s time, still above the Bank of England’s 2 per cent target. Over a two-year horizon, they envisage inflation dropping to 2.3 per cent, down from 2.9 per cent in the preceding survey.
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UK Economy Shows Signs of Recovery as Growth Reaches Turning Point

When considering possible exit routes for your business, selling to an Employee Ownership Trust (EOT) can have several benefits, but a word of caution, this is not an exit route that can just be unilaterally imposed on your management team.
I recently met with a business owner who had decided that sale to an EOT was the best way to exit his business and apparently for the twin temptations of paying zero capital gains tax and inflating the sale price. He came up with a generous valuation, drafted transfer documents to suit his own terms and presented all of this to his team to sign without any prior discussion. This didn’t go down well and naturally the team weren’t prepared to sign anything. Thankfully this doesn’t happen often, but there are several mistakes which business owners can make if they don’t take advice on how to approach selling to an EOT.
Not all employees want to become the ‘owner’ of the business they work for. For some it will seem like too much risk or responsibility so you can’t just impose the decision upon them.
The first step needs to be an open discussion around the possibility of sale to an EOT to set out the pros and cons for the business and to give the remaining senior-employee team time to discuss the options available. The time frame for this might be weeks, months or even a couple of years before it takes place to allow everyone time to adjust and plan.
Employees need to have the support of independent legal and financial experts to help them to make informed decisions, which should be paid for by the business.
The next step is looking at what the business is worth so that there is a starting point for negotiations on price. Typically, more than one external valuation should be obtained to facilitate reaching a sensible price somewhere in the middle.
Whilst usually a significant initial payment will be made to the sellers, equally there may be significant deferred payments to be made from future profits of the business for many years after completion. The purchase price and repayment terms must be sustainable to ensure the business can continue to invest and grow.
Those employees that are interested in stepping up and taking on more responsibility need to understand what their new role will be, any legal responsibilities that go with it and how they will be rewarded with an enhanced salary and/or bonus arrangements.
In a well-run process, sellers will take real care to ensure that the senior management team will be stable and well-motivated to make a success of the business following sale, so that the agreed price can be paid in full by the business over the agreed period.  There is often provision made for deferred payments to be accelerated or further deferred depending on how the business is preforming after completion.
In some businesses the culture of employees sharing in the success of the business through share ownership is embedded well before the ultimate sale to the EOT in the form of employee share option arrangements.  For some owners, sale to an EOT is a continuation of this culture and allows employees to feel more empowered and more invested in the future success of the business. There are studies which suggest that in businesses where there is employee share ownership productivity tends to be higher and long-term sickness and issues around poor performance tend to reduce.
When done well a sale to an EOT can be less stressful than a traditional 3rd party sale for all parties involved as there is usually the continuity of the management team and people stay in key roles. There is continuity for customers, suppliers and other key stakeholders and there is time to adjust to the new arrangements.
Clearly this is a brief summary of the legal issues involved, so if you would like to discuss an EOT sale/purchase, get in touch to find out more.
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The dos and don’ts of selling to an Employee Ownership Trust

Lunaz, the electric vehicle company backed by David Beckham, has undergone substantial job losses after entering administration, marking a significant setback for the Silverstone-based enterprise.
Administrators from FRP were recently appointed to oversee the operations of Lunaz Group, which included Lunaz and App Tech Productions, specializing in the electrification and upcycling of classic cars and commercial vehicles, including refuse lorries.
In a joint statement, administrators Sarah Cook and Miles Needham lamented the situation: “Lunaz Group had developed a forward-looking product, designed to support the circular economy and give new leases of life to both heritage and working commercial vehicles. Unfortunately, the recent extension to the deadline for the transition to zero-emissions vehicles led to a slowdown in sales and the decision to appoint administrators to the group. Regrettably, this impacts the employees who we will continue to support through their redundancy claims in the coming weeks.”

Earlier, Lunaz attributed its decision to enter administration to the delay in the planned ban on the sale of petrol and diesel vehicles. Prime Minister Rishi Sunak had announced last year a postponement of the ban by five years, shifting it from 2030 to 2035.
According to filings with Companies House, David Beckham holds 200,000 shares in Lunaz Group, while founder and CEO David Lorenz owns 600,000 shares. Other shareholders include OPI Investments, Serum Life Sciences, Glasgow Investments, Blue Endeavor Ventures, Progressive Media Investments, and PG Ventures Investments.
Despite being valued at up to $200 million following a funding round in 2022, Lunaz has encountered significant challenges amidst the evolving landscape of electric vehicle adoption and regulatory frameworks. The company’s fate underscores the complexities and uncertainties facing businesses in the transition towards sustainable transportation solutions.
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Beckham backed vehicle electrification company Lunaz makes substantial job losses after entering administration