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Jaguar Land Rover is to invest more than £1m to help police tackle car thefts in the UK as part of ongoing efforts to reassure its luxury vehicle owners. 

The cash will be used to support police operations in hotspots, as well as fund intelligence gathering and target ports used by criminal gangs to smuggle stolen vehicles abroad, including Range Rovers.

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In addition to this direct support, specialist JLR teams continue to assist police by sharing expertise on the tactics and tools used in the theft of its vehicles, as well as help in recovery efforts and to bring prosecutions.

Pic: JLR
Image:
Pic: JLR


The investment forms part of action being taken by the carmaker to support customers.

Last year, JLR launched its own insurance product after owners of its vehicles struggled to get cover following a spate of keyless Range Rover thefts.

It has already provided more than 46,300 quotes, with an average premium offered of £183 per month.

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JLR has also moved to bolster the security of both new and older generation vehicles.

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It points to official police national computer (PNC) data which shows since January 2022, only 0.2% of new Range Rover and new Range Rover Sports have been stolen, while only 0.3% of new Defenders have been affected since launch in 2020.

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The vehicles are a favourite amongst celebrities, VIPs and royalty with prices starting from around £75,000 for the Range Rover Sport and £104,000 for the larger Range Rover.

JLR managing director Patrick McGillycuddy said: “We are constantly developing our systems and security features and through our close collaboration with police, we stay ahead of any emerging methods and quickly deploy anti-theft measures.

“This additional investment, coupled with our other ongoing and proactive action, shows our commitment to supporting the authorities in having a tangible impact on combating this issue in the UK.”

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TalkTalk Group picks bankers to spearhead break-up

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TalkTalk Group picks bankers to spearhead break-up

TalkTalk Group has picked advisers to spearhead a break-up that will lead to the sale of one of Britain’s biggest broadband providers.

Sky News has learnt that PJT Partners, the investment bank, is being lined up to handle a strategic review aimed at assessing the optimal timing for a disposal of TalkTalk’s remaining businesses.

PJT’s appointment is expected to be finalised shortly, City sources said this weekend.

Founded by Sir Charles Dunstone, the entrepreneur who also helped establish The Carphone Warehouse, TalkTalk has 3.2 million residential broadband customers across the UK.

That scale makes it one of the largest broadband suppliers in the country, and means that Ofcom, the telecoms industry regulator, will maintain a close eye on the company’s plans.

The break-up is expected to take some time to complete, and will involve the separate sales of TalkTalk’s consumer operations, and PlatformX, its wholesale and network division.

Within the latter unit, TalkTalk’s ethernet subsidiary could also be sold on a standalone basis, according to insiders.

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TalkTalk, which has been grappling with a heavily indebted balance sheet for some time, secured a significant boost during the summer when it agreed a £120m capital injection.

The bulk of those funds came from Ares Management, an existing lender to and shareholder in the company.

That new funding followed a £1.2bn refinancing completed late last year, but which failed to prevent bondholders pushing for further moves to strengthen its balance sheet.

Over the last year, TalkTalk has slashed hundreds of jobs in an attempt to exert a tighter grip on costs.

It also raised £50m from two disposals in March and June, comprising the sale of non-core customers to Utility Warehouse.

In addition, there was also an in-principle agreement to defer cash interest payments and to capitalise those worth approximately £60m.

The company’s business arm is separately owned by TalkTalk’s shareholders, following a deal struck in 2023.

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TalkTalk was taken private from the London Stock Exchange in a £1.1bn deal led by sister companies Toscafund and Penta Capital.

Sir Charles, the group’s executive chairman, is also a shareholder.

The company is now run by chief executive James Smith.

The identity of suitors for TalkTalk’s remaining operations was unclear this weekend, although a number of other telecoms companies are expected to look at the consumer business.

Britain’s altnet sector, which comprises dozens of broadband infrastructure groups, has been struggling financially because of soaring costs and low customer take-up.

On Saturday, a TalkTalk spokesman declined to comment.

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Estate agent LRG eyes £800m sale amid spectre of Budget tax raid

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Estate agent LRG eyes £800m sale amid spectre of Budget tax raid

One of Britain’s biggest estate agency groups is drawing up plans for an £800m sale amid speculation that Rachel Reeves, the chancellor, is plotting a fresh tax raid on homeowners in her autumn Budget.

Sky News has learnt that LRG, which is owned by the American buyout firm Platinum Equity, is being groomed for an auction that would take place during the coming months.

Bankers at Rothschild have been appointed by Platinum to oversee talks with potential bidders.

Platinum acquired LRG, which owns brands including Acorn, Chancellors and Stirling Ackroyd, in January 2022.

The estate agency group, which handles residential sales and lettings, trades from more than 350 branches and employs approximately 3,500 people.

City sources said this weekend that Platinum believed a valuation for the business of well over £700m was achievable in a sale.

The US-based private equity investor bought LRG – then known as Leaders Romans Group – from Bowmark Capital, a smaller buyout firm.

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Bidders in this auction are also likely to include financial investors.

Some of LRG’s brands have a long history in the UK property industry, with Portico tracing its origins as far back as 1818.

The company, now run by chief executive Michael Cook, manages 73,000 properties and last year handled property sales worth £3.6bn.

Although prospective bidders for LRG have already begun being sounded out, an auction of the group is likely to take several months to conclude.

Industries such as banking, housing and gambling have been gripped by suggestions that the chancellor will target them in an attempt to raise tens of billions of pounds in additional revenue.

Last month, house prices fell unexpectedly – albeit by just 0.1% – amid warnings from economists about the impact of speculation over a tax raid on homeowners.

Reports in the last two months have suggested that Ms Reeves and her officials at the Treasury are considering measures such as an overhaul of stamp duty, a mansion tax and the ending of primary residence relief for properties above a certain value.

Her Budget, which will take place in late November, is still more than two months away, suggesting that meaningful discussions with bidders for businesses such as LRG are unlikely to take place until the impact of new tax measures has been properly digested.

Robert Gardner, chief executive at Nationwide, the UK’s biggest building society, said reform of property taxes was overdue.

“House prices are still high compared to household incomes, making raising a deposit challenging for prospective buyers, especially given the intense cost of living pressures in recent years,” he said earlier this month

Britain’s estate agency market remains relatively fragmented, with groups such as LRG spearheading myriad acquisitions of small players with fewer than a handful of branches.

Among the other larger operators in the market, Dexters – which is chaired by the former J Sainsbury boss Justin King – is also backed by private equity investors in the form of Oakley Capital.

Few estate agents now have their shares publicly traded, with the equity of Foxtons Group, one of London’s most prominent property agents, now worth just £168m.

Platinum Equity declined to comment.

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Tax rises expected as government borrowing highest in five years – latest ONS figures

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Tax rises expected as government borrowing highest in five years - latest ONS figures

Government borrowing last month was the highest in five years, official figures show, exacerbating the challenge facing Chancellor Rachel Reeves.

Not since 2020, in the early days of the COVID pandemic with the furlough scheme ongoing, was the August borrowing figure so high, according to data from the Office for National Statistics (ONS).

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Tax and national insurance receipts were “noticeably” higher than last year, but those rises were offset by higher spending on public services, benefits and interest payments on debt, the ONS said.

It meant there was an £18bn gap between government spending and income, a figure £5.25bn higher than expected by economists polled by Reuters.

A political headache

Also released on Friday were revisions to the previous months’ data.

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Borrowing in July was more than first thought and revised up to £2.8bn from £1.1bn previously.

For the financial year as a whole, borrowing to June was revised to £65.8bn from £59.9bn.

State borrowing costs have also risen because borrowing has simply become more expensive for the government. Interest payments rose to £8.4bn in August.

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It compounds the problem for Ms Reeves as she approaches the November budget, and means tax rises could be likely.

Her self-imposed fiscal rules, which she repeatedly said she will stick to, mean she must bring down government debt and balance the budget by 2030.

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Tax rises?

Ms Reeves will need to find money from somewhere, leading to speculation taxes will increase and spending will be cut.

“Today’s figures suggest the chancellor will need to raise taxes by more than the £20bn we had previously estimated,” said Elliott Jordan-Doak, the senior UK economist at research firm Pantheon Macroeconomics.

“We still expect the chancellor to fill the fiscal hole with a smorgasbord of stealth and sin tax increases, along with some smaller spending cuts.”

Sin taxes are typically applied to tobacco and alcohol. Stealth taxes are ones typically not noticed by taxpayers, such as freezing the tax bands, so wage rises mean people fall into higher brackets.

Increased employers’ national insurance costs and rising wages have meant the tax take was already up.

Responding to the figures, Ms Reeves’s deputy, chief secretary to the Treasury, James Murray, said: “This government has a plan to bring down borrowing because taxpayer money should be spent on the country’s priorities, not on debt interest.

“Our focus is on economic stability, fiscal responsibility, ripping up needless red tape, tearing out waste from our public services, driving forward reforms, and putting more money in working people’s pockets.”

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