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The Post Office has announced that more than a hundred larger crown branches – those owned by the company directly – could close with the possible loss of hundreds of jobs.

The Communication Workers Union has signalled a fight ahead as the Post Office confirmed details of its transformation plan.

The affected branches collectively employ close to 1,000 people and are said to be significantly loss-making.

The full list of at-threat branches is as follows:

Bangor – 143 Main Street, BT20 4AQ
Belfast City – 12-16 Bridge Street, BT1 1LT
Edinburgh City – Waverley Mall, Waverley Bridge, EH1 1BQ
Glasgow – 136 West Nile Street, G1 2RD
Haddington – 50 Court Street, EH41 3UU
Inverness – 14-16 Queensgate, IV1 1AX
Kirkwall – 15 Junction Road, KW15 1DD
Londonderry – 3 Custom House Street, BT48 6AA
Newtownards – 8 Frances Street, BT23 4FA
Saltcoats – Chapelwell Street, KA21 5EX
Springburn Way – 230 Springburn Way, Glasgow, G21 1BU
Stornoway – 16 Francis Street, HS1 2AD
Wester Hailes – 14A Westside Plaza, EH14 2SW
Barnes Green – Lee Road, Manchester, M9 4DL
Bransholme – 51A Goodhart Road, Bransholme, Hull, HU7 4JF
Bridlington – 15-17 Quay Road, YO15 2AA
Chester Le Street – 137 Front Street, Chester-le-Street, DH3 3AA
Crossgates – 9 Austhorpe Road, Crossgates, Leeds, LS15 8QS
Eccles – 63 Church Street, Manchester, M30 0NS
Furness House – 5-7 Dalton Road, LA14 1LE
Grimsby – 67-71 Victoria Street, DN31 1AA
Hyde – 30-32 Market Place, SK14 2QU
Kendal – 75 Stricklandgate, LA9 4AA
Manchester – 26 Spring Gardens, M2 1BB
Morecambe – 2-6 Victoria Street, LA4 4AA
Morley – 129A Queens Street, Leeds, LS27 8TB
Poulton Le Fylde – Teanlowe Centre, FY6 7BB
Prestwich – 2 Kingswood Road, Manchester, M25 3NS
Rotherham – 3-5 Bridgegate, S60 1PJ
Salford City – 112 Rossall Way, M6 5DS
Sheffield City – (unclear which branch)
South Shields – 8 King Street, NE33 1HT
St Johns – (unclear)
Sunderland City – 45-47 Fawcett Street, SR1 1RR
The Markets – 6-16 New York Street, Leeds, LS2 7DZ
Birmingham – 1 Pinfold Street, B2 4AA
Breck Road – 11 The Mall, Liverpool, L5 6SW
Caernarfon – Castle Square, LL55 2ND
Didsbury Village – Albert Hill Street, Manchester, M20 6RJ
Harlesden – 2 Wendover Road, London, NW10 4RU
Kettering – 17 Lower Street, NN16 8AA
Kingsbury – 439-441 Kingsbury Road, London, NW9 9DU
Leigh – 17 Silk Street, WN7 1AA
Leighton Buzzard – 7-9 Church Square, LU7 1AA
Matlock – 14 Bank Road, DE4 3AA
Milton Keynes – Unit N1 802 Midsummer Boulevard, MK9 3QA
Northolt – 46 Mandeville Road, UB5 5AA
Old Swan – 489 Prescot Road, Liverpool, L13 3BU
Oswestry – 17 Willow Street, SY11 1AG
Oxford – 102-104 St Aldates, OX1 1ZZ
Redditch – Threadneedle House, Alcester Street, B98 8AB
Southall – 38 The Broadway, UB1 1PY
St Peters Street – 14 St Peters Street, St Albans, AL1 3AA
Stamford – All Saints Place, Stamford, PE9 2EY
Stockport – 36-40 Great Underbank, SK1 1QF
Wealdstone – 4-12 Headstone Drive, Harrow, HA3 5QL
Barnet – 63-65 High Street, EN5 5UU
Cambridge City – 57-58 St Andrew Street, CB2 3BZ
Canning Town – 22 Barking Road, London, E16 1HF
Cricklewood – 193 Cricklewood Broadway, London, NW2 3HR
Dereham – Quebec Street, Dereham, NR19 2AA
Golders Green – 879 Finchley Road, London, NW11 8RT
Hampstead – 79-81A Hampstead High Street, London, NW3 1QL
Harold Hill – 17 Farnham Road, Romford, RM3 8EJ
Kilburn – 79A Kilburn High Road, London, NW6 6JG
Kingsland – 118-120 Kingsland High Street, London, E8 2NX
Lower Edmonton – 1-7 South Mall, Edmonton Green, London, N9 0TX
Roman Road – 138 Roman Road, Bethnal Green, London, E2 0RX
South Ockendon – 8 Derwent Parade, RM15 5EB
Stamford Hill – (unclear, two possible locations)
Bideford – The Quay, EX39 2EX
Dunraven Place – 4-5 Wyndham Street, Bridgend, CF31 1AB
Gloucester – Kings Square, GL1 1AD
Liskeard – The Parade, PL14 6AA
Merthyr Tydfil – 3 John Street, CF47 0AB
Mutley – 38 Mutley Plain, Plymouth, PL4 6LL
Nailsea – Crown Glass Place, Bristol, BS48 1RA
Newquay – 31-33 East Street, TR7 1BU
Paignton – 34 Torquay Road, TQ3 3EX
Port Talbot – 139 Station Road, SA13 1NG
Stroud – 16-17 Russell Street, GL5 3AA
Teignmouth – Den Road, TQ14 8AA
Yate Sodbury – 1 South Parade, Bristol, BS37 4BB
Baker Street – 111 Baker Street, London, W1U 6SG
Bexhill On Sea – Devonshire Square, TN40 1AA
Cosham – 13 High Street, Portsmouth, PO6 3EH
Great Portland Street – 173 Great Portland Street, London, W1W 5PH
High Street (10) – (unclear, multiple locations)
Kensington – 208-212 Kensington High Street, London, W8 7RG
Knightsbridge – 6 Raphael Street, London, SW7 1DL
Melville Road – 20 Melville Road, Hove, BN3 1UB
Paddington Quay – 4 Praed Street, London, W2 1JX
Portsmouth – Slindon Street, PO1 1AB
Raynes Park – 1a Amity Grove, London, SW20 0LL
Romsey – 15-25 Church Street, SO51 8WA
Westbourne – 10-12 Seamoor Road, Bournemouth, BH4 9AW
Windsor – 38-39 Peascod Street, SL4 1AA
Worlds End – 351-353 Kings Road, London, SW3 5EX
Aldwych – 95 Aldwych, London, WC2B 4JN
Brixton – 242 Ferndale Road, London, SW9 8FR
Broadway – 1 Broadway, London, SW1H 0AX
City of London – 12 Eastcheap, London, EC3M 1AJ
East Dulwich – 74-76 Lordship Lane, London, SE22 8HH
Eccleston Street – 6 Eccleston St, London SW1W 9LS
High Holborn – 181 High Holborn, London, WC1V 7RL
Houndsditch – 11 White Kennet Street, London, E1 7BS
Islington – 160-161 Upper Street, London, N1 1US
Kennington Park – 410 Kennington Road, London, SE11 4QA
London Bridge – 19A Borough High Street, London, SE1 9SF
Lupus Street – 121-125 Lupus Street, London, SW1V 3EW
Mount Pleasant – Rosebery Avenue, London, EC1R 4SQ
Vauxhall Bridge Road – 167 Vauxhall Bridge Road, London, SW1V 2ST

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Trump seeks to fire Fed governor, triggering fresh independence crisis

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Trump seeks to fire Fed governor, triggering fresh independence crisis

President Trump says he is firing a governor of the US central bank, a move seen as intensifying his bid for control over the setting of interest rates.

He posted a letter on his Truth Social platform on Monday night declaring that Lisa Cook – the first black woman to be appointed a Federal Reserve governor – was to be removed from her post on alleged mortgage fraud grounds.

She has responded, insisting he has no authority over her job and vowed to continue in the role, threatening a legal battle that could potentially go all the way to the Supreme Court.

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The president‘s threat is significant as he has consistently demanded that the central bank cut interest rates to help boost the US economy. Growth has sagged since he returned to office on the back of US trade war gloom and hiring has slowed sharply in more recent months.

Mr Trump has previously directed his ire over rates at Jay Powell, the chair of the Federal Reserve, blaming him for the economic jitters and has repeatedly called for him to be fired.

The Fed, as it is known, has long been considered an institution independent from politics and question marks over that independence has previously shaken financial markets.

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The dollar was hit overnight while US futures indicate a negative opening for stock markets.

Mr Powell’s term is due to end next spring and the president is expected to soon nominate his replacement.

Fed chair Jay Powell is seen in discussion with board member Lisa Cook. Pic: AP
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Fed chair Jay Powell is seen in discussion with board member Lisa Cook. Pic: AP

The Fed has 12 people with a right to vote on monetary policy, which includes the setting of interest rates and some regulatory powers.

Those 12 include the seven members of the Board of Governors, of which Ms Cook is one.

Replacing her would give Trump appointees a 4-3 majority on the board.

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July: Fed chair has ‘done a bad job’, says Trump

He has previously said he would only appoint Fed officials who support lower borrowing costs.

Ms Cook was appointed to the Fed’s board by then-president Joe Biden in 2022 and is the first black woman to serve as a governor.

Her nomination was opposed by most Senate Republicans at the time and was only approved, on a 50-50 vote, with the tie broken by then-vice president Kamala Harris.

It was alleged last week by a Trump appointed regulator that Ms Cook had claimed two primary residences in 2021 to get better mortgage terms.

Mortgage rates are often higher on second homes or those purchased to rent.

She responded to the president’s letter: “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” she said in an emailed statement.

“I will not resign.”

Legal experts said it was for the White House to argue its case.

But Lev Menand, a law professor at Columbia law school, said of the situation: “This is a procedurally invalid removal under the statute.

“This is not someone convicted of a crime. This is not someone who is not carrying out their duties.”

The Fed was yet to comment.

It has held off from interest rate cuts this year, largely over fears that the president’s trade war will result in a surge of inflation due to higher import duties being passed on in the world’s largest economy.

However, Mr Powell hinted last week that a cut could now be justified due to risks of rising unemployment.

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New Look owners pick bankers to fashion sale process

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New Look owners pick bankers to fashion sale process

The owners of New Look, the high street fashion retailer, have picked bankers to oversee a strategic review which is expected to see the company change hands next year.

Sky News has learnt that Rothschild has been appointed in recent days to advise New Look and its shareholders on a potential exit.

The investment bank’s appointment follows a number of unsolicited approaches for the business from unidentified suitors.

New Look, which trades from almost 340 stores and employs about 10,000 people across the UK, is the country’s second-largest womenswear retailer in the 18-to-44 year-old age group.

It has been owned by its current shareholders – Alcentra and Brait – since October 2020.

In April, Sky News reported that the investors were injecting £30m of fresh equity into the business to aid its digital transformation.

Last year, the chain reported sales of £769m, with an improvement in gross margins and a statutory loss before tax of £21.7m – down from £88m the previous year.

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Like most high street retailers, it endured a torrid Covid-19 and engaged in a formal financial restructuring through a company voluntary arrangement.

In the autumn of 2023, it completed a £100m refinancing deal with Blazehill Capital and Wells Fargo.

A spokesperson for New Look declined to comment specifically on the appointment of Rothschild, but said: “Management are focused on running the business and executing the strategy for long-term growth.

“The company is performing well, with strong momentum driven by a successful summer trading period and notable online market share gains.”

Roughly 40% of New Look’s sales are now generated through digital channels, while recent data from the market intelligence firm Kantar showed it had moved into second place in the online 18-44 category, overtaking Shein and ASOS.

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Coca-Cola brews up sale of high street coffee giant Costa

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Coca-Cola brews up sale of high street coffee giant Costa

The Coca-Cola Company is brewing up a sale of Costa, Britain’s biggest high street coffee chain, more than six years after acquiring the business in a move aimed at helping it reduce its reliance on sugary soft drinks.

Sky News can exclusively reveal that Coca-Cola is working with bankers to hold exploratory talks about a sale of Costa.

Initial talks have already been held with a small number of potential bidders, including private equity firms, City sources said on Saturday.

Lazard, the investment bank, is understood to have been engaged by Coca-Cola to review options for the business and gauge interest from prospective buyers.

Indicative offers are said to be due in the early part of the autumn, although one source cautioned that Coca-Cola could yet decide not to proceed with a sale.

Costa trades from more than 2,000 stores in the UK, and well over 3,000 globally, according to the latest available figures.

It has been reported to have a global workforce numbering 35,000, although Coca-Cola did not respond to several attempts to establish the precise number of outlets currently in operation, or its employee numbers.

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This weekend, analysts said that a sale could crystallise a multibillion pound loss on the £3.9bn sum Coca-Cola agreed to pay to buy Costa from Whitbread, the London-listed owner of the Premier Inn hotel chain, in 2018.

One suggested that Costa might now command a price tag of just £2bn in a sale process.

The disposal proceeds would, in any case, not be material to the Atlanta-based company, which had a market capitalisation at Friday’s closing share price of $304.2bn (£224.9bn).

At the time of the acquisition, Coca-Cola’s chief executive, James Quincey, said: “Costa gives Coca-Cola new capabilities and expertise in coffee, and our system can create opportunities to grow the Costa brand worldwide.

“Hot beverages is one of the few segments of the total beverage landscape where Coca-Cola does not have a global brand.

“Costa gives us access to this market with a strong coffee platform.”

However, accounts filed at Companies House for Costa show that in 2023 – the last year for which standalone results are available – the coffee chain recorded revenues of £1.22bn.

While this represented a 9% increase on the previous year, it was below the £1.3bn recorded in 2018, the final year before Coca-Cola took control of the business.

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Coca-Cola has been grappling with the weak performance of Costa for some time, with Mr Quincey saying on an earnings call last month: “We’re in the mode of reflecting on what we’ve learned, thinking about how we might want to find new avenues to grow in the coffee category while continuing to run the Costa business successfully.”

“It’s still a lot of money we put down, and we wanted that money to work as hard as possible.”

Costa’s 2022 accounts referred to the financial pressures it faced from “the economic environment and inflationary pressures”, resulting in it launching “a restructuring programme to address the scale of overheads and invest for growth”.

Filings show that despite its lacklustre performance, Costa has paid more than £250m in dividends to its owner since the acquisition.

The deal was intended to provide Coca-Cola with a global platform in a growing area of the beverages market.

Costa trades in dozens of countries, including India, Japan, Mexico and Poland, and operates a network of thousands of coffee vending machines internationally under the Costa Express brand.

The chain was founded in 1971 by Italian brothers Sergio and Bruno Costa.

It was sold to Whitbread for £19m in 1995, when it traded from fewer than 40 stores.

The business is now one of Britain’s biggest private sector employers, and has become a ubiquitous presence on high streets across the country.

Its main rivals include Starbucks, Caffe Nero and Pret a Manger – the last of which is being prepared for a stake sale and possible public market flotation.

It has also faced growing competition from more upmarket chains such as Gail’s, the bakeries group, which has also been exploring a sale.

Coca-Cola communications executives in the US and UK did not respond to a series of emails and calls from Sky News seeking comment on its plans for Costa.

A Lazard spokesperson declined to comment.

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