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A pack of bidders are circling Access Self Storage, a privately held network of sites which has been put up for sale for more than £1bn.

Sky News understands that the private equity firms TPG and Aermont, the latter of which owns a controlling stake in Pinewood Studios, and Belgian-listed self-storage group Shurgard are among the parties which submitted non-binding offers for Access earlier this week.

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Sources said that QuadReal Property Group, a Canadian-based property investor, might also be among the bidders.

The auction, which is expected to fetch well over £1bn, is being handled by bankers at JP Morgan.

Blackstone, the world’s most prolific investor of private equity capital into real estate assets, has decided not to bid after examining the opportunity, according to one insider.

It comes at a time of frenetic corporate activity in the self-storage sector, with a string of deals having been announced in the last 12 months.

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London-listed Lok ‘n’ Store was bought by Shurgard last spring in a deal worth close to £380m.

The two biggest players in the UK market are Safestore and Big Yellow.

A deal is expected to be struck in the coming months.

None of the parties contacted by Sky News would comment on Friday.

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Online fashion marketplace Trouva pauses trading and hunts buyer

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Online fashion marketplace Trouva pauses trading and hunts buyer

Trouva, an online marketplace for fashion boutiques, is calling a halt to trading while it explores its fourth sale in less than three years.

Sky News understands that the current owners of Trouva, which was founded in 2013, are working with the accountancy firm RSM to find a buyer.

Trouva is now owned by Project J alongside Fy!, a home and living marketplace which is unaffected by the sale process.

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The company offers a platform for independent shops and boutiques that do not have an online presence to sell their products.

A source close to the company said it had taken the decision to pause orders and sales during the search for a new owner in order “to protect customers and sellers”.

Since 2022, Trouva has been owned at various points by Made.com, which itself subsequently collapsed, then briefly by Next, and then a vehicle called Re:store.

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It was acquired by Project J last year.

“This has been an incredibly difficult decision, but we have decided to focus our efforts on building the Fy! brand and explore the options for a sale of Trouva,” Jonathan Thomson, co-founder of Project J, said.

“By exploring a potential sale, we are creating an opportunity for Trouva to continue its journey.

“We believe this is in the best interests of the business, boutiques and the team.”

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Plans to drill Rosebank and Jackdaw oil and gas fields thwarted in court

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Plans to drill Rosebank and Jackdaw oil and gas fields thwarted in court

Plans to develop the UK’s largest untapped oilfield have been thwarted in a major climate court case.

A Scottish court ruled the previous Conservative government acted “unlawfully” when it green-lit the offshore Rosebank oilfield and smaller Jackdaw gas project.

The judge said the assessment of the projects’ climate damage failed to acknowledge the impact of burning the oil and gas, rather than just from getting them out of the ground.

The case is a victory for climate campaigners – the latest in a series of fossil fuel projects toppled in a domino effect triggered by a “game-changing” court ruling in June.

But the projects could yet still go ahead.

The new Labour administration, elected last July on a mandate to tackle climate change, must now consider the full climate impact of the so-called “downstream” emissions, and make a fresh decision, the court said.

Oil and gas still provide more than two thirds of the UK’s energy, although the volumes in Rosebank and Jackdaw would not dramatically lower UK imports. That makes any future decision on them “political”, said Dr Ewan Gibbs, energy historian at Glasgow University.

Labour could sign off on them while still sticking to its election promise of “no new licenses” for North Sea projects, as these projects already have licences, but just need final government consent.

Campaigners celebrate ‘historic win’

Philip Evans, senior campaigner at Greenpeace UK, which brought the Jackdaw case, said: “This is a historic win – the age of governments approving new drilling sites by ignoring their climate impacts is over.”

The case argued by campaign groups Greenpeace and Uplift last year was boosted by a landmark judgment from the higher Supreme Court in June, which ruled these types of emissions could no longer be omitted.

Greenpeace called it “game-changing”.

Since then, other projects like the West Cumbria coal mine were toppled on the same grounds, and the new government said it would no longer defend such projects in court.

During a hearing in November, the sites’ developers – Shell, Equinor and Ithaca Energy – said they accepted the previous approvals had in fact been unlawful.

But they argued the projects should be allowed to proceed anyway, as they were at advanced stages and the goalposts had been moved.

Why fossil fuel companies are also pleased

Today, Lord Ericht from Scotland’s Court of Session overturned the approvals.

“The public interest in authorities acting lawfully and the private interest of members of the public in climate change outweigh the private interest of the developers,” he said.

“The decisions will be [quashed], and can be taken again, this time taking into account downstream emissions.”

In the meantime the companies are allowed to continue developing their sites, but not extract any of the oil and gas.

A spokesperson for Rosebank’s primary developer Equinor said: “We welcome today’s ruling and are pleased with the outcome which allows us to continue with progressing the Rosebank project while we await new consents.

“Rosebank is critical for the UK’s economic growth, with an estimated 77% (£6.6bn) of total direct investment benefiting UK businesses.”

Rosebank contains about 300 million barrels of oil, most of which would be exported. The smaller amounts of gas from Jackdaw were destined for UK use, but were not expected to make a dent in household bills.

A spokesperson for the government’s energy department said it will in spring issue updated guidance on environmental assessments, and companies could reapply for permissions under those terms.

They added: “Our priority is to deliver a fair, orderly and prosperous transition in the North Sea in line with our climate and legal obligations, which drives towards our clean energy future of energy security, lower bills, and good, long-term jobs.”

A spokesperson for Jackdaw developer Shell said: “Swift action is needed from the government so that we and other North Sea operators can make decisions about vital UK energy infrastructure.”

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Post Office unveils new wave of cuts to fuel transformation plan

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Post Office unveils new wave of cuts to fuel transformation plan

The Post Office has unveiled plans for scores more job cuts as part of a transformation plan aimed at boosting payouts for thousands of sub-postmasters.

Sky News has learnt the state-owned company was in the process of informing about 100 senior managers on Wednesday that their roles would be affected by its proposals.

Some of those individuals are expected to see their jobs disappear, although the precise number was unclear.

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The changes represent the latest phase of an overhaul outlined by chairman Nigel Railton last November, in which he said he wanted to add £250m annually to Post Office sub-postmaster remuneration.

“The Post Office has a 360-year history of public service and today we want to secure that service for the future by learning from past mistakes and moving forward for the benefit of all postmasters,” Mr Railton said at the time.

“We can, and will, restore pride in working for a business with a legacy of service, rather than one of scandal.”

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The Post Office has been engulfed in crisis since the scale of the Horizon IT scandal became clear, with hundreds of sub-postmasters wrongly prosecuted for theft and fraud offences.

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Brought to a wider public audience by the ITV drama Mr Bates vs The Post Office, it has been labelled Britain’s biggest miscarriage of justice.

Many of those affected suffered ill health, marital breakdowns or died before they were exonerated.

Former chief executive Paula Vennells, who insisted for years that the Horizon system was robust, was effectively stripped of her damehood in disgrace last year.

The Department for Business and Trade (DBT) has asked BCG, the management consultancy, to examine options for mutualising the Post Office, with further details expected to become clear this year.

A Post Office spokesman declined to comment on Wednesday morning.

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