Connect with us

Published

on

Nationwide Building Society has agreed terms for a takeover of Virgin Money in a £2.9bn deal that would create a larger rival to the UK’s major lenders.

While nothing has been finalised, the offer on the table would see the two brands continue to be run as separate entities, with the Virgin Money brand retained for around six years.

No material changes to the size of Virgin Money’s 7,300-strong workforce were expected “in the near term”, Nationwide said.

The all-cash offer of 220p per Virgin Money share represented a premium of 38% to Virgin Money’s share price on Wednesday.

Money latest: Britons in two big salary groups have lost more from ‘stealth tax’ than they’ve gained from NI cut

A planned 2p a share dividend payout would come on top of that payment, a statement by the pair added.

The expanded company would become the country’s second largest mortgage and savings group by market share, should a takeover proceed.

More from Business

It would be worth around £366.3bn, with total lending and advances of about £283.5bn.

Debbie Crosbie
Image:
Nationwide boss Debbie Crosbie says its future remains as member-owned

The mutual said the deal would be funded through its existing cash resources and allow it to offer a wider range of products and services to its members.

Nationwide chief executive Debbie Crosbie said: “Importantly, Nationwide will remain a building society, and a combined group would bring the benefits of fairer banking and mutual ownership to more people in the UK, including our continuing commitment to retain existing branches, as part of our ‘Branch Promise’ and leading levels of customer service.

“We believe the combination would create a stronger and more diverse business that will be better placed to deliver value to our members and customers, both now and in the future.”

Virgin Money UK’s chairman, David Bennett, added: “The board of Virgin Money is pleased that Nationwide recognises the considerable strengths and opportunities that exist across our business, with the potential acquisition delivering attractive value for our shareholders.

“We are confident that a combination would support an exciting new chapter for Virgin Money to benefit from Nationwide’s scale and ambition.”

Virgin Money shares rose 36% at the market open, reflecting the scale of the offer.

The bank was formerly the Clydesdale and Yorkshire bank group and rebranded after a £1.6bn takeover of Sir Richard Branson’s banking group in 2018.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said of the announcement: “The £2.9bn deal came as a surprise but given the building society’s strategic aim it’s makes sense.

“It wants to bolster and diversify streams of funding, tap into business deposits, and give a rocket boost to the development of its services.

“A mutual taking over a listed bank is a rare move, but Nationwide clearly does not want to be stuck in the past and wants the know-how and access to scoop up future customers who demand more cutting-edge financial services.”

Continue Reading

UK

Oleksandr Usyk defeats Tyson Fury to become heavyweight champion of the world

Published

on

By

Oleksandr Usyk defeats Tyson Fury to become heavyweight champion of the world

Oleksandr Usyk has become the undisputed heavyweight champion of the world after defeating Tyson Fury in boxing’s biggest fight of the century.

The Ukrainian won on a split decision following the match in Saudi Arabia.

Usyk had 115-112 and 114-113 on two cards, while Fury took the other 114-113.

Oleksandr Usyk lands a punch on Tyson Fury. Pic: PA
Image:
Oleksandr Usyk lands a punch on Tyson Fury. Pic: PA

Fury disputed his loss after the match, saying: “I believe I won that fight. I believe he won a few rounds but I won more of them.

“Make no mistake I won that fight and I’ll be back.”

In response Usyk said he was “ready for a rematch”.

Tyson Fury v Oleksandr Usyk. Pic: Action Images via Reuters
Image:
Pic: Action Images via Reuters

Fury came under early pressure, with Usyk taking the centre of the ring with an aggressive offensive from the start.

At one point Fury was pushed against the ropes and started laughing as Usyk applied pressure.

The “Gypsy King” looked relaxed as he moved around the ring in the early rounds and picked his shots.

Pic: PA
Image:
Pic: PA

Tyson Fury lunges at Oleksandr Usyk. Pic: PA
Image:
Fury lunges at Usyk. Pic: PA

But after Usyk landed a right hook in the ninth round it looked as if Fury was in serious trouble. The Ukrainian followed up by unloading freely but somehow the bookmakers’ favourite stayed on his feet and was saved by the bell.

Last night, Fury weighed in at 262lbs (18st 10lbs) – nearly three stone heavier than Usyk, who clocked in at a career heaviest of 223lbs (15st 13lbs).

Fury refused to look at his opponent during a news conference on Thursday, but did not back down at the weigh-in last night, where the pair almost came to blows before being separated by their entourages.

Usyk arrived into the ring first, dressed as a Cossack warrior.

Fury entered to songs by Barry White and Bonnie Tyler, with the “Gypsy King” spending several minutes dancing on stage before the song changed to Holding Out For A Hero.

Anthony Joshua watched from the ringside, knowing he could meet the winner early next year.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Continue Reading

UK

Brixham: Warning ‘heads are going to roll’ after water parasite outbreak – as ‘nearly every house in one close has someone ill’

Published

on

By

Brixham: Warning 'heads are going to roll' after water parasite outbreak - as 'nearly every house in one close has someone ill'

Thousands of homes have had their boiling water restrictions lifted after a water tank infected with cryptosporidium was drained and cleaned, South West Water has said.

About 16,000 households in the Brixham area of Devon were told to boil their drinking water following 46 confirmed cases of the disease.

On Saturday afternoon South West Water lifted the boiling restrictions for 14,500 homes after water quality monitoring results found no traces of cryptosporidium in the Alston supply area.

Cryptosporidiosis is caused by a tiny parasite and can lead to vomiting, stomach cramps and watery diarrhoea lasting about two weeks.

More cases are expected to be confirmed due to a delay in developing symptoms – and about 100 more people around Brixham were reporting signs of it on Friday.

South West Water believes the parasite probably entered supplies through a damaged pipe in a field containing animal faeces.

A contaminated water tank at Hillhead reservoir, where cryptosporidium was detected, was drained overnight and “thoroughly cleaned” on Saturday, South West Water said.

One local resident said she knew of only four houses out of 21 in Raddicombe Close, on the outskirts of Brixham, which have not had at least one person fall ill with cryptosporidiosis.

The local MP has warned “heads are going to roll” over the incident.

Tory MP Anthony Mangnall, whose constituency includes Brixham, told LBC: “This is such a serious matter that yes, I think heads are going to roll over this.”

He claimed the supplier had been too slow to issue its safety alert.

An area around Brixham, Devon, affected by a 'boil your tap water' warning. Pic: South West Water
Image:
16,000 businesses and residents are affected by the boil water notice. Pic: South West Water

Mr Mangnall said: “From starting this week with a denial from South West Water that it was anything to do with them, delaying the fact that the boil water notice came in – meaning thousands of people used the water network – to then issuing it on Wednesday, and there are a lot of people who are very ill.”

He called it an “absolutely disastrous week” and said locals were furious.

South West Water has said it’s “deeply sorry” and that it’s been “working tirelessly” to identify the source of the problem and fix it.

One of the sites where locals have queued up to collect bottled water
Image:
Bottled water stations have been set up in the area.

Read more:
What we know about parasite found in drinking water

Parasite outbreak has ‘destroyed’ business

Liberal Democrat leader Sir Ed Davey accused the government of not doing enough to hold water companies to account.

He told Sky News the firms were “putting profit over the environment, over public health” after multiple cases of sewage being released into rivers and seas.

“We [Liberal Democrats] wouldn’t wait for fines for pollution,” Sir Ed said.

“There should be a sewage tax on the profits of these water companies so we can get the money now.

“There needs to be much tougher regulation… and we may need to look at restructuring the whole water industry.”

Please use Chrome browser for a more accessible video player

Kelly Holmes joins anti-sewage protest

It comes as dozens of protests over sewage releases were planned for Saturday.

Surfers Against Sewage is promoting “paddle-out” demonstrations at 30 locations, with Olympian Dame Kelly Holmes among those at the event in Brighton.

Continue Reading

UK

Devon: Confirmed cases of disease more than double to 46 after parasite found in drinking water

Published

on

By

Devon: Confirmed cases of disease more than double to 46 after parasite found in drinking water

The confirmed cases of a waterborne disease caused by a parasite have more than doubled.

There are now 46 confirmed cases of cryptosporidiosis, a diarrhoeal illness, the UK Health Security Agency (UKHSA) has said – with more than 100 further people reporting similar symptoms in the Brixham area.

Other reported cases of diarrhoea and vomiting in residents and visitors to the south Devon town are also under investigation. Hundreds of locals have also reported feeling unwell over the last two weeks on social media.

MPs and South West Water officials have confirmed the parasite most likely entered water supplies through animal faeces, but an investigation is still ongoing.

What is cryptosporidiosis disease?

Please use Chrome browser for a more accessible video player

‘Cow faeces’ infected Devon water

The UKHSA first confirmed cases of the disease at around midday on Wednesday, while locals were initially told by South West Water that their tap water was uncontaminated and safe to drink.

But after testing supplies in the Hillhead reservoir, the water company found “small traces” of the parasite cryptosporidium – which causes cryptosporidiosis – and told residents in parts of Brixham and Alston to boil their drinking water on Wednesday.

More on Devon

A total of 16,000 households and businesses in Brixham, Boohay, Kingswear, Roseland and North West Paignton were impacted and offered £15 compensation at first.

Over the next two days, South West Water apologised to those affected and increased the offer to £115. Amid the chaos, one primary school closed its doors on Thursday due to not having safe running drinking water.

An area around Brixham, Devon, affected by a 'boil your tap water' warning. Pic: South West Water
Image:
16,000 businesses and residents are affected by the boil water notice. Pic: South West Water

‘Very hard questions for water company’

Speaking to Sky News yesterday, South West Water’s chief customer officer Laura Flowerdew confirmed it was likely a broken air valve contaminated by animal faeces that had caused the outbreak.

However, she refused to give a timeframe on how long the incident would be ongoing – leaving thousands of residents facing an uncertain future.

Speaking on Friday at the University of Exeter, Health Secretary Victoria Atkins said there will be “very, very hard questions” for South West Water over the outbreak.

“At the moment I think we probably need to give them the space to conduct their investigation; we know that they have identified the source,” she said.

“The public will want to know how on earth that source happened, what was the chain of events that led to this, because of course we all understand the expectation that we all have when we turn our taps on is that [we get] clean drinking water and we want to be able to trust it.”

Read more on Sky News:
Teacher guilty of sexual activity with a child
Teen had cardiac arrest after ‘spicy chip challenge’
Tom Brady vows to be ‘better parent’ after roast

File pic: Dr_Microbe/iStock

Release of sporozoites from Cryptosporidium parvum oocyst, 3D illustration. Cryptosporidium is a protozoan, microscopic parasite, the causative agent of the diarrheal disease cryptosporidiosis
Image:
Most cases of cryptosporidiosis pass in two weeks. Symptoms include diarrhoea and vomiting. File pic: Dr_Microbe/iStock

‘Expect to see more cases’

Totnes MP Anthony Mangnall also warned the boil notice could last “at least a further six or seven days” and called for more transparency.

Professor Paul Hunter, a specialist in medical microbiology at the University of East Anglia, told Sky News if the parasite was “a continuous thing” present in water supplies for a prolonged period, then “you’d expect to see more cases” for another two weeks.

It comes as hotel owners in the area told Sky News the outbreak has led to people cancelling their stay, while a head chef said “I can’t wash salad in the sink”.

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

‘Destroyed our business’

Stephen Colemansfield, owner of Redlands Guest House in Brixham, told Sky News the outbreak has “destroyed our business at the moment”.

“Our guests have cancelled because of the mixed messages that are being sent out by South West Water.”

Rob, head chef at the Steam Packet Inn in Kingswear near Dartmouth, also said his brother-in-law is one of the 46 confirmed cases of cryptosporidiosis and has been sick for two weeks.

The UKHSA is working with Torbay Council, South West Water, NHS Devon and the Environment Agency on the incident.

Continue Reading

Trending