P&O Ferries owner will attend UK investment summit despite scathing criticism from Louise Haigh
The boss of the company that owns P&O Ferries will attend an investment summit in the UK despite the transport secretary’s scathing criticism, which included calls for a boycott of the shipping firm.
Sky News understands Sultan Ahmed bin Sulayem, chief executive of Dubai-based DP World, will join the government’s Investment Summit on Monday.
It comes after reports that remarks by Transport Secretary Louise Haigh jeopardised a £1bn investment in the UK from DP World.
The event on Monday is intended to showcase Britain’s appeal to investors and will be attended by the prime minister and Chancellor Rachel Reeves.
DP World’s investment in the port was under review following criticism by Ms Haigh and Deputy Prime Minister Angela Rayner of its subsidiary P&O Ferries.
In March 2022, P&O Ferries caused huge controversy by sacking 800 British seafarers and replacing them with cheaper, largely foreign workers, a move it said was required to prevent the company from collapsing.
DP World chief executive Sultan Ahmed bin Sulayem. Pic: AP
Announcing new legislation to protect seafarers on Wednesday, Ms Haigh described P&O Ferries as a “rogue operator” and said consumers should boycott the company.
In a press release issued with Ms Rayner, Ms Haigh said P&O Ferries’ actions were “a national scandal” and Ms Rayner described it as “an outrageous example of manipulation by an employer”.
Prime Minister Sir Keir Starmer has said Ms Haigh’s call for a boycott of the ferry firm was “not the view of the government”.
Speaking to BBC Newscast about the situation, he said: “Well, look, I think we’ll resolve that.
“But… I think if you look at the last three or four weeks, you’ve seen £40-plus billion worth of investment.”
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In a press release issued with Ms Rayner, Ms Haigh said P&O’s actions were “a national scandal” and Ms Rayner described it as “an outrageous example of manipulation by an employer”.
Labour MP Liam Byrne has defended Ms Haigh, saying she was “absolutely right” to express her view that the behaviour of P&O Ferries was “completely unacceptable”.
Mr Byrne, who is also the chairman of the House of Commons Business and Trade Committee, said the ferry firm’s past treatment of its workers is “the kind of behaviour that we can’t have in this country”.
File pic: PA
But he added that the government’s Employment Rights Bill would provide a “very clear framework” on how companies can treat workers, which would “bite on” firms like P&O Ferries.
When asked about any movement on the £1bn investment, a senior government source told Sky News: “It’s for companies to announce their investments but warm engagement continues. We look forward to a successful summit, showing that with this Labour government, Britain is open for business.”
A Number 10 spokeswoman said: “Investors are coming to our summit on Monday because they have renewed confidence in Britain, thanks to the stability and seriousness this Labour government brings.”
P&O Ferries, which is owned by a different company to P&O Cruises, operates routes across the Channel, North Sea and from Britain to the island of Ireland.
The parent company of PizzaExpress is hiring bankers to help it refinance a £335m bond ahead of its maturity, amid tough trading conditions for casual dining operators.
Sky News has learnt that Wheel Topco is close to appointing PJT Partners, the investment bank, to advise it on talks with its debtholders.
PizzaExpress trades from 359 sites in the UK and Ireland, and is one of Britain’s most ubiquitous restaurant chains.
According to its latest accounts, its bond matures in July 2026, with negotiations expected to get underway with bondholders in the coming weeks.
News of PJT’s imminent appointment comes a year after PizzaExpress explored a takeover bid for The Restaurant Group, which counts Wagamama as its main asset.
It decided against making a formal offer, citing “market conditions”.
In 2020, a group of bondholders took control of PizzaExpress after a financial restructuring which saw them injecting £40m into the business.
They parachuted in Allan Leighton, one of Britain’s most prominent businessman, as chairman, and named former Wagamama chief David Campbell as chief executive.
Mr Campbell has since left the company.
Last year, the company made a loss after tax of £7.5m, and said in filings at Companies House that it had “continued to experience strong macroeconomic headwinds” in the UK and Ireland.
A number of its rivals have also ben buffeted by difficult trading, with TGI Fridays recently being sold through a pre-pack administration to Breal Capital and Calveton, the owners of upmarket London restaurants such as Le Pont de la Tour and Coq d’Argent.
PizzaExpress declined to comment.
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