Brexit-backing home shopping tycoon Mills plots JML sale | Business News

The home shopping tycoon who was among the most prominent business backers of Britain’s departure from the EU has put his company up for sale just months before the end of the Brexit transition period.

Sky News understands that John Mills has instructed Cavendish Corporate Finance to contact prospective buyers of JML, a multichannel retailer of consumer products.

The process is at an early stage and is not expected to result in a deal for several months, according to people close to the process.

Mr Mills set up JML in 1986 in the basement of his north London home, since when it has grown into a business recording more than £100m in annual sales.

He continues to hold a roughly 70% stake in it.

As the founder of Labour Leave, the tycoon was a vocal supporter of Brexit.

Mr Mills, second to the right, was among prominent Labour figures
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Coronavirus: The big brands that have announced job losses over the past week | Business News

The grim toll of coronavirus-related job losses has accelerated in the last week.

Firms have seen their revenues decimated by the impact of the pandemic – and some are launching redundancy consultations before they start picking up some of the cost of furloughed workers from next month.

The government is gradually reducing the support available through the scheme before it ends in October.

Painful decisions for employers to come

After devastating economies across the globe, the impact of the COVID-19 outbreak on jobs is starting to bite, with the threat of unemployment reaching levels not seen since the 1980s.

Businesses have been forced to close, adapt or otherwise weather the disruption since lockdown in late March.

Here are some of the job losses to be recently announced:

Upper Crust – 5,000 jobs

Upper Crust logo job cuts - closed shop

High street reeling as job cuts mount

SSP Group – the company behind the Upper Crust catering brand

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UK secures global satellite system after OneWeb space race | Business News

A victorious UK government-led bid for collapsed satellite operator OneWeb is being hailed as an opportunity to realise global ambitions ahead of the country’s departure from the EU.

The Department for Business, Energy and Industrial Strategy (BEIS) said it was planning a £400m investment after taking a “significant” stake in OneWeb – which entered bankruptcy protection in May after failing to raise more cash from investors to plug a $2bn deficit.

The company has a fleet of satellites – 74 of them in space – though its financial constraints forced delays to further launch schedules.

The deal gives the government access to a ready-made network as Brexit nears, largely ending the UK’s association with the EU’s Galileo network.

Bharti Enterprises, the giant Indian-based telecoms services provider, is part of the consortium due to take control of OneWeb following the bid process though the agreement still has to be rubber-stamped in

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BT and Burberry win over sceptics in move to scrap LTIP schemes | Business News

Two of Britain’s biggest blue-chip companies are on course to win shareholder approval next week for revamped executive pay schemes that could help to defuse renewed tensions over boardroom incentives.

Sky News has learnt that key proxy advisers led by Institutional Shareholder Services (ISS) are backing new pay policies at BT Group and Burberry, the fashion label – both of which are proposing to replace their long-term incentive plans with less lucrative so-called restricted stock programmes.

The recommendation from ISS and others to vote in favour of the companies’ pay policies at next week’s annual meetings may come to be viewed as a milestone in UK executive pay, according to institutional investors.

Lloyds Banking Group is among big names to have seen investor revolts over restricted stock schemes

Restricted stock schemes have historically divided shareholders, leading to substantial revolts at companies such as Lloyds Banking Group and Whitbread because

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