Hundreds of people in the UK who were seeking a perfect smile have been left in a difficult situation after dental group Smile Direct Club announced its closure. The US-based company, which promised customers a cheaper way to straighten their teeth with remote clear aligners, recently made the decision to wind down its operations. Many customers, who were in the middle of their treatment, are now left with the prospect of finding a new dentist and facing additional costs. The company's website states that customers are still required to honor payment plans, and information on refunds will be provided once the bankruptcy process is completed.
Begbies Traynor Sees Surge in Financial Distress and Profits
Restructuring firm Begbies Traynor has reported a 13% increase in revenues, reaching £65.9 million, thanks to a rise in insolvency activity levels. The company expects to see more business collapses in the coming year, following a ten percent year-on-year increase in insolvencies. Executive Chairman Ric Traynor attributes the rise to the current interest rate and inflation environment.
O2 Owner AEG Eyes Takeover of See Tickets
AEG, the owner of the O2 Arena and Hammersmith Apollo, is considering a takeover of ticketing site See Tickets. The site, which is being sold by French media firm Vivendi for £256 million, is one of the largest ticketing merchants, expecting to sell 43 million tickets across ten countries this year. AEG already owns AXS, and an acquisition of See Tickets could make it a stronger competitor to Ticketmaster.
Shein Considers Listing on the London Stock Exchange
Fast-fashion giant Shein has held discussions with the London Stock Exchange about a potential listing in the UK. The company, valued at around £50 billion, has also filed documents for a flotation in New York. However, experts believe a dual listing is unlikely. Shein recently acquired Missguided and generated £1.1 billion in UK sales last year, with 150 million users worldwide. The company, founded in China, has its headquarters in Singapore and relies on low-cost labor in Chinese textile factories.
Central Banks Attempt to Dampen Rate Cut Expectations
This week, central banks, including the US Federal Reserve, the Bank of England, and the European Central Bank, will try to temper expectations of interest rate cuts. However, despite these efforts, money markets are still betting on a rate cut in June, with 98% of investors predicting a reduction. The Bank of England is expected to keep rates at 5.25% and warn that it will take longer to reduce inflation. The CBI believes rates will not fall until 2026.
WH Smith CEO Receives Pay Rise After Overseas Sales Surge
WH Smith CEO Carl Cowling has seen his pay increase by 78% due to the success of the company's overseas airport shops. Cowling, who took on the top job in 2019, received £2.91 million in pay last year, with over £2 million of that being performance-related. WH Smith's profits jumped 74% to £110 million, while sales grew by 28% to £1.7 billion, largely driven by its US airports business. The company faced challenges during the COVID-19 pandemic but has rebounded strongly.
