BUSINESS LIVE: Playtech strikes deal with Calipay; Phoenix Group shelves Sun Life sale; TI Fluid Systems rejects takeover offer

Just before close, the FTSE 100 was 0.13% up at 8,283.98.

Meanwhile, the FTSE 250 was 0.05% higher at 20,906.22.

Darktrace shares are set to stop trading publicly at the end of September, after the company set a timetable for its blockbuster private equity takeover to be completed.

The private equity group Thoma Bravo struck an almost $5.3billion (£4.3billion) deal to buy Darktrace in April.

It marks one of the biggest take-private deals for a London-listed company in recent years, and will see Darktrace leave the FTSE 100 on October 1.

The newly published timetable shows the last day of dealings in Darktrace shares to be September 30, giving investors just two weeks before the company leaves public markets.

A clutch of companies have already left or opted against the London stock market of late.

Britain’s biggest chip company ARM floated in New York last autumn, in a move which was widely interpreted as a blow for the London Stock Exchange.

Freddy Khalastchi, Business Recovery Partner at Menzies, comments on shipbuilder Harland & Wolff entering administration:

The company has tried to refinance its core assets, but with no new funding in sight coupled with management instability, it’s difficult to envision a future – including a buyout – without another major restructuring given its current challenges.

A restructuring could, however, be a silver lining, especially given that many of its employees are also shareholders.

With a financially stable and diversified owner, Harland & Wolff might be able to chart a course towards long-term survival. Although it’s not the ideal scenario, a restructure with strong financial backing may provide the lifeline the company needs.

The future of TGI Fridays restaurants in the UK is in doubt amid fears the hospitality group behind it could collapse following a failed to buy the US owner of the brand.

Administrators are now on standby at the British arm of TGI, which has 87 outlets in the UK, amid concerns the famous name could vanish from the high street.

(PA) – Belfast shipbuilder Harland and Wolff has announced the business is set to move into administration.

The firm said between 50-60 immediate redundancies are expected but said that staff employed at its four shipyards are not affected.

Harland and Wolff, which famously built the Titanic, has four shipyards – one in Belfast, two in Scotland (Methil on the Firth of Forth and Arnish on the Isle of Lewis) and one in England (Appledore in north Devon).

It is the second time the business has been placed in administration in five years.

The administration process will be confined to the holding company, Harland & Wolff Group Holdings PLC, and the operational companies which run the yards are expected to continue trading.

A company statement said: “A full review of all group holdings commenced in July and has concluded that H&W Group Holdings PLC is insolvent on a balance sheet basis as per its last audited accounts and most recent management accounts.”

Car parts supplier TI Fluid Systems has revealed it rejected a second takeover offer last week from a Canadian rival.

ABC Technologies declared it made a 165p per share offer for the Oxford-based firm on 22 August before upping it to 176p per share earlier this month after TI Fluid’s board turned down the original proposal.

A shift toward female classic car ownership has been quietly happening across Britain.

Admiral says almost a quarter of classic cars in Britain are now owned by women, while insurance specialists Hagerty and Footman James have both reported significant increases in female policy holders in the last few years.

(PA) – Ovo Energy has announced a fresh £50million energy bills support scheme for the winter months following news the Government is cutting its winter fuel payments for millions of pensioners.

The Big Six energy supplier said it had set aside the funding to cover a series of schemes, including direct financial support for customers struggling to pay their bills.

Other measures include giving customers temporary reductions in direct debit payments, one-to-one energy saving advice, and free or subsidised upgrades to people’s homes, including insulation, a new boiler or, in some cases, a heat pump.

Chief executive David Buttress said it is “on us” to help customers through the winter. Ovo provided a similar £40million support package in 2023, and a £50million scheme in 2022.

The announcement comes after the Government’s decision to restrict state winter fuel payments to those receiving pension credit.

It means around 10 million people will lose out over the coming months, with the benefit taken away from all but the poorest pensioners in the country. About 11.5 million people used to receive it.

Employees should receive a 3 per cent employer pension contribution regardless of whether they contribute themselves, the Institute for Fiscal Studies has said.

Women, those working part-time, young adults and lower earners would particularly benefit, the IFS said, arguing there is a ‘strong case’ for bringing in the change.

Keywords Studios revealed lower first-half profits on Monday ahead of its takeover by Swedish private equity giant EQT.

The video games services business reported its adjusted operating profits declined by 9.6 per cent to $57.4million in the six months ending June.

Phoenix Group revealed that it has shelved plans to sell off its SunLife business, while the group also saw a boost in first-half profits.

In a statement, the FTSE 100 insurer said it had decided to pull the plug on any potential sale due to ‘current uncertainty in the protection market.

Russ Mould, investment director at AJ Bell, comments on the takeover:

Another day, another bid approach for a down on its luck UK company. This time TI Fluid Systems is in the crosshairs with Canada’s ABC Technologies putting out the loaded statement it is ‘considering its position’ after having two initial bids rebuffed.

TI Fluid Systems has struggled to make much headway since its 2017 IPO, not helped more recently by the uncertainty in the automotive market where regulation is pushing for a transition to electric vehicles but consumer demand isn’t keeping up.

This makes it difficult for TI Fluid’s clients to make investment decisions, even if TI Fluid has worked hard to make itself ‘propulsion agnostic’ – i.e., it doesn’t matter if the demand comes from EVs or traditional petrol vehicles.

Optimistic home sellers added almost £3,000 to average asking prices after the Bank of England cut interest rates.

Rightmove said sellers are gaining confidence in the autumn property market, pushing up the average price tag on freshly listed homes by £2,974 to £370,759.

Domino’s have announced plans to hire 5,000 more workers ahead of the festive season.

The fast food pizzeria is expecting an increase in demand over the upcoming Winter months.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, comments ahead of the Federal Reserve’s next interest rates decision:

Investors remain split about the size of the Fed rate cut, which the policymakers are expected to deliver.

More bets are being put on the likelihood that there may be 50bps reduction announced, which has pushed down the dollar slightly, in an extension of its recent losses.

Even if a smaller rate cut is delivered, it’ll raise expectations for a more aggressive loosening of policy in November and December, with 100bps of rate reductions by the end of the year priced in by markets.

We are set to see the start of an eager easing cycle, given that inflation is heading towards target and demand is being squeezed out of the economy.

A quick succession of cuts is expected, to try stop the slowing US economy going into reverse.

Big tests lie ahead if the Labour Government is to drive growth by bulldozing planning restrictions and setting housing targets. Fortune is on its side. The fall and long pause in property values and rent yields, caused by the pandemic and working from home, is unwinding.

Interest rates are heading down, making borrowing more affordable. Risk averse quoted real estate companies are being more adventurous particularly in the ‘golden triangle’ of London, Oxford and Cambridge.

The US central bank is poised to slash interest rates this week but UK policymakers are expected to be more wary.

The Federal Reserve is tipped to make a cut on Wednesday – the first time since 2020.