BUSINESS LIVE: Matches goes into administration; Pollen Street makes bid for Mattioli Woods; Informa ups guidance
By Live Commentary
Published: | Updated:
The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Frasers Group, Mattioli Woods, Informa and Just Group. Read the Friday 8 March February Business Live blog below.
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Relief for motorists as insurer Admiral says car cover prices have peaked
Insurer Admiral said motor premiums have peaked in a welcome relief for drivers.
Car insurance prices hit an all-time high last year as inflation pushed up the cost of claims. But Milena Mondini de Focatiis, chief executive of the UK’s largest motor insurer, said it has stopped hiking car cover costs.
The FTSE 100 firm has even cut some prices to attract customers from rivals.
Matches goes into administration
Matches Fashion will be put into administration after ‘consistently’ missing its targets and making ‘material losses’, less than three months after it was bought by parent company Frasers Group.
Matches, which was bought by Frasers in December for £52 million, would need ‘too much change’ to restructure it. And Sport Direct owner Frasers said that the money that Matches needs to continue to operate would be ‘far in excess’ of what it considers viable.
‘In light of this, Frasers has been informed that the directors of Matches have taken the decision to put the Matches group into administration,’ Frasers said on Friday.
‘Frasers remains committed to the luxury market and its brand partners.’
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BUSINESS LIVE: Matches goes into administration; Pollen Street makes bid for Mattioli Woods; Informa ups guidance
