Business news in brief
Bank of Ireland to close 103 branches
More than 100 branches of the Bank of Ireland are to close. The bank is to shut 88 outlets in the Republic, reducing its network from 257 to 169, while in Northern Ireland the network will be reduced from 28 to 13. The closures follow a deal with An Post to offer customers access to banking services at more than 900 locations. Bank of Ireland said the majority of the branches that are closing are self-service locations which do not offer a counter service. The closures come after Ulster Bank’s parent company, NatWest, last month announced that it was withdrawing Ulster Bank from the Irish market. PA
Trustpilot gears up for potential £1bn London float
Customer review website Trustpilot is considering listing its shares on the public exchange in London, potentially at a £1bn valuation. The company said it has London in its sights for a flotation, which will raise around $50m (£36m) to help fund growth. The company, which allows customers to leave reviews on businesses, will have around quarter of its shares in circulation after the float. Some of these will be the
$50m worth of shares the company will create to raise cash, with the rest sold by existing shareholders, including directors and staff. PA
Profit set to double as bike sales lift Halfords
Bosses at Halfords believe they will manage to double profits at the company, after bike sales soared among stuck-at-home Britons. The company said it expects pre-tax profits for the year ending in April will hit between £90m and £100m, up from £52.6m a year earlier. Before the announcement analysts had expected a figure of around £70.2m, according to a company-provided consensus. The figures are the first Halfords has provided for the current financial crisis after it stopped guiding due to the Covid-19 pandemic. Less than two months ago it had said it would “not be appropriate” to give profits guidance at the moment. PA
InTheStyle unveils London float plans
Online fast-fashion retailer InTheStyle has confirmed plans to float on the London Stock Exchange’s junior AIM index. The company, which was founded in 2013, has seen sales surge over the past year as online retailers have been buoyed by the enforced closure of high street rivals for months due to coronavirus lockdowns. InTheStyle said sales jumped by 159 per cent to £35.4m in the nine months to December, compared with the same period last year. The womenswear business has said it expects to be admitted onto the stock market on 17 March. Adam Frisby, chief executive officer and founder, said: “We are confident that we can build on our strong foundation to achieve our growth plans.” PA
Speedy Hire sells Middle East business for £13m
Tool and equipment renter Speedy Hire has sold its Abu Dhabi business to its biggest customer in the region. ADNOC Logistics and Services will pay $18m (£13m) for Speedy’s equipment fleet, stock and other assets. Speedy has been serving ADNOC since 2012, starting on a five-year deal, but renewing annually after. All its 600 staff in the region will be rehired by ADNOC. Speedy Hire also said that its core hire revenue was up 2 per cent last month compared to February 2020. It said that since the end of September trading has been ahead of the board’s expectations. PA
Polymetal boosted by new estimates
Mining company Polymetal increased its unmined gold and silver by 10 per cent last year as it added new estimates for three different sites to its portfolio. The firm, which largely operates in Kazakhstan and Russia, said that ore reserves had risen to 27.9 million ounces of gold equivalent. The company also said that the share of silver in its ore reserves had swelled from 6 per cent to 11 per cent because of Prognoz, a massive undeveloped site in eastern Russia which Polymetal bought in 2018. “We delivered maiden reserve estimates at several of our projects resulting in a substantial increase in total Group Ore Reserves,” said chief executive Vitaly Nesis. Shares rose 2 per cent. PA