EasyJet has rejected a higher £4.93 billion approach from Castlelake but has extended the offer deadline to allow its US suitor more time to come up with a “more attractive proposal”.

The low cost carrier said Castlelake had submitted a fourth approach on Tuesday worth £6.50 a share. EasyJet said: “Having carefully reviewed it with its advisers, the board of easyJet continues to regard the fourth proposal as substantially undervaluing the company and its prospects and continuing to give rise to significant questions of deliverability.

“Accordingly, the board of easyJet has unanimously rejected the fourth proposal.

“However, the board believes that giving Castlelake access to limited commercial information, as Castlelake sought in the letter which contained the fourth proposal, might produce a more attractive proposal that better reflects the value of easyJet and its prospects and the interests of shareholders thereto.”

EasyJet added it “continues to be concerned about the ownership structure and deliverability of any offer from Castlelake”.

Earlier this week the budget carrier rejected another offer from Castlelake worth £4.74bn,accusing it of trying to buy the airline “on the cheap”.

Castlelake said it had made three further takeover approaches to the airline this month, all of which had been rejected.

The airline’s share price has risen by 40% over the past month amid prospects of a takeover. Shares were up 3.4% at 521p by early afternoon on Monday, making easyJet one of the top risers on the FTSE 250.

Founded by British‑Cypriot entrepreneur Stelios ⁠Haji‑Ioannou in 1995 EasyJet is one of Europe’s leading airlines. Last year they carried more than 90 million passengers with the airline operating across 38 countries on more than 1,200 routes.

EasyJet, which is headquartered in Luton, England, employs more than 16,000 people across the globe.

Castlelake, who already own a stake of about 2.14% in EasyJet through the funds it manages, previously bailed out collapsed Scandinavian Airlines before selling its shares to Air France-KLM.

A construction firm run by two bosses who have previously carried out work for Wetherspoon and JD Sports has been wound up. Juma Construction Group’s Matthew Hoyes and Julian Kirkpatrick have a combined 40 years worth of experience in the industry, according to the company’s website.

But the business based in Bolton, Greater Manchester, has been voluntarily ended after a special resolution was passed and joint liquidators appointed. Craig Johns and Jason Elliott from business advisory, Cowgills, are overseeing the process, which involves selling off assets, paying off any creditors and dishing out any funds to those who have a share in the firm.

Other firms Juma Construction Group’s directors have worked for under previous employers include BT, Sports Direct and Revolution Bars, the company website states.

The company offered office fit outs, renovations, refurbishments, gas and civil engineering.

According to the business, this included the design and build of a training facility at John Leggott College in Scunthorpe and a four month long fit out of The Bridge Hotel for Ask Drinks Ltd.

Juma Construction Group and Cowgills have been approached for comment.

News about the company, published by The Gazette on Monday (June 8), comes after the latest figures showed output in Britain’s construction industry declined at its fastest rate since Covid last month.

Worries about the Iran war as well as political uncertainty weighed on demand for building work in May, with the S&P Global UK construction PMI showing a reading of 38.2 – a steep decline from 39.7 in April.

A reading above 50.0 indicates activity in the industry is increasing while anything below means it is contracting.

The latest score was the lowest since May 2020, while construction output has been in decline for about a year-and-a-half despite the Labour Government’s manifesto pledge to build 1.5 million new homes by 2029.

S&P Global’s survey found elevated uncertainty about the economic and political climate was dampening demand, while firms were grappling with rising energy, fuel and transportation costs.

Builders surveyed suggested project delays and pushing back big investment decisions, as well as general cutbacks to their customers’ budgets, had resulted in fewer opportunities for work in May.

Some also pointed to political uncertainty having an impact on demand conditions, after Sir Keir Starmer fought to stay on as Prime Minister amid calls from Labour MPs for his resignation.

Max Jones, Head of Construction at Lloyds, said earlier this month: “While ongoing uncertainty weighs on output, many firms are staying focused on current work and planning for future growth.”

He said companies were continuing to invest in skills to be ready for new opportunities linked to cleaner energy and growing areas of importance, such as defence.

A Scottish pharmacy company that traded for only three years has plunged into administration, with insolvency experts now taking control of the business. Amiry & Gilbride Healthcare Limited, a dispensing chemist operating from Glasgow, officially entered administration on April 29, according to The Gazette. The company specialises in pharmacy and dispensing services.

The business was incorporated in 2023, meaning it survived for only around three years before collapsing into insolvency proceedings. The short lifespan reflects the pressures faced by smaller independent pharmacy operators across the UK, with rising operational costs, staffing pressures and tightening margins continuing to hit the sector hard.

Three joint administrators from BDO LLP, James Stephen, Kerry Bailey and David Wallis, have now been appointed to oversee the process. They are now expected to assess the company’s financial position, explore whether any parts of the business can be rescued or sold, and determine the best outcome for creditors.

The collapse comes amid continued strain in the UK pharmacy sector, where smaller operators have faced increasing financial challenges in recent years.

Independent pharmacies have warned of escalating wholesale medicine prices, funding pressures and difficulties recruiting pharmacists, all of which have placed significant stress on businesses with limited scale.

While no official reason for the administration has yet been published, the company’s brief trading history suggests it may have struggled to establish long-term financial stability in an increasingly competitive healthcare retail market.

A high street giant has blamed Rachel Reeves‘ “highly adverse” Budget measures for its plunging profits. Retailer Shoe Zone warned earnings are set to fall again due to tough trading.

The chain saw its shares drop 22% in morning trading on Tuesday after it revealed pre-tax profits slumped by more than two-thirds to £3.3million in the year to September 27, down from £10.1m the previous year. It said trading remained under pressure at the start of 2025-26 amid weak consumer confidence. Shoe Zone said Budget measures had sent costs soaring and weighed on shoppers’ spending.

It is forecasting profits will fall to about £1m in the year to October – down by 70% year on year.

Shoe Zone Chairman, Charles Smith, said: “Trading conditions remained challenging in the first quarter of the new financial year, with revenue down on forecast, reflecting ongoing macro-economic pressures that continue to weigh on consumer confidence resulting in lower footfall on the UK high street, alongside the highly adverse Government fiscal policies.

“The Government’s November 2025 budget included an additional increase in the National Living Wage, raising our cost base further, with broader measures not materially improving consumer sentiment.”

In November, the Government announced the National Living Wage would increase to £12.71 per hour for those aged 21 or over in a boost for workers but hit to business.

Shoe Zone has seen its shares sink to the lowest level for five years in recent months as its trading woes have deepened.

It saw store sales drop 10.3% to £113.1m over 2024-25, having ended the year with 28 fewer stores on a net basis, at 269 in total. The retailer shut 39 shops but opened 11, while also revamping six to a larger format.

Mr Smith said Government policy weighed on the previous year, but added other factors also impacted trading.

He said: “Persistent inflation, higher interest rates and reduced disposable income contributed to negative economic and consumer sentiment in the UK.

“Sales were good when there was a reason to buy – such as the warm summer and the back-to-school period. However, discretionary spending remained subdued as consumers exercised greater caution in what they were spending money on.”

Two high street giants have been plunged into administration, putting more than 2,500 jobs and nearly 300 stores at risk. Claire’s is a US accessory retailer that first appeared on UK shopping streets in 1997. The firm entered administration in the UK and Ireland in 2025 after its American parent Claire’s Holdings LLC initiated bankruptcy proceedings across the pond.

A partial rescue deal saw around 156 stores bought and around 1,000 jobs saved, but the troubles have reared their head once again. Owner Modella Capital, which also owns The Original Factory Shop, the other company that has called in administrators, said trade was “alarmingly” low over Christmas, which left both high street names in a “vulnerable” position.

Claire’s has about 156 stores operating in the UK. There are reportedly around 140 Original Factory Shop outlets.

“A combination of very weak consumer confidence, highly adverse government fiscal policies and continued cost inflation is causing many established and much-loved businesses to suffer badly,” Modella said, the BBC reported.

It comes amid large-scale challeges for shopping districts in UK towns.

Britain’s biggest supermarkets have toasted a Christmas of strong food spending, but fashion and homeware failed to make headway in a mixed picture for the high street.

Tesco, Sainsbury’s and Marks & Spencer were among those to deliver good news about their festive grocery sales as they enticed shoppers with premium ranges and trend-focused products.

Tesco, the UK’s biggest grocery chain, reported sales growth over the Christmas period and cheered increasing its share of the overall market to 28.7% over the final quarter – its highest for more than a decade.

Boss Ken Murphy said competition among supermarkets to attract shoppers was “relentless” with value-for-money remaining a priority for people.

M&S partly blamed falling sales in its stores on there being fewer visitors to British high streets.

The Bank of England governor has warned that Brexit will negatively impact the UK’s economic growth “for the foreseeable future.” Speaking at the G30 40th annual International Banking Seminar, Andrew Bailey said the country’s potential growth rate had declined from 2.5% to 1.5% over the last 15 years. He linked this to lower productivity growth, an ageing population, and trade restrictions, including post-Brexit economic policies.

But Mr Bailey added that the economy is likely to adjust and find “at least partial” balance again in the longer term. “For nearly a decade, I have been very careful to say that I take no position per se on Brexit, which was a decision by the people of the UK, and it is our job as public officials to implement it,” he told attendees at the Washington DC event.

“But I quite often get asked a second question: what’s the impact on economic growth? And as a public official, I have to answer that question.

“The answer is that for the foreseeable future, it is negative. But over the longer term, there will be – because trade adjusts – some at least partial rebalancing.”

The governor’s prediction comes as Chancellor Rachel Reeves prepares for next month’s budget, where she has been pressured to make further tax rises after official figures showed muted growth in August following a surprise contraction in July.

Referencing the works of 18th century economist and philsopher Adam Smith, Mr Bailey said: “That’s the Smithian model: making an economy less open restricts growth over the long term.

“Longer term, you will get some adjustment. Trade does adjust, it does rebuild. And all the evidence we have from the UK is that is exactly what is happening.”

The Office for National Statistics (ONS) said gross domestic product (GDP) rose by 0.1% month-on-month in August and fell by 0.1% in July.

In the three months to August, GDP also grew by 0.3%, compared with 0.2% growth in the year to July.

This follows the International Monetary Fund’s forecast earlier this week that inflation in the UK is set to surge to the highest level in the G7 in 2025 and 2026.

Gold prices have reached the $4,000 (£2979) per ounce mark for the first time on Tuesday as investors seek a “safe haven” amidst the ongoing US government shutdown.

The price of gold at the New York Stock Exchange soared past the $4,000 threshold just after the stock market opened that morning. The closing price for New York spot gold was previously reported at $3,960.60 per troy ounce, the standard measure for precious metals, on Monday.

Gold prices typically surge when investors, driven by anxiety about the economy, look for secure investments. Prior to Tuesday, this asset, along with other metals like silver, had seen significant gains over the past year, largely due to President Donald Trump‘s imposition of tariffs, which has caused global economic uncertainty.

Since the start of 2025, gold futures have risen about 50 per cent, trading at a new high of around $4,003 per troy ounce by around 9.30am on Tuesday. This represents a substantial increase from the roughly $2,670 (£1,989) seen at the start of January.

Much of this can be attributed to uncertainty. Interest in purchasing metals like gold typically spikes when investors become anxious.

The recent economic upheaval has largely been attributed to Trump’s trade wars. Since the beginning of 2025, the president’s hefty new tariffs on goods entering the U.S. from around the globe have put a strain on businesses and consumers alike – driving up costs and weakening the job market.

Consequently, hiring has plummeted while inflation continues to creep back up. Increasingly, consumers are voicing their pessimism about the future.

The ongoing US shutdown is exacerbating these anxieties. Crucial economic data has been delayed, and countless federal employees are already experiencing the impact of furloughs and working without pay for the duration of the shutdown, which has no immediate end in sight.

Trump has also threatened to use the shutdown to carry out mass redundancies and potentially permanently close offices in an attempt to penalise Democrats for rejecting GOP legislation.

The extent of the impact could depend on how long the deadlock lasts. Wall Street, meanwhile, has so far remained largely unaffected by the shutdown – but Treasury yields fell following disappointing hiring data from ADP Research on Wednesday.

Investments in gold have also been influenced by other factors over time. Analysts have previously highlighted strong gold demand from central banks worldwide – including amid escalating geopolitical tensions, such as the ongoing conflicts in Gaza and Ukraine.

Advocates of investing in gold label it a “safe haven” – arguing that the commodity can diversify and balance your investment portfolio, as well as mitigate potential risks down the line. Some also find solace in purchasing something tangible that has the potential to appreciate over time.

However, experts warn against putting all your eggs in one basket. And not everyone concurs that gold is a sound investment.

Critics argue that gold isn’t always the inflation hedge many claim it is – and that there are more efficient methods to safeguard against potential capital loss, such as derivative-based investments.

The Commodity Futures Trade Commission has also previously cautioned individuals to be sceptical of investing in gold. Precious metals can be highly volatile, the commission stated, and prices escalate as demand increases – meaning “when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers.”

And even gold’s current rally has experienced some volatility. While still up significantly overall since the beginning of the year, there have been a few short periods with losses.

For instance, gold prices dipped for several days following Trump’s sweeping “Liberation Day” announcement on 2 April.

If you decide to invest in gold, the commission advises, it’s crucial to educate yourself on safe trading practices and be wary of potential scams and counterfeits on the market.