Business

Former Liverpool and England footballer John Barnes is facing a fresh bankruptcy petition from HM Revenue & Customs (HMRC), reigniting the threat of financial ruin just over a year after he avoided going bust.

The petition was filed at the High Court on Friday, less than two months after it emerged that John Barnes Media Limited, his now-liquidated media company, had amassed debts exceeding £1.5 million. Liquidators’ reports show HMRC is owed £776,878 in unpaid VAT, National Insurance, and PAYE, alongside £461,849 to unsecured creditors and a £226,000 director’s loan.

Barnes, 60, agreed to repay the loan in instalments and has so far returned £60,000, but liquidators warned there would be no funds for unsecured creditors and only a “small distribution” to HMRC.

The former winger, capped 79 times for England, has faced multiple bankruptcy petitions since 2010, including one in 2023 over a £238,000 personal tax bill that was settled at the last moment.

Barnes was banned from being a company director for three and a half years in 2023 after an Insolvency Service investigation found his firm failed to pay more than £190,000 in corporation tax and VAT between 2018 and 2020, despite a turnover of £441,798. Mike Smith, chief investigator at the service, said Barnes’s failure to ensure taxes were paid “should serve as a deterrent to other directors”.

Barnes formed John Barnes Media Limited in 2012, offering media representation services. The company ceased trading in 2020 and went into liquidation last year.

Despite his financial troubles, Barnes remains a high-profile figure, serving as a Liverpool FC club ambassador since 2022 and frequently commenting on football and social issues.

Barnes has been approached for comment on the latest HMRC action.

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John Barnes faces fresh bankruptcy petition from HMRC over unpaid taxes

Norway has reopened oil and gas exploration in the North Sea for the first time since 2021, prompting opposition parties to urge the UK Government to lift its own ban on new drilling licences.

The Norwegian energy ministry announced it will invite bids for exploration across the northern Barents Sea, the Norwegian Sea and parts of the North Sea, in a move aimed at securing the country’s role as “a long-term supplier of oil and gas to Europe.”

Energy Minister Terje Aasland said the new licences would create jobs, drive investment and sustain Norway’s technology-intensive oil and gas sector. “Oil and gas are the engine of the Norwegian economy,” he said, adding that the licensing round had already attracted “great interest” from industry.

The UK imposed a ban on new oil and gas licences last year under Energy Secretary Ed Miliband, with around 180 of the country’s 280 existing fields expected to close within five years.

Conservative shadow business secretary Andrew Griffith said the UK was “missing a massive economic trick” by failing to exploit its remaining North Sea reserves. Reform UK energy spokesman Richard Tice went further, calling for both offshore and onshore shale gas drilling and urging the Government to take equity stakes in new projects, similar to Norway’s sovereign wealth fund model.

Industry body Offshore Energies UK warned Britain risks increasing its reliance on imports unless it backs domestic production. CEO David Whitehouse said: “Norway’s decision underlines its commitment to secure supplies for Europe alongside renewable growth. With supportive policies, we could produce half of the oil and gas needed to reach net zero by 2050 from UK waters.”

The Department for Energy Security and Net Zero defended the ban, arguing that new fields would not cut household bills, improve energy security or help meet climate targets.

Oil prices currently hover at around $67 per barrel, while Ofgem’s household energy price cap stands at £1,720 – up sharply from pre-Ukraine war levels.

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Norway restarts North Sea drilling licences as UK faces calls to lift ban

More than 2,000 jobs are at risk after Claire’s UK entered administration, a week after its American parent company filed for Chapter 11 bankruptcy protection.

The accessories and ear-piercing chain has appointed Will Wright and Chris Pole of Interpath Advisory as joint administrators for Claire’s Accessories UK Ltd, Claire’s European Services Limited, and Claire’s European Distribution Limited.

The company said the move was designed to “protect the business and its stakeholders” while it considers future options. Chief executive Chris Cramer said the UK arm would continue trading during the process: “Taking this step will allow us to continue to trade the business while we explore the best possible path forward. We are deeply grateful to our employees, partners and customers during this challenging period.”

Interpath’s Wright said administrators would aim to keep stores operating “as a going concern” while exploring a sale to secure the brand’s future.

Founded in Chicago in 1961, Claire’s operates over 2,750 stores in 17 countries, plus franchise outlets in the Middle East and South Africa. In the UK and Ireland, it runs 306 shops and employs 2,150 people.

The retailer has struggled in recent years with shifting consumer habits, the rise of online competitors such as Shein and Temu, and tariffs imposed by the Trump administration. Claire’s also filed for bankruptcy in 2018 before being taken over by Elliot Management Corporation and Monarch Alternative Capital, which eliminated $1.9bn in debt.

According to Sky News, potential buyers for the UK arm include Hilco Capital, owner of Lakeland, though sources say bidders have been cautious due to the scale of the company’s financial difficulties.

Cramer cited “increased competition, consumer spending trends, and the ongoing shift away from brick-and-mortar retail” as key factors behind the administration, alongside debt obligations and wider macroeconomic pressures.

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2,000 jobs at risk as Claire’s UK enters administration after US parent’s bankruptcy

Under-22s in England should be given free bus travel to improve access to work and training and encourage long-term public transport use, MPs have urged, as part of a wider plan to reverse a steep decline in bus usage.

A Commons transport committee report recommends extending the English national concessionary travel scheme — which currently provides free travel for pensioners and some disabled people — to all under-22s, with a pilot scheme to test the approach.

The cross-party committee said passenger numbers in England have fallen by 20% since 2009, while the number of routes outside cities has dropped 18% since the Covid pandemic. It cited evidence that more than half of small towns are now “transport deserts” for those without cars.

The MPs welcomed plans to devolve powers over bus services to local transport authorities but said this alone would not solve problems in smaller towns and rural areas, warning that many would struggle to make significant improvements without extra support.

The report calls for:
• Minimum service levels across all local transport authority areas by the end of this parliament, backed by guaranteed long-term funding and multiyear budgets.
• A rural weighting in bus funding allocations to reflect higher operating costs in sparsely populated areas.
• Minimum standards for bus stops, including real-time service information.
• A national policy for buses in England within 18 months, setting out a clear vision for what a successful network should deliver.

Committee members said ministers should use the measures to help address connectivity gaps, improve integration, and make journeys more affordable.

A Department for Transport spokesperson said: “After decades of decline, we’re providing a record £1bn in multi-year funding to improve the reliability and frequency of bus services across the country.

“Our landmark bus services bill will protect routes and prevent services from being scrapped, bringing buses back into local control, and will put passengers at the heart of services. We have also stepped in to prevent a fare hike for passengers by extending the £3 fare cap until March 2027.”

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MPs call for free bus travel for under-22s in England to boost access to jobs and training

Outgoing Balfour Beatty chief executive Leo Quinn has called on Chancellor Rachel Reeves to reverse her abolition of the UK’s non-dom tax status, warning the move has deterred wealthy investors and is limiting funding for major infrastructure projects.

Quinn, who steps down after a decade leading the construction giant, said the decision to end the non-dom regime in April had driven “phenomenal” investment away from Britain, particularly from billionaires and wealthy families who could take a long-term view on projects.

“London’s the best city on the planet and what we should be doing is attracting all these billionaires and wealthy families here,” Quinn said. “Maybe we’ve gone a little bit too far in what we’ve done around non-doms … and we’ll look to mitigate some of those rules.”

High-profile departures following the policy change include Goldman Sachs banker Richard Gnodde, Aston Villa co-owner Nassef Sawiris and Norwegian shipping magnate John Fredriksen.

Quinn argued that the government should be doing more to encourage overseas businesspeople to invest in UK infrastructure, warning that Britain was “missing out” on opportunities to secure patient capital.

His comments come amid figures showing foreign direct investment into the UK fell to its lowest level since records began in 2008. Department for Business and Trade data shows inbound projects fell 12% in 2023 to 1,375, despite efforts to attract overseas capital.

Balfour Beatty’s latest trading update reported an 18% rise in half-year profits to £132m, helped by faster government approvals for infrastructure projects. Current work includes the £833m Net Zero Teesside carbon capture scheme and the Sizewell C nuclear plant, where it will deliver a third of the main civil engineering works.

A Treasury spokesperson said the UK was attracting “record investment” and giving investors “direction and clarity on our priorities for major projects”.

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Balfour Beatty chief urges Reeves to rethink non-dom tax changes to boost UK investment

Dragons’ Den investor Sara Davies is increasing her stake in Crafter’s Companion, the crafting supplies business she founded 20 years ago, as Maven Capital Partners acquires a majority shareholding.

Davies launched the company from her university bedroom and grew it into an international retailer of paper craft, art, and sewing products, valued at over £25 million in 2019. Earlier this year, she returned as chief executive after the business entered administration and was sold via a pre-pack deal to Modella Capital.

Modella has now sold its interest to Glasgow-based Maven Capital Partners and Davies, who will retain a significant minority stake. The financial terms have not been disclosed.

Under Davies’s renewed leadership, Crafter’s Companion returned to profitability in May. She will now step down as chief executive, handing day-to-day operations to Diane Sharp, initially brought in as financial controller and later promoted to managing director.

The company is set to open a US warehouse in the coming weeks, a move prompted by the Trump administration’s removal of tariff exemptions on lower-value imports.

Davies, who remained a non-executive director after selling the business to Growth Partner in 2024, said the company had “lost its way” under previous management, who shifted focus from its core crafting audience to a broader market.

“Our customers are generally older, retired ladies with time and disposable income,” she told The Times. “We don’t compete on price; we deliver exceptional products at the higher end of the market. The strategy pivot went after a much broader audience, and in my eyes, we had no right to win there.”

Maven’s investment marks the latest phase in the turnaround of the County Durham-based firm, which is re-focusing on product development — historically its largest area of investment — and its established, loyal customer base.

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Dragons’ Den star Sara Davies increases stake in Crafter’s Companion as Maven takes majority

Virgin Trains has agreed a deal with French manufacturer Alstom for 12 new high-speed trains as part of its plan to compete with Eurostar on cross-Channel routes from 2030.

The company’s submission to the Office of Rail and Road (ORR) confirms it has secured binding exclusivity for the Avelia Stream model — the latest generation of the Pendolino tilting trains that Virgin introduced to the UK’s West Coast Main Line two decades ago. Similar trains are already in service in Sweden and Italy.

Virgin’s proposal outlines services from London St Pancras to Paris, Brussels, and Amsterdam, with longer-term ambitions to extend further into France, Germany, and Switzerland. The venture will be led by Phil Whittingham, former boss of Virgin Trains UK.

The company says it is the only current applicant with both funding and trains secured. The plan requires around £700 million in capital, with a structure involving a 50% Virgin stake and two undisclosed institutional shareholders. Virgin envisages separate operating and rolling stock asset-holding companies.

Competition to enter the market is mounting, with the ORR also considering applications from Trenitalia, Italy’s state-owned railway, and UK start-up Gemini.

Writing in The Times, Virgin founder Sir Richard Branson said his aim was to inject competition and improve the passenger experience:

“For too long, passengers have had no choice and even less joy. We’re not here to copy. We’re here to raise standards, spark innovation and give people a better way to travel.”

If approved, Virgin’s services would mark the first significant challenge to Eurostar’s dominance of the Channel Tunnel passenger market since it began operating in 1994.

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Virgin orders 12 new Alstom trains in bid to challenge Eurostar from 2030

The UK housing market lost momentum in July as concerns over potential tax rises in the autumn budget and uncertainty about the pace of interest rate cuts weighed on buyer sentiment, according to the Royal Institution of Chartered Surveyors (RICS).

The RICS index of new buyer inquiries fell to -6% from +4% in June, indicating weaker demand. A separate measure tracking agreed sales dropped to -16% from -4%, suggesting a slowdown in completed purchases.

Survey respondents expect conditions to remain subdued in the short term, with a recovery in activity not anticipated for at least 12 months. Analysts said speculation about Chancellor Rachel Reeves’s fiscal plans and doubts over further rate cuts from the Bank of England had prompted buyers to delay decisions.

The flow of new rental instructions also fell sharply, with a net balance of 31% of respondents reporting fewer landlords bringing properties to market — the steepest decline since April 2020. Tenant demand was stable over the three months to July, but with supply tightening, RICS expects rents to continue rising in the near term.

Simon Rubinsohn, chief economist at RICS, said: “Uncertainty about the potential contents of the chancellor’s autumn budget is raising some concerns. Respondents continue to report that the market remains particularly price-sensitive.”

The Bank of England cut the base rate to 4% in August — its lowest since early 2023 — but the 5–4 split vote has fuelled doubts about the scope for further reductions this year.

Alec Harragin of Savills said high-end buyers were awaiting clarity: “All eyes are now on the autumn budget in anticipation of any further tax initiatives aimed at high-net-worth individuals. Buyer caution persists despite the potential for domestic demand to benefit from further interest rate cuts and easing mortgage costs.”

RICS said the rebound in demand earlier this year, following the reduction of the first-time buyer stamp duty threshold from £425,000 to £300,000 in April, had faded in July. Nationwide reported average house prices rose 0.6% in the month to £272,664, while HMRC data showed home sales climbed 13% in June to 93,530.

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Housing market slows as buyers await autumn budget tax decisions

How a Richmond native turned early experience into real estate strategy

Ben Roper didn’t start in a boardroom. He started in a leasing office. Today, he’s a key figure in the real estate investment trust (REIT) space, helping grow portfolios through strategic 721 exchanges, also known as UPREITs.

“I didn’t skip steps,” Roper says. “I’ve done the hard, detailed work on the ground, and I use that now in conversations with developers who want to know I understand what they’re dealing with.”

At just under 30, Roper is already shaping conversations in a complex corner of real estate. His story isn’t about shortcuts. It’s about relationships, long-game thinking, and knowing how to explain value in a way that earns trust.

Early Life in Richmond: A Family Business Influence

Roper grew up in Richmond, Virginia. His family roots run deep in the area. His grandfather was once mayor of Petersburg and ran Roper Lumber, a successful lumber business. His father is a well-known apartment developer in Richmond.

“I saw my dad doing deals, solving problems, working with people. That stuck with me,” says Roper. “It made real estate feel familiar. But I wanted to earn it on my own.”

His path started early. He attended St. Christopher’s School through 8th grade, then Christchurch School for high school. After that, he went on to earn a degree in politics. During college, he completed internships with the Senate and The Heritage Foundation, even becoming a published contributor to The Daily Signal.

But instead of pursuing politics, he returned to his roots: real estate.

From Property Management to Innovation Leader

Roper’s first job in the industry was leasing apartments for RangeWater Real Estate (then Matrix Residential) at the American Tobacco Center in Richmond. He moved quickly.

“We kept occupancies up during COVID,” he recalls. “It was a tough time. But I leaned into it and earned trust. That’s when I got promoted.”

He became director of special projects for the Richmond market, then moved to Atlanta to lead the company’s innovation department. That role let him think beyond operations and start applying strategy.

“I was helping implement tech, new workflows, and ways to keep us ahead,” he says. “But I also started to see how fast a company could grow—and what happens when the wrong people are in the wrong seats.”

The rapid expansion at RangeWater, while exciting, also brought internal frustration. Roper began thinking about his next move.

Exploring the 721 Exchange at Bonaventure

That move was to Bonaventure, where Roper stepped into business development. His focus: 721 exchange deals, which allow developers to contribute their properties to a REIT in exchange for operating partnership units—essentially a tax-deferred way to move from real assets to shares in a larger fund.

“These deals are personal,” Roper explains. “You’re not just running numbers. You’re talking legacy, liquidity, and timing with people who’ve spent years building something.”

At Bonaventure, he built relationships with property owners, developers, and family offices. He also worked on other offerings like preferred equity and mezzanine debt. But his core strength was connecting with owners and explaining why the UPREIT model might work for them.

Leading Strategic Growth Efforts

Today, Roper focuses full-time on leading growth efforts for a major REIT. His role is both strategic and personal, he works directly with developers to structure 721 exchanges that contribute assets to the fund.

“It’s not just about closing deals,” he says. “It’s about solving puzzles. Every property and every owner is different.”

The complexity of the job is what keeps him engaged. Each opportunity requires a different set of tools, deep financial knowledge, strong relationships, and a creative approach to deal-making. “No two transactions are ever the same,” Roper explains. “That’s what makes this work so challenging and rewarding. You’re constantly adjusting, learning, and looking for the right fit.”

While the market can be unpredictable, Roper’s approach is grounded in consistency and preparation. He believes success comes from focusing on what’s in front of him, understanding the developer’s needs, structuring a compelling offer, and guiding each deal step by step.

“There’s always going to be noise and pressure in this space,” he says. “But my job is to stay focused on the process. Keep the conversation going. Move things forward.”

He’s also learned the value of staying steady, even when things don’t unfold as expected. “Some weeks feel like a sprint, and others feel like a standstill,” Roper says. “But the key is not to overreact either way. Just keep showing up with solutions.”

That mindset—one rooted in problem-solving, patience, and long-term thinking—is what sets him apart. “I believe in what we’re offering,” he says. “And I believe in earning every opportunity by doing the work.”

Key Takeaways from Ben Roper’s Career Path

Start at the ground level. Roper’s early work in leasing gave him insight that helps him today with developers and investors.
Focus on long-term relationships. Success in 721 exchanges isn’t about pressure—it’s about trust and timing.
Adapt to change. His move from operations to innovation taught him how to adjust in growing companies.
Family legacy matters. Learning from his father and grandfather helped shape his values and work ethic.
Don’t underestimate perception. A single article can shift millions in equity. Reputational awareness is critical.

Ben Roper’s story proves that influence in real estate doesn’t come from flash—it comes from understanding, persistence, and being willing to do the hard things first.

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Ben Roper’s Rise in REITs: From Leasing to Leading Deals

The GMB union has called on the government to commit to using UK-made pottery and tableware in all British embassies and High Commissions around the world, as part of a push to back the country’s struggling ceramics sector.

In a letter to Foreign Secretary David Lammy, GMB General Secretary Gary Smith said the move would send “a clear message that we put UK manufacturing at the heart of everything we do as a country” and help promote one of Britain’s best-known industries to international audiences.

Smith warned that the ceramics industry – which employs more than 20,000 workers across the UK – is “at a crossroads” after years of political neglect, spiralling energy bills for gas-fired kilns, and competition from counterfeit imports.

“UK ceramics are the envy of the world, but political failure has left our pottery firms battling against eye-watering costs to keep their kilns lit,” Smith wrote. “With a network of more than 300 embassies and High Commissions, the UK has a golden opportunity to showcase the best of UK pottery at embassies across the world.”

The GMB leader highlighted the collapse of three Staffordshire-based firms – Royal Stafford, Heraldic Pottery and Moorcroft – this year alone, warning that hundreds of jobs have been lost and more communities are under threat.

While praising the skill of British potters and the global reputation of UK ceramics, Smith called for “practical steps” from government to support the sector, which produces world-class tableware and industrial ceramic components. He urged the Foreign, Commonwealth & Development Office to lead by example by sourcing from unionised UK manufacturers listed on the union’s Potters’ Pledge website.

The GMB said it would welcome further talks with the government on the proposal, which it sees as both a symbolic and practical commitment to a “vital British industry” whose survival is increasingly under pressure.

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GMB urges government to showcase UK pottery in embassies worldwide to support ceramics industry