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The latest acquisitions and equity investments in Wales

Jan 15, 2026 By

Here we feature the latest equity funding raising and business acquisition deals in Wales.

Game industry veterans Susan and Lee Cummings have secured a significant six-figure investment from Angels Invest Wales, PlayCap and the Games Angels for their new game development studio, 10six Games.

The investment boost comes ahead of the upcoming first game release by 10six Games. The company has also announced the appointment of industry guru Nick Button-Brown as a company director.

Led by lead investor Huw Bishop, the pre-seed round has been funded by a syndicate of 12 angel investors including members of PlayCap (a global angel network of women from the games industry who specialise in early-stage investments in studios, companies, and tech in games) and The Games Angels (a global angel network of Games Industry veterans). The Development Bank of Wales has provided match-funding from the Wales Angel Co-Investment Fund that is run by Angels Invest Wales.

Susan and Lee Cummings previously set-up Tiny Rebel Games, the award-winning game production studio behind Doctor Who: Legacy and Infinity for mobile devices and computers. Susan also co-founded 2K Games, developing Bioshock, Borderlands, X-Com, 2K Sports, and Civilization.

She is a visiting professor at the University of South Wales along with husband Lee who worked at Sony before moving to Rockstar Games’ Grand Theft Auto team where he was a producer on GTA: San Andreas and GTA 4, and where he was a key member of the redesign team on Bully. More recently, he has led the creative design for various award-winning games including Doctor Who, Star Trek, War of the Worlds, and Wallace & Gromit (under licence).

Mr Button-Brown has worked across the tech and games industry for more than 20 years, including helping grow and scale Improbable, and helping take Sensible Object to a trade sale to Niantic. He is currently chair at Outright Games, Chair at Coherence and on the board at Adinmo. He founded The Games Angels in 2021, a community of games industry veterans investing and supporting start-ups. Nick is also on the board at UKIE (one of the UK’s games industry representative bodies) and OKRE (a charity promoting links between research and entertainment) as well as driving Funding Quest, a programme improving the investability of UK Games companies.

Ms Cummings said: “Representation in video games is more important than ever, and technological limitations have long constrained the scale of customization developers could offer. With our proprietary technology and our upcoming game “You v Zoombies, we’re breaking those barriers—creating fully personalized, ever-evolving experiences for every player. This level of customisation was previously unattainable, but thanks to advancements in generative AI, we’re making it a reality right here in Wales.”

Mr Cummings said:“Our technology enables autonomous AI-driven design decisions, from custom starting spells and upgrades to gameplay sequencing and story development. It’s an incredibly exciting breakthrough.

“We’re also grateful for the support of gaming industry expert Nick Button-Brown and our funding partners, who share our vision for the future of personalized gaming.”

Lead investor Mr Bishop said: “It was a pleasure to bring together a group of angels to support 10six Games, a new game development studio led by seasoned founders and gaming rockstars, Susan and Lee Cummings. They have a uniquely exciting vision for the next generation of player character and story customisation in games. Their track record is second to none and I look forward to supporting them in the future”.

Tom Preene of Angels Invest Wales said: “This is a team surrounded by some of the top experts in the global games industry. They are working at the cutting edge of technology and are known for their innovation and creativity. Gaming is a growth industry, and it is exciting to think what it could mean for Wales as more developers start to recognise South Wales as a gaming hub.”

The investment by the syndicate of angels was match funded by the Wales Angel Co-Investment Fund. With equity and loans from £25,000 to £250,000, the £8 million fund is available to syndicates of investors seeking to co-invest in Wales based SMEs. Syndicates are managed by Lead Investors who have been pre-approved by Angels Invest Wales.

Cellar Drinks

Powys-based Cellar Drinks has acquired Hurns Beer Company. The deal, the value of which hasn’t been disclosed, marks a significant milestone in Cellar Drinks’ ambitious growth plans.

Hurns Beer Company will continue to operate from its existing depots in Swansea and Caerphilly and under its own name. The acquisition also brings opportunities for new and existing Hurns customers with an expanded product range, including new brewery partnerships, an extensive wine portfolio, premium spirits and soft drinks.

Rhys Anstee, managing director of Crickhowell-based Cellar Drinks said: “I am thrilled to take on the stewardship of Hurns Beer Company and cannot wait to build upon its incredible legacy. Hurns has a rich history, and we are committed to honouring its past while also driving it forward into a new era. Our customers can look forward to unrivalled service levels as well as an expanded and diverse product offering, ensuring that we continue to be their trusted drinks supplier for years to come.”

Connie Parry, from the Hurns family, said: “As a family, we are delighted to hand the keys over to Rhys. We have known each other for many years, and he is the ideal custodian to lead the business into its next chapter. The entire team is excited about the future and looks forward to working together to continue growing the business.”

Chyrelle Anstee, director at Cellar Drinks Co, added:“Our new Hurns customers can look forward to a new online ordering facility, lots of engagement from key suppliers, and a new bi-monthly brochure that will allow them to focus on profitability in these uncertain times. We’re committed to offering innovative solutions that make doing business easier and more profitable for all of our customers.”

The Hurns was originally established as the Hurns Mineral Water Company by Arthur A Hurn in the late 1800s.

Burbank

A Cardiff fintech start-up has raised £5m to support global expansion plans. It comes after Burbank earlier this month successfully demonstrated the world’s first certified online card-present transaction.

Known as card-present over internet (CPoI) its tech platform redefines two-factor authentication so allowing shoppers online to simply tap their card to their mobile device and securely enter their PIN to complete a transaction, just like they do in-store. Until now, online payments were card-not-present (CNP) transactions, which have high and increasing levels of fraud.

Currently, online merchants face over $40bn annually in fraud and charge backs, which is when a cardholder disputes a transaction and the merchant is obligated to provide a refund.

The £5m seed funding round was led by Mouro Capital with participation from Anthemis (supported by Foxe Capital), Portfolio Ventures and others. These funds will accelerate the global roll out of Burbank’s platform.

Justin Pike, the Newbridge-born founder and chief executive of Burbank, said, “We are extremely excited to bring this evolution in payments to the world. The payments experience should be the same for everyone, regardless of channel.

“In-store we pay by tap and PIN, which is globally trusted and familiar, and now, for the first time ever, we’re enabling the same process in online channels. Simple, secure, and scalable. The way it should be.”

Manuel Silva Martinez, general partner at Mouro Capital, said: “I’m thrilled to support Justin and his team of payments experts. Burbank offers a simple, seamless integration through a single while-label SDK (software development kit), which securely integrates into existing technology stacks, and supports multiple schemes on iOS and Android. It’s what the market needs.”

Ruth Foxe Blader, general partner at Foxe Capital, added, “CPoI is the first protocol that legally shifts liability away from the merchant. It’s a massively scalable approach, with global demand.”

Burbank’s advanced platform offers unparalleled convenience and robust security, empowering consumer-facing businesses to innovate in customer experience and unlock new revenue opportunities.”

Burbank owns the intellectual property to its technology and said it will soon receive two global patents. Its revenue model will see it taking a percentage of the savings made for merchants on the cost of processing.

Hugh James deal

Cardiff headquartered legal firm Hugh James have advised the shareholders of Kent-based Highway Care Limited on its sale to Ramudden Global, a leading provider of infrastructure safety solutions.

Kent-based Highway Care, a leading provider of innovative road safety solutions, offering a broad range of products, including permanent and temporary road barriers, mobile traffic products, automation systems, and security solutions.

The acquisition by Ramudden Global ensures continued investment in the company’s product development, allowing it to expand its reach and enhance its service offering in the road safety sector.

Huw James corporate and commercial partner Andrew Hoad led the deal, supported by solicitor Daniel Burke.

Mr Hoad said: “It has been a great pleasure working with John and the Highway Care team throughout this sale. We congratulate Ramudden Global on their successful acquisition and look forward to seeing Highway Care continue to flourish under its new ownership.”

Curtis Bowden & Thomas

Acquisitive professional services firm Xeinadin has acquired south Wales accountancy firm Curtis Bowden & Thomas. The value of the deal for the firm, which has offices in Tonypandy and Bridgend, has not been disclosed.

Established in 2003, Curtis Bowden & Thomas provides a range of general accounting and taxation services to local businesses. The 22-strong team will continue to operate from their offices with the support and resources of being part of Xeinadin’s network. The firm will continue to trade as Curtis Bowden & Thomas.

Robert Lloyd, Stephen Smith, and Stephen Davies partners with Curtis Bowden & Thomas, said: “We’re excited to join Xeinadin and continue delivering the high-quality service our clients expect. South Wales faces distinctive challenges, from economic regeneration to skills shortages, and we’re confident that being part of Xeinadin will improve our ability to support local businesses. With access to a wider network of expertise and resources, we’ll be better equipped to help our clients navigate these challenges and drive sustainable growth.”

Last year Xeinadin acquired Carmarthen-based accountancy firm Clay Shaw Butler and Bridgend-based Clay Shaw Thomas.

Derry Crowley, chief executive at Xeinadin, said: “Curtis Bowden & Thomas has built a strong reputation in South Wales by providing businesses with the support they need to thrive, despite the unique economic challenges of the region. With a deep understanding of the local business environment, their expertise aligns well with Xeinadin’s commitment to supporting growth in Wales and we’re excited to welcome them to the team.”

Highly Recommended

Newcastle recruitment company Lead Candidate launches own drive for new employees

A Newcastle recruitment company has launched its own drive for more staff on the back of growth in the bioscience sector. Lead Candidate was launched in 2020 when its founders, Raman Sehgal, Fiona Cruickshank and Andrew Mears, saw a need for a better talent solution in the life sciences industry. The solution was to create a talent consultancy that champions partnership, offering strategic advice to help business and individuals in the region and beyond to achieve their goals. Last year saw the business reach significant milestones in which it trebled in size, hired a vice president to be its first US-based team member, and its also moved into a brand new Newcastle city centre head office at 8 Nelson Street – the former Cafe Royal building that is also home to Mowgli restaurant and which has undergone a £1.5m makeover. This year, the business is looking to grow 30% further, allowing it to create several new jobs. Andrew Mears, CEO and co-founder, said: “Lead Candidate was created out of a commitment from its founders to unlock the potential of organisations through people and a recognition that the solutions available to businesses in our sector hadn’t kept pace with the market. Today our team of experts are working with customers across the US and Europe to make a positive impact on the careers of individuals and the amazing businesses that occupy the life sciences outsourcing sector. “It’s an exciting time for us, and these developments enable us to better serve our current and future customers around the globe. With no plans to slow down, we’re aiming to grow a further 30% in 2025, which will create several new employment opportunities in the North East. Right now, we’re looking for multiple talent partners and a customer development manager to join us in transforming the talent landscape.” The firm specialises in a niche area of life sciences, working with organisations that provide outsourced support to the pharma and bio sectors. The outsourcing companies offer services across the entire process of bringing medicines to the patients that need them. Mr Mears says the region’s rich expertise within bio sciences places the company well for future growth. He said: “While the pharma and bio outsourcing sector is niche, it’s a fast-growing market. Although we’re based in the North East Lead Candidate operates globally, partnering with companies all over the world, with a particular focus on the US and Europe. We support our partners in recruiting talent at all levels and functions, from entry-level lab scientists to key C-suite appointments. "The North East is home to an active life sciences sector, with major organisations such as CPI, who we’ve supported in the past, Sterling Pharma, and Quotient Sciences. There’s also a thriving biotech industry, with hubs like the Biosphere at the Newcastle Helix providing laboratory space for life science innovation and R&D in the region. “We’re also lucky to be surrounded by some top-tier academic institutions like Newcastle University, Northumbria University, the University of Sunderland, and Durham University. These institutions play a pivotal role in feeding and expanding the local life sciences community, with a thriving start-up community spinning out of academia.” While poised for growth, Mr Mears added that challenges are evident in the North East. He said: “There is significant optimism in the industry, driven by anticipated revenue growth due to market expansion. However, there are still challenges in terms of funding gaps. Many companies in the region struggle to secure the financial backing that would allow them to scale. The North East is also impacted by a lack of Government-backed funding which limits growth and opportunities for local businesses. Despite the presence of several prestigious academic institutions, a skills shortage still exists with demand outweighing the available talent. “Recently, we have seen businesses founded in the region move out of the area to more attractive life sciences hubs in the North West and South of the country due to improved access to funding and skills.”

US dollar on the longest losing streak since 2015 as de-dollarisation fears grow

The US dollar has plummeted 0.7% today, marking its fifth consecutive day of decline, as the market reevaluates the currency's standing in the global economy. The DXY index, which monitors the dollar's value relative to a basket of currencies, sank to its lowest level in three years during trading today, as reported by City AM. Since the beginning of April, which Trump hailed as 'Liberation Day,' the dollar index has dropped by more than 4% as investors offload their US assets amid concerns over the country's growth prospects. In a statement on Friday evening, President Trump emphasized that the dollar would invariably remain "the currency of choice" and asserted that "if a nation said we're not going to be on the dollar, I would tell you that within about one phone call they would be back on the dollar". However, Michael Brown, senior research strategist at Pepperstone, cautioned about the risk "of moving away from a decades-long period of dollar and US hegemony." Brown acknowledged that currently, there is no alternative to the dollar as a reserve currency, and the tariffs that shook confidence in the dollar last week have been temporarily suspended. "However, the incoherence with which economic policy is being made, coupled with the credibility erosion caused by president Trump's constant u-turns and 'governing by tweet' modus operandi, is clearly creating more than a few jitters," the strategist noted. Brown conceded that there was no alternative to the dollar as a reserve currency for now and that the tariffs which shook confidence in the dollar last week had been put on hold for the time being. "Fundamentally, even though the ridiculous 'reciprocal' tariffs have been paused (for now), the prospect of those levies being imposed again will continue to linger. "De-dollarisation is now a real, and frankly scary, prospect," Brown commented. The US dollar took a hit due to imposed China tariffs, according to insights shared on Friday by ING analysts. They indicated that Trump's escalating tariffs on China contributed to the dollar's sharp decline. Since the US may find it challenging to quickly replace many of the imports from China, this could lead to heightened inflationary risks for the American currency. The euro has emerged as the biggest winner from the dollar's depreciation, achieving a five percent increase since 'Liberation Day'. It is perceived widely as one of the few options for investors moving away from US assets. ING analysts observed that officials at the European Central Bank appear to be promoting the euro as a robust alternative to the US dollar right now.

JP Morgan boss warns trade tariffs could lead to US recession and stagflation

Jamie Dimon, chairman and chief executive of JP Morgan, has cautioned that the stringent trade restrictions imposed by President Donald Trump could steer the US economy towards recession and stagflation. Dimon's comments came ahead of the multinational investment bank's financial results, which reported a revenue of $180.6bn and a net income of $58.5bn in 2024, as reported by City AM. He lauded the bank for playing "a forceful and essential role in advancing economic growth." In the banking giant's annual report, Dimon stated: "The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession." He added: "And even with the recent decline in market values, prices remain relatively high. These significant and somewhat unprecedented forces cause us to remain very cautious." Expanding on the risk of recession, Dimon said: "Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth." He further elaborated: "There are many uncertainties surrounding the new tariff policy: the potential retaliatory actions, including on services, by other countries, the effect on confidence, the impact on investments and capital flows, the effect on corporate profits and the possible effect on the U.S. dollar." He characterised JP Morgan Chase as "a company that historically has worked across borders and boundaries." The chief executive of the bank emphasised that the "long-term health of America, domestically, and the future of the free and democratic world" are intrinsic to the well-being of the investment bank. In a notable development, despite Trump reportedly using JPMorgan head Dimon as an informal consultant post-election as he prepared for a second term—considering him a "sounding board" for economic strategies—there appears to be a divide emerging over tariffs. Dimon remained impartial during the US presidential campaign, but there has been talk about his potential inclusion in the cabinet of either Trump or his then-rival Kamala Harris come 2024. Adding to the discourse, billionaire investor Bill Ackman has also made headlines with a stern warning on Sunday regarding Trump's trade policy, suggesting it could lead to an "economic nuclear winter."

Wise forecasts robust growth with 21% increase in active customers and £1.4bn income

Shares in global fintech company Wise saw a six per cent increase in early trading today, following the release of preliminary figures for its current financial year on Thursday. The firm is set to provide further updates during its capital markets day. The presentation will also include updates on the current financial year, with full results due to be posted on June 5, as reported by City AM. Wise, which specialises in facilitating easy international money transfers for consumers, anticipates a 21 per cent growth in active customers to 15 million and a 16 per cent increase in underlying income. Based on these projections, the fintech firm expects to generate an income of £1.4bn in the current year. However, it predicts a one per cent drop in its profit margin. The money transfer company forecasts an underlying income growth of 15 to 20 per cent in the 2026 financial year, with pre-tax profit margins aligning with top estimates. Wise has also revealed plans to dilute its Employee Benefit Trust share purchase programme to prevent shareholder dilution from historical stock-based compensation (SBC) grants, which equate to around 25 million shares. The fintech firm reiterated its listing change following the Financial Conduct Authority's reforms to the UK listing regime in 2024. Wise's listing was moved to the Equity Shares Category in July 2024. Wise made its debut on the London Stock Exchange on July 7, 2021, and over its 14-year history, it has transferred over £0.5tn across borders. In its January quarterly trading update, the company disclosed that cross-border volumes had surged by 24 per cent to £37.8bn. The firm's accounts also saw increased adoption, driving a 39 per cent rise in card and other revenue.

HSBC and Standard Chartered shares plummet as 'outsized' tariffs bite

Shares in banking behemoths HSBC and Standard Chartered have suffered a sharp decline amidst escalating global trade tensions. In early Monday trading, HSBC's shares dipped nearly three per cent, bringing its losses over the past five days to a staggering 15 per cent, as reported by City AM. Standard Chartered saw an even steeper fall of nearly four per cent, with its five-day losses approaching 20 per cent. The banks, which both have significant operations in Asia, are feeling the impact of hefty tariffs imposed by US President Donald Trump on Asian economies. China has been hit with a new 34 per cent tariff, raising its total import tax to 54 per cent following Trump's 'Liberation Day' speech, where he increased the levy from an earlier 20 per cent. In retaliation, China imposed a 34 per cent reciprocal tariff on US goods, criticising Trump's tactics as "inconsistent with international trade rules". Additionally, Taiwan received a 34 per cent tariff and Vietnam was burdened with a 46 per cent levy. Financial analyst William Howlett from Quilter Cheviot highlighted that banks carry some of the "biggest risks" amid the intensifying trade war. He commented: "Fundamentally, banks are levered plays on the economies in which they operate." Given the severe tariffs targeting Asian economies, Howlett noted it's no surprise that "the Asian banks (HSBC and Standard Chartered) have sold off the most." John Cronin, the founder of SeaPoint insights, pointed out that HSBC and Standard Chartered are more vulnerable than their UK counterparts to tariff issues "given their dependence on global trade glows and their presence in jurisdictions that will be subject to higher tariffs than the UK." HSBC stands as one of the top international banks in Asia, with its origins dating back to Hong Kong and Shanghai, and it covers various business segments in the region such as retail banking, wealth management, and commercial banking. Standard Chartered primarily targets emerging markets across Asia, Africa, and the Middle East, with a particular emphasis on Asia's burgeoning middle class in nations like India, China, and Indonesia by providing an array of retail services, including savings and checking accounts.

HSBC and Barclays shares tumble as Trump's new tariffs shake up FTSE 100

Shares in Britain's leading banks plummeted in early trading on Thursday following President Trump's tariff announcement, which sent shockwaves through the London stock market. Europe's largest bank, HSBC, saw its shares tumble by over 5%, with Barclays experiencing a fall of more than 4%, as reported by City AM. Standard Chartered, a member of the FTSE 100 index, suffered the brunt of the sell-off, with its share price dropping over 7%. The FTSE 100 index itself retreated beyond 1% as the markets opened, reacting to Trump's decision to impose a 10% tariff on UK imports to the USA. Dan Coatsworth, an investment analyst at AJ Bell, commented to City AM: "With so much uncertainty around the global economy as a result of Liberation Day, it seems as if fewer investors want to own banks despite many paying generous dividends which can provide comfort during rocky market conditions." He remarked that banking is inherently tied to economic fortunes, contributing to the sector's vulnerability in the worldwide market downturn: "Banking is an economically sensitive industry, which explains why shares in the sector have been caught up in the global market sell-off." Coatsworth pointed out the specific challenges for HSBC and Standard Chartered: "Trump's tariffs are particularly punishing for various parts of Asia and that puts HSBC and Standard Chartered in the firing line given their major reliance on that part of the world." He continued to illustrate the broader implications: "Businesses will be spooked by tariffs and that could lead to reduced investment, which in turns suggests less demand to borrow from banks or for advisory services on M&A activity." Coatsworth also highlighted Brexit's impact: "The same applies to Europe and the US which are key places where Barclays does business." Barclays, HSBC and Standard Chartered all have significant operations beyond the UK, including in the US and Asia. A deceleration in global trade could result in reduced revenue for these banks due to a decreased demand for their services in facilitating international partnerships through trade finance and other financial services.

FTSE 100 crumbles again as Trump's 'Liberation Day' tariff assault continues

The FTSE 100 had a gloomy start on Friday, still feeling the effects of Trump's 'Liberation Day' comments as it opened in negative territory. In early trading, the United Kingdom’s leading index was down by approximately 1.2%, with its mid-cap counterpart, the FTSE 250, also seeing a decline of nearly 1%, as reported by City AM. Banks were among those feeling the brunt during market opening, extending a downside pattern from Thursday's session. Natwest shares dropped over five per cent, while Barclays took a hit exceeding four per cent. Following its position as Thursday's biggest loser on the FTSE, Standard Chartered’s shares continued to wane, experiencing another fall of over four per cent. Conversely, British American Tobacco and SSE emerged as top performers in early dealings, each securing gains in the region of two per cent. Likewise, the retail giant behind Primark, Associated British Foods, saw its shares ascend over two per cent. AJ Bell’s investment director Russ Mould commented: "With markets having suffered their worst week in five years, investors were hiding under their duvet on Friday hoping the pain would go away." He went on: "Unfortunately, the relentless selling continued, with markets falling across Asia and Europe and futures prices suggesting the US will follow suit upon commencement of trade later today." Mould further remarked that "countless sectors" are poised for impact from tariffs, yet the plethora of "moving parts" presents a challenge to "know where to begin to comprehend the situation." "Investors looking to buy on the dip were spoiled for choice given the sharp declines seen on the market this week. It's now a question of when investors feel brave enough to go shopping. Today's extended sell-off implies investors are still too nervous to take the plunge," he added. On Thursday, the FTSE 100 experienced a sizeable drop, shedding 133 points and closing at 8,474.74 – a 1.6% decrease from the previous day's total. In a bold move, Trump imposed a baseline 10% import levy on all countries trading with the US during his Wednesday address, with increased rates for those classified as "worst offenders." A 10% import tariff was levied on the UK while the European Union suffered a steeper 20% hike. Commentators have noted with surprise that 'Markets appear to have been unprepared' for such trade measures. Stocks across Europe also faced a downtrend, with Germany's DAX falling 0.8%, France's CAC 40 dipping by 0.9%, and Amsterdam’s AEX index experiencing a 0.5% decline. The announcement of tariffs contributed to Wall Street recording some of its most substantial losses since 2020. On the Nasdaq Exchange, big tech firms including Apple and Nvidia saw sharp drops, declining nine and eight percent respectively. The S&P 500 was not immune to the downturn, with a near five percent fall, while the Dow Jones Industrial Average saw a four percent dive. Hargreaves Lansdown's head of equity research Derren Nathan commented: "Despite months of sabre-rattling by Donald Trump, markets appear to have been unprepared for the depth and breadth of tariffs announced by the White House." As a result of the tumult across the pond in the US and the White House's significant measure, "The FTSE 100 is set to open down a touch further, after US stocks suffered their worst day in five years."

Gold prices dip despite safe haven status amid Trump's new tariffs and global market turmoil

Despite its status as a safe haven amidst global trade uncertainties, gold prices have seen a decline for the third consecutive session. Over the past week, gold has dropped nearly three per cent in US dollar terms, following a steady rise since the onset of 2024, as reported by City AM. This drop coincides with a worldwide slump in stock prices in the wake of US President Donald Trump's comprehensive tariffs, which economists fear could plunge the world into recession. On the day of Trump's tariff announcement, the precious metal performed robustly, momentarily reaching a new all-time high of $3,225 after the president disclosed tax figures by country, before settling back to $3,125. However, it has since pulled back, even briefly dipping below the coveted $3,000 mark this morning. The depreciation in gold prices has occurred despite a fall in the value of the US dollar against other major currencies: when measured in euros, gold has declined almost six per cent since Thursday morning. While tariffs may play a significant role, analysts at Tatton Investment Management suggest that the end of the financial year last week may have distorted gold markets due to portfolio rebalancing. Given gold's strong performance in recent months, it would have become over-represented in many stockpicker portfolios, leading to a temporary sell-off to adjust proportions, according to the investment firm's analysts. As the broader market took a hit, many investors were likely compelled to liquidate their positions in gold, resulting in downward pressure on its price. "Margin calls from brokers is likely to have exacerbated some of the market movements," offered Susannah Streeter, head of money and markets at Hargreaves Lansdown. She went on to say: "Investors using more risky margin accounts can borrow money to invest, but falls in asset prices are prompting demands they deposit more money, as the value of assets used as collateral falls." Moreover, Streeter observed that increased unease among investors has led many to cash in on profits accrued over the past year and pivot to cash holdings. Alternatively, Michael Brown, a senior research strategist at Pepperstone, attributed the decline in gold's value to the unwinding of tariff risk premium following an exemption of bullion imports from tariffs.

Saga reports surge in profits as demand for cruises among over-50s soars

Saga, the travel and financial services provider for the over-50s demographic, has announced profits surpassing market predictions, fuelled by a surge in cruise demand. The firm revealed this morning that its underlying pre-tax profit for the year ending January 31 stood at £47.8m, marking a 25% increase year on year, as reported by City AM. Annual revenue rose by 4% to reach £588.3m, while net debt decreased by 7% to £590.5m. Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 18% to £137.1m. CEO Mike Hazel attributed this progress to "[Progress] was driven by the strength of our Travel businesses, with especially high levels of customer demand for our differentiated ocean and river cruise offers." Over the past year, Saga announced a 20-year partnership with Belgian insurance titan Ageas for motor and home insurance, which resulted in Saga's price-comparison website, pricing, claims handling, and customer service activities being taken over by Ageas. Additionally, Saga agreed to sell off its insurance underwriting business. According to Hazel, these strategic decisions, coupled with robust trading performance, enabled Saga to refinance its long-term corporate debt, replacing its 2026 debt maturities with new long-term credit facilities. "The new facilities provide us with significant financing headroom and flexibility as we move forward," Hazell added. "Following the completion of these important objectives, our focus has shifted to the long-term growth plans for the Group, building on our established businesses by continuing to explore complementary partnerships and unlocking new avenues for growth beyond our current business and product lines," he added.

Nikhil Rathi secures another five-year term as FCA chief amidst UK regulatory overhaul

Nikhil Rathi has been reappointed as the chief executive of the Financial Conduct Authority (FCA) for a further five years, tasked with the government's new mandate to cut back on unnecessary and repetitive regulation, as confirmed by the Chancellor. Rathi, who previously served as a Treasury official and the CEO of the London Stock Exchange, will continue his leadership at the FCA, the UK's principal financial regulator, as reported by City AM. Should he complete this term, Rathi's tenure at the helm of the FCA will reach a full decade. The Chancellor has chosen to maintain stability in the role, highlighting that Rathi's contributions have been "crucial" to the government's ambitious regulatory reform efforts aimed at streamlining the UK's regulatory framework to eliminate perceived impediments to economic expansion. On Christmas Eve, Rachel Reeves and Keir Starmer issued a directive to the heads of the UK's ten leading regulatory bodies, urging them to "tear down the regulatory barriers" they believe are constraining economic progress. This initiative to orientate the UK's regulatory bodies towards promoting growth has led to the departure or removal of several regulatory leaders, including those at the Competition and Markets Authority and the Solicitors Regulation Authority. The campaign has also triggered a significant reshuffle within the financial regulatory landscape, exemplified last month by the merger of the Payments Systems Regulator with the FCA, which aims to minimise redundant regulatory obstacles for businesses. Rathi will oversee the seamless integration of the merger. Upon hearing of his reappointment, he commented: "I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy." In the previous month, both the FCA and the Bank of England's Prudential Regulation Authority abandoned their initiatives to regulate firms' diversity, equity and inclusion (DEI) performance. Reflecting on these actions and other measures to reduce regulatory burden, Rathi stated: "I am proud of the reforms we have delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open." Reeves expressed her approval, saying: "Nikhil Rathi has been crucial in this government's efforts to reform regulation so it supports growth and boosts investment – I am delighted he will be continuing his leadership of the FCA."