BUSINESS LIVE: Retail sales up 1% in August; Volution reaches acquisition deal Investec expects higher profits

Volution Group has agreed to buy Australian company Fantech in its largest ever acquisition.

The ventilation products vendor has signed a deal worth a potential AU$280m (£144m) to acquire Melbourne-based Fantech from Elta Group.

Thames Water will accelerate the process of raising more cash from investors over the coming weeks as it continues to try to recover.

The troubled water giant said that while it had been in talks with potential funders since July, it will launch a formal “capital solicitation process” in the coming weeks.

Warmer weather and end-of-season discounts helped boost retail sales in August, official figures showed today.

Volumes rose 1 percent last month, recovering some of the ground lost since Covid and the cost of living crisis.

More than 250,000 children aged between 13 and 16 own cryptocurrencies, the city’s watchdog has warned.

Financial Conduct Authority chief Nikhil Rathi has sounded the alarm over growing financial vulnerability among teenagers, with 8 per cent of 13- to 16-year-olds holding the high-risk asset.

Sainsbury’s is piloting a 100-store refurbishment programme as part of plans to accelerate market and sales growth.

Market analysts recently visited a Sainsbury’s superstore in Cobham, three months after the food giant completed a refurbishment of the store.

Shares in S4 Capital fell as the digital advertising agency warned that lower spending from technology clients would hit revenue.

Shares fell as much as 14 percent in early trading before ending the day down 5.9 percent or 2.7 pence at 42.3 pence.

Jacqui Baker, Retail Director at RSM UK, comments on the latest retail sales figures:

Festival-goers, barbecue lovers and party enthusiasts boosted retail sales in August as the feeling of summer finally arrived and consumers were able to get outside and enjoy some much-needed sunshine.

Getting the perfect outfit for a festival or adopting cowboy boots for the full Eras tour experience boosted apparel, while summer gatherings and investment in beautifying outdoor spaces boosted sales of food and home products.

Despite improvements in the housing market, this has yet to be reflected in consumers spending big money on big-ticket items, but as interest rates fall later this year, we expect to see a recovery in home goods as homeowners look to make their mark on their new homes.

Danni Hewson, director of financial research at AJ Bell, comments on the latest UK retail sales figures

It’s no secret that people feel happier when the sun is shining, and that happiness tends to trickle down to their spending habits.

Warm summer evenings are the perfect setting for a barbecue with friends and family, which requires a quick trip to the supermarket to stock up on burgers, buns and beer.

“Food sales gave retailers a substantial boost in August, with fragile consumer confidence enjoying a rate-cut embrace that countered some of the political messaging that has since eroded some positivity.

“Since lockdowns have ruined people’s lives, they have prioritised experiences over material things, and food often plays a vital role in creating those memorable events that will be cherished as the nights grow longer and the excesses of summer fade into memory.

Sterling rose to a two-and-a-half-year high against the dollar after interest rates were kept unchanged in the UK just hours after a massive cut in the US.

He The Bank of England kept its base interest rate at 5 percent At midday yesterday, Governor Andrew Bailey insisted that “care must be taken not to cut too quickly or too much.”

Rolls-Royce shares hit a record high yesterday as pressure mounted on Energy Secretary Ed Miliband to approve mini-nuclear power stations in the UK.

Shares in the British engineering giant rose 5 percent to 525 pence, taking gains since Tufan Erginbilgic became chief executive in early 2023 to 462 percent, after winning a landmark contract in