LIVE BUSINESS: Inchscape sells UK retail unit; PageGroup profits fall; Kingfisher chair outputs

Marks and Spencer chairman Archie Norman has become the latest boss to sound the alarm over Labour’s plans to reform workers’ rights.

Policies led by the party’s deputy leader Angela Rayner would give staff day-one rights in new jobs, as well as a crackdown on zero-hours contracts.

PageGroup’s profits fell nearly 13 percent in the first three months of the year, due to slow hiring in its markets, and it said job flows deteriorated toward the end of the quarter.

Global recruiters have pointed to persistent challenges in the recruitment market due to low trust between employees and employers accompanied by a slowdown in the technology sector and a slower recovery in China.

“Converting final interviews into accepted offers remains the most significant challenge as candidate and client sentiment remains weak, reflecting overall macroeconomic uncertainty in most of our markets,” the CEO said. Nicholas Kirk.

London-listed car dealer Inchscape has agreed to sell its UK retail business to Group 1 Automotive UK in an all-cash deal worth £346 million, following a strategic review launched in January.

Duncan Tait, Inchscape Group CEO:

‘As we continue to deliver on our strategic ambition to become the leading global distribution partner for our OEM partners around the world, this transaction represents an important step in that journey.

‘Our UK retail business is a high quality business, with an experienced and high performing management team, and has been an important part of the Group’s growth.

‘With our active international expansion into higher value distribution activities, the strategic importance of UK retail operations has become limited. The Board has therefore concluded that the time is right for a new owner to take this business forward.

‘This transaction aligns with our strategic priorities, simplifies our business and represents a compelling opportunity to deliver significant returns to our shareholders. “We believe it will enhance the Group’s overall value proposition and enable us to drive long-term growth and value creation for all stakeholders as we further develop our differentiated distribution platform.”

Auto Trader has revealed which used cars are leaving second-hand dealerships the fastest and which are collecting dust at service stations.

Data suggests Brits are turning to cost-effective used hybrids, with the top 10 dominated by the eco-friendly fuel type.

Nationwide’s attempt to acquire Virgin Money for £2.9bn has in principle won the backing of the most influential mutual lobby.

Peter Hunt, founder of Mutuo, the UK’s leading advocate for building societies and co-operatives, said a successful deal would be a watershed moment.