CITY WHISPERS: Is Revolut still betting on its license soon? Not that anyone matters
Not that anyone matters, but it’s been almost a fortnight since Revolut said it could receive a UK banking license ‘any day now’.
“Immediately” was another word used when the company released its first earnings on March 1. Whispers understands that the official go-ahead from regulators will be this week at the earliest and it could take longer.
The £28billion company has been trying to secure a license for over two years, so maybe a few more days (or even weeks) won’t hurt.
Banking on it: Revolut has been trying to get a license for over two years, so maybe a few more days (or even weeks) won’t hurt
But it could be another blow to Revolut’s reputation, especially after the results were accompanied by revelations about problems with its IT systems.
That meant auditors struggled to determine which parts of the business its revenue came from in 2021.
Revolut claims the issues were fixed the same year and will no longer be an issue.
A good rule of thumb is to avoid over-promising, especially if regulators have the final say.
Advent International Seeking Further Takeovers
Hide your manufacturing companies: Word on the street is that US private equity vulture Advent International is looking for more engineering and aerospace buyouts.
While a deal to buy Laird in 2018 barely raised eyebrows, the jump on Cobham in 2019 drew criticism and a bid in 2021 for strategically important Ultra Electronics saw a monumental backlash.
There are few defense companies left on Advent’s favorite FTSE 250 index. But when has a small problem like this ever put off a private equity giant?
Smith & Nephew the hard way money talks about
Smith & Nephew has learned the hard way that when it comes to attracting and retaining your CEOs, money talks.
The maker of artificial hips and knees was stung in 2018 when then chief executive Namal Nawana resigned after 18 months, apparently because he wanted a package in line with its American rivals.
But last week the company’s FTSE 100 annual report revealed new boss Deepak Nath pocketed more than £5m in 2022. Some £3.5m was a golden hello as Smith & Nephew bought back the value of the shares he lost when he left Siemens Healthineers. .
Nath has earned more in eight months than the £4.7million his predecessor Roland Diggelmann brought home throughout his 29-month tenure.
Real work for a new home at Purplebricks
Online real estate agency Purplebricks knows better than anyone that finding a new home can be a real chore.
The struggling group went up for sale a few weeks ago and, in an encouraging start, said it had already attracted approaches from several potential buyers.
But Whispers hears some townspeople speculating he could face a hurdle in the form of a Financial Conduct Authority fine hanging over his head.
The main difficulty is that the fine is “unquantified”, so bosses have no idea if it will be tiny or huge, making it tricky for any potential buyer.
The word is, the fine is for not fully complying with strict money laundering rules. Purplebricks declined to comment.