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  • 📈 Bank of London: £42 Million Boost Despite Tax Trouble and CEO Swap

📈 Bank of London: £42 Million Boost Despite Tax Trouble and CEO Swap

Body Shop Saved: Ethical Glamour Revived!

This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • Bank of London: £42 Million Boost Despite Tax Trouble and CEO Swap

  • Body Shop Saved: Ethical Glamour Revived!

  • Atomico Unleashes £950m to Boost EU Tech

The summary: The Bank of London is riding high on a £42 million funding wave and expanding its client base, all while navigating a bit of tax trouble with a new CEO and an optimistic investor crowd.

The details:

  • Bank of London raised £42 million from investors just before HMRC swooped in with a winding-up petition over unpaid taxes, which the bank has now “sorted” after a brief bout of selective amnesia by its directors.

  • CEO Anthony Watson exited stage left last week, swapping the hot seat for an advisory role, with former compliance chief Stephen Bell stepping in to steer the ship.

  • The bank, having celebrated customer deposits crossing £500m and securing its 100th institutional client, chose to tactfully ignore the tax drama in its recent press release.

  • Investors, undeterred by the tax hiccup, continue to pour funds into the bank, as Mangrove Capital Partners lauded its "unique model" and backed the £42 million funding round with unwavering confidence.

Why it matters: The Bank of London is juggling a £42 million investor windfall with a side order of tax trouble, proving that even banks can multitask—just not always on purpose. With a new CEO at the helm and a nod from the Bank of England, it's clear they're aiming for stability, but it’s hard to ignore the unpaid tax bill lurking behind the celebrations. Investors, however, seem to think it’s all part of the charm, backing the bank's vision as if a bit of financial turbulence is merely par for the course.

The summary: The Body Shop’s been saved by a savvy duo, promising an exciting revival of ethical beauty with fresh innovations and no store closures in sight—hurrah for cruelty-free skincare!

The details:

  • The Body Shop has been rescued from closure, thanks to a buyout led by the ever-savvy "Cosmetics King," Mike Jatania, and his investment firm, Aurea.

  • No immediate closures for the 116 UK stores—so breathe easy, beauty enthusiasts, your cruelty-free lotions are safe... for now.

  • Charles Denton, formerly of Molton Brown fame, joins Jatania to spearhead the revival, aiming to restore The Body Shop to its former ethical glory.

  • Jatania promises innovation and ethical flair, with a keen focus on meeting the high expectations of the brand's loyal global fanbase in over 70 markets.

Why it matters: The Body Shop's revival means your favourite ethical moisturiser isn’t vanishing from the high street just yet. With a dynamic duo at the helm, Jatania and Denton, we can expect some snazzy innovations, all while staying true to its activist roots. It's a bit like rescuing a classic British car—shined up, modernised, but still driving home those eco-friendly vibes.

The summary: Atomico's new billion-dollar funds are set to supercharge Europe’s tech stars, backing ambitious startups from seed to IPO and proving the continent’s ready to play in the big leagues!

The details:

  • Atomico’s latest splash in the tech pool: a cool $1.24bn (£950m) across two new funds, one for seed/Series A rounds and another for later-stage investments.

  • 21 companies have already tasted Atomico's cash, including futuristic warehouse creator Dexory and benefits platform Ben – a promising start.

  • Founded by Skype’s Niklas Zennström, Atomico has a track record of backing winners like Klarna and Healx, proving it's no stranger to picking a winner.

  • With Europe’s tech scene on the rise, Atomico is doubling down, claiming it’s ready to help ambitious startups reach global domination – all from the comfort of the continent.

Why it matters: Atomico's hefty new funds signal that Europe’s tech scene is no longer the underdog, but rather a force to be reckoned with on the global stage. With their deep pockets backing everything from warehouses with minds of their own to next-gen perks platforms, the continent's innovators are gearing up for global takeovers. And let’s not forget, if you’re a startup dreaming of IPO glory, Atomico might just be your fairy godparent.

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