BUSINESS LIVE: Matches goes into administration; Pollen Street makes bid for Mattioli Woods; Informa ups guidance

Our financial services sector is world-beating and well-paid. It’s a part of the economy that benefits women and men across the UK and its growth, competitiveness and profits rely on attracting and retaining the very best people.

I enjoyed a successful 20-year career in the City before politics, so I’m no stranger to the issues which affect women in financial services.

Informa has raised its earnings forecast for this year after its 2023 profit more than doubled, as the British events organiser benefited from the return of live events post a pandemic-led slump and strong performance across its markets.

The world’s largest exhibition group raised its adjusted operating profit forecast for 2024 to a range of £950million to £970million, higher than its January forecast of between £945million and £965million.

Informa said that it would continue to deliver shareholder returns in 2024, with dividend growth and minimum share buybacks of £340million.

British private equity investor Pollen Street Capital has agreed to buy wealth manager Mattioli Woods for about £432million, betting on the UK’s wealth management market.

The deal, which valued Mattioli at about 804p a share in cash, represents a premium of 34 per cent to the London-listed firm’s closing price on Thursday.

Insurer Admiral said motor premiums have peaked in a welcome relief for drivers.

Car insurance prices hit an all-time high last year as inflation pushed up the cost of claims. But Milena Mondini de Focatiis, chief executive of the UK’s largest motor insurer, said it has stopped hiking car cover costs.

The FTSE 100 firm has even cut some prices to attract customers from rivals.

Matches Fashion will be put into administration after ‘consistently’ missing its targets and making ‘material losses’, less than three months after it was bought by parent company Frasers Group.

Matches, which was bought by Frasers in December for £52 million, would need ‘too much change’ to restructure it. And Sport Direct owner Frasers said that the money that Matches needs to continue to operate would be ‘far in excess’ of what it considers viable.

‘In light of this, Frasers has been informed that the directors of Matches have taken the decision to put the Matches group into administration,’ Frasers said on Friday.

‘Frasers remains committed to the luxury market and its brand partners.’