Tuesday newspaper round-up: Energy crisis, Pimlico Plumbers, Stagecoach

The chief executive of Universal Music has said the highly anticipated $40 billion IPO of the world’s largest record company this week doesn’t mark the pinnacle of the music industry’s streaming-led recovery, with billions of dollars in growth yet to come. a new wave of digital listening on devices like smart speakers, connected cars and services like TikTok. Sir Lucian Grainge, who is poised to earn a transaction bonus of at least $170 million when the label behind artists like Taylor Swift and Justin Bieber goes public in Amsterdam on Tuesday, said the listing offered an opportunity to build Universal in the “next generation music company”. – Guard

Hundreds of thousands of Britons are facing a “very, very difficult” winter thanks to rising household costs, No. 10 has been warned, as companies said the energy price shock could lead to a three-day workweek for factories and further holes in supermarket shelves. Senior Tories were among those urging Downing Street to wake up to the threat of food shortages and households facing difficulties due to rising energy bills coupled with the universal credit cut and rise in national insurance next year. – Guard

Charlie Mullins has sold Pimlico Plumbers to an American company in a deal that would value his stake at a whopping £130 million. Pimlico has been sold for between £125 and 145 million. Mr. Mullins owns a 90 percent stake in the company he founded in 1979, with the remainder owned by his son Scott. – Telegraph

National Express is considering a bid for rival Stagecoach that could unite two of the UK’s largest carriers. The FTSE 250 bus company has discussed a bold takeover of Perth-based Stagecoach, sources told Bloomberg. – Telegraph

One of America’s largest investment companies plans to invest £850 million to create a new life sciences laboratory and office space in Cambridge, supporting up to 2,700 new jobs. Blackstone is acquiring two sites in the university town, one of Britain’s industrial hubs, to create approximately 800,000 square feet of space and to address the lack of available capacity in the booming sector. – The times

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