6:50 am, September 11, 2026
Porsche cuts ties with Bugatti in €1bn sell-off
Porsche has completed its sale of Bugatti to the Rimac Group in a €1bn sell-off.
Porsche and Rimac entered into a joint venture back in 2021, with the German brand holding on to a 45% stake, and Croatian outfit Rimac the rest. The resulting joint venture was established as the Bugatti Rimac group. At the time, Porsche also held a 21% stake in the Rimac Group itself.
Now, however, Rimac Group and a wider consortium led by HOF Capital have completed their purchase of Porsche’s stake in Bugatti, and its stake in Rimac Group, too. Porsche is expected to net around £1bn from the sale, of which it says around 250 million euros will be used to fund its pension obligations.
Currys UK sales growth ramps up amid summer of heatwaves and World Cup
Electricals chain Currys has revealed a jump in UK sales growth over the summer as World Cup fever and heatwaves helped offset a flagging wider market.
The group said UK and Ireland like-for-like sales growth jumped to 6% in the 17 weeks since its May 2 year-end, up from 3% in the previous six months.
New boss Fredrik Tonnesen, who took over from Alex Baldock on August 3, said the group outperformed a more difficult wider electronics market, which would have shrunk had it not been for demand spurred on by heatwaves and the World Cup in June and July.
Twisted takes colour inspiration from classic Ferraris for new Defender commission
UK-based car engineering firm Twisted has revealed one of its latest Defender-based creations, which takes a design cue from classic Italian sports cars.
Based on a Defender 110, the commission has been completely rebuilt by the Yorkshire-based outfit, with a full 2,500-hour chassis-up build implemented to help the car look and feel its best both inside and out.
Key to the new creation is a ‘Hyperion Blue’ paint shade which has traditionally been used on Ferrari and Maserati models from the 1960s. It, and another commission, are set to make their debut at the upcoming Bridge X event in Bridgehampton, New York, next week.
The markets
Stock prices in London closed lower on Thursday, as oil prices surged above 105 dollars and hotter-than-expected US producer inflation fuelled concerns, while the European Central Bank raised interest rates as expected.
The FTSE 100 index closed down 61.14 points, 0.6%, at 10,608.92. The FTSE 250 ended down 222.72 points, 0.9%, at 23,885.94, and the IM all-share closed down 8.30 points, 1.0%, at 787.95.
In European equities on Thursday, the CAC 40 in Paris closed down 0.5%, while the DAX 40 in Frankfurt ended down 0.7%.
Thursday on Car Dealer
Yes you van: Why the LCV market could offer new opportunities to used car dealers
Used vans could be a lucrative new revenue stream for car dealers – but specialists warn it is far from easy money. Strong margins can be swallowed by hefty prep and repair bills, while EVs, clean-air rules and Chinese brands are rapidly changing the market.
Hendy Skoda staff fear job losses as Bournemouth dealership faces franchise change
Hendy Group staff at its Bournemouth Skoda dealership fear redundancies after the manufacturer ended its relationship with the dealer. The Wallisdown Road site is being prepared for a new brand, but Hendy has yet to reveal what will happen to employees.
IMI demands more Government backing for automotive workforce in upcoming Autumn Budget
The IMI is urging the Government to increase investment in automotive skills ahead of the October 28 Autumn Budget. Its proposals include greater flexibility over levy spending, targeted training incentives and a dedicated fund to tackle skills shortages and support emerging vehicle technologies.
Police make ten arrests after discovering used car chop shop on Essex industrial estate
Police have arrested ten men after discovering more than 80 cars and vans at a suspected chop shop in Essex. The investigation began when a stolen car was tracked to the site, where officers found vehicles, parts and workers living in poor conditions.
‘Don’t wear RNLI branding’, says charity to deter anti-migrant protests
RNLI volunteers and staff have been warned not to wear the charity’s branding because of the ‘unacceptable abuse’they have faced from anti-migrant protesters.
The charity has issued security advice in the wake of protests in Dover and Portsmouth, which saw the charity targeted for its rescue work bringing some small boat migrants ashore.
This week, footage posted on social media showed volunteers being labelled as ‘traitors’ after helping a dinghy to safety in Portsmouth and protests have been held at RNLI sites, including on Wednesday, when a small anti-migrant gathering was held at the RNLI College in Poole, Dorset.
Holidaymakers face tourism tax with new powers for mayors across England
Holidaymakers across England face a new tax on overnight stays under Government plans to give mayors greater economic power in their regions.
Local leaders will set the fee as a percentage of the cost of accommodation, rather than a flat rate, which ministers argue will protect budget trips.
The levy will have no upper limit, though Government sources said mayors are unlikely to make it too expensive, with most indicating it would be a few per cent.
Weather outlook
Northern England and Scotland will see broken cloud and sunny spells, with cooler conditions in the north.
Wales, the Midlands and Northern Ireland should be largely dry with sunny intervals.
Southern England will also be bright with sunny spells, making Friday a generally settled day across the UK.