The chief executive of Universal Music has said the hotly anticipated €40bn flotation of the world’s largest record company this week does not mark the peak of the streaming-led recovery of the music industry, with billions of dollars of growth yet to come from a new wave of digital listening on devices such a smart speakers, connected cars and services such as TikTok. Sir Lucian Grainge, who stands to make a transaction bonus of at least $170m when the label behind artists such as Taylor Swift and Justin Bieber goes public in Amsterdam on Tuesday, said the listing provided the opportunity to build Universal into the “next generation music company”. – Guardian
Hundreds of thousands of Britons face a “very, very difficult” winter thanks to rising household costs, No 10 has been warned, as firms said the energy price shock could trigger a three-day week for factories and further gaps on supermarket shelves. Senior Tories were among those urging Downing Street to wake up to the threat of food shortages and households being plunged into hardship because of rising energy bills combined with the universal credit cut and next year’s rise in national insurance. – Guardian
Charlie Mullins has sold Pimlico Plumbers to a US company in a deal thought to value his stake at as much as £130m. Pimlico is understood to have been sold for between £125m and £145m. Mr Mullins has a 90pc stake in the business he founded in 1979, with the remainder belonging to his son Scott. – Telegraph
National Express is mulling a bid for rival Stagecoach that could join up two of the UK’s biggest transport operators. The FTSE 250 coach operator has been discussing an audacious takeover of Perth-based Stagecoach, sources told Bloomberg. – Telegraph
One of America’s largest investment companies is planning to invest £850 million to create new life sciences laboratory and office space in Cambridge, supporting up to 2,700 new jobs. Blackstone is acquiring two sites in the university city, one of Britain’s industry hubs, to create about 800,000 sq ft of space and to address a lack of available capacity in the booming sector. – The Times
