Business
Mone-linked firm PPE Medpro owes £39m in tax
A company linked to Baroness Michelle Mone and her husband Doug Barrowman owes £39m in tax on top of the £148m it was ordered to pay the government for breaching a contract to supply PPE.
Documents filed by PPE Medpro’s administrator on Tuesday revealed the figure owed to His Majesty’s Revenue and Customs (HMRC).
Last month a court ruled the company breached a contract to supply medical gowns during the Covid pandemic because they did not meet certification requirements for sterility.
HMRC and the administrators declined to comment.
PPE Medpro was put into administration last month, and Health Secretary Wes Streeting said the government would pursue the company “with everything we’ve got” to recover the cash.
PPE Medpro has £672,774 available to unsecured creditors, far less than the money owed to the DHSC, the administrators’ filings show.
They also reveal that the debt to the government is even bigger than previously known.
During the outbreak of the Covid pandemic in 2020, the government scrambled to secure supplies of PPE as the country went into lockdown and hospitals across the country were reporting shortages of clothing and accessories to protect medics from the virus.
In May that year, PPE Medpro was set up by a consortium led by Baroness Mone’s husband, Doug Barrowman, and won its first government contract to supply masks through a so-called VIP lane after being recommended by Baroness Mone.
The Department of Health and Social Care sued PPE Medpro and won damages over claims the company breached its contract to supply medical gowns.
Mr Barrowman told the BBC in an interview in 2023 that he was the ultimate beneficial owner of PPE Medpro. The shares are held in the name of an accountant, Arthur Lancaster, according to Companies House documents.
In that same interview he admitted receiving more than £60m in profits from PPE Medpro.
Baroness Mone, best known for founding the lingerie company Ultimo, admitted that millions of pounds from those profits were put into a trust from which she and her children stood to benefit.
An Isle of Man company linked to Mr Barrowman, Angelo (PTC), has a secured debt of £1m to the PPE Medpro, which means it is likely to rank ahead of government creditors when it comes to paying out whatever cash can be recovered from the company.
The administrators’ report says it expects there will be enough money to repay this in full.
Filings in the Isle of Man show the beneficial owner of Angelo (PTC) is Knox House Trust, part of Barrowman’s Knox group of companies.
Arthur Lancaster and a spokesperson for Doug Barrowman did not respond to requests for comment.
Mumbai: A State Bank of India research report has called for a long-term national gold policy that defines gold’s role, as money or as a commodity, and aligns it with broader financial reforms. The report said such a framework should link to India’s plans for capital account convertibility and encourage investment through the monetisation of idle gold. It added that the policy must harmonise how gold is treated in national income accounts, the balance of payments, and capital account to eliminate inconsistencies in accounting practices.According to SBI’s economic research department, high domestic demand for gold and India’s heavy import dependence with imports accounting for around 86% of total supply has created persistent pressure on the current account deficit. The increase in international price of gold is closely tied to rupee depreciation with the rupee coming under pressure every time gold prices rise because of heavy imports. The Govt also faces a fiscal loss of about Rs 93,284 crore on outstanding sovereign gold bonds, following a sharp rise in gold prices. These challenges are worsened by the lack of a comprehensive long-term policy to integrate gold’s treatment across accounting frameworks.To reduce smuggling and deepen the formal market, earlier reports proposed liberalizing gold and silver imports, including easing rules for NRIs. They also suggested introducing forward trading to allow price hedging.
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Lenskart IPO Allotment Today: Lenskart Solutions IPO saw strong demand with 28.27x subscription.
Lenskart IPO Allotment Today
Lenskart IPO GMP Today, Lenskart IPO Allotment Today: The allotment of eyewear retailer Lenskart Solutions’ initial public offering (IPO) is likely to be concluded today, November 06, 2025. The issue received a strong demand with a 28.27x subscription in the three-day window, garnering bids for 2,81,93,62,630 shares as against the 9,97,42,748 shares on offer.
Shares of Lenskart Solutions are expected to be listed on the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) on Monday, November 10.
Its retail category has received a 7.56x subscription, while the NII (non-institutional investor) quota has received a 18.23x subscription. The QIB category received a 40.36x subscription.
The IPO was opened on October 31 and closed on November 4.
The company has fixed the price band at Rs 382-402 per share for its IPO. At the upper end of the price band, Lenskart is seeking a valuation of around $7.91 billion (about Rs 72,700 crore).
The issue includes a fresh issue of shares worth Rs 2,150 crore, while the offer-for-sale (OFS) segment will see promoters and investors offloading more than 12.75 crore equity shares.
Investors who have applied for the IPO are advised to check the following links intermittently, as there’s no specific time when the allotment is likely to be concluded today.
Lenskart IPO Listing Price Prediction, GMP Today
According to market observers, unlisted shares of Lenskart Solutions Ltd are currently trading at Rs 447 apiece in the grey market, which is a 11.19% premium or GMP of Rs 45 over the upper IPO price of Rs 402, indicating decent listing gains for investors.
The GMP of Lenskart Solutions has been on the see-saw in the past few days, especially during the subscription window.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Lenskart IPO: How To Check Allotment Status
Step-by-Step: How to Check Lenskart IPO Allotment Status
Option 1: Via Registrar’s Website (Link Intime India)
- Visit the Link Intime India IPO allotment page:https://www.linkintime.co.in/IPO/public-issues.html
- Select “Lenskart Solutions Limited – IPO” from the drop-down list.
- Choose one of the three identification options:
- PAN (Permanent Account Number)
- Application Number
- DP/Client ID (for demat account holders)
- Enter the chosen details correctly.
- Fill in the captcha code as shown on the screen.
- Click on “Submit” or “Search.”
- The screen will display your allotment status — showing whether you’ve been allotted shares and the quantity.
Option 2: Via BSE Website
- Visit the BSE IPO allotment page:https://www.bseindia.com/investors/appli_check.aspx
- Under “Issue Type,” select “Equity.”
- Under “Issue Name,” choose “Lenskart Solutions Limited.”
- Enter your Application Number and PAN.
- Complete the security captcha.
- Click on “Search.”
- Your allotment status will appear on the screen.
Option 3: Through Your Broker or Demat App
- Log in to your broker app (like Zerodha, Groww, Upstox, or Angel One).
- Go to the IPO section → “My Applications.”
- You’ll see the allotment status once it’s updated by the registrar.
About Lenskart
Founded in 2010, Lenskart began as an online eyewear retailer and has since grown into one of India’s leading omnichannel eyewear brands with both online and offline presence. The company was valued at $6.1 billion as of September 2025, according to Tracxn data cited by Reuters.
In June 2025, the company transitioned into a public limited entity, changing its name from Lenskart Solutions Private Limited to Lenskart Solutions Limited after an extraordinary general meeting held on May 30.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
November 06, 2025, 06:52 IST
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Brand new Lucid electric cars sit parked in front of a Lucid Studio showroom in San Francisco on May 24, 2024.
Justin Sullivan | Getty Images
DETROIT – Lucid Group missed Wall Street’s expectations for a second consecutive quarter as the all-electric vehicle maker continues to address problems with the launch of its new flagship Gravity SUV.
The company, for a second consecutive quarter, also cut the high end of its annual production guidance to around 18,000 vehicles from a previous forecast of between 18,000 and 20,000 units. Its original target for this year was 20,000 units. It also reduced the low end target of its capital expenditures by $100 million to between $1 billion and $1.2 billion.
Here’s how the company performed in the third quarter, compared with average estimates compiled by LSEG:
- Loss per share: $2.65 adjusted vs. a loss of $2.27 expected
- Revenue: $336.6 million vs. $379.1 million expected
Lucid reported a net loss for the quarter of $978.4 million, or $3.31 per share, compared with a net loss of $992.5 million, or $4.09 per share, in the same period last year. Adjusting for one-time items including restructuring, the company lost $2.65 a share.
The company’s adjusted earnings before interest, taxes, depreciation and amortization was a loss of $717.7 million vs. an expected loss of $597.4 million, according to estimates compiled by StreetAccount. That loss widened year-over-over by 17%. Its quarterly revenue increased roughly 68% from $200 million a year earlier.
Its quarterly revenue increased roughly 68% from $200 million a year earlier.
In addition to releasing its third-quarter results, Lucid said it has agreed to increase a delayed draw term loan credit facility from $750 million to roughly $2 billion from Saudi Arabia’s Public Investment Fund, the company’s largest shareholder.
The company reported total liquidity of $5.5 billion to end the quarter, including the undrawn credit line. Its cash and cash equivalents were roughly flat from the end of last year at $1.6 billion, with a total financial runway into the first half of 2027, the company said.
Lucid also said it continues to evaluate finance and liquidity options outside of the PIF as it launches its Gravity SUV and develops an upcoming midsize vehicle, which isn’t expected to start production until at least late next year.
An autonomous robotaxi from Uber’s partnership with Lucid and autonomous vehicle startup, Nuro.
Courtesy: Nick Twork | Lucid
Regarding Gravity, Lucid interim CEO Marc Winterhoff said the company “remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry.”
During the company’s last quarterly results in August, Winterhoff admitted there were problems with Gravity, saying the company planned to significantly increase production during the second half of the year.
Winterhoff told investors Wednesday that the company continues to believe it can achieve a significant increase in Gravity deliveries during the fourth quarter, despite the supply chain issues and an industrywide slowdown in EV demand.
Lucid CFO Taoufiq Boussaid said Gravity production increased quarter-to-quarter but remains at an unmeaningful level.
The earnings results come roughly a month after Lucid reported third-quarter vehicle deliveries of 4,078 units, which increased from a year earlier but also fell slightly short of Wall Street expectations.
Lucid has made several partnership announcements this year. In July, it signed a $300 million deal with Uber that included the ride-hailing platform acquiring and deploying more than 20,000 Lucid Gravity SUVs over the next six years that will be equipped with autonomous vehicle technology from startup Nuro. More recently, it announced an expanded partnership with Nvidia for autonomous vehicle technologies.
Lucid’s results are in stark contrast to fellow pure EV company Rivian Automotive, which on Tuesday reported third-quarter earnings and revenue that topped Wall Street expectations and drove the stock price up during intraday trading Wednesday.
Shares of Rivian — following near-record gains Wednesday — are up roughly 16% in 2025, while Lucid remains off more than 40%, including a 1-for-10 reverse stock split this summer.
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