Business
Two charged after collapse of funeral firm Safe Hands affected 46,000 people
Getty ImagesTwo people have been charged following the collapse of a pre-paid funeral firm that left tens of thousands of people out of pocket.
About 46,000 customers lost thousands of pounds when Safe Hands Plans Ltd collapsed in 2022 and went into administration.
The Serious Fraud Office (SFO) has charged two men – Richard Wells and Neil Debenham – with conspiracy to defraud. It said Wells was the former director of SHP Capital Holdings Ltd – the parent company of Safe Hands – with Debenham described as a “fellow senior executive”.
Wells and Debenham are due to appear at Westminster Magistrates’ Court on 5 February.
The SFO said the charges of Wells, 39, residing in Spain, and Debenham, 43, of Norwich, were a “critical step” in its investigation.
Emma Luxton, director of operations, added planholders were left “exposed, out of pocket and uncertain about their funeral arrangements”.
Pre-paid funeral plans are designed to allow people to pay for their own funeral in advance, in order to help their families financially when they die.
Since July 2022, pre-paid funeral providers have required approval to operate from the Financial Conduct Authority.
Safe Hands was one of dozens of companies operating in the previously unregulated sector, and collapsed four months before the measures came in.
The administrator for Safe Hands, FRP Advisory, initially said planholders could receive repayments of between 8.5p and 12.5p for every pound they lost by June 2025.
But after a six-month delay, the amount repaid to those affected by the funeral firm collapse proved to be much less – about 4p for every pound.
Planholders are owed an estimated £70.6m in total.
Among them are Denise Hudson, from Derby, who paid nearly £2,500 for a Safe Hands plan after seeing a TV advert in 2019, and was last year given a cheque for less than £100 by administrators.
“That was my savings. I gave it in good faith. I actually thought what it said on the tin, it is in safe hands,” she said.
Hudson told the BBC she might “frame” the cheque for £96.50, using it as a reminder to keep fighting.
In 2017, Sandie and David Beatty, from Bingham in Nottinghamshire, paid Safe Hands £3,395 to cover the funeral costs for the first of them to die.
Sandie said they felt “angry, disappointed, sick” when the firm collapsed.
Aimee Geary, an NHS worker from Anstey in Leicestershire, paid £3,000 to Safe Hands in 2017.
Geary said: “Other people thought I was young [to be planning my funeral]. I’m very organised, and I didn’t want anyone else to have a job when I’m not here.
“It’s sad that you try to plan something and it has been taken away from you.”
Business
India–US trade talks: Vaishnaw sees Donald Trump’s optimism as ‘encouraging’; says India ‘deeply engaged’ – The Times of India
India remains deeply engaged on global trade issues, Union minister Ashwini Vaishnaw said on Thursday signalling confidence after US President Donald Trump expressed optimism about trade deal with New Delhi.Vaishnaw, who is in Davos for the World Economic Forum (WEF) Annual Meeting, said Trump’s comment is very encouraging. “Given India’s position and deep engagement on trade matters, it is very encouraging,” Vaishnaw told PTI when asked about the US president’s remarks.Trump, speaking at Davos a day earlier, said the United States would have a “good” trade deal with India and praised Prime Minister Narendra Modi, describing him as a ‘close friend’.“I have great respect for your Prime Minister. He’s a fantastic man and a friend of mine. We are going to have a good deal,” Trump said.Vaishnaw is leading a high-level Indian delegation to the WEF meeting, which includes Union ministers, chief ministers and senior state ministers. The Indian presence at Davos also features more than 100 CEOs, reflecting India’s push to engage global investors and policymakers amid shifting trade dynamics.Trump’s comments had come at a time when trade negotiations and tariff policies have taken centre stage globally, with several economies reassessing bilateral and multilateral trade arrangements.
Business
‘Indian aviation may lose Rs 18,000 cr this fiscal, up from Rs 5600 in FY25:’ ICRA – The Times of India
NEW DELHI: Credit rating agency ICRA has projected a sharp rise in India aviation industry’s losses to Rs 17,000-18,000 crore in FY2026, compared to Rs 5,600 crore in FY2025, due to multiple factors like slowing domestic traffic growth, increase in jet fuel prices and the depreciating rupee. Additionally, 133 aircraft of Indian carriers — representing 15-17% of the total capacity — are grounded for a number of reasons that puts supply side pressure too.Calendar year 2025 is seen as one of the worst years for Indian aviation due to the tragic AI 171 Ahmedabad crash, IndiGo schedule collapse, Delhi ATC software issue and many other events.“The Indian aviation sector is under sustained financial and operational pressure, with growth momentum moderating and industry losses widening…. due to operational disruptions, elevated forex losses, higher cost structures and slowing passenger traffic growth,” ICRA said.Domestic air passenger traffic in December 2025 declined by 3.9% YoY to 143.4 lakh passengers, and fell 5.9% sequentially from November 2025. For the full year, ICRA now expects FY2026 domestic air passenger traffic growth of just 0–3%, reaching 165–170 million, revised downward from earlier estimates of 4–6%. International traffic remains relatively resilient.
“Domestic capacity deployment in Dec 2025 declined by 7.3% YoY and 7.6% MoM, with around 91,769 departures, largely due to large-scale operational disruptions at IndiGo, including around 4,500 flight cancellations in early December 2025.”“Aviation turbine fuel (ATF) continues to be a major cost variable. In January 2026, ATF prices were 2.2% higher YoY, but 7.2% lower sequentially. For FY2025, average ATF prices stood at ₹95,181/KL, down 8.0% YoY. Fuel costs account for 30–40% of airlines’ operating expenses, while 35–50% of total operating costs are dollar-denominated, exposing airlines to exchange rate volatility.”“The continued weakening of the rupee against the USD in FY2026 has resulted in significant foreign exchange losses, with further pressure expected in Q3 FY2026. The industry’s interest coverage ratio is projected at 0.7–0.9 times in FY2026, reflecting stressed financial sustainability.”
Business
Spirit Airlines is in deal talks with investment firm Castlelake as struggling carrier seeks path forward
A Spirit Airlines Airbus A320 taxis at Los Angeles International Airport after arriving from Boston on September 1, 2024 in Los Angeles, California.
Kevin Carter | Getty Images News | Getty Images
Spirit Airlines is in talks with alternative investment firm Castlelake for a potential takeover as the discount airline looks for a path out of bankruptcy, CNBC has learned.
Spirit filed for Chapter 11 bankruptcy protection last August for the second time in a year after its previous turnaround plan fell flat.
Fellow budget carrier Frontier Airlines had been in talks with Spirit over the years for a potential merger, including in recent months, but didn’t secure a deal, according to people familiar with the matter, who requested anonymity to speak about the discussions. The two had reached a deal four years ago but it was called off after a surprise all-cash offer from JetBlue Airways.
Spirit and Castlelake didn’t immediately respond to requests for comment.
It was not immediately clear if Spirit’s bondholders and Castlelake would reach a deal or what form it could take. Minneapolis-based Castlelake has been active for years in aviation finance. In August, it announced it was launching a new aviation lending arm, Merit AirFinance, with $1.8 billion in deployable capital.
Spirit in mid-December said it amended its agreement with creditors to receive another $50 million in funding immediately, a lifeline for the carrier. Further funding would be contingent on “further progress on a standalone plan of reorganization or a strategic transaction,” Spirit said Dec. 15. “Spirit is currently in active negotiations on each of these possibilities,” the company added.
In its fight for survival, Spirit has slashed flights, reduced its fleet and cut jobs to save money. Unions last year agreed to pay cuts for the carrier’s pilots and flight attendants. That amounted to $100 million in concessions, the Air Line Pilots Association said in a Jan. 13 open letter, urging bondholders to support Spirit’s restructuring and avoid a liquidation.
Dania Beach, Florida-based Spirit for years enjoyed largely steady profitability and enviable margins in the often-rocky airline industry. But things took a turn after the pandemic, when wages and other costs soared, customer preferences changed, and an oversupply of domestic flights drove down airfare. That was especially punishing for U.S.-focused carriers that don’t enjoy a buffer from plush first-class cabins and large credit card and loyalty program deals.
The carrier’s problems snowballed after a Pratt & Whitney engine recall grounded dozens of its Airbus aircraft starting in 2023 and the planned acquisition by JetBlue was blocked two years ago by a federal judge who ruled it was anticompetitive, leaving both carriers to fend for themselves against a backdrop where larger carriers dominate.
Spirit has been trying in recent years to win over higher-spending customers by offering roomier seats or bundled fares that include seat assignments and baggage, or allow for changes, to better compete with larger rivals whose profits have been buoyed big-spending customers post-pandemic.
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