TSB is set to close 82 banks next year as it tries to turn around a business which has been hit by a tough environment.

It is part of a three-year plan intended to help TSB turn a profit of £130 million to £140 million by 2022.

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The company said it would invest in new flagship branches while automating some tasks away from workers.

The company has 1.6 branches per 10,000 active customers in 2018, it said, ahead of the UK average of 0.8 branches.

The Cake Box recorded a big jump in profits for the first six months of the financial year.

The cream cakemaker said that pre-tax profit had reached £1.7 million over the period, a 27% increase from the same period in 2018.

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Revenue grew 5.8% to £8.8 million, in line with expectations flagged in a trading update earlier this month.

Shares roared on the news, 6.5% to 148p on Monday morning as the company said it would increase dividends by 33% to 1.6p per share.

"We have added nine stores to our portfolio during the half year, have a good pipeline for the remainder of the second half and are on track to achieve our store openings target for the year," said chief executive Sukh Chamdal.

However shares have performed poorly in recent months.
In the beginning of October a Cake Box share fetched 171p.
On Monday it sold for 148p.

Dutch energy company Eneco has agreed to a proposed €4.1 billion (£3.5 billion) takeover by Japanese corporations Mitsubishi and Chubu.

Eneco said in a statement on Monday that Mitsubishi will fund 80% of the deal and Chubu the remaining 20%.

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The company, which is currently owned by a group of 44 Dutch municipalities, says Mitsubishi and Chubu support strengthening Eneco's sustainable energy strategy and will allow it to further expand internationally.

Mitsubishi chief executive Takehiko Kakiuchi said Eneco "fits in perfectly with our current energy activities and provides us with a platform to further grow in the European market in which we intend to have a leading position in the energy transition".