Walker Crips reaps sell-off

City A.M. Reporter
WALKER Crips boosted pre-tax profits to £7.7m between April and September on the back of the £10m sale of its asset management business earlier this year, it said yesterday.

The business, which offers broking and wealth management services, saw revenues fall 17 per cent down to £8.8m for the six months ending 30 September but boosted profits from the proceeds of the sale.

Chairman David Gelber said the firm was “well positioned” to benefit from better market activity.

Stobart in gear for bond issue

LOGISTICS firm Stobart Group will today launch a £25m bond issue targeting retail investors.

The business, famed for its Eddie Stobart lorries, has appointed Canaccord Genuity to market the bonds, which have a six year maturity and pay 5.5 per cent. Chief financial officer for Stobart Group Ben Whawell yesterday said the issue could help fund infrastructure projects to boost its logistic capabilities.

Whawell added he hoped recognition of the Stobart’s brand name would help boost take up.