Saga looks to branch out after turbulent start to life in public September 30, 2014 OVER-50’S holiday-to-insurance provider Saga tried to put its float flop behind it yesterday by planning to move into running old people’s homes and wealth management. The FTSE 250 listed group said it was on the verge of striking a deal with an unnamed wealth manager to provide financial services to its customers. It is also [...]
Intertek share price up as Andre Lacroix takes reins September 30, 2014 Intertek, the London-based inspection and certification firm, saw its share price jump by more than two per cent yesterday following the appointment of Inchcape’s Andre Lacroix as chief executive. Meanwhile, Inchcape’s share price plummeted by almost five per cent. Lacroix will take up his new role and join the Intertek board in May 2015. He [...]
Boots purchase blots Walgreen’s balance sheet but sales rocket September 30, 2014 American drugstore giant Walgreens yesterday reported a $239m (£147m) fourth-quarter loss caused, mainly, by a huge accounting charge from its purchase of British high street chemists Alliance Boots. The bottom line in the reported quarter was impacted by an $866m non-cash loss on the amendment and exercise of the company’s Alliance Boots call option. However, [...]
African Minerals turns to banks in face of weak iron ore market September 30, 2014 African Minerals has brought in Standard Chartered to look at the possibility of refinancing the debt structure of its Tonkolili iron ore project in the face of a “depressed iron ore environment”. Executive chairman Frank Timis said the business had been “slow to react” to market circumstances and warned that if the business did not [...]
Consort Medical to buy fellow UK pharma company Aesica September 30, 2014 Cambridge medical technology business Consort Medical is buying pharmaceutical firm Aesica for £230m in a bid to diversify its markets. Consort Medical said it would fund the acquisition with £115.9m drawn down under a new debt facility, £10m of existing cash and a fully underwritten rights issue which is expected to raise £95.3m and the [...]
Melrose-owned Elster Gas pays $158m for US company Eclipse September 30, 2014 BRITISH investment company Melrose Industries has bulked up its portfolio with Elster Gas’ purchase of US manufacturer Eclipse for $158m (£97m). Eclipse recorded sales of $126m for the year ended March 31, and Elster said the company’s “long established expertise in low-temperature industrial gas combustion complements [its] expertise in high-temperature industrial gas combustion applicatioens in [...]
Revenues on the rise at Eclectic September 30, 2014 John Smith , the chief executive of Eclectic, the bar group behind brands including Fez and Po Na Na, said yesterday he would continue to open about two or three new sites each year to drive growth in the group. Revenues rose 11.7 per cent to £23m during the year to 29 June, up from [...]
City Moves for 1 October 2014 | Who’s switching jobs September 30, 2014 JLL The real estate-focused professional services firm has appointed Virginia Rothwell as UK HR director. She has previously worked as group HR director at Phoenix and Tribal Group, and has also held senior positions at BT. Rothschild Group Trevor Manuel has been appointed senior adviser to the financial advisory group worldwide and deputy chairman of [...]
Best of the Brokers for 1 October 2014 September 30, 2014 Best of the Brokers for 23 September 2014 ULTRA ELECTRONICS Espirito Santo has upgraded to “buy” from “neutral”, and raised the target price from 2,000p to 2,050p. The broker thinks that Ultra Electronics is well positioned to meet growing demands for its products, with good growth prospects also for its security, transport and nuclear divisions. [...]
Next’s bad weather forecast casts dark shadow on markets – London Report September 30, 2014 BRITAIN’S top share index slid yesterday, with retailers falling after Next said it would have to lower its full-year profit forecast if the unusually warm weather continued. The FTSE 100 fell 23.88 points, or 0.36 per cent, to 6,622.72 points. Britain’s Number. 2 clothing retailer’s warning sent its shares down 3.79 per cent to 6,605p while [...]