Sainsbury’s to expand clothing sales by trialling online launch June 9, 2014 Sainsbury is to take on its high street and supermarket rivals by selling its clothing brand Tu online for the first time. The retailer said yesterday that it will pilot selling clothing to around 200 “invited” customers in the Midlands in August, which if successful would then be rolled out nationwide. It comes after people [...]
SSP stays silent on float plans as profits take leap June 9, 2014 KATE Swann, the boss of travel catering giant SSP, stayed silent on potential plans for a £2bn float yesterday after posting a 28 per cent jump in operating profits. The private equity-owned group was said earlier this year to be gearing up for a float this month, after drafting in Goldman Sachs. Swann declined to [...]
Crossrail 2 gathers steam with King’s Road and Dalston plan June 9, 2014 CROSSRAIL 2, the proposed London railway once known as the Chelsea-Hackney line, could end up stopping at neither of its namesake stations. Transport for London has started consulting on several possibilities for the route linking the south west and the north east of the capital. The options include a stop at Dalston Junction instead of [...]
Uber protests: RMT union backs taxi cab strike June 9, 2014 The RMT transport union has lent its support to a planned day of protest by licensed taxi drivers, who aim to clog central London streets tomorrow in protest at car hire apps such as Uber. The union said it will fly a “Cabbies against Boris” banner during the protests, due to start in Trafalgar Square [...]
Man Group makes US foray with deal to buy Pine Grove June 9, 2014 HEDGE fund Man Group yesterday bought its first business for over two years after unveiling a deal to acquire a small US-based hedge fund of fund manager. The FTSE 250-listed group, led by Manny Roman, has acquired New Jersey-based firm Pine Grove Asset Management, adding about $1bn to the $55bn it currently manages. The deal [...]
Analyst Views: What do you make of Man group’s deal to buy pine grove? June 9, 2014 HALEY TAM | CITIWhilst small, we believe this deal demonstrates Man’s intentions to use acquisitions to improve its access to US clients, and to boost its organic earnings growth outlook. KEITH BAIRD | PANMURE GORDONThe latest acquisition from Man adds only $1bn in assets but the key objective in our view is to add to [...]
Cinven clinches €510m fibre broadband move June 9, 2014 PRIVATE equity group Cinven has won a hotly contested auction to buy a Spanish fibre broadband company and take advantage of sector’s blossoming role in Europe and emerging markets. The group, based in Paternoster Square, will pay €510m (£413m) to carve out the telecoms unit of Gas Natural Fenosa, a Spanish utility company. The unit, [...]
B&M plumps for high float range June 9, 2014 Bargain retailer B&M has narrowed the price of its imminent share sale towards the top end of its original range, shrugging off turbulence in the new issues market in recent weeks. The firm is believed to have honed in on an initial share price of between 260p and 290p, compared to its earlier 230p-290p range.
Milton buying rival Darwin June 9, 2014 Money manager Miton Group yesterday struck a deal to buy a smaller boutique rival and recruit its founder M&G’s former head of equity investments David Jane. Miton, which is listed on the junior stock market and runs about £3.1bn of assets, will acquire Jane’s Darwin Investment Managers in a deal comprised of cash and shares.
Heineken pledges British cash June 9, 2014 Heineken and Volkswagen were among the companies pledging to keep and create jobs across Britain yesterday as part of a government-run trade fair. Heineken said it will spend £126m and safeguard jobs at its Manchester brewery and cider plant in Hereford. UK Trade & Investment expects the six-week fair to generate £100m for the British economy.