M&G adds muscle to Bannatyne’s Health Clubs with new £92m deal February 24, 2014 THE BANNATYNE Group has agreed a £92m deal with M&G Investments for the sale and leaseback of the ground leases of 39 Bannatyne’s Health Clubs. The cash injection will free the Bannatyne Group from millions of pounds of bank debt and allow it to clear its loans with the failed Anglo Irish Bank. Entrepreneur and [...]
TfL staff who kept services open during strike handed £25 bonus February 24, 2014 TRANSPORT for London staff who volunteered to help at stations during last month’s Tube strike have been given a £25 bonus, in a move derided as “gesture politics” by one of the trade unions. Hundreds of workers will be handed high street vouchers to recognise their efforts “over and above their day jobs”, said London [...]
Contractors hit by bankruptcy February 24, 2014 Self-employed contractors have risen to become a much larger share of UK bankruptcies, according to research by Professional Representation Network. Contractors made up 24 per cent of bankruptcies in the second quarter of 2013, in comparison to eleven per cent in the same period of 2007. The researchers say that a more strict regulatory environment [...]
Ed Davey signs clean energy deal February 24, 2014 Energy secretary Ed Davey yesterday signed an agreement with power giant Shell to develop the Peterhead carbon capture and storage (CCS) project to the next phase of design. The government says that the low-carbon venture, which has strategic support from energy firm SSE, could generate enough clean energy to power half a million homes. The [...]
New Vatican financial overseers February 24, 2014 Pope Francis has announced sweeping changes to the Vatican’s bureaucracy, including a new secretariat for the economy to supervise financial affairs. Australian Cardinal George Pell has been named prefect of the new economics secretariat. He will report to a new 15-member economy council made up of eight cardinals reflecting various parts of the world and [...]
Bunzl soars as spending spree boosts earnings February 24, 2014 SHARES in Bunzl soared nearly seven per cent yesterday, after the distribution and outsourcing group unveiled full-year results that beat expectations and new acquisitions. The FTSE 100-quoted firm posted adjusted earnings per share of 82.4p in 2013, which was five per cent above market forecasts and a 15 per cent increase on 2012. The dividend [...]
Venture capitalists pour £25m into big data firm eCommera February 24, 2014 FAST growing retail technology company eCommera, which works with huge retailers like Asda and House of Fraser, has secured a further $41m (£25m) in funding from investors, it said yesterday. The company, based in London, said investors like Sir Martin Sorrell’s WPP had put more cash into the company alongside backers such as West Coast [...]
Cinven coughs up $915m to buy stake in drug testers Medpace February 24, 2014 PRIVATE equity firm Cinven yesterday announced a $915m (£549m) deal to take control of drug testing business Medpace, the latest in a string of deals for its London-based healthcare team. Medpace, which is based in Ohio but has a strong presence in the UK and Germany, offers testing and trials for pharmaceutical firms developing new [...]
Steady start for CVC Credit as it eyes further growth in lending February 24, 2014 CVC CREDIT Partners, the credit firm linked to CVC Capital, yesterday reported inaugural results for its listed European fund showing a rise in net asset value (Nav) of investments for last year. The company, which floated on London’s stock market in June, said it made an absolute return on funds invested of 3.31 per cent for [...]
Rolls-Royce wins US marine deal February 24, 2014 FTSE 100-quoted aerospace giant Rolls-Royce yesterday said it has won a $90.1m (£54.2m) contract to produce engines for aircraft operated by the US Marine Corps. The deal includes 40 Rolls-Royce engines made for the Naval Air Systems Command in Maryland. “Continual innovation has led to increases in power, dependability and time on wing as we [...]