Benefit claimants forced to work May 15, 2011 Jobseekers can from today be forced into mandatory work programmes in a bid to cut the number of people claiming benefits. Jobcentre Plus advisers can refer anyone they feel requires “additional support”. Placements – which will include tasks such as maintenance work for housing residents, renovating and recycling old furniture – will last for four [...]
Kesa looks at Comet sell-off May 15, 2011 KESA Electricals has held meetings with activist shareholder Knight Vinke to discuss selling or restructuring its struggling high street retailer Comet, several sources confirmed yesterday. Kesa, which was spun out of the Kingfisher retail group in 2003, could also end up de-listing from the FTSE 250 to leave it solely listed in France, its main [...]
Outlook for electrical retailers is bleak May 15, 2011 AU revoir Britain, vive la France – that seems to be the prevailing view at Kesa, where management has asked bankers to put Comet, the underperforming British chain, on the block. That will allow Kesa to concentrate on the more profitable French business Darty, or so the theory goes. There is no doubt that Knight [...]
Jeweller Signet weighs sale of its British division May 15, 2011 THE WORLD’S largest jewellery retailer Signet is considering a sale of its underperforming UK division. The international firm, which owns H Samuel and Ernest Jones, is said to be looking for a buyer. Investment bankers from Lazard are in the early stages of approaching potential bidders. Signet UK could achieve a price of up to [...]
Top 40 young hedge fund stars named May 15, 2011 ROBERT Sorrell, the son of WPP chief executive Sir Martin Sorrell, has been named as one of the brightest people aged under 40 working in the hedge fund industry. The first Financial News 40 under 40 Rising Stars of Hedge Funds rollcall applauds the talents of men and women from all corners of the hedge [...]
France to support keeping UK out of new Greek rescue May 15, 2011 CHANCELLOR George Osborne is counting on the support of France to avoid underwriting a second Greek bailout as he flies to Brussels for a summit of EU finance ministers today. French finance minister Christine Lagarde has said that any second rescue for Athens is likely to involve extending the terms of the first – which [...]
Odeon bond issue paves way for sale May 15, 2011 ODEON & UCI has completed a £500m bond issuance that could make it easier for Terra Firma, the private equity firm founded by Guy Hands, to sell the cinema chain. The deal, led by Bank of America/Merrill Lynch and Goldman Sachs, is the first ever high-yield bond issuance for Europe’s cinema industry and has an [...]
Southern Cross to consider selling up May 15, 2011 STRUGGLING care home provider Southern Cross will consider putting the business up for sale once its battle to cut costs with landlords is over, City A.M. can confirm. Southern Cross last week appointed Greenhill as joint adviser to run discussions with landlords alongside KPMG and turnaround specialist Bolt Partners, but the investment bank is also [...]
CVC readies €20bn float for Evonik May 15, 2011 CVC Capital Partners has taken a big step towards one of the biggest IPOs of the year, after it hired banks to run the €20bn (£17.4bn) float of German chemicals company Evonik. It is understood that bankers in Germany from Goldman Sachs, Bank of America Merrill Lynch and Deutsche Bank have been brought in to [...]
Lord Browne shortlisted for the National Grid chair May 15, 2011 FORMER BP boss Lord Browne of Madingley is among the front-runners for the chairmanship of National Grid, a source said yesterday. Browne was approached by the company about taking the job a few months ago, and is now thought to be up against just one other candidate for the role. Browne, who left BP in [...]