Travelodge boosts its sales April 11, 2010 Budget hotel chain Travelodge is this week set to report a three per cent sales growth for last year, up to £297m. The chain’s pre-tax losses are likely to reach £80m due to interest payments on loans and other accounting charges.
Grosvenor House hotel bids due April 11, 2010 The Grosvenor House hotel could change hands in the next few months, with an estimated sale figure of £500m to £550m. Bids for the five-star hotel, which is owned by Royal Bank of Scotland, are due before the end of the month. CB Richard Ellis has been appointed to handle the sale. The Livingstone brothers, [...]
Sale date for Kroll is close April 11, 2010 The world’s biggest corporate investigation firm, Kroll, is likely to be sold to private equity bidders within the next few weeks. BC Partners, Apax and Carlyle are through to the second round of a £846m sale process, with final bids due by the end of the month. Kroll, which helped uncover Saddam Hussein’s assets, was [...]
New British Airways fund chief April 11, 2010 British Airways has named Paul Spencer as the chairman of its pension trustees. Spencer, the former head of National Savings & Investments, is also a trustee of the Rolls-Royce, BT and BAT pension schemes. He is set to play a crucial role in BA’s planned merger with Spanish airline Iberia. Iberia has said it would [...]
Bribery Bill to bolster UK’s law practices April 11, 2010 CITY law firms vying for anti-corruption work have started to significantly boost white-collar crime practices in anticipation of the recently passed Bribery Bill, putting them one step behind their US counterparts. The move by City law firms comes as the Bill, which reached Royal Assent in parliament late last week, is expected to produce swathes [...]
Trade insurers see 2009 claim numbers jump April 11, 2010 TRADE credit insurers dealt with record numbers of claims last year as the UK faced one of the worst recessions in recent history. The total amount of paid out claims jumped by 95 per cent in 2009 to £320m as compared to the previous year when companies paid out £164m in claims. Figures from the [...]
UK Reader’s Digest saved by £13m bid April 11, 2010 BETTER Capital, Jon Moulton’s new turnaround private equity group, has saved Reader’s Digest magazine with an eleventh hour white knight bid. The UK arm of the 87-year-old publisher filed for administration in February, two weeks after the Pensions Regulator rejected a plan to plug the £125m hole in its savings fund. Better Capital said the [...]
What the Sound of Music tells us about bubbles April 11, 2010 NOW stay with me on this one – sometimes, insights into the financial markets come from unlikely sources. In my case, I was reminded of the dilemmas now facing policymakers while enjoying a yodel down memory lane, watching The Sound of Music. It was when I reached one particular verse that it came to me: “How [...]
Confidence returns to UK businesses April 11, 2010 CONFIDENCE amongst UK businesses about the future of the economy has surged to pre-recessionary levels for the first time since the crisis hit at the end of 2007, according to the latest report by accountancy firm BDO Stoy Hayward. BDO’s Optimism index jumped from 99.4 to 103.2 in March, a high not seen since the [...]
Companies still choosing to list on Aim despite alternative of Standard Listing April 11, 2010 THE number of companies choosing to float on the Alternative Investment Market (Aim) has remained robust despite fresh competition from the new Standard Listing on the London Stock Exchange (LSE). Standard Listing was introduced by the LSE in April last year and was expected to lead to a mass exodus of companies from the Aim [...]