Blacks to put itself through CVA September 27, 2009 Blacks Leisure Group, the outdoor goods retailer, is intending to go through a company voluntary arrangement (CVA) to secure its survival. The move would include cutting around 400 jobs, and losing 80 of its 400 Blacks, Millets and Free Spirit stores. KPMG will lead the CVA process as Blacks looks to secure its future.
Rugby club plans to float shares September 27, 2009 Rugby Union champions Leicester Tigers are planning to float next year. The club is making plans for a dual listing on the Channel Islands stock exchange and either London’s Aim or Plus market. The club’s shares are currently valued at over £10m, but the business is expected to generate a higher value when it floats.
Swedish firm to bid for Saab September 27, 2009 Koenigsegg’s chief executive said on Saturday that the Swedish luxury sport car marker still aimed to finalise a deal to buy Saab Automobile from General Motors by the end of October. However, the deal can only go ahead if the company secures loans from the European Investment Bank by Wednesday.
Time Warner to sell its Time unit September 27, 2009 Time Warner Inc is expected to sell the Time magazine unit, as well as spinning off America Online. The group is thought to be planning to sell off all sections of its business other than Warner Brothers, HBO and the Turner Networks. Time Inc’s magazines include titles such as People and Sports Illustrated.
Designed by a City woman: a wardrobe that works, even at 7AM September 27, 2009 IT is not easy to pin Tamara Rajah down. At 27, she is a full-time management consultant at a top firm, a fashion designer, retailer and in the process of setting up a mentoring scheme for women entering the City. Taking time out to meet me meant scrambling meetings, delicately readjusting her work schedule and [...]
Ryanair says rival needs a big shake up September 24, 2009 BUDGET carrier Ryanair is willing to “invest more money” into Aer Lingus, but is unlikely to make a third bid for its rival, chief executive Michael O’Leary said yesterday. The flamboyant boss, whose company is a 29 per cent shareholder in Aer Lingus, said the Irish airline will need major reorganisation. “They will come to [...]
BEST OF THE BROKERS September 24, 2009 HALFORDS GROUPAhead of Halfords’ second-quarter trading update on 8 October, Investec upgraded its forecasts and its target price to 435p, from 400p. The broker believes a combination of better weather and more “staycations” than last year will deliver a more robust performance than previously expected, and says “buy”. WM MORRISONJefferies International upped its target price [...]
US airlines’ shares start to take off September 24, 2009 DELTA AIR LINES, AMR – which owns American Airlines – and UAL have seen their shares more than double in the US since March, in the latest sign that the stricken aviation sector is starting to recover. AMR was the highest gainer between the start of March and mid September for the world’s major airlines, [...]
VT Group sells off stake in its BVTFleet to BAE for 346m September 24, 2009 VT GROUP has sold off its 45 per cent share in the shipbuilding unit BVT Fleet to BAE Systems, it said yesterday, for £346m. The figure comes after adjustments for £600,000 of so-called “notional interests”, and deductions of £12.2m for pensions liabilities. Of the £346m, VT Group will put £43m into BVT for costs incurred [...]
Japan Airlines denied bailout on fears cost-cutting will not go far enough September 24, 2009 JAPANAIRLINES was yesterday denied its request for a government bailout, as the country’s new transport minister withheld financial support on fears the carrier’s cost-cutting plans would not go far enough. The request for a cash injection from the carrier’s chief executive Haruka Nishimatsu came as the airline’s shares tumbled 16 per cent to a record [...]