Redrow in board reshuffle August 20, 2009 Housebuilder Redrow has launched a boardroom shake-up by naming a new deputy chairman and two non-executive directors. The reshuffle comes after the firm was taken back under the control of original founder Steve Morgan. Alan Jackson, who is already a director of several non-public firms and sits on the board of The Restaurant Group, has [...]
Advent appoints ex-Boots chief August 20, 2009 Private equity firm Advent International yesterday appointed Richard Baker, former Alliance Boots chief executive as an operating partner. Baker has been acting as an adviser to the group since the beginning of the year. Baker led the merger of Boots and Alliance Unichem as well as steering the sale of the firm to Stefano Pessina [...]
C&R shares take a hit August 20, 2009 SHOPPING mall and leisure centre operator Capital & Regional yesterday announced plans to raise £60.2m in a deeply discounted share placing, sending its shares plummeting. The group said South African peer Parkdev had agreed to invest £23.2m for a 25 per cent stake in the company. The remaining £45.7m will be raised in an underwritten [...]
Murdoch’s London Paper closes its doors for now August 20, 2009 NEWS International’s decision to close the London Paper will come as a huge blow to its 60 staff, who will now enter a month-long consultation. They have worked hard to create a product which has been a massive success in many ways. Its revolutionary design, for example, has been critically acclaimed and the paper has [...]
Lending sees improvement August 20, 2009 GROSS mortgage lending rose 26 per cent in July on the previous month but remains 36 per cent down on 2008, the Council of Mortgage Lenders (CML) said yesterday. In the latest sign of a relative improvement for the UK housing market, the CML figures showed that gross mortgage lending totalled an estimated £16bn last [...]
Firms’ confidence about the future rises to 13-month high August 20, 2009 BRITISH businesses are more confident about their trading than they have been for 13 months, according to a monthly survey published today. The Lloyds TSB Corporate Markets Business Barometer shows that a balance of 30 per cent of businesses questioned in July expected their business activity to rise over the next year, compared to 17 [...]
Strong growth in retail sales in July boosts recovery optimism August 20, 2009 THE high street breathed a sigh of relief yesterday as retail sales rose twice as fast as expected in July. Official data from the Office for National Statistics (ONS) showed that sales volumes rose 0.4 per cent in July on the previous month and were up 3.3 per cent on July 2008. For predominantly food [...]
BEST OF THE BROKERS August 20, 2009 AEGISNomura reduced its full-year earnings per share forecast for Aegis from 8.8p to 8.1p to reflect adverse exchange rate movements and a slightly more cautious view on media buying margins. The broker expects client spending trends to improve as the recession begins to ease, and rates the stock “neutral” with a 114p price target. TT [...]
Sovereign to cut board pay August 19, 2009 HOME equity release firm Sovereign Reversions said yesterday its directors would take a significant pay cut if they manage to fight off a rebellion from shareholders seeking to oust the board and put the group into run-off. In a letter to shareholders, non-executive director John Gummer, a Conservative party MP, said Sovereign would “propose long-term [...]
Jessops warns of further losses as downward spiral continues August 19, 2009 PHOTOGRAPHIC retailer Jessops yesterday reported gloomy trading figures, with sales down 4.7 per cent in the 12 weeks to 16 August. The group said it still expects to post a loss for this financial year because of the difficult retail environment. The recent fall in sales comes after a 3.6 per cent drop in the [...]