Tube strikes are a blot on our global reputation June 14, 2009 MY HEART sank when the International Herald Tribune splashed a large photograph of London commuters struggling to get to work on its front cover. Although the article rightly complimented Londoners on their determination to keep businesses going in the face of crippling tube strikes, it made me angry. This is not the image of London [...]
BUST UP June 14, 2009 DRAGON’S DEN star Theo Paphitis has walked out on lingerie chain La Senza after a bust-up with its private equity owner, Lion Capital. It is thought Paphitis quit the board after a clash of opinions over how the business should be run. The entrepreneur was in talks with Lion to buy a majority stake in [...]
CITY MOVES WHO’S SWITCHING JOBS June 14, 2009 Barnett WaddinghamThe actuaries and consultants firm has appointed four new partners: Alison Hamilton, Sarah Brown, Paul Houghton and Matt Tickle. Hamilton, pictured, joined the firm in 2006 and specialises in public sector actuarial and consulting. Brown and Houghton are scheme actuaries, providing actuarial and consulting advice to employers and trustees of corporate pension schemes, while [...]
Pernod says cheers to Tia Maria June 14, 2009 Tia Maria, the coffee liqueur brand, has been formally put up for sale by owner Pernod Ricard with a price-tag of €200m (£176m). The sell-off is part of the group’s attempt to raise cash after last year’s £5.6bn takeover of Vin&Spirit, the manufacturer of Absolut Vodka. The move follows last month’s disposal of the bourbon [...]
Phones4U tycoon looks at LDV June 14, 2009 Phones4U billionaire John Caudwell is believed to be considering whether to make a bid for stricken van maker LDV which fell into administration last week. It would the tycoon’s first step back into business after he sold his telecoms empire – which included Phones 4u and 20:20 Logistics – for £1.46bn three years ago. Caudwell [...]
Ashley’s new bargain basement June 14, 2009 Newcastle United owner Mike Ashley has set up a £1 shop in the former Burberry headquarters in London’s West End, despite budget retailer TK Maxx being blocked from opening nearby. The former up-market building is now plastered with “sports clearance” signs. It is believed Ashley’s Sports Direct chain is using the store to clear old [...]
Bringing the glamour back to poker June 14, 2009 MOST of the headlines in the City over the past few months have tended to focus on redundancies and doom, with an added dash of gloom. It’s all too easy to assume that the Square Mile’s top earners have handed over the keys to their Ferraris and are searching hopelessly through the jobs pages. But [...]
Laxey dumps Shaftesbury June 11, 2009 ACTIVIST investor Laxey Partners yesterday dumped its 19 per cent stake in Shaftesbury, just a week after supporting a £149m rights issue by the property company. Laxey yesterday appointed broker JP Morgan Cazenove as sole bookrunner for the placing of just over 25.7m shares and around 17.2m nil-paid rights in Shaftesbury, which owns large chunks [...]
Insolvent Arcandor refuses to rule out seeking state aid June 11, 2009 ARCANDOR, the insolvent German retailer and majority owner of travel agent Thomas Cook , may seek further state aid from Berlin, economy minister Karl-Theodor zu Guttenberg said yesterday. “It is not to be ruled out that there will be another request for state in the proceedings which are still ongoing. That would not be extraordinary [...]
NEW ROLE FOR BAZALGETTE June 11, 2009 PETER Bazalgette, the man behind shows such as Big Brother and Ready, Steady, Cook, was appointed as a non-executive director of the Critical Investment Group (CIG) yesteday, a new investment vehicle aimed at acquiring business-to-business media companies in the UK and overseas, which is due to be listed on AIM on 25 June.