Panmure deal gets go-ahead June 18, 2009 SHAREHOLDERS in City stockbroking firm Panmure Gordon have given a resounding show of support to an equity stake-building proposal from QInvest, Qatar’s largest investment bank, as they voted 99 per cent in favour of the deal at a general meeting yesterday. Panmure said in May it had conditionally raised £23m via the share placing agreement, [...]
Finsbury Foods earns its bread and butter in Goswell acquisition June 18, 2009 BAKER Finsbury Foods yesterday announced it taken another bite out of the bread market, acquiring rival Goswell Enterprise for £2.2m. Finsbury Food’s subsidiary bread making unit, Nicholas & Harris, has snapped up Goswell, whose brands include Vogel’s, Cranks, Doves Farm and Caribbean Cuisine. Goswell last year reported earnings before interest and tax of £0.4m in [...]
LITTLE LUXURIES June 18, 2009 LUXURY handbag maker Mulberry yesterday raised hopes that the downturn in the high-end retail sector is starting to ease, after like-for-like sales rose by more than a fifth over the first 10 weeks of its financial year. Mulberry said its understated British style and a new range of cheaper bags had boosted its performance in [...]
Cantillon shuts hedge funds after missing out on rebound June 18, 2009 CANTILLON Capital Management, the asset manager run by William von Mueffling, is closing two embattled hedge funds valued at $3.5bn (£2.1bn) after failing to capitalise on recent market rallies. The US group told its hedge fund investors yesterday they will be handed back what is left of their capital – the two funds fell between [...]
BoA Merill in bonuses row June 18, 2009 BANK of America Merrill Lynch (BoA Merrill) was facing a storm over its use of taxpayers’ funds yesterday despite denying reports that it paid out millions of dollars in retention bonuses without having paid back $45bn (£27.5bn) in state loans. The bank’s new vice chairman of investment banking, Fares Noujaim, along with one of its [...]
Philip Scott to leave Aviva as chief exec seeks fresh talent June 18, 2009 PHILIP Scott is leaving his role as chief financial officer and executive director of blue-chip insurer Aviva, as the group looks for a fresh approach to its ongoing restructuring. Scott is stepping down at the end of the year, after 36 years at the firm, as chief executive Andrew Moss continues the group’s overhaul following [...]
CITY MOVES WHO’S SWITCHING JOBS June 18, 2009 DeloitteThe professional services firm has appointed Mark Carter and Nick Seaver, pictured, to partner in its UK security, privacy and resilience group. Carter joined the firm in 2005, having previously worked for Accenture and BSkyB. Seaver joined in 2002 as a security, technology and control specialist, focusing on the financial services sector. Nomura The Japanese [...]
Ashtead hit by slump June 18, 2009 CONSTRUCTION plant hire group Ashtead yesterday reported a 22 per cent fall in full year profits, but said it has no plans for a fresh equity raising and remains confident despite a tough year ahead for the construction industry. Ashtead, which rents industrial equipment and tools in Britain and the US, said pre-tax profit from [...]
Hospitality: bribery or an essential business tool? June 18, 2009 LOVE it or loathe it corporate hospitality has become a key feature of “The Season”, the collection of traditional English sporting occasions that have become an annual fixture. From Royal Ascot to Henley, Lords to Wimbledon, City bankers, investment managers and other finance professionals will be heading in their droves for the most popular events [...]
Phorm posts a loss as costs rise but says it has enough in reserve June 18, 2009 TARGETED online advertising company Phorm yesterday posted a full-year year loss as costs rose, but said it expected to have adequate resources to continue operations. Its pre-tax loss was $48m(£29.3m) for the year ended 31 December, widening from $32.1m last year. Phorm said that it had cash resources of $23.2m, up from $16.6m in the [...]