Duff & Phelps hits out at BHS pensions lifeboat in letter to Labour MP Frank Field January 15, 2017 The firm originally appointed to handle the collapse of BHS has criticised the company's largest unsecured creditor for trying to control the process. BHS fell into administration in April last year after its former owner Sir Philip Green sold it to serial bankrupt Dominic Chappell for £1. Green brought in Duff & Phelps to handle [...]
Microwave meal maker Bakkavor set for London float January 15, 2017 Ready meal maker Bakkavor is considering a float on the London stock market, according to reports. The firm, founded in 1986, manufactures microwave meals for supermarkets including Waitrose, Sainsbury's, Tesco and Marks and Spencer. The company also supplies fresh goods such as lettuce, tomatoes and sweet potatoes. According to the Sunday Times, Bakkavor has enlisted Rothschild to [...]
End of the (railway) line? The Canadian pension giants that own HS1 have brought in Bank of America to explore a £3.6bn potential sale January 15, 2017 The two Canadian pension giants that own the high-speed railway connecting London to the Channel Tunnel have appointed a US investment bank to explore a sale of the line. The Ontario Teachers' Pension Plan and Borealis have brought in Bank of America Merrill Lynch to handle a £3.6bn potential sale of the 109km HS1 line that [...]
Soma Oil & Gas probe set fraud squad back almost £60k, after investigation was dropped late last year January 15, 2017 The fraud squad’s investigation into Soma Oil & Gas set it back almost £60,000, City A.M. has learned. Answering a Freedom of Information request, the Serious Fraud Office (SFO) revealed it spent £59,912 on its investigation into the oil company, which opened in July 2015, following allegations of bribery and corruption. The figure does not [...]
Latest ONS data expected to show inflation at 1.5 per cent January 15, 2017 Data released by the Office for National Statistics this week is likely to show an uptick in inflation, a sign that the fall in the value of the pound is having an impact on prices. An inflation rate of 1.5 per cent in the consumer prices index for December would be a significant increase on [...]
London’s iconic Goring Hotel hits record £14m in revenue January 15, 2017 The Goring Hotel in Belgravia reported its highest ever turnover in 2016, coming in at more than £14m with a profit of £1.6m. In a year which saw the Goring Dining Room receive its first Michelin star and the hotel awarded five stars in the Forbes Travel Guide, profit before tax almost quadrupled to £2m. [...]
Burberry leads another week of key retail updates January 15, 2017 British fashion house Burberry is widely expected to report an uplift in sales this week after the fall in the value of the pound made its products more attractive to foreign buyers. Burberry posts its third quarter trading update on Wednesday, and Barclays analysts have predicted the company will announce a like-for-like sales increase of two per [...]
The boss of the CIA has some advice for tweetstorm-loving Trump January 15, 2017 The outgoing boss of the US Central Intelligence Agency (CIA) has warned tweet-happy President-elect Donald Trump to think about what he says before reacting. John Brennan, who will leave office with Obama and his administration, issued a stern warning to Trump, who last week accused the intelligence organisation of practices that were "something that Nazi Germany would [...]
City-based frozen yoghurt chain Sloane Brothers rolls out tasty plan to go global next year January 15, 2017 City-based frozen yoghurt startup Sloane Brothers will roll out to new stores across the UK early this year and is gearing up to go global in 2018. The group, which launched with a store on Brick Lane in June 2015, will open “a number of new locations” this year and is preparing to respond to requests [...]
Stock Spirits row continues as investor slams “disdainful” treatment of shareholders January 15, 2017 Stock Spirits, a London-listed producer of Polish vodka, has been criticised by a prominent shareholder for the board’s “disdainful” treatment of investors. Luis Amaral, who owns a 9.7 per cent stake in the company, said there had been a lack of transparency in dealings with shareholders. He cited the cancellation of a planned investor day [...]