IP-No: High street accessories and jewellery chain Claire’s cancels US float January 17, 2017 Accessories chain Claire's, a staple of UK high streets and US malls, has abandoned plans for an initial public offering in the States more than three years after filing for a flotation. The company, which was bought for $3.1bn by Apollo Management in 2007, had sought to raise $100m (£83m) when it filed for its IPO in [...]
Cairn ploughs on in the North Sea January 17, 2017 Cairn Energy says it has the funds to fuel its projects through to production. The independent oil and gas explorer expects first oil from its Catcher and Kraken developments east of the Shetland Islands this year. The wells are expected to produce 25,000 barrels of oil equivalent per day. Simon Thomson, Chief Executive, Cairn Energy PLC said: “Cairn [...]
£4 million for England’s museums January 17, 2017 The Government and the Wolfson Foundation have awarded grants worth £4 million to 39 museums and galleries in England. The foundation put up half the funding for these improvements, which are aimed at increasing access, upgrading public spaces and updating displays. In London, the Natural History Museum is receiving £100,000 for improvements to their iconic [...]
Fraud squad’s year-and-a-half long investigation set Soma Oil & Gas back £4.5m January 17, 2017 The fraud squad's year-and-a-half long investigation into Soma Oil & Gas cost the company £4.5m, City A.M. has learned. The Serious Fraud Office (SFO) opened an investigation into Soma in July 2015 following allegations of bribery and corruption before closing it in December last year. The UK company, which is chaired by former Tory leader Lord [...]
Provident Financial boss rebuffs Brexit doom-mongering January 17, 2017 The boss of sub prime lender Provident Financial said post-Brexit economic doom-mongering has been proven to be wrong and is quietly confident about what 2017 will bring. Peter Crook, the chief exec of the FTSE 100 firm, revealed there was plenty of room for the firm to grow, “serving customers in an underserved market”. Read [...]
Patisserie Valerie owner nears takeover of upmarket chain founded by Raymond Blanc January 17, 2017 The owner of Patisserie Valerie is nearing a deal to take over an upmarket bakery chain founded by celebrity chef Raymond Blanc. City A.M. understands Patisserie Holdings came out on top in a competitive bidding process for 13 Maison Blanc sites and has agreed terms for a deal, with the final details being ironed out. Kout [...]
Private equity interest in small British companies survives Brexit uncertainty January 17, 2017 Private equity interest in small UK companies was largely unperturbed by Brexit uncertainty last year, new research out today suggests. Lyceum Capital and Cass Business School tracked 82 buyouts and small and medium sized businesses over the year, 42 in the first half and 40 in the second, worth a total £3.33bn. Read more: Private [...]
Hyundai Motor and General Motors announce billions in US investment (but deny it’s anything to do with Trump’s tax threat) January 17, 2017 Hyundai Motor will boost investment in the US, after Donald Trump warned of a 35 per cent border tax of cars imported to the US. Hyundai said it plans to increase US investment by 50 per cent to $3.1bn (£2.57bn) over five years and could also build a new factory, though group president Chung Jin-haeng denied [...]
Shoppers spent £133bn online last year, but the internet is hitting margins January 17, 2017 UK retailers raked in £133bn online last year as the internet's importance for the retail industry continued to grow. Research from IMRG and Capgemini shows that shoppers spent £18bn more online in 2016 than they did the year before, a growth of 16 per cent. Read more: John Lewis will cut staff bonus as profit comes [...]
US toymaker Mattel names former Google Americas president as new chief executive January 17, 2017 Mattel announced today it has named a new chief executive to help put a stopper in floundering sales. Margaret Georgiadis, who previously worked as president of Americas at Google, will take to the helm of the US toymaker 8 February. Georgiadis is set to replace Christopher Sinclair, who had only taken up the role as chief exec in 2015. He [...]