Hornby raises £15m through Aim placing June 18, 2015 Troubled model maker Hornby has raised £15m, delisting and placing 16m shares on Aim, it said this morning. The company said it had placed new ordinary shares at 95p per share, and will use the cash it raised to pay off £8m of bank debt. The news came as the company announced it had steamed [...]
TalkTalk moves to obstruct BT’s £12.5bn EE deal June 17, 2015 A fresh skirmish broke out between TalkTalk and BT yesterday, after BT published a consultancy report in support of its proposed £12.5bn takeover of EE. BT chief excecutive Gavin Patterson said the combination would create a “true UK digital champion”, while EE boss Olaf Swantee hit out at rivals who are trying to block the [...]
Malmaison and Hotel Du Vin sold to Singaporeans June 17, 2015 Boutique hotel chains Hotel du Vin and Malmaison have been sold by their private equity owners to Singapore-based property group Frasers Hospitality for £363.4m. The hotel duo, which has 29 sites across the UK and is formally known as MHDV Holdings, has been sold by US group KSL Capital Partners, which bought the chain in [...]
Deanna Oppenheimer to join Tesco’s nominations committee June 17, 2015 Deanna Oppenheimer, a former high-flying banker who joined the board of Tesco three years ago, has been drafted to join the supermarket’s nominations committee next month. The appointment comes after Oppenheimer, previously the boss of Barclays UK retail and business bank, was made chairman of Tesco’s remuneration committee earlier this year. Deanna [...]
Betfair misses despite hitting its goals as traders and analysts go cold on fears that the firm is over-valued June 17, 2015 The City stopped championing Betfair yesterday, despite premier full-year results from the online bookmaker. Shares in the FTSE 250-quoted firm slid throughout the day, with analysts warning that the stock was overvalued due to intense competition in the online gaming market. Betfair closed 3.9 per cent lower at 2,416p, against the FTSE 250 [...]
Cheesegrater bolts to cost Severfield £6m after Leadenhall building loses five June 17, 2015 Steelmaker Severfield said yesterday that the cost of replacing bolts in the Cheesegrater building, after five broke, is likely to hit £6m. There are around 3,000 bolts in the City skyscraper, formally known as the Leadenhall building, and most will be replaced, chief executive Ian Lawson told City A.M. “These bolts were a specialist [...]
JD Sports warns weak euro will dent its margins June 17, 2015 Sports fashion group JD Sports yesterday said it has made a “strong start” in the first 19 weeks of the year despite tough comparatives with last year, having announced record annual pre-tax profits of £100m in April. In a trading update ahead of its annual general meeting yesterday, the Size? and Millets owner said the [...]
JPMorgan Chase vice chairman Jimmy Lee dies June 17, 2015 JPMorgan vice chairman Jimmy Lee has unexpectedly died, the company announced in a statement. Lee, a veteran banker involved in the industry for over 40 years, had led the company's investment banking arm and had recently worked on the record-breaking Alibaba IPO. Read more: JP Morgan’s lead over broking rivals increases In a statement chief executive [...]
Waitrose PYOO (“pick your own offers”) ups game in supermarket price wars with Aldi, Lidl and big four June 17, 2015 Middle England favourite Waitrose has upped the stakes in the supermarket price wars with what it's calling "game-changing" discounts. The latest salvo in the battle with Aldi, Lidl and the big four – and adding a new acronym to our lingo almost as good as BOGOF – is "Pick Your Own Offers", or PYOO, which is [...]
Former Nokia executive Stephen Elop jumps off his burning platform June 17, 2015 Stephen Elop has finally jumped off his burning platform after going from Microsoft to Nokia and then back again. He is leaving Microsoft, it was announced today, after moving to the tech giant as part of its $7.2bn (£4.58bn) acquisition of Nokia in 2013. He had worked for Microsoft's business division before joining the Finnish [...]