Bunzl reports growth in revenue and profit as it announces four more acquisitions August 24, 2015 Bunzl has reported higher profit and revenue in the six months to the end of June, after it went on an acquisition spree. The figures Revenues at the outsourcer and distribution group rose seven per cent to £3.1bn in its first half, the company said this morning, while profit before income tax also jumped 11 per cent to £147.1m. Earnings per share [...]
Plenty of profit for UK partners after Deloitte reports strong earnings August 23, 2015 Deloitte UK partners received bumper payouts this year after high business confidence led to a robust company performance. The professional services firm’s revenue hit £2.71bn in the 12 months ending 31 May, up 6.4 per cent on the year before, it said this morning. Consultancy revenues led the way with a rise of 10.5 per [...]
Persimmon bosses to share in £600m payout under long-term bonus scheme August 23, 2015 The bosses of Britain’s largest housebuilder Persimmon are in line for a potential £600m-plus windfall after a bumper year fuelled by the housing market recovery. More than 130 of the group’s senior management are expected to share in the award in December as part of a long-term incentive scheme launched three years ago. In total, [...]
New BHS owners Retail Acquisitions seek £70m refinancing to revive troubled chain bought from Sir Philip Green for just £1 August 23, 2015 The new owners of BHS are in talks to secure a refinancing package to help turn around the loss-making chain bought from Sir Philip Green earlier this year. Retail Acquisitions, a consortium comprising an eclectic mix of investors including former racing driver Dominic Chappell, is understood to be seeking a £70m loan by the end [...]
Luxury yacht builder Pendennis sails into rough waters as expansion plans dent its profits August 23, 2015 Luxury yacht builder Pendennis has said that sales and profits dipped last year as it invested millions of pounds in refurbishing and expanding its shipyard in Falmouth, Cornwall. The 27-year-old company, which designs, builds and renovates superyachts for private clients, reported pre-tax profits of £2.2m in 2014 – down 12 per cent on the previous [...]
Online personal styling service Thread is in fashion as investors pump $8m into one of the UK’s hottest start-ups August 23, 2015 Men’s fashion start-up Thread has closed a Series A funding round, raising $8m (£5m) from investors including the co-founders of Google’s DeepMind and a former president of Saks Fifth Avenue. Demmis Hassabis and Mustafa Suleyman, who along with Shane Legg sold DeepMind to Google in 2014, and Andrew Jennings, previously of Saks Fifth Avenue, were [...]
British American Tobacco to put its first quitting aid Voke on the market August 23, 2015 British American Tobacco’s (BAT) first anti-smoking product, Voke, will arrive in shops at the end of the year, marking a victory for BAT over its rivals such as Imperial Tobacco who have similar products in development. BAT was granted regulatory approval in 2014 by the Medicines and Healthcare Products Regulatory Agency (MHPRA). The product will [...]
Competition heats up for Tesco’s Korea unit ahead of Monday deadline August 23, 2015 Competition for Tesco's South Korean unit Homeplus valued at about £4bn is heating up ahead of the deadline for final bids on Monday. Media reports suggest that private equity firms have formed three separate teams to bid for the supermarket's largest operation outside of the UK. Asia-based Affinity Equity Partners has allied with US private [...]
Dragon Oil share price muted after Enoc takeover clears final hurdle August 23, 2015 Emirates National Oil Company's (Enoc) bid for Ireland-based Dragon Oil has cleared its final hurdle today. In a statement, Dragon Oil said it will delist from the Dublin and London stock exchanges on 7 September, after Enoc received enough acceptances of its £4bn offer to compulsorily acquire any remaining shares in the Irish explorer. Enoc won its [...]
Ryanair to appeal against court ruling allowing passengers to claim delay compensation after two years August 21, 2015 Ryanair will appeal against a court ruling that would allow passengers six years to claim money back from the airline if their flight is delayed. The Manchester County Court earlier today ruled that the low-cost airline could not impose a two year limit on passengers making a claim for flight delay compensation. Read more: Ryanair [...]