Thomas Cook gets north European boost but takes a knock from currency woes March 31, 2015 The numbers Thomas Cook has reported trading in line with expectations, with the summer of 2015 more than 50 per cent sold. The UK business continues to build on last year with Thomas Cook's Concept Hotels growing 20 per cent from the previous year. Bookings at thomascook.com have climbed 10 per cent. However, the company took [...]
Marshall Motors IPO: Stealth flotation values car dealership at £115m March 30, 2015 Car dealership Marshall Motor Holdings (MMH) revealed a successful flotation on the Alternative Investment Market (Aim) yesterday, raising £50m from investors. The deal, which values the group at around £115m, was run as a so-called stealth initial public offering (IPO) by investment bankers at Investec. That means the stock market debut was not pre-announced [...]
Cenkos keen on more big deals after British Car Auctions float March 30, 2015 Brokerage Cenkos yesterday reported record profits for 2014, on the back of its successful AA float. So far this year, it has also successfully got away the British Car Auctions (BCA) float, something which a series of larger rivals failed to achieve last year. Its revenues jumped 72 per cent to £88.5m, and profit before [...]
Reputation of Kingfisher boss Veronique Laury tarnished after collapse of Mr Bricolage deal March 30, 2015 Europe's biggest DIY group Kingfisher said yesterday that its €275m (£201m) bid for smaller French rival Mr Bricolage had collapsed after facing opposition from one the French rival’s major shareholders. Kingfisher first entered exclusive talks in April last year to buy 26.2 per cent of the share capital from the Tabur Family and 41.9 per [...]
Tesco begins land sell-off in cost-cutting drive March 30, 2015 Tesco has hired property advisory firm Savills to sell six development sites as part of plans announced earlier this year to cut costs. Chief executive Dave Lewis said in January that he would halve capital spending and save £250m a year by axing 43 stores, shelving 49 projects and closing its Cheshunt head office. The [...]
Ex-director Tim Ingram piles pressure on Alliance Trust chief executive March 30, 2015 Alliance Trust’s board is failing to scrutinise the management, and non-executives who try to ask questions are eased out, ex-director Tim Ingram told City A.M. yesterday. Ingram is backing activist investor Elliott Advisors’ bid to put three new directors on Alliance’s board, in the hope of shaking up the investment firm’s strategy. Ingram believes that [...]
Watchdog fines Kenneth Carver £35,000 for part in Logica insider trading scheme March 30, 2015 Former accountant Kenneth Carver was yesterday fined £35,212 by the Financial Conduct Authority (FCA) for his part in the Logica insider trading scheme. Carver is a family friend of recently imprisoned Ryan Willmott who pleaded guilty to three counts of insider trading during his time as a financial planning and group reporting manager for IT [...]
Newcastle United score record £19m profit thanks to TV income and new sponsorship deals March 30, 2015 Newcastle United yesterday reported record profits of £18.7m last season – but its debt in the form of an interest-free loan from owner Mike Ashley remained static at £129m. The Premier League club put the profit down to increases in TV income and new sponsorship deals. The Magpies announced a recorded profit for the fourth [...]
Rolls-Royce in $1bn Air China engine deal to supply Trent 1000 engines for passenger jets March 30, 2015 Engine manufacturer Rolls-Royce has extended its deals with Air China, after being selected to supply its Trent 1000 engines for 15 new Boeing 787-9 Dreamliner passenger jets. According to the British technology firm, the new contract is worth $1bn (£675m). Previously, Rolls-Royce supplied the airline with Trent 700 engines for 49 Airbus A330 aircraft, with [...]
RBS investment bank head Rory Cullinan resigns weeks after joking it was boring on Snapchat March 30, 2015 Rory Cullinan has resigned as head of Royal Bank of Scotland's (RBS) investment bank just weeks after he was caught complaining of being bored on Snapchat. RBS had only handed the role to Cullinan at the end of last month, and had expected him to lead a major scaling back program of its investment bank [...]