Hartford annuity outfit for sale October 9, 2013 Private equity firms JC Flowers and Apollo Global Management are among a handful of companies expected to bid for Hartford Financial Services Group’s Japanese annuity business. Second round bids for the business are due next week. Hartford has tapped Deutsche Bank to handle the sales process, sources said. In June, the company announced an agreement [...]
Blackstone in running for Versace October 9, 2013 US private equity firm Blackstone is among potential bidders for a minority stake in Italian fashion house Versace, sources told Reuters yesterday. Versace, which is selling a 15-20 per cent stake to fund growth, is yet to draw up a short list of potential buyers and is still considering expressions of interest, other sources said. [...]
Leveson refuses to discuss new press regulator October 9, 2013 LORD Justice Leveson yesterday insisted he would not get involved in the debate over how best to implement his recommendations on press regulations, as newspapers prepared for a last-minute push against state regulation of the British media. Making his first appearance in front of politicians since he published his report last year, the judge told [...]
British tobacco firms avoid tax by oversupplying EU countries October 9, 2013 BRITISH tobacco companies are avoiding millions of pounds in tax by massively oversupplying some EU countries with hand-rolling tobacco and then turning a blind eye when it is reimported, according to a report released today by MPs. The public accounts select committee said customs officials must do more to combat duty evasion, with the supply [...]
Passengers welcome limit on rail fare increases in January October 9, 2013 PASSENGER groups have welcomed the government’s plan to cap rail fare rises at two per cent above inflation, but some have called for prices to be controlled even more tightly. Transport secretary Patrick McLoughlin yesterday lowered the ceiling five per cent in real terms, which train companies could impose as long as its overall average [...]
Ex-Lib Dem leader Ming Campbell steps down October 9, 2013 SIR Menzies Campbell, 72, the former leader of the Liberal Democrats, yesterday announced he would stand down from parliament at the 2015 election to make way for a younger candidate. Campbell, known as “Ming”, was leader of the party from 2006 to 2007. In his youth he was a champion sprinter and competed at the [...]
Greggs warms up as summer finally cools off October 9, 2013 GREGGS said efforts to stem its sales decline started to pay off in the third quarter of the year, sending shares up almost three per cent yesterday. The bakery chain posted a 0.5 per cent fall in like-for-like sales in the 13 weeks to 28 September, an improvement on the 2.9 per cent decline reported [...]
Chocolatier Thorntons in festive mood as growth gathers pace October 9, 2013 THORNTONS yesterday said sales had got off to a strong start in the first quarter of the year as the confectioner’s turnaround strategy continued to gather pace. Revenues rose 2.1 per cent to £47m in the 14 weeks to 5 October, driven by sales to supermarkets and other third party retailers, which leapt 11 per [...]
Bottom Line: High street sales foiled again but a silver lining elsewhere October 9, 2013 SWEET news for chocolate fans, but not so much for lovers of the high street. With revenue up 2.1 per cent, Thorntons’ latest numbers may be tasty, but no thanks to its shops. Sales were up 11 per cent in the 14 weeks to 5 October – but only in the fast-moving consumer goods (FMCG) [...]
Sunny weather lifts Marston’s performance October 9, 2013 PUB CHAIN Marston’s full year results to 5 October yesterday showed encouraging performance on the back of good weather driving sales in the second half of the year. Its Destination and Premium pub’s annual sales grew 2.2 per cent driven by food sales up 3.7 per cent. Marston’s said profits from its Tavern pubs fell [...]