Paragon eyes bank licence to boost lending December 3, 2012 MORTGAGE provider Paragon, a buy-to-let specialist, has confirmed it is talks to buy Hampshire Trust, a private bank offering, in a bid at gaining a retail banking licence. Paragon yesterday said it was in exclusive talks to buy the business, which offers funding to property developers and solicitors, from the National Counties Building Society. The [...]
Guardian owner seeks sale of Auto Trader to plug its losses December 3, 2012 THE OWNER of the Guardian newspaper is in talks over a sale of its stake in the parent company of Auto Trader, in a bid to prop up its lossmaking papers. Guardian Media Group (GMG) could sell its 50 per cent share in Trader Media Group (TMG) to TMG’s joint owner, the private equity firm [...]
Mortgage firm should use new ambitions to fund core activity December 3, 2012 SO, it looks like even the buy-to-let cash cow isn’t enough to satisfy FTSE 250 success story Paragon anymore. Paragon’s share price has been mirroring the rental market recently. Rents soared to yet another record high last month, with the average London tenant paying £1,102 a month according to LSL, while mortgage provider Paragon’s shares [...]
Hedge funds’ employee cost overheads differ by thousands December 3, 2012 HEDGE fund overhead costs for individual employees differed by thousands of pounds between firms last year, with some funds spending up to £10,000 a day on each employee, research shows. Research obtained from Hedge Forensics shows the most cost-conscious UK hedge fund has managed to cut its overhead costs down to as little as 50p [...]
Moody’s fears Commerzbank’s new direction could be a flop December 3, 2012 GERMAN lender Commerzbank is taking major risks in pushing into the small business market and by competing aggressively on price, according to credit ratings agency Moody’s. The bank is investing €2bn (£1.6bn) on updating its IT and processes, while it slashes fees and rates to attract more business in the small business sector. The plan [...]
Equistone exits travel firm ATPI in ICG-backed manager buyout December 3, 2012 PRIVATE equity house Equistone Partners yesterday said it had sold its portfolio company ATPI, a global travel firm, to management in a buyout backed by Intermediate Capital Group. Terms of the deal were not disclosed but Equistone Partners Europe director John Walker said the exit generated a “good return” for investors. Equistone snapped up ATPI [...]
Why does Paragon want to buy Hampshire trust? December 3, 2012 PETER LENARDOS RBC CAPITAL MARKETS They could want the banking licence to offer term deposits to fund their consumer finance business. This would diversify Paragon’s sources of funding and make it less reliant on the wholesale funding markets. However, there would be a duration mismatch. GARY GREENWOOD SHORE CAPITAL I would expect the platform to [...]
CWC rings the changes in sale of Monaco arm December 3, 2012 CABLE & Wireless Communications (CWC) has agreed to sell its operations in Monaco and a number of island nations for a sum of up to $1.025bn (£638m). The sale to Bahraini telecoms firm Batelco frees CWC from control of a range of dispersed assets in Monaco, the Channel Islands, the Isle of Man and a [...]
Shares in IT group Datatec slide on surprise earnings warning December 3, 2012 IT GROUP Datatec yesterday issued a shock profit warning, owing to a worse than expected performance in its biggest division. The company said that its technology business Westcon had been hit by “weak conditions in Europe, disruption in North America due to Hurricane Sandy and lower than expected [US] Federal business,” in its third quarter. [...]
William Hill’s Sportingbet deal delayed further as it hits rocks December 3, 2012 WILLIAM HILL’S takeover of online bookie Sportingbet is being pushed back again, the companies will announce today, in the second extension of the drawn-out deal. The parties, which also include William Hill’s partner GVC Holdings, had set today as a deadline but the complexity of the three-way talks have forced negotiations back further, sources close [...]