La Senza on the brink as it calls in KPMG December 13, 2011 LINGERIE firm La Senza has called in restructurers from KPMG as it struggles to manage costs during the high street slump. City A.M. understands the British and European business, which is owned by private equity house Lion Capital, is considering entering administration but other options, such as a company voluntary arrangement or winning new investment, [...]
Thomas Cook sells Spanish hotel business December 13, 2011 CRISIS-HIT tour operator Thomas Cook has sold off its interests in a company that owns a golf club and a chain of Spanish hotels in a drive to pay down its £1bn-plus debt pile. The 170-year old firm has sold its 51 per cent stake in Hoteles Y Clubs De Vacaciones to the hotel arm [...]
Sports Direct eyes up Blacks December 13, 2011 STRUGGLING retailer Blacks Leisure said yesterday it had been approached by Sports Direct International – one of a number of expressions of interest it has received since putting itself up for sale last week. Sports Direct, controlled by Newcastle United owner Mike Ashley, has a 21 per cent stake in the firm, and said any [...]
Carpetright in profits plunge December 13, 2011 CARPETRIGHT, the UK’s biggest floor coverings retailer, posted the worst first-half performance in its history as a listed company yesterday, but said it expected better trading in the second half due to improved margins and marketing. The firm posted a pre-tax loss of £800,000 for the period to 29 October.
GO-AHEAD BULLISH ON UK TRANSPORT December 13, 2011 RAIL and bus operator Go-Ahead said full-year profit is likely to exceed expectations after a strong first-half performance. The company, run by chief executive David Brown (pictured), yesterday said revenues were boosted by passengers turning to public transport. Go-Ahead is expected to report average full-year operating profit of £108.45m.
MAN GROUP AIDE PLOTS FAME, SEX AND RUIN December 13, 2011 MANAGING the press coverage of Man Group’s multimillionaire hedge fund manager Pierre Lagrange is not a nine-to-five job. Which is partly why it taken Man Group’s head of media relations David Waller eight years “on and off” to complete his second historical biography around his day job, this time on his scandalous great-uncle Eugen Sandow. [...]
CITY MOVES | WHO’S SWITCHING JOBS December 13, 2011 Alvarez & Marsal The professional services firm has expanded its European real estate advisory team by appointing London-based senior director Ian Morgan. Morgan joins Alvarez & Marsal from the boutique advisory firm European Resolution Capital, where he was portfolio head for real estate, responsible for a distressed loan book of €1bn. Prior to that, Morgan [...]
BEST OF THE BROKERS December 13, 2011 CSR Morgan Stanley rates the chipmaker as “equal-weight” with a target price of 250p, following the company’s announcement yesterday that it is halting its investment in the digital television and tuner side of its business. As a consequence, the broker lowers its 2012 and 2013 revenue forecasts by $50m and $100m respectively, and operating expenses [...]
US retail sales growth weak in November December 13, 2011 US retail sales grew less than forecast in November, tempering some of the expectations for a strong holiday season that had been raised by signs of bumper Thanksgiving weekend sales. Total retail sales increased 0.2 per cent after rising by an upwardly revised 0.6 per cent in October, as less spending on food and beverages [...]
Eurozone bond yields fall at auction December 13, 2011 Eurozone government bond yields have fallen today at auctions of new debt by Spain and Belgium, but investors remain nervous as fears mount that sovereign credit ratings will be downgraded soon. Spain’s Treasury easily sold €4.9bn (£4.1bn) of 12- and 18-month Treasury bills, above the top end of the targeted range, at rates of almost [...]