Tilney and Smith & Williamson strike £1.8bn wealth management and professional services deal September 19, 2019 Investment group Tilney and professional services firm Smith & Williamson said today they have agreed a merger which will create a combined business with an enterprise value of £1.8bn. The combined firm will be called Tilney Smith & Williamson and have revenue of approximately £500m and profit of around £150m, the firms said. Tilney is [...]
Ofcom gives green light to BBC’s Britbox push September 19, 2019 Regulator Ofcom has given the thumbs up for the BBC’s investment in Britbox – a new streaming service to rival the likes of Netflix. The regulator said that there is no “significant risk” that Britbox, a collaboration with ITV, will distort the market and create an unfair advantage. Read more: Britbox: BBC and ITV reveal [...]
Blackrock says Federal Reserve rate cut should have been ‘bolder’ September 19, 2019 The world’s biggest investment firm Blackrock has criticised the Federal Reserve’s decision to cut interest rates by one notch, saying it “missed an opportunity for a bolder stance”. Read more: US Federal Reserve cuts interest rates by a quarter point Rick Rieder, chief investment officer of global fixed income at Blackrock, which manages $6.8 trillion [...]
UK retail sales unexpectedly fall in August September 19, 2019 UK retail sales fell in August as British shoppers bought fewer goods than in July, defying expectations of zero growth in a worrying sign for the UK economy. Read more: Cheaper computer games drag down UK inflation to three-year low The quantity of goods bought in August fell by 0.2 per cent month on month [...]
Ryanair suffers shareholder revolt over pay report September 19, 2019 Ryanair is in the grip of an investor revolt after half of shareholders voted against a bonus scheme for boss Michael O’Leary that could see him earn £88.56m over five years. Just over 50 per cent of the airline’s shareholders voted for Ryanair’s remuneration report, in which Ryanair was seeking approval for a new long-term [...]
Kier Group turnaround ‘heading in right direction’ despite crashing to £245m loss September 19, 2019 Kier Group’s stock recovered to finish up 1.1 per cent today as shareholders appeared cautiously optimistic about its pricey turnaround plan. The struggling outsourcer staggered to a £245m loss in its latest full year, but trimmed its net debt by more than 10 per cent to £167m. Read more: Kier suspends dividend and unveils plan [...]
Charles Taylor share price jumps on £261m takeover deal September 19, 2019 Private equity house Lovell Minnick has said it will take Charles Taylor, the listed insurance company, private in a £261m deal. Charles Taylor’s board said they believe the offer is “compelling” and will be recommending it to shareholders at a meeting in November. Read more: ‘Sobering and devastating’: Lloyd’s of London bosses speak out on [...]
City Pub Group to scale back acquisitions amid Brexit worries September 19, 2019 One of the UK’s listed pub chains signalled it would scale back on buying new establishments as the company waits for the Brexit storm to blow over. City Pub Group said this morning it will “take a much more prudent and even more selective” approach to acquisitions. Read more: High spirits: City Pub Group cheers [...]
Tate & Lyle agrees £930m ‘de-risking’ pension deal with Legal & General September 19, 2019 Food and drink ingredient supplier Tate & Lyle has agreed a £930m annuity insurance “buy-in” with Legal and General. Tate & Lyle has transferred its pension scheme so it is underwritten by the financial services giant, which it said would provide “certainty and security” for its affected members. Read more: Tate & Lyle reports flat [...]
Saga profits slump as travel business wanes September 19, 2019 Saga posted a sharp fall in profits during the first half of this year, as challenges in its travel business dragged down the over-50s tourism and insurance giant. Pre-tax profits at the firm tumbled year-on-year by more than 50 per cent from £109.7m to £52.8m. Read more: Lloyd’s of London bosses ‘devastated’ at company misconduct [...]