Morgan Motor Company: Sports car maker sinks further into the red October 18, 2024 The firm behind sports car maker Morgan Motor Company saw its pre-tax loss widen by more than £10m during its latest financial year as it was hit with supply chain issues and increased costs. The Worcestershire-headquartered business has reported a pre-tax loss of £25.5m for 2023, after having posted a pre-tax loss of £15.5m for [...]
Tate & Lyle shares soar on Advent private equity takeover rumours October 16, 2024 Shares in ingredients group Tate & Lyle have soared more than 12 per cent today after rumours emerged of a bid for the company from an American private equity group. The FTSE 250 food and beverage company is being targeted by US-based Advent International, according to the Financial Times. While Advent, which is the eighth [...]
Man Utd deal was win-win for Ratcliffe and Glazers, says Raine Group October 16, 2024 Sir Jim Ratcliffe’s £1.25bn investment in Manchester United was a win for both him and majority shareholders the Glazers, insists the bank which brokered the deal. Ineos tycoon Ratcliffe shelled out for a 27.7 per cent stake in the Premier League football club in December and, in return, took over much of the decision-making from [...]
Bosses at world’s biggest banks: Britain is ‘ready for investment’ October 14, 2024 Bosses at five of the world’s biggest banks, along with a host of insurers, private equity firms and tech giants, have backed a push to invest in the UK ahead of the government’s flagship investment summit today. More than a dozen executives signed a letter stating that they were optimistic about the future of the [...]
What impact will ECJ ‘Bosman Mark II’ Diarra ruling have on private equity? October 14, 2024 The so-called “Bosman Mark II” Diarra ECJ ruling will have an impact on football but fortune will favour the flexible when it comes to private equity. Described by many as “Bosman Mark II,” the recent European Court of Justice (ECJ) ruling in the Lassana Diarra case has captured the attention of the European footballing community, [...]
Teneo secures £77m loan for first dividend payout October 13, 2024 Public relations firm Teneo is borrowing up to $100m (£76.5m) to pay its private equity owner and staff their first dividend. The company, which has City-based UK offices, approached lenders for the financing last week that is earmarked to fund dividend payouts, according to analysts at research firm Creditsights. However, sources close to Teneo said [...]
Literacy Capital swaps charity donations for private equity fees October 8, 2024 Private equity investment trust Literacy Capital is cutting down on its mission of paying out charitable donations, while upping the fee paid out to management. The only investment trust set up with a charitable objective, it has given £10m to literacy charities in the UK since it was created in 2017. Now, the trust will [...]
Chancellor’s tightrope walk will leave us holding our breath October 8, 2024 By tradition, Chancellors are allowed a stiff drink at the despatch box as they deliver their Budget. Parliamentary records tell us that Gladstone enjoyed sherry and beaten egg while the most recent Chancellor to indulge in this ancient right, Ken Clarke, opted for a straight whiskey. Since then, there’s been nothing but water in the [...]
Chelsea investor in talks for landmark stake in Miami Dolphins October 3, 2024 Chelsea investor Ares Capital is in talks with the owner of the Miami Dolphins to become the first private equity firm to buy a stake in an NFL franchise. The New York-headquartered asset manager is negotiating the purchase of a 10 per cent stake in the Dolphins’ parent company, according to multiple reports. The deal [...]
Parkdean Resorts suffers £100m slump as post-pandemic holiday competition heats up October 1, 2024 The return of short-haul travel following the Covid-19 pandemic contributed to holiday park operator Parkdean Resorts’ pre-tax loss widening by almost £100m during its latest financial year. The business, which is headquartered near Newcastle upon Tyne, has reported a loss of £135.2m for 2023, having previously posted a loss of £36.4m in 2022. The last [...]