Morrison to offer internet sales September 5, 2010 Dalton Philips, the new chief executive at supermarket Wm Morrison, will use his first big presentation to the City to unveil plans to move into online grocery shopping this Thursday. The announcement will be part of the firm’s half-year results. Analysts have predicted a pre-tax profit of around £400m, a rise of 10 per cent [...]
Cobra Beer posts annual loss September 5, 2010 The first set of accounts from the Cobra Beer Partnership show a loss of £475,000 in 2009, on turnover of £24.7m. The joint venture was formed last year after American brewer Molson Coors bought the brand out of administration. The company will however pay a dividend of £1.1m to its two shareholders, Molson Coors and [...]
Waterstone’s man plots £100m return September 5, 2010 THE founder of the Waterstone’s book chain could launch a bid of more than £100m to take the business private if owner HMV decides to sell, it is understood. Tim Waterstone, the novelist-cum-entrepreneur who started the company in 1982, is reported to have lined up financing from backers including a London-based hedge fund. Waterstone has [...]
House of Fraser to revitalise Swinging Sixties brand Biba September 5, 2010 DEPARTMENT store House of Fraser is this week set to breathe new life back into Biba, the cult clothing brand which defined the 1960s. Biba, which will now be fronted by model Daisy Lowe, is to relaunch on Wednesday at the group’s Oxford Street store, featuring leopard print, faux-fur and denim clothing, party frocks and [...]
BEST OF THE BROKERS September 5, 2010 BAE SYSTEMS Execution Noble retains a “hold” rating on the defence giant, with a fair value price of 325p. The broker has looked at the possible outcomes of the UK strategic defence review out in October, and believes the firm will see EPS rise once the spending cuts are made public. WM MORRISON Seymour Pierce [...]
Kirsh vows to oust Minerva management September 5, 2010 BILLIONAIRE investor and activist shareholder Natie Kirsh is gearing up to oust the bosses of property developer Minerva this week. The 78-year-old owner of investment firm KiFin forced Minerva to call an extraordinary shareholder meeting to be held this Wednesday, where he will ask investors to vote on whether to retain chief executive Salmaan Hasan [...]
The City needs workers from outside the EU September 5, 2010 AS THE days count down until the immigration cap consultation on non-EU workers closes a week on Friday, it is more important than ever that we engage with policymakers to voice concerns across the City. Of course, we recognise the wider national concerns about immigration levels. With the latest figures from 2009 showing a 20 [...]
CITY MOVES | WHO’S SWITCHING JOBS September 5, 2010 Hermes Fund Managers The fund management group has appointed Chris Taylor as chief executive of its real estate investment management business. Taylor joins from Australian fund manager QIC, where he has been head of European property for the past four years. Prior to that, he was at HSBC Specialist Investments as head of European property, [...]
First Quantum pulls DRC workers September 5, 2010 First Quantum Minerals has pulled nearly all its expat workers out of the Democratic Republic of Congo (DRC) since the government seized its Frontier copper mine at the end of August. The London-listed miner is in discussions over whether to sue the African state and ENRC, the FTSE 100-listed new owner. It is already in [...]
Wagamama gears up for auction September 5, 2010 Wagamama owner Lion Capital is expected to contact potential bidders this week before auctioning the restaurant chain for as much as £250m. Rothschild, which is advising Lion, will send a memorandum with further information to interested parties this week. Lion cancelled a public flotation and turned down a £210m bid in 2007, after it felt [...]
