3i keeps an eye out for buyouts May 9, 2010 VENTURE capital giant 3i will try to quell investor nerves this week by unveiling plans to cut its debt and begin hunting for buying opportunities. The 65-year-old private equity house has had its fair share of problems, having recently written off stakes in companies such as British Seafood and Global Gardening Products. It will argue [...]
Enterprise near £1bn debt deal May 9, 2010 BRITISH pub group Enterprise Inns is close to agreeing a refinancing deal for a £1bn bank loan, easing concerns it could be forced to turn to shareholders for cash. The UK’s second-largest pub company, which has over 7,000 pubs, could announce the deal in the next few weeks and possibly as early as tomorrow, alongside [...]
Sainsbury’s expects to ring up profit rise May 9, 2010 J SAINSBURY is this week expected to say its pre-tax profits grew 15 per cent to £595m, but analysts believe it will avoid giving an update on sales amid tough conditions. Sainsbury’s, the third-largest supermarket chain in the UK by market share, is tipped to hand staff a bonus pool of £70m following a buoyant [...]
Al-Fayed offloads Harrods to Qatar for over £1.5bn May 9, 2010 BRITAIN’S most iconic luxury department store, Harrods of Knightsbridge, has been sold to the Qatar royal family for over £1.5bn, after a quarter of a century in the hands of Egyptian mogul Mohamed Al-Fayed. News of the deal came despite 81-year-old Al-Fayed’s avowed intention never to sell the racing green-fronted store, claiming last month that [...]
MTG sees profits during first year May 9, 2010 PRIVATE client law firm Maurice Turnor Gardner (MTG) is the first City legal practice to give an indication of the 2009 financial year after the firm reported profits of roughly £2m. MTG, which spun off from “magic circle” firm Allen & Overy (A&O) last year during a restructuring, said that it had emerged as “comfortably [...]
Lloyds sells off property May 9, 2010 BRETT Palos, the stepson of Sir Philip Green, has added more than 500 apartments to his property portfolio after successfully buying them in a £400m deal with Lloyds Banking Group. The deal is likely to kick start a string of residential sales from the banks as they look to reduce their exposure to the property [...]
Sovereign debt risk sparks worry over banks May 9, 2010 HEADING into last week, the markets were still primarily focused on politics. Would Greece receive aid money from fellow European countries? Would politicians come together and back fiscal measures to stem Greek debt contagion? Who would win the general election in Britain? Previously peaceful anti-austerity protests in Greece took a turn for the worse, investors [...]
Canary Wharf set to take a stake in the Walkie Talkie May 9, 2010 PROPERTY giants Land Securities and Canary Wharf are in discussions about joining forces to build the currently mothballed Walkie Talkie skyscraper in Fenchurch Street. Land Securities has been looking for a joint venture partner for the £300m office tower in order to spread the risk of the speculative development. It is understood that Canary Wharf [...]
BP clean-up efforts hit methane hitch May 9, 2010 EFFORTS to contain one of the worst oil spills in recent memory met with a hitch over the weekend after a methane build up threatened BP’s clean-up mission. Attempts were delayed after a build up of methane ice crystals formed on the dome of a container box BP was hoping to use to stop the [...]
Corus is close to shedding Redcar steel slab plant May 9, 2010 CITIGROUP has been appointed by steel giant Corus to sell its mothballed Teesside steel plant with hopes that a deal could save thousands of jobs. Corus, formerly British Steel and now owned by India’s Tata Group, is looking to shed the Teesside plant in Redcar and save over 2,000 jobs. It is understood that a [...]
