Tesco profit overstatement: PwC faces double investigation by accountancy watchdog FRC December 22, 2014 The Financial Reporting Council (FRC), the regulator for the UK’s accountancy industry, yesterday announced it was launching two separate investigations into the activities of professional services giant PwC. The probes will look into the book-keeping role played by the Big Four accountant in recent scandals involving UK supermarket chain Tesco and banking monolith Barclays. In [...]
Cinven buys up KKR’s Northgate Public Services for undisclosed fee December 22, 2014 Software and outsourcing business Northgate Information Solutions yesterday sold its public services division to Cinven, a top European private equity firm. David Meaden, chief executive of Northgate Public Services – which was owned by KKR – said Cinven’s acquisition of the division was “a huge vote of confidence in the strength of our [...]
Warburg and Carlyle snap up rating agency December 22, 2014 ALTERNATIVE asset manager the Carlyle Group and US private equity firm Warburg Pincus yesterday agreed to acquire the world’s fourth largest credit rating agency, DBRS. The buyout pair completed a deal for the Toronto-based company in partnership with a consortium of Canadian-based individual investors, including DBRS founder, Walter Schroeder, and other members of the company’s [...]
Somers survives protest vote as Rangers announce share placing December 22, 2014 RANGERS chairman David Somers survived a major protest vote from investors yesterday, as the club’s board announced it would launch a new share issue to raise much-needed funds. At the beleaguered Scottish football team’s annual general meeting yesterday only 61 per cent of shareholders voted for David Somers’ reappointment, illustrating investor frustration with the board [...]
Morgan Stanley sale to Rosneft fails to win regulatory approval December 22, 2014 RUSSIAN oil firm Rosneft’s deal to buy Morgan Stanley’s oil merchant business has collapsed after United States regulators refused to clear it. Although the sale of the business was inked before the US and the EU imposed sanctions on Russia over its interference in Ukraine, its collapse had been expected as the political winds changed. [...]
Retailers miss out on festive shopping boom December 22, 2014 MANY British retailers have failed to cash in on the Christmas shopping boom, according to research released today, causing the number of struggling businesses in the sector to increase considerably. According to research by specialist professional services group Begbies Traynor – covering 1 October to 17 December – UK retailers are considerably worse off this Christmas [...]
Afren shares jump as company reveals approach from Seplat December 22, 2014 TROUBLED oil firm Afren’s shares rose by as much as 22 per cent yesterday as it was revealed that the company has received a takeover offer from Nigerian rival Seplat Petroleum Development. According to Afren, Seplat has made a “highly preliminary approach”, and there can be no certainty that an offer will be made. Seplat’s [...]
Earls Court exhibition centre demolished: Is London losing too much of its heritage? December 22, 2014 It has played host to chocolate & confectionary fairs, royal tournaments, Victoria’s Secret fashion shows and hundreds of performers, including Pink Floyd, Queen, Madonna and Oasis. But this month marks the end of an era for the Earls Court Exhibition Centre, after contractors began dismantling the 1930s Art Deco building to make way for one [...]
Lone Star buys £1bn portfolio from Moorfield December 22, 2014 FUND manager Moorfield Group has sold a real estate investment portfolio to Lone Star for £1bn. The diversified portfolio is made up of traditional real estate investments, such as retail and office blocks, as well as alternative real estate investments, like hotels and residential and student accommodation. Moorfield will continue to act as asset manager, [...]
McCarthy & Stone seals £200m loan to support expansion spree December 22, 2014 Retirement homebuilder McCarthy & Stone has secured a £200m loan from its lenders to help with its next phase of growth as it seeks to meet growing demand for homes from Britain’s ageing population. The company said yesterday that Barclays, HSBC, RBS and Santander had agreed to provide a new five-year facility, replacing a [...]
