Labour and SNP coalition likely following 2015 General Election, says Deutsche Bank February 2, 2015 Economists at Deutsche Bank said yesterday that the UK is on track for a coalition between Labour and the SNP following May’s election – but warned that the British economy would do better in the long term under a deficit-cutting Tory government. The report says: “If the general election were to be held now Labour [...]
No time for ties as finance chief tours London February 2, 2015 GREEK finance minister Yanis Varoufakis looked liked a rock star as he trundled into Downing Street to meet George Osborne. Most male politicians that tread a similar path to the home of British political power wear the uniform of suit and tie. But Yanis came instead tieless and wearing a wax jacket. “We are both [...]
Shake Shack doubles down on share offer February 2, 2015 FAST food chain Shake Shack followed on from its stockmarket debut on Friday with news last night that its underwriters are issuing more shares, increasing the float’s proceeds by 15 per cent to $121m (£80.5m). The float has been a successful one for the New York-based burger joint, with a market value of $1.2bn after [...]
Gold miner Petropavlovsk seeks approval for £206.5m refinancing plan February 2, 2015 Gold mining company Petropavlovsk has launched a package to refinance $310.5m (£206.5m) of its debt, but it requires share and bond holder approval. The plan, described in a statement released yesterday evening, includes a new five-year $100m convertible bond and a £155.1m rights issue. The firm will also look to go ahead with a debt-for-equity [...]
Apple taps US bond market for $5bn to fund its share buyback February 2, 2015 APPLE was last night issuing new bonds thought to be worth $5bn (£3.3bn) to fund a host of “general corporate purchases,” including share repurchases. Despite its record quarterly profits of $18bn, the tech giant is making the most of historically-low costs of corporate borrowing. In its Securities and Exchange Commission (SEC) filing Apple said the [...]
HSS Hire IPO: Tool hire firm covers books to become first main market listing of 2015 February 2, 2015 Floating tool hire firm HSS successfully found enough investors last night to cover the books on its initial public offering (IPO), City A.M. understands. Smaller firms have floated on the alternative investment market (AIM) this year, but HSS is the first main market listing of 2015. Its bookrunners are still gathering orders for the shares [...]
AG Barr is Funkin it after buying cocktail firm February 2, 2015 IRN-BRU maker AG Barr has snapped up cocktail mixer and syrups business Funkin in a deal worth up to £21m. The Camden-based business, which sells its products to bars, restaurants and retailers including Waitrose, will give AG Barr exposure to the lucrative cocktail market.
CRH share prices rises as Irish aggregates firm nets Holcim Lafarge assets February 2, 2015 Irish building materials group CRH’s deal to buy the assets being offloaded by cement firms Holcim and Lafarge ahead of their planned merger was “too good to turn down”, the company’s chief executive Albert Manifold said yesterday. CRH announced on Sunday that it had entered into a binding commitment with Holcim and Lafarge to acquire [...]
Senior creditor rescue deal to save Towergate February 2, 2015 TROUBLED insurance broking group Towergate yesterday announced that it had reached agreement with its senior secured creditors to recapitalise the group and carry out a financial restructuring. The deal will see £75m of new investment injected into the company, and also sees Towergate’s net debt reduced by more than 60 per cent. According to the [...]
Party over for wine revellers as Vinopolis to close its cellar doors February 2, 2015 Vinopolis, the wine tasting and restaurant venue near London’s Borough Market, is to close its doors for good at the end of the year to make way for a new upmarket shopping development. The 2.3-acre centre, which sits under the Victorian railway arches of London Bridge, was founded 16 years ago as a centre for [...]
