Fresh Falklands oil discovery December 13, 2011 Shares in Rockhopper and Desire rose by 11 and 2.04 per cent respectively yesterday after the firms struck oil and gas in the North Falklands. Rockhopper, which owns a 60 per cent stake in the well, said hyrdocarbons had been found at four sites. Chief exec Sam Moody said: “This fantastic result from our most [...]
Rio Tinto wins Ivanhoe case December 13, 2011 An independent arbitrator has cleared the way for mining group Rio Tinto to take over Ivanhoe Mines, saying the $16bn Canadian group’s poison pill defence was not valid. Rio Tinto, which owns 49 per cent of Ivanhoe, said it reserved the right to increase its holding to a majority position from 19 January, when an [...]
Sales growth slows at Premier and Costa December 13, 2011 BRITAIN’S biggest hotel operator Whitbread said yesterday its sales growth slowed in its third quarter as tough economic conditions kept customers away from its Premier Inn hotels and Costa Coffee shops, which had previously proved resilient. The group, which also owns the Beefeater and Brewers Fayre pub restaurant chains, said yesterday sales at outlets open [...]
Whitbread still on track despite crunch December 13, 2011 SO Whitbread has finally caught the high street bug. After quarter after quarter of soaring like-for-likes, growth has slowed, as squeezed consumer spending filters down to its Premier Inn and Costa brands. It looks like the hotels have been hit hardest, with growth in revenue per room – a key measure of performance – all [...]
La Senza on the brink as it calls in KPMG December 13, 2011 LINGERIE firm La Senza has called in restructurers from KPMG as it struggles to manage costs during the high street slump. City A.M. understands the British and European business, which is owned by private equity house Lion Capital, is considering entering administration but other options, such as a company voluntary arrangement or winning new investment, [...]
Thomas Cook sells Spanish hotel business December 13, 2011 CRISIS-HIT tour operator Thomas Cook has sold off its interests in a company that owns a golf club and a chain of Spanish hotels in a drive to pay down its £1bn-plus debt pile. The 170-year old firm has sold its 51 per cent stake in Hoteles Y Clubs De Vacaciones to the hotel arm [...]
Sports Direct eyes up Blacks December 13, 2011 STRUGGLING retailer Blacks Leisure said yesterday it had been approached by Sports Direct International – one of a number of expressions of interest it has received since putting itself up for sale last week. Sports Direct, controlled by Newcastle United owner Mike Ashley, has a 21 per cent stake in the firm, and said any [...]
Carpetright in profits plunge December 13, 2011 CARPETRIGHT, the UK’s biggest floor coverings retailer, posted the worst first-half performance in its history as a listed company yesterday, but said it expected better trading in the second half due to improved margins and marketing. The firm posted a pre-tax loss of £800,000 for the period to 29 October.
GO-AHEAD BULLISH ON UK TRANSPORT December 13, 2011 RAIL and bus operator Go-Ahead said full-year profit is likely to exceed expectations after a strong first-half performance. The company, run by chief executive David Brown (pictured), yesterday said revenues were boosted by passengers turning to public transport. Go-Ahead is expected to report average full-year operating profit of £108.45m.
MAN GROUP AIDE PLOTS FAME, SEX AND RUIN December 13, 2011 MANAGING the press coverage of Man Group’s multimillionaire hedge fund manager Pierre Lagrange is not a nine-to-five job. Which is partly why it taken Man Group’s head of media relations David Waller eight years “on and off” to complete his second historical biography around his day job, this time on his scandalous great-uncle Eugen Sandow. [...]
