No end in sight for suffering retailers as sales fall for five months in a row September 27, 2011 HIGH STREET spending fell again in September with the Confederation of British Industry’s (CBI) distributive trades survey, released yesterday, showing more retailers suffering from falling sales. Thirty-nine per cent saw sale volumes falling over the last 12 months, compared with 24 per cent who experienced an increase. That gives a balance of -15 per cent, [...]
UK HOME-BUYERS NOT PUT OFF BY DOWNTURN September 27, 2011 ECONOMIC gloom might be hitting retail sales, but bigger spending plans are still on track, according to a report from Santander out today. Eight per cent of Londoners intend to buy a house in the next year, while 31 per cent – the highest proportion in the country – plan to buy in the next [...]
Byrne keeps door open to Barbican deal September 27, 2011 MARK Byrne, the insurance entrepreneur aiming to gain control of Omega, has not ruled out a possible partnership with Barbican. The two groups, who are both involved in bid talks with Omega, held talks recently at the Reinsurance Rendezvous in Monte Carlo, a conference for the reinsurance sector. The talks broke down but yesterday sources [...]
Close Brothers eyes expansion as profits rise September 27, 2011 MERCHANT banking group Close Brothers yesterday said it was on the lookout for takeovers as its adjusted operating profit improved by 13 per cent in the year to July. Close said it made £131m operating profit despite a difficult economy, but pre-tax profit slipped 22 per cent to £78.5m as it paid a raft of [...]
Elliott Advisors earnings dive as business shrank last year September 27, 2011 ELLIOTT Advisors, the activist investor behind a boardroom assault on National Express this year, saw its pre-tax profit slump 67 per cent in 2010, accounts showed yesterday. Elliott, the UK subsidiary of Paul Singer’s US hedge fund manager Elliott Management, said its turnover more than halved to £46.2m by the end of last year, from [...]
Hedge funds still racking up losses in September September 27, 2011 BILLIONS of dollars have been wiped off the value of global hedge funds this month as the industry shows little sign of recovery after a grim August. Plunging equity prices, particularly in Europe, have contributed to a 2.3 per cent fall for the average hedge fund in September so far. The provisional data from the [...]
PUB CHAIN TYCOONS IN CONCERT AT THE RACES September 27, 2011 ON Monday, the issue of concert parties on the shareholder register of Mitchells & Butlers resurfaced, after racing tycoons John Magnier and Derrick Smith issued a statement disclosing the size of their combined shareholding. Behind the scenes, the long-standing business associates – who have co-owned a string of racehorses – will get the chance to catch [...]
Piedmont hits out at M&B’s sluggish sales September 27, 2011 JOE Lewis yesterday signalled he will press ahead with a low-ball takeover offer for pub chain Mitchells & Butlers, after his investment vehicle Piedmont branded the group’s results “disappointing”. “It is a very disappointing score card for all shareholders and we are seriously considering our options,” said a spokesperson for Piedmont owner Joe Lewis on [...]
Credit card provider SAV sold for £472m September 27, 2011 INVESTMENT manager Värde Partners has snapped up credit card provider SAV from its consortium of backers in a £472m deal. SAV, which manages about 500,000 credit card accounts with more than £600m in assets, had been majority owned by Palamon Capital Partners, Electra Private Equity and Morgan Stanley Alternative Investment Partners. Minnesota-based Värde wants to [...]
3 boss unveils plan to double customers September 27, 2011 THE NEW boss of mobile network 3 yesterday laid out ambitious plans to double the firm’s customers but said he is “very worried” rivals will attempt to dent its plans by delaying the upcoming mobile spectrum auction. David Dyson, speaking publicly for the first time since taking the reins from Kevin Russell, said he plans [...]
