Fowle secures the top post at M&B pubs August 3, 2009 PUBS group Mitchells & Butlers yesterday announced it has appointed Adam Fowle as chief executive, who has been acting in the role since 21 May. Fowle was parachuted in as acting chief executive after an ill-fated 2007 joint venture with property tycoon Robert Tchenguiz forced the resignation of then executive Tim Clarke. Under Clarke pre-tax [...]
Close Growth Capital spun off in management buyout August 3, 2009 MERCHANT bank Close Brothers said yesterday it has spun off its last remaining private equity division, Close Growth Capital, under a management buyout by the arm’s bosses. The firm has already been rebranded as Growth Capital Partners, and is now controlled by managing partner Bill Crossan and partners Garrett Curran and James Blake. The spin [...]
Jobs saved as Dawson goes into administration August 3, 2009 DAWSON Holdings said yesterday that it has sold assets from Dawson News – its collapsed newspaper and magazine distribution business – to its rivals Smiths News and John Menzies, saving over 2,000 jobs. Dawson said the two subsidiaries which comprised Dawson News, Surridge Dawson and Solent SD, had been placed into administration. “Regrettably there is [...]
Madness in the markets means contrarians are flourishing now August 3, 2009 TO MANY an investor’s surprise, the FTSE 100 hit its highest level since the start of the year yesterday while the Dow surpassed the 9,000 mark just over a week ago and is still trading a comfortable couple of hundred points above it. But over the past fortnight, some sceptical analysts have described the rally [...]
Celsis agrees to 55m deal August 3, 2009 CELSIS, the product testing company for the cosmetics, food and pharmaceutical industries, yesterday agreed to a £54.5m takeover bid from the activist investor Christopher Mills. Mills is bidding on behalf of a newly-created investment fund Nastor Investments. Nastor is controlled by funds managed by North Atlantic Value, which has total funds under management of about [...]
Hansteen opens UK industrial property fund August 3, 2009 PROPERTY investment firm Hansteen, which last month tapped investors for £200m, has launched a new £180m fund to invest in “unprecedented opportunities” in the UK industrial property market. After floating on the Aim market in 2005, Hansteen focused on continental European real estate, but joint chief executives Morgan Jones and Ian Watson believe the time [...]
MARKETS ARE PRICING IN GOOD NEWS August 3, 2009 MARTIN SLANEYHEAD OF DERIVATIVES, GFT THE FTSE 100 narrowly missed out on a record-breaking 12-day rally last week. After such a prodigious run for shares it’s exactly this sort of blip that could ultimately turn out to be the tipping point of the rally. With many traders getting their fingers burnt attempting to sell into [...]
BEST OF THE BROKERS August 3, 2009 COOKSONDeutsche Bank has upgraded its forecast in metal products supplier Cookson from “Hold” to “Buy”. Despite previous cuts, due to the brokers’ belief that Cookson may breach its covenants on its debt in December. It says it still regards the firm as a high-risk recovery play but has upped its target price to 500p, from [...]
CITY MOVES WHO’S SWITCHING JOBS August 3, 2009 ExecutionNick Tranter has joined Execution as head of derivatives to lead the development of the firm’s institutional and hedge fund derivatives business. Nick has a wealth of experience, having spent 20 years working in the derivatives markets working with Morgan Stanley and JPMorgan. He joins Execution from his current post as head of equity and [...]
Xchanging sees rise in profits August 3, 2009 Xchanging, the outsourcing group, said yesterday its underlying operating profit for the first half of the year increased by 42 per cent, as the company cut costs and improved its operating margin. Underlying operating profit for the six months to 20 June, excluding the contribution from newly acquired Cambridge Solutions, was £20.3m, compared with £14.3m [...]
