Jobs slashed as Southern Cross fights June 8, 2011 STRUGGLING care home operator Southern Cross unveiled plans to cut 3,000 of its staff yesterday as it battles to fend off bankruptcy. The cuts, billed as a means to “address levels of staff effectiveness across its homes”, equate to six per cent of its 44,000 workforce but Southern Cross said they would not affect the [...]
Trading slow at Walker Crips June 8, 2011 SHARES in private-client broker Walker Crips fell yesterday after the company said that trading had slowed in the first few months of the year, despite reporting a rise in both profits and revenue. Revenues at the firm were up 14 per cent to £20.1m compared to last year, while pre-tax profits rose to £1.75m, after [...]
Banks may quit credit scheme June 8, 2011 BRITISH banks that benefited from the government’s Credit Guarantee Scheme at the height of the credit crunch will be able to buy back their debt before maturity, the government said yesterday. Royal Bank of Scotland and Lloyds Banking Group were the main beneficiaries of the scheme, which was closed to new entrants more than a [...]
Microsoft gets ready for war with Android June 8, 2011 MICROSOFT is preparing for an all-out assault on the mobile phone market in a desperate bid to regain ground ceded to Google. The firm plans to unveil a host of new handsets to coincide with the new version of its Windows Phone 7 (WP7) platform – codenamed Mango – slated for release this autumn. Among [...]
Guoco takes control of Rank casinos group June 8, 2011 GUOCO Group yesterday confirmed it has gained majority control of bingo and casino operator Rank Group after a surprisingly high number of shareholders accepted its 150p-a-share offer. Rank, which runs the Mecca Bingo and Grosvenor Casino chains, last month rejected a £586m offer from Guoco saying it significantly undervalued the business. However, holders of 15.6 [...]
Evercore buys Lexicon to up Europe stake June 8, 2011 US INVESTMENT banking adviser Evercore agreed to buy UK boutique advisory firm Lexicon Partners for a total £86m, it said yesterday, in a deal set to make millionaires of Lexicon’s founders. The deal will see Andrew Sibbald, Lexicon’s senior partner, 27 other partners and more than 70 employees share £38m in cash, equivalent to 44 [...]
Boutique chief joins the big league June 8, 2011 THE £86m sale of Andrew Sibbald’s 11-year-old boutique Lexicon to US adviser Evercore is a reward for years of work growing both its track record and reputation. Sibbald, believed to own about 10-15 per cent of Lexicon’s equity, is in line for a windfall of an estimated £9-£12m in cash and shares as he, 27 [...]
TUI exits blue chip index in FTSE reshuffle June 8, 2011 TRAVEL company TUI Travel will leave the FTSE 100 index on 20 June as part of the latest quarterly reshuffle of British indices. Food ingredients maker Tate & Lyle will be promoted from the FTSE 250 index as a replacement, re-entering the blue chip index for the first time since March 2009. TUI Travel shares [...]
Profits vanish at New Look as sales dive June 8, 2011 NEW Look’s hopes of floating on the public market looked increasingly distant yesterday as it admitted its profits in the past year were wiped out by lower sales and higher costs. The budget fashion retailer said global like-for-like sales fell 5.5 per cent over the year and 7.1 per cent in the UK after customers [...]
Punch says demerger on track June 8, 2011 WARM weather has helped struggling pub chain Punch Taverns post a rise in sales in the three months to 28 May. The struggling landlord unveiled a 7.3 per cent increase in like-for-like sales in its Spirit managed pub division. It said like-for-like food sales were up 8.4 per cent, while drink sales were up 7.3 [...]
