CVC sells ten per cent stake to three sovereign wealth funds September 19, 2012 CVC Capital Partners, one of the biggest private equity firms in the world, has followed rivals such as Apax Partners and TPG by selling a stake in its parent company to a group of private investors. It is understood the firm, which has investments in Formula One and theme park group Merlin Entertainment, has sold [...]
Asos defies downturn to make sales gains in UK and overseas September 19, 2012 ASOS cheered investors with accelerating sales growth in the UK over the summer, helping boost its shares 1.8 per cent yesterday. The online fashion retailer brushed off the malaise seen on the British high street to report 15 per cent growth in UK takings to £49.9m for the three months to 31 August. This takes [...]
Loss for French Connection as it unveils plan September 19, 2012 SHARES in French Connection tumbled eight per cent yesterday after it swung to a loss for the half-year and admitted that trading “continued to be very difficult”. The retailer recently completed a review of the business, pledging yesterday to focus on improving store operations, altering its product range and closing underperforming outlets. Chairman and chief [...]
Merger of casino giants held up by OFT as formal deadline passes September 19, 2012 CASINO operator Rank Group said yesterday that its takeover of Gala had been held up by competition concerns, with the formal deadline for the deal’s agreement passing at midnight yesterday. The Office of Fair Trading (OFT) referred the £205m sale to the Competition Commission last month over fears that the deal, which would create the [...]
Zara owner impresses with strong growth September 19, 2012 FAST-CHANGING fashion ranges and a drive to win new customers online and in emerging markets helped Spain’s Inditex, the world’s biggest clothing retailer and owner of the Zara brand, to beat first-half profit forecasts yesterday. First-half net profit was €944m (£760.5m).
Hibu warns its shares could be worthless September 19, 2012 THE PUBLISHER of the Yellow Pages said its restructuring programme may dilute the price of its shares to “little or no value”, as the firm attempts to pay off its rising debts. Hibu, which changed its name from Yell earlier in the year, saw its shares fall by more than a third yesterday as it said [...]
Weak euro hits Standard Life private equity September 19, 2012 STANDARD Life’s European private equity trust yesterday reported a small dip in value as the weak euro exchange rate against sterling led to an unrealised loss of £8.7m on its portfolio value. The FTSE listed fund of funds, which is quoted in sterling but invests in European assets, saw its diluted net asset value (NAV) [...]
Aon founder buys insurer from Lloyds September 19, 2012 PAT Ryan, founder and former chief executive of insurance giant Aon Corporation, is set to snap up insurance provider Direct Group from the private equity arm of Lloyds Banking Group. Ryan’s brokerage firm Ryan Specialty Group will buy the Doncaster-based firm from Lloyds’ private equity business LDC for an undisclosed sum, following regulatory approval. Direct [...]
Aviva Investors mulls overhaul of listed real estate business September 19, 2012 AVIVA Investors could close its global listed real estate business divisions in New York and London as it reviews the way it manages its listed real estate securities, it was revealed yesterday. The firm, the asset management division of insurance giant Aviva, has written to advisers informing them its current business has “insufficient scale” to [...]
FTSE 250 entrant Workspace seeks up to £75m with bonds September 19, 2012 LONDON property firm Workspace Group yesterday announced plans to tap the retail bond market for between £50m and £75m with the launch of a seven-year sterling bond for retail investors. The firm, promoted to the FTSE 250 last week, said it would offer the bonds in a bid to help diversify its funding streams. The [...]
