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 [...]
ANALYST VIEWS: IS PUNCH IN A BETTER POSITION FOR THE FUTURE? June 8, 2011 DOUGLAS JACK | NUMIS SECURITIES The group remains on track in terms of expectations for 2012 and we expect an upgrade next year despite the split. In terms of this year, trading has benefitted from a number of operational initiatives including menu-change and staffing, where the group has invested in more area managers per pub. [...]
NEW WII FAILS TO IMPRESS June 8, 2011 THE launch of Nintendo’s new Wii U failed to address investor concerns that the firm is ceding ground in the so-called “console wars”, sending its shares tumbling to a five-year low. The Wii U, complete with a new touchscreen controller, is aimed at winning back hardcore gamers from rivals such as Microsoft’s Xbox. Nintendo shares closed [...]
Orange JV to expand retail presence June 8, 2011 Everything Everywhere yesterday announced that it plans to launch 30 new stores in the UK this year. The company, which was created from the merger of Orange and T-Mobile, already has over 720 stores and says it is looking to further expand its retail presence. Chief executive Tom Alexander said the stores will be branded [...]
BAE sells remaining stake in Saab June 8, 2011 Defence contractor BAE Systems has sold the final part of its stake in weapon maker Saab, 13 years after first investing in the German company. BAE began selling off shares in Saab in 2005, with the latest sale of 11.2m shares netting the group $254m (£155m). Shares in Saab, which is separate from the well-known [...]
Mitsubishi Estate buys Barings HQ June 8, 2011 Japanese property company Mitsubishi Estate has bought the old Barings headquarters at 6-8 Bishopsgate, paying £95m for the 20-storey tower. The firm has already bought the building next door, 150 Leadenhall Street, with both properties falling within the City of London Corporation’s designated area for tall buildings.
