PetSmart sold to BC Partners in $8.7bn deal UK investor BC Partners last night beat larger US rivals to clinch the world’s biggest private equity takeover this year, striking a $8.7bn (£5.5bn) deal to land pet retailer PetSmart. BC, the former owner of big brand UK firms such as Foxtons and the defunct Phones4U, will pay $83 per share alongside a team of [...]
Fund firms in crosshairs of clampdown FUND management partnerships will be blocked from reducing the tax they pay on management fee income from next April, as part of a broader crackdown on income tax avoidance. Private equity firms and other alternative asset managers often pay capital gains tax on their management fee income rather than income tax, which is higher and [...]
Goldman Sachs lifts lid on top UK stock picks to rally next year GOLDMAN Sachs yesterday laid out its closely watched forecasts for 2015, with FTSE giants Crest Nicholson, BT and Arm among stocks it believes would soar in the next 12 months. The influential bank, which publishes stock research for large City clients giving investment ideas, published its conviction buys yesterday, written by a team of analysts [...]
Montagu sells car valuation firm Cap after two years of ownership November 20, 2014 BUYOUT firm Montagu Private Equity yesterday sold portfolio company Cap for £288m. Cap, which offers independent car valuations, will be acquired by trade buyer Solera. It marks the end of a two-year ownership period for Montagu. “We are very proud to have worked closely with Cap’s excellent management team to accelerate the company’s growth, both [...]
Royal Mail frets over Amazon taking business November 19, 2014 FIRST it was publishers, then high street retailers, now US giant Amazon is set to disrupt the business model for Britain’s postal service. Industry leader Royal Mail yesterday warned that the growing dominance of rival delivery offerings from Amazon would cut revenue growth in half at its key parcel delivery division. Royal Mail, which was [...]
Analyst Views: What did you think about Royal Mail’s results? November 19, 2014 RISHIKA SAVJANI | BARCLAYS Competitive pressures in parcels and the potential impact from Whistl’s expansion into direct delivery remains, but strong cost discipline has supported, and is likely to continue supporting, margin expansion. While there are no changes to guidance, the company has reaffirmed its commitment to cost discipline. ROBIN SPEAKMAN | SHORE CAPITAL UK [...]
Pub firms left in limbo by MP vote to slash beer tie November 18, 2014 Pub companies suffered a bitter setback last night after parliament voted to let landlords buy their beer on the open market, opening the door to a historic overhaul of the industry. In a surprise loss for the government, MPs voted 284 to 269 to remove the obligation for around 13,000 UK landlords to buy their [...]
John Lewis crashes through £100m weekly sales barrier after 2014 Christmas advert launch November 18, 2014 Department store John Lewis yesterday said sales in the week ending 15 November rose 7.2 per cent compared to the same time last year. The retailer, which launched its closely watched Christmas advertising campaign last week, said sales surpassed the £100m barrier for the first time this year, with tills ringing up £108.8m. [...]
Beware Indivior’s shrinking market share – Bottom Line November 17, 2014 There’s a nagging question for investors tempted to buy into Reckitt Benckiser’s heroin substitute spin off when it lists next month: if the business is so good, why does Reckitt want shot of it? Bluntly put, the company is not such a good prospect and is instead a pale imitation of its former self. Indivior [...]
Botox maker Allergan in £40bn takeover agreement with rival Actavis November 17, 2014 Botox maker Allergan is set to fall into the hands of Dublin-based rival Actavis after the two firms last night neared a landmark $62.5bn (£40bn) takeover agreement. The deal, which would be Actavis’ third big takeover in a year, is expected to be unveiled as soon as today after it offered up to $215 [...]
