Foxton float set to value estate agent at £650m September 10, 2013 THE PLANNED stock market flotation of real estate agent Foxtons is over-subscribed, a source close to the process said yesterday, indicating interest in the offering may be outweighing any concerns that the London property market is looking overheated. The flotation of the London-focused group, due to happen later this month, has a price range of [...]
Gulf Keystone surges 17pc on legal outcome September 10, 2013 AIM-LISTED oil explorer Gulf Keystone Petroleum’s share price soared almost 25 per cent yesterday, after a three-year court battle over assets in Kurdistan was ended in its favour. The English Commercial Court in London dismissed all claims by Excalibur Ventures, which argued that it was owed a 30 per cent interest in GKP’s assets in [...]
Veteran dealmaker Hannam backs Heathrow Hub expansion September 10, 2013 SEASONED city rainmaker Ian Hannam has thrown his support behind the expansion of Heathrow by buying a stake in two companies calling for a new hub at the airport. Hannam, former chairman of global capital markets at JP Morgan and a trained engineer, has invested in Runway Innovations and Heathrow Hub, initiatives promoting a new [...]
Toilet maker owner escapes debtor crunch September 10, 2013 TOILET bowl maker Armitage Shanks’ corporate owner was yesterday forced to shore up its balance sheet by liquidating a key part of its business ahead of a looming debt deadline. Ideal Standard, the Belgian parent company of the iconic 196-year-old UK toilet maker, said it had agreed to sell a 40 per cent stake in [...]
Lloyds sale set for green light from regulator September 10, 2013 REGULATORS are set to rule that Lloyds’ proposals to sell hundreds of branches will boost competition to an acceptable degree, accelerating the chances of an imminent sale of the part-state-owned bank. It is thought the Office of Fair Trading (OFT), which is examining how disposals will affect competition in the banking sector, will approve of [...]
Marks & Spencer reveals plan to revamp its shops September 10, 2013 SHARES in Marks & Spencer rose two per cent yesterday as the latest phase of the retailer’s turnaround plan won the City’s approval. Chief executive Marc Bolland showcased a new layout for its womenswear range at the Oxford Street Pantheon store that it hopes to roll-out across the UK. The changes include a new shoe [...]
Brand Index: Retail bank’s split gives each group plenty to work on September 10, 2013 WITH the splitting of Lloyds Banking Group and the launch of the TSB this week, the next few months will be an important time for the two banks. Lloyds will look to use the opportunity to boost public perceptions of its brand. TSB will perhaps hope to trade off the positive associations of a different [...]
Banks blasted by watchdog on PPI claim failure September 10, 2013 BRITAIN’S biggest banks face more fines and punishments for failing to deal with payment protection insurance (PPI) claims effectively, Financial Conduct Authority head Martin Wheatley told MPs yesterday. For some banks up to 97 per cent of claims they rejected were later found to be valid by the ombudsman. “It is outrageous this is still [...]
British universities move up rankings September 10, 2013 BRITAIN is now home to six of the world’s top-20 universities, according to the latest league table from QS. Cambridge is the highest-ranked UK institution in third place, though it has fallen from second place a year ago, while the University of Edinburgh and King’s College London have joined the top 20 in [...]
Bottom Line: Coffee goes cold but hotels pick up pace September 10, 2013 INVESTORS in Whitbread reacted to news that Costa’s sales growth was slowing yesterday like a bunch of hardened coffee addicts denied their hit – they got angry. The resulting sell-off saw shares dip as low as 3,087p in early trading, but the reaction is overblown. Though speculation that Whitbread could spin off Costa [...]
