Interserve concludes “extensive search” for chief exec Adrian Ringrose’s replacement March 7, 2017 Support services group Interserve has concluded its search for a new leader, pinching a division chief exec from rival Sodexo. Debbie White will join the group to work alongside current Interserve chief executive Adrian Ringrose, who announced plans to step down last November. She will formally take sole control of the firm on 1 September. Read more: Interserve shares are [...]
Direct Line unveils “successful year” despite taking a £217m hit from discount rate cut March 7, 2017 Direct Line's profits took a £217m hit as a result of the government's decision to slash the discount rate last week. Reporting its annual returns – which boss Paul Geddes referred to as a "successful year" – the impact on profits was not as high as the £230m the firm said was the worst case [...]
Tesco’s Dave Lewis: The Booker takeover means we can buy more and waste less March 7, 2017 Tesco boss Dave Lewis has said reducing food waste is a factor behind the supermarket’s £3.7bn takeover of wholesaler Booker. The tie-up will enable the combined group to buy a larger proportion of crops each producers. This allows it to both reduce its spend and ensure the residual food doesn't go to waste, Lewis said. Read more: Why Tesco could be [...]
Government cannot intervene to safeguard Vauxhall jobs, say experts March 6, 2017 The UK government is powerless to challenge or influence PSA’s merger with the owner of Vauxhall from a legal perspective, experts have said. The owner of Peugeot and Citroen revealed this morning it had reached an agreement with General Motors (GM) to merge European operations in a deal that values the combined business at €2.2bn [...]
BT says it has not overpaid after beating Sky to UEFA Champions League rights March 6, 2017 BT has won the battle to secure the UK TV rights for European Champions League football for the next three years in a deal that will cost the telecoms giant £1.2bn and dismissed suggestions it has overpaid for them The deal, announced this morning, means BT will continue its coverage of Europe's premier club football competition until the [...]
Aim-quoted TLA Worldwide reveals $237m home run of contract negotiations in record off-season March 6, 2017 A UK-based athlete agency has netted $237m (£193m) of baseball contracts during Major League Baseball's off-season, growing its business by more than a third. Aim-quoted firm TLA Worldwide revealed its record figures today in advance of the 1 April start to the regular season in North America. TLA represents a host of sportstars from around the world, also including [...]
Chelsea enters the big league after Sadiq Khan signs off new £500m home March 6, 2017 Chelsea's £500m stadium expansion has been given the green light by Mayor of London Sadiq Khan, paving the way for a 50 per cent increase in the ground's capacity. The club, currently sitting at the top of the English Premier League, will expand within the tight constraints of its Fulham-based home. Match-day capacity at Stamford Bridge [...]
Comparethemarket owner bumps up sales giving Aleksandr and Sergei something to write home about March 6, 2017 The owner of price comparison website Comparethemarket today revealed double-digit revenue growth during the first six months of its financial year. The figures BGL, which also owns Beagle Street and Budget Insurance brands, said group revenue jumped 14 per cent. Comparethemarket.com revenue increased by 15 per cent, while lesfurets.com (literally, the ferets) revenues soared by 34 per [...]
Deutsche Bank shares fall following restructuring revelation and fresh legal case fears March 6, 2017 Deutsche Bank shares fell over six per cent in early trading this morning after yesterday confirming plans to launch a €8bn (£6.9bn) rights issue and reports it is facing new legal action over foreign exchange trading practices. Shares in lender opened at €17.90, down from Friday's of €19.14. They have subsequently bounced back regained some lost ground, trading [...]
Peugeot and Citroen owner PSA agrees €2.2bn deal to buy European operations of Vauxhall owner March 6, 2017 PSA, the firm that owns Peugeot and Citroen, has agreed a deal to buy rival the European operations of Vauxhall's European parent General Motors. A press conference has been scheduled in Paris today with more details on the merger valued at €2.2bn (£1.9bn) to be revealed. Read more: PSA will honour commitments to Vauxhall plants [...]
