CITY MOVES WHO’S SWITCHING JOBS May 20, 2009 SVG CapitalThe private equity firm has appointed Lynn Fordham as its new chief executive officer and Tony Dalwood as chief executive of SVG Advisers, its advisory arm. Fordham joined the SVG Capital board as finance director in July last year, having previously held positions with Barratt Developments, BAA, Boots, Man Group and Chubb. Dalwood joined [...]
Barratt rules out rights issue May 13, 2009 Housebuilder Barratt Developments quelled talk of an imminent cash call yesterday, saying debt was in line with its plans. The group also said it expected to be able to meet loan covenants, helped by an “acceptable” start to 2009. Barratt, the UK’s fifth largest housebuilder by market value is saddled with £1.42bn debt as of [...]
Builders set for mega loss on portfolios September 8, 2008 Homebuilders Barratt and Redrow are expected to report a £300m loss on their portfolios later this week. Barratt chief executive Mark Clare will announce they had to write £160m off the value of their land bank and work in progress. Despite Barratt boosting its shares earlier in the summer when refinancing debts and covenants, shares [...]
Going short is not necessarily the answer September 2, 2008 A medium or long term approach may be wisest just now, says Katie Hope Its’ like a grim version of “when I were a lad…” working in the City at the moment. Everyone’s trying to out-do themselves in describing just how bad things have got. Going to school barefoot barely makes the grade in terms [...]
Taylor Wimpey profits hit by £1.5bn writedown August 28, 2008 Housebuilder Taylor Wimpey’s first half profits fell sharply after writing down a massive £1.5bn loss on the value of its property assets. The new homes specialist, which earlier in the year warned it would breach its banking covenant over the full year, said yesterday that it was still in talks with its bankers about revising [...]
Develop your tactics to win in hard times July 15, 2008 When the going gets tough, the tough stick to their trading strategies, says Katie Hope Everybody harbours a secret desire to be an investment legend. The so-called “Sage of Omaha” Warren Buffett, George Soros, whom it is obligatory to refer to as “the man who broke the Bank of England” and even fictional red-braced trader [...]
Wolseley to slash more jobs July 14, 2008 Wolseley, the heating and plumbing supplier, plans to cut hundreds of jobs due to the downturn in its core American and European markets. The move is yet further evidence of the looming recession facing the UK economy in general and housing related industries in particular. The firm, which employs around 14,000 people in Britain, already [...]
Housing recession creeping closer as Barratt cuts jobs July 11, 2008 Leading economists predicted yesterday that house prices will fall by 35 per cent by the end of next year, as lender Halifax reported a 2 per cent slump in values last month. Britain’s biggest mortgage lender said that house prices are already 6.1 per cent lower than last June, fuelling fears Britain is heading for [...]
Barratt close to securing debt deal July 10, 2008 Housebuilder Barratt Developments is today expected to reveal it has managed to renegotiate a refinancing package with its bankers. Barratt, which has £1.7bn debt and a market capitalisation of just £140m, has been negotiating with lenders to extend repayment of £400m debt due in April , as well as agree changes to its debt covenants [...]
Persimmon in mass job cull July 7, 2008 Persimmon, Britain’s most profitable housebuilder, will announce tomorrow that it is cutting 20 per cent of its workforce, in the latest mass cull to hit the beleaguered sector. Persimmon is expected to say it is making at least 1,000 redundancies in a trading update on Tuesday, as it attempts to reduce costs and ride out [...]