EX-BANKER TO LAUNCH ART FUND VENTURE November 29, 2009 REGULAR readers may remember Nasser Azam, the former equities and derivatives trader at Merrill Lynch who swapped his high-flying City career for life as a humble artist. But it seems Azam has discovered a way to combine his twin passions, having just launched a new art investment fund called the Azam Collection. Actually, it isn’t [...]
Gartmore gears up for acquisitions November 29, 2009 GARTMORE, the City investment house, plans to make strategic acquisitions after it has boosted its balance sheet through its expected £1bn stockmarket flotation. Chief executive Jeffrey Meyer said the firm would look to buy medium-size boutiques whose skill sets complemented Gartmore’s expertise in hedge funds and European equities. Gartmore’s initial public offering is due to [...]
John Lewis experiences week of record sales as Christmas looms November 29, 2009 SALES are soaring at John Lewis, according to sales figures released by the department store this weekend. Figures released for the week ending 28 November show increases in electrical and home technology sales. Sales for the week reached a total of £91.79m reached, 22 per cent more than the same time last year. Televisions, coffee [...]
Selfridges to make 100m November 29, 2009 Selfridges, the London luxury department store group, is today expected to unveil profits of £100m in its 100th year as the store is buoyed by a surge of wealthy overseas shoppers taking advantage of the weak pound. The retailer, which also has stores in Manchester and Birmingham’s Bullring centre and plans to open another in [...]
New Look holds talks with raft of bankers ahead of IPO November 29, 2009 High street fashion chain New Look is ramping up plans for its possible £1.7bn stock market flotation next year and has met with a roster of heavyweight bankers. The budget fashion chain, owned by private equity firms Apax and Permira, is believed to have held a beauty parade of possible advisers including Deutsche Bank, Goldman [...]
Final chapter for Borders November 29, 2009 Borders, the failed bookseller, launched a stock liquidation sale in its 45 stores over the weekend as administrators prepare to shut down its shops. Up to 1,100 Borders UK staff could lose their jobs. MCR, the administrator, is preparing to appoint the restructuring specialist Hilco to liquidate the failed company. Phil Duffy, a joint administrator [...]
Denman set for Aon showdown November 29, 2009 CHAMPION chaser Denman will prepare for the Cheltenham Gold Cup by running in February’s Aon Chase at Newbury instead of heading to Ireland for the Lexus Chase. The Paul Nicholls-trained nine-year-old galloped to a sensational Hennessy Gold Cup win at Newbury on Saturday and will now be giving a well-earned break, sitting out the Christmas [...]
Flash the cash on a few of the nicer things in life November 26, 2009 SHOPPING season is here, but that generally means shopping for presents for other people. There’s nothing like mooching around department stores looking for expensive gifts to make you realise what extravagant things you’d really like for Christmas, but aren’t likely to get. Indulge yourself, we say. Whisper it, but there’s still going to be rather [...]
Retailers celebrate positive sales ahead of festive season November 26, 2009 THE high street is looking forward to a buoyant Christmas, after reporting the fastest sales growth in two years yesterday. Confidence among retailers has turned positive for the first time since August 2007. The CBI’s latest Distributive Trades Survey showed 40 per cent of retailers reported higher sales volumes in November compared with a year [...]
DSG enjoys a window of opportunity November 26, 2009 DSG International, the electricals retailer yesterday reported a recent surge in sales helped by store upgrades and consumer demand for Microsoft’s new Windows 7, giving it confidence for Christmas. DSG, which runs the Dixons, Currys and PC World chain, said sales at stores open at least a year fell four per cent in the 24 [...]