SVG set for boost from a £50m share buyback February 9, 2012 PRIVATE equity investor SVG Capital said asset values recovered some lost ground in the final quarter of 2011, as the company launched a £50m tender offer to buy back shares yesterday. Private equity firms are under pressure as tough trading conditions and volatile stock markets, against which they benchmark their investments, weigh on their privately-owned [...]
Moss Bros sees sales buck high street gloom December 15, 2011 MENSWEAR brand Moss Bros has posted a double-digit rise in sales in defiance of tough trading conditions on the high street. The suits specialist said like-for-like sales for the first 19 weeks of the second half were 10.5 per cent up on the previous year, despite tougher market conditions. Gross profits were 7.9 per cent [...]
Private equity houses in China investment link December 6, 2011 THREE major private equity houses have agreed an investment link-up with China Development Bank, a power-house of the Eastern economy. Permira, KKR and TPG Capital yesterday announced strategic agreements with CDB, which has also launched a foreign investment platform. Permira will become sole European private equity partner to CDB Capital, the Chinese bank’s asset manager. [...]
Ruthless Quins warm up for European test December 4, 2011 WASPS (16) vs HARLEQUINS (22) HARLEQUINS captain Chris Robshaw declared his unbeaten side ready to test themselves in a double-header with European super-powers Toulouse after clinching a 14th successive win of the season. Tries from centre Matt Hopper, full-back Mike Brown and flanker Luke Wallace maintained the south Londoners’ flawless start to the campaign and [...]
Southwell and Waldouck star as Wasps keep up momentum November 20, 2011 WASPS (38) vs ROVIGO (7) SUMMER signing Hugo Southwell opened his Wasps account with a hat-trick as the Londoners eased to an Amlin Challenge Cup victory but it was centre Dominic Waldouck who caught boss Dai Young’s eye. Further tries from Sakaria Taulafo and Richard Haughton earned Wasps a bonus point as they followed up [...]
New UBS boss Ermotti set to cut more jobs November 15, 2011 SERGIO Ermotti is expected to swing the axe at UBS’s investment bank after being named chief executive of the group. Analysts said the appointment of Ermotti, and the decision to replace chairman Kaspar Villiger with former Bundesbank president Axel Weber in May, a year earlier than expected, would reassure investors in the aftermath of the [...]
Burberry first half profits jump November 15, 2011 Luxury goods group Burberry met forecasts with a 26 per cent rise in first-half profit, helped by buoyant tourist spending around the world, and kept its growth targets despite an uncertain economic backdrop. “We remain mindful of, and prepared to react to, any local or global uncertainties,” said the 155-year-old maker of raincoats and leather [...]
Permira sell-off sparks Hugo Boss stock slump November 14, 2011 SHARES in Hugo Boss dived yesterday after Permira’s decision to cash in some of its shares sparked fears the private equity group would offload the rest of its stake in the German fashion house. Hugo Boss closed down 6.36 per cent at €67.98 after holding company The Red & Black, controlled by Permira, said it [...]
Cuts loom as Ermotti set to win UBS post November 13, 2011 UBS is widely expected to name interim head Sergio Ermotti as its permanent chief executive when it updates investors this week. It is also set to present plans to cut the size of its investment bank, where alleged rogue trader Kweku Adoboli worked, in order to focus on less risky wealth and asset management. The [...]
Hugo Boss results defy the gloom November 2, 2011 HUGO BOSS, the German fashion house, posted a better-than-expected rise in third quarter profits yesterday, as the luxury sector continued to defy the effects of the global economic slowdown. The business, which is majority owned by the private equity firm Permira, reported a 30 per cent rise in bottom-line profit to €119.7m (£103.1m) in the [...]