City Moves for 23 June 2014 | Who’s switching jobs June 23, 2014 Canaccord Genuity The wealth management firm and investment bank has appointed Guy Marks as a managing director in business services in its London-based investment banking team. He previously worked at JP Morgan Cazenove, where he was most recently in its UK corporate finance team. TSB Desmond McDaid has been appointed head of savings at the [...]
Why TSB’s share price has jumped by 13pc on its first day June 20, 2014 On its first day of trading TSB shares have moved up by more than 13 per cent, buoyed by strong investor demand. Lloyds floated the bank at 260p per share, valuing the bank at £1.3bn. The sale was 10 times oversubscribed. For now, trading is only conditional – institutional investors are involved but none of [...]
TSB IPO: Lloyds raises the stakes on bank spinoff June 20, 2014 Lloyds is selling a bigger chunk of TSB than had been expected as the part-nationalised lender takes a bullish approach to spinning off the new challenger bank this morning. The bank is selling 35 per cent of TSB, more than originally expected thanks to a surge in demand. And with shares priced at 260p, firmly [...]
Debenhams sales drop while chief exec raises concerns over consumer spending June 20, 2014 Debenhams has reported a fall in like-for-like group sales of one per cent for the 15 weeks to 14 June. However, the multi-channel retailer enjoyed strong growth in online and international business. The company attributed the slight fall in part to the changing date of its summer sale to 26 June. Instead of slashing prices [...]
May retail sales dip after Easter buying splurge June 19, 2014 Retail sales fell 0.5 per cent between April and May, dipping after the Easter boost to families’ shopping, even with strong growth on the year. Sales by quantity were 3.9 per cent higher last month than in May 2013, and up 1.3 per cent in the three months to May, when compared to the three [...]
Darty to focus on core markets as it says profits and sales up June 19, 2014 Electrical goods retailer Darty yesterday announced a six per cent rise in pre-tax profits to €60m (£48m) for the last financial year, with like-for-like sales revenue up to €3.58bn, an increase of 1.7 per cent. Darty, listed in London but with most of its sales in France, is the third largest electrical goods retailer in [...]
Letters to the Editor – 20/06 – The estuary option, Flatter the better, Best of Twitter June 19, 2014 The estuary option This week, Sir Howard Davies, chairman of the Airports Commission, was questioned by the London Assembly. Some of his answers were worrying. He seemed to refuse to acknowledge the benefits a new four-runway hub airport would bring to Britain. When hubs are being built all over the world, with upwards of four [...]
Retail sales growth slump could be offset by World Cup revenues June 19, 2014 Retail sales dropped by 0.5 per cent in May, according to the latest estimates from the Office for National Statistics (ONS). A fall of that level had been forecast by economists. What they weren't expecting was the softer annual growth also reported. Year-on-year, sales rose by just 3.9 per cent in the year to May, [...]
Mike Ashley’s Sports Direct looking for a retail hookup with Mysale June 18, 2014 Retail giants Mike Ashley and Sir Philip Green are set to team up after Ashley’s Sports Direct swooped for a 4.8 per cent stake in Australian fashion website MySale, in which Green holds a 25 per cent stake. Sports Direct said the move could help it boost its presence in Australasia and Asia, where MySale [...]
Zoopla’s debut safe as houses after stock rises June 18, 2014 PROPERTY portal Zoopla yesterday attracted a host of blue-chip investors to its £900m London stock market debut, helping net its founder £30m. The company, which priced shares at 220p, saw 38.3 per cent sold to new investors after existing shareholders such as Daily Mail and General Trust (DMGT) – its biggest owner – and founder [...]