HMV offloads 121 Canadian stores in £2m deal with Hilco June 27, 2011 HMV has agreed to sell its Canadian business for £2m to the retail restructuring specialist Hilco UK. The struggling retailer has 121 stores in Canada. As part of the deal, HMV has agreed to retain some of the debt owed to it by HMV Canada. HMV is in the process of restructuring, having sold the [...]
ALL BAR NONE: US CARD SHARP’S CHAMPAGNE SUPERNOVA TAKES GOLD June 27, 2011 THERE are nights out… and then there are nights out – and in case you need help making the distinction, there are worse people to ask than professional gambler Don Johnson, who blew £120,000 on the most expensive bottle of champagne ever sold in London at the OneForOne Club on Sunday. Don’t let the fact [...]
OECD predicts more shocks to economy June 27, 2011 SHOCKS to the world economy will become more frequent as the pace of globalisation quickens, the Organisation for Economic Co-operation and Development (OECD) warned yesterday. More interconnected economies mean that one-off events will cause price shocks to be felt throughout the world, the OECD said. The Paris-based group cited Russian fires and export bans last [...]
UK needs firm Russian links for Soviet revival June 26, 2011 As I prepare to lead a senior City business delegation to Moscow and St Petersburg, economic winds of change seem to be blowing across Russia. There is no doubt that Russia is an economic powerhouse, with the country’s sheer size and abundance of natural resources ensuring it is an important player on the global stage. [...]
HMV poised to sell off its Canada stores June 26, 2011 STRUGGLING retailer HMV is set to announce the sale of its 125-store Canadian business to Hilco-owned Valco Capital Partners, according to reports. The sale of the loss-making Canadian arm is expected to be announced to coincide with HMV’s full-year results on Thursday, as the entertainment group looks to restructure and decrease debts following four profit [...]
LAWYER OF THE YEAR | June 26, 2011 FROM up-and-coming dealmakers to City stalwarts, our shortlisted lawyers represent the vast pool of legal talent that London has to offer both domestic companies and those from further afield. Our diverse list may appear difficult to compare at first glance, but with their combined talents they represent a group of people who’ve made the most [...]
Global Ports prices IPO June 23, 2011 Russian port operator Global Ports has priced its up to $572m (£355m) London initial public offering (IPO) at the lower end of the range, in a bid to get the float away amid tough market conditions. The container terminal operator will price its shares in the lower half of its $14.70 to $16.10 range, sources [...]
HMV shareholders vote for Waterstone’s sell-off June 23, 2011 SHAREHOLDERS in HMV, the embattled music retailer, have voted in favour of the sale of Waterstone’s for £53m. The vote was 99.5 per cent in favour of the disposal based on proxy votes received in advance of an extraordinary general meeting yesterday. The final count, expected today, will confirm the sale of the book chain [...]
CITY MOVES | WHO’S SWITCHING JOBS June 23, 2011 Hydrodec The industrial oil re-refining group has appointed former Betfair director Andrew Black to the board as a non-executive director, in his first public company directorship since leaving the online gaming group he co-founded in 1998. Black, who made a reported £300m on Betfair’s float when the business entered the FTSE 250 in October 2010, [...]
Russia’s lucrative residential offering June 23, 2011 WITH luxury property developer Yoo launching two new developments in Moscow this year, buying a home in Russia’s booming financial hub looks a more tempting prospect. While the heady days that saw Moscow’s property prices rocket 110 per cent in value are behind us, the more mature market for homes in Moscow is still intriguing. [...]