CHELSEA CHARMS THE CITY May 23, 2011 THE Queen was presented with a rare orchid named in her honour yesterday as this year’s Chelsea Flower Show 2011 opened with several well-known City players braving the strong winds for the annual gala preview. Centrica boss Sam Laidlaw, Marks & Spencer chair Robert Swannell, Lloyds chairman Sir Win Bischoff, newly appointed Tesco chair Sir [...]
Morrisons is leading race for Iceland May 22, 2011 SUPERMARKET chain Morrisons is being touted as the frontrunner in the race to buy into rival Iceland, after majority owner Landsbanki officially launched a sales process for its holding in the company. The Resolution Committee for Landsbanki said last week that according to advisers UBS and Bank of America Merrill Lynch, “market conditions are currently [...]
Deal would shake up the supermarkets May 22, 2011 COMPETITION objections notwithstanding, Iceland’s 780 stores would be a huge boost to Morrison’s forecast earnings, giving it the foothold in the convenience store industry that chief executive Dalton Philips made central to its growth plans last year. They would also cement Morrison’s presence in the south of the country. Though the Bradford-based company has made [...]
M&S set to outline plans for growth alongside profit rise May 22, 2011 HIGH STREET stalwart Marks & Spencer is expected to post a 12 per cent rise in full-year profit tomorrow, as the retailer outlines plans for growth overseas and online. M&S is likely to post a £710m pre-tax profit, according to consensus estimates, which is set to lead to a rise in its dividend to 16.5p, [...]
RAINMAKING WON’T STOP PLAY AT CITY’S CHELSEA POWER SHOW May 22, 2011 TONIGHT the worlds of high finance and horticulture will collide at the most popular fixture in the City year: the Chelsea Flower Show charity gala. BSkyB chief executive Jeremy Darroch was spotted eyeing up garden sheds at last year’s Chelsea preview, while Topshop boss Sir Philip Green – known in the City as “PG” – [...]
Dairy Crest performance up thanks to Country Life May 19, 2011 DAIRY Crest yesterday said that market-beating performances by brands including Cathedral City cheese and Country Life butter helped profits rise five per cent. The dairy giant reported a seven per cent rise in sales for its five key brands, while the volume of milk sold to major retailers jumped nine per cent after a new [...]
Ageas hit by sovereign bonds May 18, 2011 BELGIAN insurance giant Ageas posted a bigger-than-expected quarterly loss yesterday as a positive performance in the UK failed to offset large declines in its holdings of government bonds. Ageas, reborn from the insurance arm of the European banking group Fortis after the firm was part-nationalised, made a group loss of €154m (£135m), worse than the [...]
Speedy Hire sees bumpy road May 18, 2011 Tool-rental firm Speedy Hire expects the next 18 months for the business to be “bumpy”, and said its finance director Justin Read had resigned to join a bigger UK firm. Speedy Hire, whose customers include Tesco and British engineering firm Costain, forecast a further 0.8 per cent fall in construction output this year. Speedy Hire [...]
Lloyds branch sale on track amid pay backlash May 18, 2011 Lloyds Bank expects to find a buyer for the 600 branches it has put up for sale by the end of this year, despite concerns that it may have to sell still more in future. The part-nationalised high street bank is pushing ahead with the asset sale dubbed “Project Verde” despite the Independent Commission on [...]
Ex-Tesco boss to advise US firm May 17, 2011 Former Tesco’s boss Sir Terry Leahy is to become a part-time senior adviser to US private equity house Clayton Dubilier & Rice. The position will be Sir Terry’s first major role since standing down as chief executive of the supermarket chain earlier this year.