Jet Republic is grounded August 20, 2009 JET REPUBLIC, the private-jet charter company, has ceased trading and become technically insolvent, it said yesterday. “It is with great regret that I announce that Jet Republic appears to be technically insolvent,” chief executive Jonathan Breeze said to staff in an email. “The business expected to receive funds today that have not arrived, nor do [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 18, 2009 FINANCIAL TIMES THOMAS COOK SALE PLANA large part of Arcandor’s 53 per cent stake in Thomas Cook could be sold to institutional investors as early as next month as creditor banks of the insolvent German retailer try to claw back their loans. Two people close to the banking consortium said a share placing “theoretically still [...]
Swine flu hits Thomas Cook August 13, 2009 TOUR operator Thomas Cook yesterday admitted it would miss its operating profit target, compounding the gloom in the leisure sector. The group, in which insolvent German retailer Arcandor still holds a 53 percent stake, said it would fall short of its hopes of achieving operating profit of £480m in 2010. Chief executive Manny Fontenla-Novoa said [...]
JJB’S JONES IN BOARD ATTACK August 11, 2009 JJB Sports executive chairman Sir David Jones was left red-faced last night after emails in which he criticises nearly all his fellow directors were leaked. In an email exchange between Jones and former chief executive Chris Ronnie dated October 2008, Jones criticises five members of the board. Four of the men have now stepped down, [...]
CITY MOVES Who’s switching jobs August 10, 2009 TravelodgeThe hotel chain has appointed Charlie Herbert as its new e-commerce director. Herbert has been working at the group on a consultancy basis since March. In his new role, he will sit on the executive team and report directly to UK managing director Guy Parsons. He has previously worked with a number of top consumer [...]
Saga’s takeover talks with Titan August 9, 2009 Saga, the over-50’s holiday firm, is believed to be in takeover talks with Titan Travel, one of Britain’s biggest travel agents. It is understood that talks are at a very early stage. Saga, which is owned by the private equity firms Permira, Charterhouse and CVC, is forecast to pay between £15-20m for Titan, in a [...]
Ronnie draws Jones into JJB conflict August 9, 2009 FORMER JJB chief executive Chris Ronnie yesterday hit back at his former employer in a desperate bid to clear his own name and muddy the reputation of executive chairman Sir David Jones. In an email circulated to the press Ronnie said that he and Jones had been working on taking the retailer private last year. [...]
CITY MOVES WHO’S SWITCHING JOBS August 6, 2009 LUUPTory MP Michael Howard has joined independent global mobile financial provider LUUP as chairman. The former home secretary is retiring from Parliament to develop an international business career. The position adds to his current business profile as chairman of Northern Racing, deputy chairman of Entrée Gold and a non-executive director of Helphire group. Tenon RecoveryTenon [...]
Not all banks were given state handouts August 4, 2009 ANOTHER day; another row about banking profits, bonuses and the future of the City. The nationalised Northern Rock’s numbers were poor as expected – but for some reason, the pundits are more concerned with banks that are doing reasonably well. And not any institution: they couldn’t care less about Standard Chartered, a well-managed group which [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 4, 2009 FINANCIAL TIMES BMW EYES TIE-UP WITH PEUGEOT FOR MINIBMW is examining whether to share platforms with PSA Peugeot Citroën for its Mini small car, it emerged yesterday, as the German premium carmaker returned to profit in the second quarter on the back of cost-cutting. Norbert Reithofer, BMW’s chief executive, said the company was talking to [...]