Cabot Square acquires Blue Motor Finance November 16, 2014 CABOT Square Capital, the specialist financial services private equity investor, has bought car finance provider Blue Motor Finance, the private equity firm told City A.M. yesterday. Sources close to the transaction understand that Cabot Square planned to invest around £30m-£40m in the company. The Cheshire-based Blue Motor Finance has also obtained a new £200m long-term [...]
Money for old rope as Melrose pulls in £365m October 13, 2014 MELROSE Industries is selling its rope-manufacturing arm Bridon to the Ontario Teachers’ Pension Plan (OTPP) for £365m. As part of the deal, British investment company Melrose will contribute £6.7m towards the Bridon Group (2013) pension scheme, which will remain with Bridon on disposal. Melrose said it intends to use the proceeds of the sale to [...]
AA shares motor ahead despite dent in profits September 23, 2014 MOTORING group AA yesterday revealed a large dent in its profits from finance costs related to its stock market listing in June. While revenue rose in the half year to the end of July, profits before tax fell to £10.2m, well down from the £121.2m a year earlier. The company said exceptional costs were £39.4m, [...]
AA gets third boss in a year amid ongoing upheaval at motor icon August 28, 2014 FORMER car park boss Bob Mackenzie yesterday became the latest in a string of corporate executives to try their hand at running motoring icon AA. Mackenzie, who will break City convention and combine the role of chairman and chief executive at the group, follows in the footsteps of outgoing boss Chris Jansen, who left yesterday, [...]
AA boss Chris Jansen resigns along with finance chief Andy Boland August 28, 2014 AA’s chief executive Chris Jansen has resigned from the roadside recovery firm with immediate effect just months after it was taken public. The company’s chief financial officer Andy Boland will also be leaving, though no details of the timing of his departure were given. Executive chairman Bob Mackenzie will now lead the company. Jansen said [...]
James Crosby-backed Moneybarn sold in £120m deal to Provident Financial August 14, 2014 Doorstep lender Provident Financial yesterday raised £120m to snap up Moneybarn, the motor insurer chaired by ex-Halifax Bank of Scotland (HBOS) boss James Crosby. The lender, which makes loans to people with poor credit scores, generated the cash in a matter of hours after mandating JP Morgan to raise the fund. Existing shareholder Invesco bought [...]
Car makers up forecast for 2014 sales as economy accelerates August 6, 2014 BRITAIN’S motor industry yesterday raised its forecasts for 2014 sales, after strong first-half sales, predicting 2.45m new cars would be sold this year, 8.1 per cent more than in 2013. The Society of Motor Manufacturers and Traders (SMMT) had previously forecast sales would grow just over six per cent. But sales so far this year [...]
Europe must kickstart securitisation to reboot its stuttering economy July 23, 2014 WHEN the IMF revised down its 2014 growth forecast for the Eurozone last week, it felt like a sad refrain rather than a surprise. GDP in the single currency bloc is now expected to grow by just 1 per cent this year. This average masks wide variations across the 18 member states. Germany’s economy motored [...]
Manchester United drop to third in Forbes’ world’s most valuable sports teams list July 18, 2014 They may be signing up sponsors like they're going out of fashion this week, but Manchester United have dropped one place to third in the annual Forbes list of the world's most valuable sports teams. The Premier League club have endured their worst season for over two decades, finishing seventh and missing out on a [...]
F1 hasn’t worked: QPR owner Tony Fernandes quits formula one with Caterham sale July 3, 2014 QPR owner Tony Fernandes has sold his struggling Caterham Formula One team, bringing to an end to the Malaysian millionaire's failed foray into motor racing. The Oxfordshire-based F1 team has been sold to an unnamed consortium of Swiss and Middle Eastern investors, it was announced yesterday, with retired Dutch driver Christijan Albers taking over its [...]