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 [...]
City Moves for 20 June 2014 | Who’s switching jobs June 19, 2014 Secure Trust Bank John Simpson has been appointed managing director of the bank’s motor finance division, which operates under the Moneyway brand. Simpson’s 30-year career has seen him take senior roles at GE Capital Woodchester, Manheim Retail Services and Manheim Europe. TSB Des McDaid joins the bank as head of savings. He has over 25 [...]
A warm welcome to race-goers from London’s business paper June 7, 2014 WELCOME to today’s special Saturday edition to celebrate one of the greatest and most exciting sporting events of the year. Here at City A.M., we are truly passionate about the Investec Derby as well as horse-racing in general. Our readers work hard – but they also love to play hard, and that means they have [...]
What the other papers say this morning – 11 April 2014 April 10, 2014 FINANCIAL TIMES Banks urged to act over Heartbleed A US regulator has warned that cyber criminals could be impersonating bank services or stealing users’ online banking passwords after the “Heartbleed” bug, called one of the most significant breaches of internet security ever, was discovered in the software used to secure two-thirds of the web. The [...]
Banner Homes snapped up by Cala for £200m March 24, 2014 CALA Homes has made a further push into the more affluent south of England after buying luxury housebuilder Banner Homes yesterday for around £200m. The Edinburgh-based housebuilder, which develops upmarket properties in Scotland and in the Midlands has been looking to grow its presence in the south on the back of rising demand and said [...]
Arbuthnot set to gain clients in pension reform March 20, 2014 ARBUTHNOT Banking Group increased customer numbers across its retail finance operations in 2013, the group revealed yesterday as it published its annual results. And the bank expects more clients to use its financial planning services in wake of the shake-up of pension rules in this week’s budget. The lending group – made up predominantly of [...]