New issues make a strong comeback in the London market December 18, 2013 As the year comes to an end there’s definitely cause for celebration in London’s new issues or Initial Public Offering (IPO) market. According to figures out today from EY, the advisory firm, there were 14 main market share listings this year, raising £5.2bn. That’s not exactly an avalanche of deals but the total represents a [...]
Saga poaches Domino’s Pizza boss Batchelor December 9, 2013 PRIVATE equity-backed insurer Saga yesterday named Domino’s Pizza boss Lance Batchelor as its new chief executive. Batchelor, a former Royal Navy submarine officer and Domino’s chief executive since December 2011, will leave the fast food chain in April to join Saga, almost four years after he first joined Domino’s as a non-executive director. Batchelor’s departure [...]
Errors must be punished – but US justice is becoming arbitrary November 19, 2013 IMAGINE the following scenario. It’s 2024 and we are in the middle of a major banking crisis caused by a political implosion in China. Banks are going bust left, right and centre, with the regulators trying to offload failed institutions to stronger ones to contain the chaos. If you were in charge of one of [...]
What the other papers say this morning – 18 November 2013 November 18, 2013 FINANCIAL TIMES Fed considers delay to Volcker rule The Federal Reserve is considering a delay in the compliance date for the highly anticipated Volcker regulation, giving banks additional time to conform with its provisions, according to people familiar with the matter. The Fed has the option of delaying the compliance date in one-year increments. It [...]
Saga considers retail offering for Easter float November 18, 2013 INSURER Saga is weighing plans to offer a Royal Mail-style share offering for retail investors in an initial public offering set to take place next Easter. Saga’s private equity owners Acromas, controlled by Charterhouse, CVC, Permira, moved a step closer to its long awaited market debut after inviting a handful of investment banks to pitch [...]
AA wins licence to enter legal services sector November 6, 2013 THE AA has become the latest company to enter the legal market after being granted an alternative business structure (ABS) licence. The motoring services giant announced today it has won approval from the Solicitors Regulation Authority to operate its own legal services arm, AA Law. The new business, a joint venture with solicitors Lyons Davidson, [...]
AA wins licence to enter legal services sector November 4, 2013 THE AA has become the latest company to enter the legal market after being granted an alternative business structure (ABS) licence. The motoring services giant announced today it has won approval from the Solicitors Regulation Authority to operate its own legal services arm, AA Law. The new business, a joint venture with solicitors Lyons Davidson, [...]
Inside Track: Co-op should hire a banker as chair to improve its name October 23, 2013 "PLAN A is dead, long live Plan A", was the phrase uttered by one Co-operative Group adviser as the details of its revised restructuring emerged on Monday morning. Er, not quite. As accustomed as the mutual’s new management has had to become to putting a brave face on an ugly balance sheet, this was a [...]
Buyout shop Charterhouse eyes £1bn offer for G4S cash business October 20, 2013 THE OWNER of high street retailer Card Factory is considering a bid to buy a chunk of UK outsourcing firm G4S. Charterhouse, which also owns parts of breakdown group AA and insurer Saga, is thought to be in the early stages of putting together a deal to buy G4S’ cash solutions business for $1.6bn (£1bn). [...]
Defective EU carbon trading scheme is adding billions to UK energy costs October 20, 2013 YOU MAY never have heard of it, but a European scheme, designed to achieve carbon emissions targets that have already been met, is adding billions to consumer energy bills. This year and every year until 2020, the UK government will auction hundreds of millions of carbon credits – called European Union Allowances (EUAs) – into [...]