Chipotle sales beat forecasts October 20, 2014 MEXICAN food chain Chipotle yesterday reported forecast-beating profit as sales continued to surge. Sales rose 19.8 per cent at restaurants open at least a year for its third quarter. While the US company expects comparable restaurant sales increases in the mid-teens for this year, it forecast that figure will dip to low to mid-single digit [...]
Intertek share price up as Andre Lacroix takes reins September 30, 2014 Intertek, the London-based inspection and certification firm, saw its share price jump by more than two per cent yesterday following the appointment of Inchcape’s Andre Lacroix as chief executive. Meanwhile, Inchcape’s share price plummeted by almost five per cent. Lacroix will take up his new role and join the Intertek board in May 2015. He [...]
What will the US do about tax inversion? August 31, 2014 Burger King drew the ire of many Americans this past week by announcing a plan to move their corporate headquarters to Canada from the United States after purchasing the Canadian doughnut chain Tim Hortons. In doing so, Burger King stands to save at least $8.1m a year in taxes. The company remains adamant that Uncle [...]
Synergy Health share price soars as US rival Steris reignites tax inversion debate with $1.9bn deal October 13, 2014 US medical technology giant Steris yesterday announced it had bought British health services provider Synergy Health in a $1.9bn (£1.2bn) deal that re-opened the US tax inversion debate. Steris said it would buy Synergy, whose shares rocketed by more than 30 per cent yesterday, in a cash-plus-shares deal that would shift its domicile to [...]
All change at the top as trio of firms shuffle executives September 8, 2014 BERKELEY GROUP | FINANCE CHIEF EXITS Berkeley Group yesterday said finance director Nick Simpkin had left the board with immediate effect after five years in the role. Ben Marks, financial controller, who has been with group for 10 years will be working closely with Rob Perrins, group managing director, to manage financial function pending recruitment [...]
Hedgies bruised as £8bn slashed from Shire stock after AbbVie fall-out October 15, 2014 The fallout from US drug giant AbbVie’s decision late on Tuesday evening to reconsider its $54bn (£32bn) takeover of Shire yesterday wiped over £8bn off the value of the British firm, and causing hedge funds banking on a successful deal to lose millions. Shire’s stock, inflated on the expectation of a deal since June, [...]
Warren Buffett and Floyd Mayweather square off ahead of Maidana rematch August 27, 2014 Warren Buffett appears to be the latest member of Floyd Mayweather's "The Money Team", making him "teammates" with Justin Bieber. Mayweather, the pound-for-pound best boxer in the world, posted an image of Buffett visiting him at his gym to his Instagram page, accompanying it with a caption describing Buffett as "the original founder of The [...]
Poultry empire Moy Park eyes £1bn stock float August 17, 2014 MARFRIG, the Brazilian owner of food giant Moy Park, is exploring plans for a London public offering of the firm which could value the poultry producer at £1bn. Moy Park, which supplies meat to fast food chains, including McDonald’s and Burger King, issued £200m of bonds earlier in the year, seen as a precursor to [...]
Burger King takes its first bite into India with joint venture November 20, 2013 BURGER King’s Whopper burgers will be available in India for the first time, after it yesterday announced plans to open its fast food chain in the world’s second most populous country. It will partner with private equity firm Everstone, which specialises in India and South East Asia, to set up a supply chain and establish [...]
Profits rise for Burger King as costs drop 90pc October 28, 2013 BURGER King Worldwide, known for its Whopper hamburgers, yesterday said it plans to introduce fewer seasonal and limited-time menu items in a bid to help restaurant operators improve profits and speed up service. Burger King, which reported a better-than expected third-quarter profit, has recently added a string of attention-getting products ranging from bacon sundaes and [...]