Tesco veteran Andrew Higginson to chair Morrisons after 15 years at supermarket July 28, 2014 Tesco’s former finance boss Andrew Higginson is expected to be appointed as the chairman of rival supermarket chain Morrisons. Current chairman Sir Ian Gibson has been in the position since September 2007, and last month announced his intention to stand down. Retail veteran Higginson spent 15 years on the board at Tesco, with 11 as [...]
PwC, Uber and Zoopla win big at the 2014 City A.M. Awards November 13, 2014 From Legal & General boss Nigel Wilson to WPP boss Sir Martin Sorrell, you could barely move at the fifth annual City A.M. Awards – held last night at the Grange St Paul's Hotel – without bashing elbows with a few City grandees. The ceremony celebrated the brightest and best of the nation's money-makers – [...]
Poundland picks banks for flotation November 6, 2013 POUNDLAND has hired two banks to oversee its upcoming initial public offering that is expected to value the bargain chain by more than £800m. The private-equity owned group is close to hiring Credit Suisse and JP Morgan to lead the flotation and is due to formally announce the appointments in the next few days, a [...]
Rothschild to advise on Poundland’s flotation November 4, 2013 BUDGET retailer Poundland has lined up Rothschild to advise on its upcoming public offering, which is expected to value the firm at more than £700m. The investment bank, which declined to comment on the issue, is expected to bring in other advisers to work on the flotation in the next few weeks. Poundland – which [...]
London Report: Mortgage lending down but price of houses still rising June 29, 2014 MORTGAGE approval numbers are expected to fall to a 10-month low of 62,000 for May, after the introduction of tough new rules in the Mortgage Market Review (MMR) in April. Howard Archer, of IHS Global Insight, said: “This would be down from 62,918 in April, 66,563 in March and a 74-month high of 75,838 in [...]
Rival to estate agents launched June 2, 2014 The founders of Poundland and Match.com launched an estate agency firm yesterday that aims to challenge its high street rivals by replacing commission rates with a fixed fee. Steve Smith and Darren Richards said they plan to expand EstatesDirect.com across the UK after piloting the business since 2012 in Worcestershire, where it has sold and [...]
Canaccord on top after IPOs June 4, 2014 BROKERAGE and advisory Canaccord Genuity yesterday said fourth quarter profits had risen four-fold since a year ago thanks to “exceptional” UK and US performance. The Canadian company, which has a strong brokerage presence in London, said net income rose to C$25.9m (£14.1m) from C$6.42m for the three months ending March. In London, the company has [...]
Best of the Brokers for 08 May 2014 May 7, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BALFOUR BEATTY UBS has upgraded the infrastructure firm from “sell” to “neutral” but cut its target from 260p to 225p following this week’s profit warning and the departure of boss Andrew McNaughton. The broker continues to harbour doubts about Balfour’s plan to refocus [...]
Private equity leaders feast on IPOs and deals September 23, 2014 PRIVATE EQUITY MANAGER of the year Private equity groups have feasted on fresh opportunities thrown up by ongoing financial trends this year, from the rise of China’s market economy to the dissipation of traditional bank lending. This year’s nominations include some of London’s most senior dealmakers and executives and reflect the capital’s pivotal importance at [...]
Poundland hires retail analyst Dorgan as it eyes 2014 flotation November 4, 2013 PHILIP Dorgan, one of the retail sector’s top analysts, has joined Poundland, fuelling further speculation that the bargain chain is heading for flotation next year. Dorgan, who has worked over three decades as an analyst, was most recently at broker Panmure Gordon, but was made redundant from the firm in July. One of the most [...]