Small manufacturers storm ahead but Britain faces gloomy consumer outlook May 2, 2011 SIGNS of economic rebalancing in the UK emerged today, as separate reports showed strong manufacturing contrasting with further gloom over consumer spending. Orders at the UK’s small and medium sized factories grew at their fastest rate for 16 years in the three months to April, according to the Confederation of British Industry (CBI). A positive [...]
Households face worst squeeze since the 1870s May 3, 2011 BRITISH households are facing the biggest cash squeeze since the 1870s, a report by Deloitte out today claims. Disposable income is set to fall by about two per cent this year, or the equivalent of about £780 per household, the report claims. The drop is driven by rising inflation, which could rise above five per [...]
Households face worst squeeze since the 1870s May 3, 2011 BRITISH households are facing the biggest cash squeeze since the 1870s, a report by Deloitte out today claims. Disposable income is set to fall by about two per cent this year, or the equivalent of about £780 per household, the report claims. The drop is driven by rising inflation, which could rise above five per [...]
Car dealer Pendragon to raise £75.2m through deeply discounted rights issue July 14, 2011 LISTED car dealer Pendragon yesterday said it plans to raise about £75.2m through a rights issue to reduce its debt. The nine-for-eight issue is to be priced at 10p per new ordinary share, representing an eye-watering 54 per cent discount to the stock’s Wednesday close. Shares in Pendragon had closed at 21.75p per unit on [...]
Learning from the Olympics of Vancouver July 31, 2011 LEARNING from the past is the path to progress and so Vancouver’s experience of hosting the Winter Olympics in 2010 has a lot to teach us. Despite the inevitable challenges, it was warmly and roundly considered a great success, with most businesses ready and willing to adapt and benefit from the unique opportunities afforded by [...]
CITY MOVES | WHO’S SWITCHING JOBS May 19, 2011 Babson Capital Europe The credit fund manager has appointed Kam Tugnait as a managing director, ahead of its plans to launch a further UCITS fund focusing on European high yield, to be co-managed by Tugnait. Most recently, Tugnait was head of high yield at Gartmore, where he ran the firm’s high yield corporate bond fund. [...]
CITY MOVES | WHO’S SWITCHING JOBS May 19, 2011 Babson Capital Europe The credit fund manager has appointed Kam Tugnait as a managing director, ahead of its plans to launch a further UCITS fund focusing on European high yield, to be co-managed by Tugnait. Most recently, Tugnait was head of high yield at Gartmore, where he ran the firm’s high yield corporate bond fund. [...]
Oddbins poised for sale April 12, 2011 Wine retailer Oddbins will be sold within seven days, the company’s administrator Deloitte announced yesterday. Oddbins has an annual turnover of £75m, including £2m of online sales, and has already “received interest from a number of parties”, said Deloitte. Oddbins called in the administrators earlier this month and 400 jobs are at risk.
Reducing the budget deficit is vital July 26, 2011 IN the end, the economy did grow. But a 0.2 per cent expansion in the second quarter, leading to growth of just 0.7 per cent over the past year, is pretty pathetic. The official figures almost certainly under-estimate the actual growth because of the way they measure construction output, and early GDP estimates get revised [...]
Oddbins sells 37 stricken stores to Whittall’s April 26, 2011 ODDBINS administrator Deloitte has sold 37 of the 85 stricken stores to Whittall’s. The wine retailer was forced into administration earlier this month after its creditors, including HM Revenue & Customs, refused to accept lower repayment terms. Whittall’s, which is a subsidiary of multi-millionaire Raj Chatha’s European Food Brokers, said yesterday the deal means investment [...]