Breathing space for Connaught after it secures £15m overdraft July 29, 2010 SOCIAL HOUSING maintenance firm Connaught soothed investors yesterday with the news it has secured an additional £15m overdraft facility and delayed repayments on other loans. The company said earlier this week it was in urgent need of funds to avoid breaching banking covenants. Connaught said it will continue negotiations with banks to secure long-term financing. [...]
Spice set to give thumbs-up to £247m offer from Cinven by end of September September 2, 2010 UTILITIES services company Spice is expected to recommend a £247m offer from buyout house Cinven by the end of the month after announcing advanced talks yesterday. Cinven has locked Spice into exclusive discussions with a hefty break fee, meaning the prospect of an expensive bidding war with a mystery third party has receded. Spice has [...]
CITY MOVES | WHO’S SWITCHING JOBS August 26, 2010 McGrigors The law firm’s London office has appointed Karl Woolley as a partner in its finance practice. He is tasked with strengthening the firm’s relationship with the City’s banks and his experience in acquisition and funds finance is expected to aid this expansion. Woolley joins from SJ Berwin, where he is currently a partner. Prior [...]
THE CITY’S GOT TALENT: THE HUNKIEST GENTS IN FINANCE August 9, 2010 ANTHONY ASTBURY, GFI GROUP Environmental markets broker Anthony takes the crown in the second annual round-up of the City’s hunkiest gents, voted for by your good selves and judged by a panel of terribly dedicated City A.M.ers. A keen sportsman, who boxes, skis and plays football when he’s not jetting around Europe meeting clients, Anthony [...]
A wave of change for accounting rules August 19, 2010 CHANGE tends to be resisted, especially if it will cost people money. This explains the frosty reception given to news that US and international accounting standard bodies are proposing to change the ways that firms account for leases. The new rules will mean that leases have to be recorded on a firm’s balance sheet; currently [...]
CITY MOVES | WHO’S SWITCHING JOBS August 3, 2010 PricewaterhouseCoopers The financial services firm has made a number of changes to its UK insurance group. Tim Edwards has joined as director, with immediate effect, after previously working for the Financial Services Authority. He will be responsible for assisting clients with the requirements of Solvency II. In addition, Paul Clarke has replaced Mark Batten as [...]
Top lawyers show signs of recovery June 16, 2010 THE UK’s top 100 law firms enjoyed a minor resurgence at the start of 2010, as fee income and chargeable hours increased in the three months to April, according to figures out today. While the revival has not generated the fees seen before the banking crisis, fee income grew by an average of 4.6 per [...]
Game up for Tomkins as buyers target UK August 31, 2010 ONE of the City’s largest investors warned foreign predators not to view UK companies as easy pickings yesterday after Tomkins became the latest name to fall to an overseas bid. Standard Life Investments (SLI) made an angry intervention after shareholders in Tomkins, the former “buns-to-guns” group, voted to accept a £2.9bn offer from a consortium [...]
Game up for Tomkins as buyers target UK August 31, 2010 ONE of the City’s largest investors warned foreign predators not to view UK companies as easy pickings yesterday after Tomkins became the latest name to fall to an overseas bid. Standard Life Investments (SLI) made an angry intervention after shareholders in Tomkins, the former “buns-to-guns” group, voted to accept a £2.9bn offer from a consortium [...]
GRADUATES GET CREATIVE ABOUT JOINING THE DAILY BUMP ’N’ GRIND August 22, 2010 IT SEEMS the yoof of today is becoming ever more resourceful when it comes to securing a first job, despite all the sympathetic noises from older generations over the plight of school-leavers and graduates. One enterprising young chap, about to head into his final year studying economics at Nottingham, wants to use the money he [...]