US-backed deals see UK stay top of buyout league May 27, 2014 THE UK fended off competition from European rivals last year to keep its title as the biggest buyout market, thanks to a rise in US-sponsored deals, a new report suggests today. Just over a quarter of all the cash spent in Europe last year by buyout shops was used to buy British firms, down from [...]
M&M Direct sold for £140m after listing snubbed June 16, 2014 BUDGET online sports retailer M&M Direct is set to be sold for up to £140m – reversing plans for a stock market listing in London. The company, founded as a catalogue retailer in 1997, has clinched a deal to be acquired by Danish clothing outfit Bestseller. The firm’s current backer, private equity firm TA Associates, [...]
How an independent Scotland can keep the pound – and have more stable banks August 20, 2014 When Scottish voters go to the polls in their independence referendum next month, they may ultimately make their decision on the basis of a single question: if we voted Yes, what currency would we use? The question has massive implications for Scotland’s economy, and since the “Plan A” of a formal currency union between Scotland [...]
Focus on… Ladbroke Grove: Feeling the love for Ladbroke Grove May 22, 2014 IT MAY be a small area, but Ladbroke Grove in west London is making a big impact on the property market. The area just north of Kensington and south of Paddington is a bustling collection of tree-lined streets packed with boutique shops, independent restaurants and Portobello Road Market. “It’s set itself apart from nearby areas [...]
Housing boom cements double digit revenue rise at Topps Tiles May 20, 2014 TOPPS Tiles yesterday posted a double-digit rise in sales, helped by a buoyant housing market pushing more homeowners into upgrading their floors. The firm said revenues rose 11.8 per cent to £97.7m in the half-year to 29 March, claiming this growth was “ahead of the tile market”. Pre-tax profits rose 70 per cent to £8m, [...]
Lord Harris puts off Carpetright retirement plan June 24, 2014 CARPETRIGHT founder Lord Harris announced yesterday that he planned to stay on as non-executive chairman, just weeks after announcing his retirement, as the retailer reported widening losses. Lord Harris will hand over the day-to-day running of the business to a new chief executive, Wilf Walsh, next month. He had intended to step down from the [...]
London Report: Unemployment figures set to show recovery July 14, 2014 UNEMPLOYMENT figures this week are expected to show that the number of people out of work has dropped again, as the UK recovery takes hold. Jobs data is likely to show an unemployment rate of 6.5 per cent in the three months to May, down from 6.9 per cent in the quarter to February. Despite [...]
Man Group swoops for Boston-based fund Numeric June 19, 2014 Man Group boss Manny Roman yesterday made his second acquisition in as many weeks after snapping up the US fund manager Numeric for more than $220m (£130m). Man, the world’s largest listed hedge fund, rose five per cent in trading after unveiling the acquisition, which will see Numeric integrated into the quantitative side of the [...]
Letters to the Editor – 01/07 – Not a new normal, Best of Twitter June 30, 2014 Not a new normal [Re: Is Mark Carney right that the “new normal” for interest rates will be 2.5 per cent?, yesterday] Mark Carney has pointed to financial market expectations to support his assertion that the “new normal” for rates will be around 2.5 per cent. He is wrong. Financial markets do not forecast the [...]
The Bottle Opener: Why you shouldn’t overlook Rioja October 14, 2014 There are perks to being the Bottle Opener, and this is definitely one of them. I’m relaxing in the late Autumn sun, gazing across a rich vineyard down to the river Ebro. With me are two charming fifth generation descendants of the founder of one of Rioja’s great houses, and we are tasting some magnificent [...]