Travelodge boss Grant Hearn to leave after a decade at the helm July 23, 2013 GRANT Hearn, the chief executive of Travelodge, has stepped down after 10 years at the helm of the budget hotel company. Hearn joined as chief executive in 2003, became executive chairman in 2010, and returned to the CEO role in 2012, overseeing a debt restructuring that gave its US lenders – Avenue Capital, GoldenTree Asset [...]
Ryanair offers to sell shares in Aer Lingus July 23, 2013 RYANAIR has offered to sell its stake in Aer Lingus in an effort to prove that owning shares in its Irish rival does not stifle competition. The budget carrier also attacked the UK Competition Commission for its “unfounded and invented” probe into Ryanair’s 29 per cent stake in Aer Lingus. As part of its discussions [...]
Earnings rise for Hovis baker Premier Foods July 23, 2013 SHARES in Premier Foods, the maker of Mr Kipling cakes and Hovis bread, jumped more than nine per cent yesterday after cost cuts helped the group to report a 50 per cent leap in underlying profits. The food group said underlying trading profit increased to £47.4m in the six months to 30 June, benefiting from [...]
PZ Cussons profit boosted by growth in Britain and Nigeria July 23, 2013 PZ Cussons, the maker of Imperial Leather soaps, said yesterday that full-year profit rose 16.5 per cent to £107.5m, helped by growth in the UK, Indonesia and Nigeria. The British soap and shampoo maker said lower sales in the first half of the year in Nigeria – its largest market – were offset by a [...]
Carpetright sales floored by heatwave July 23, 2013 THE BRIGHTER July weather has put Carpetright’s first quarter sales in the shade as Britons spent less time indoors on fixing up their homes, the flooring specialist said yesterday. Carpetright said the recent heatwave had dashed the steady progress made revamping stores and improving ranges in the first two months of the quarter, dragging like-for-like [...]
Diageo takes controlling stake in baiju-maker Shuijingfang July 23, 2013 DIAGEO has been given the go-ahead by Chinese authorities to take full control of the company that owns Shuijingfang, the white spirits producer, as it looks to expand its presence in the Asian market. The world’s largest drinks company said yesterday that it has bought the remaining 47 per cent stake it does not already [...]
Cisco snaps up IT security firm July 23, 2013 CISCO Systems yesterday revealed plans to purchase cybersecurity company Sourcefire for $2.7bn (£1.76bn), a deal set to spark more acquisitions as large vendors seek to profit from demand for IT security. Cisco, which has been seeking targets to boost its network security business, said the deal “fits perfectly” with its plans. “We will not rest [...]
Business travel lifts Hogg Robinson July 23, 2013 Hogg Robinson yesterday posted a four per cent rise in revenues from 1 April to date, helped by its clients taking more trips. The firm, which arranges business travel and data services, said clients spent six per cent more than during the same period last year.
West End booming says Shaftesbury July 23, 2013 Strong demand for restaurants, shops and flats in the west end have helped to drive rental growth at Shaftesbury. The FTSE 250 group, which owns swathes of property in and around Soho, said the west end was “flourishing” as London continues to attract “unprecedented levels of interest from across the world”.
IPO to value Conviviality at £66.7m July 23, 2013 The owner of the off-licence chain Bargain Booze is set to become the latest company to join London’s alternative investment market next Wednesday. Conviviality Retail which raised around £64m from the placing, said yesterday it will have a market value of £66.7m with shares set to start trading at 100p a share.
