Land Securities sells RBS offices on the South Bank for £315m October 10, 2013 LAND SECURITIES has sold Royal Bank of Scotland’s flagship offices on the South Bank to M&G Real Estate in a £315m deal. The FTSE 100 landlord said yesterday it has exchanged contracts to sell Bankside 2&3, which are let to the bank until 2027. The 380,000 square feet offices, which sit next to the Tate [...]
Quindell Portfolio shares jump on £150m deal with Direct Line October 9, 2013 SHARES in outsourcing group Quindell Portfolio yesterday jumped 10 per cent after the company announced a £150m three-year deal with Direct Line. The company also said it is on track to record annual organic revenue growth of £300m a year. Aim-listed Quindell provides outsourcing services to insurers, with a pledge to drive costs and increasing [...]
Vedanta posts a rise in zinc and oil production October 9, 2013 OIL AND mining conglomerate Vedanta Resources yesterday reported a rise in oil, gas and zinc production in the second quarter and said it expected to resume mining iron ore in the southern Indian state of Karnataka shortly. But shares in the FTSE 100 group tumbled 4.67 per cent after Morgan Stanley downgraded its rating on [...]
Goldman Sachs buys half of car insurer Hastings in £150m deal October 8, 2013 GOLDMAN Sachs’ merchant banking division yesterday bought half of British motor insurer Hastings in a deal that values the company at £700m. The Sussex-based insurer has previously made a point of handing shares to its staff, meaning thousands of employees are now set to enjoy a bumper payday. Goldman’s merchant banking arm will finance the [...]
Customers choosing extra home services boosting Telecom Plus October 8, 2013 TELECOM Plus, the FTSE 250 utility supplier that trades under the Utility Warehouse brand, saw its stock price soar yesterday as it reported strong growth in its half year ending 30 September, accelerated by customer numbers increasing 17 per cent in its second quarter. Telecom Plus’ second quarter was boosted by 55 per cent of [...]
Chesnara buys closed life fund from Direct Line October 8, 2013 INSURANCE-focused takeover specialist Chesnara said it would buy Direct Line’s domestic closed life insurance business for about £39.3m in cash. Chesnara, which has been looking to acquire life insurance funds in Western Europe for the past year, said the deal would be partly financed by a new loan facility of £73.8m from the Royal Bank [...]
William Hill hit by shortfall as bets go wrong October 3, 2013 BOOKMAKER William Hill reported strong growth of its sportsbook wagers while operating profit fell 31 per cent due to unfavourable results – particularly in football – hurting the company’s bottom line in its third quarter ending 1 October. Chief executive Ralph Topping warned yesterday that there is no certainty that the group can make up [...]
Riverstone aims to raise £1.5bn in energy float September 24, 2013 PRIVATE equity firm Riverstone Holdings yesterday said it is planning to float a new energy investment vehicle, Riverstone Energy, on the London Stock Exchange, in an initial public offering to raise up to £1.5bn. Lord Browne, former boss of oil major BP, is a partner at Riverstone Holdings and will take a board seat at [...]
Imperial to replace long standing finance chief September 12, 2013 IMPERIAL Tobacco has appointed the former vice chairman of KPMG as its new financial chief. Oliver Tant will step into the role on 5 November working alongside his predecessor, Bob Dyrbus, until he steps down on 31 December. Chairman of Imperial Tobacco Iain Napier said on Tant’s appointment, “He joins us with a proven track [...]
Marks & Spencer reveals plan to revamp its shops September 10, 2013 SHARES in Marks & Spencer rose two per cent yesterday as the latest phase of the retailer’s turnaround plan won the City’s approval. Chief executive Marc Bolland showcased a new layout for its womenswear range at the Oxford Street Pantheon store that it hopes to roll-out across the UK. The changes include a new shoe [...]