Black Monday 2015: Biotech firm RainDance Technologies cancels IPO following global sell-off August 24, 2015 US biotech firm RainDance Technologies has pulled out of plans to publicly list on Nasdaq. Read more: Black Monday: Bloodbath continues on US markets as Dow Jones and S&P 500 plummet In a regulatory filing released today, the Massachusetts-based company cited the fall in global markets as the reason for its decision. The [...]
Former Marks & Spencer boss Lord Stuart Rose backs Select Property Group August 24, 2015 There is a new new retail club in town and it’s called Select Property Group. Former Marks & Spencer chairman Lord Stuart Rose has emerged as a surprise backer in the privately-owned developer, which operates a swathe of student housing and is about to launch its first block of serviced flats in Manchester. He has [...]
China’s economic slowdown: Commodities plunge to 16 year low as China fears push oil prices down further August 24, 2015 Commodity companies’ shares have been hit hard by crashing oil prices and “Black Monday” market fears that China’s slowdown will worsen a global oversupply of raw materials. Bloomberg’s commodity index, a basket tracking 22 different raw materials, tumbled to 86.3542 today, its lowest level since 1999, as commodity prices continue to slump amid a global [...]
Another step forward for “super-sewer” as Balfour Beatty clinches building £416m contract and Tideway pension consortium wins rights to own it August 24, 2015 A bit of good news for troubled builder Balfour Beatty, which this morning announced it had been awarded a £416m contract to build the £4.2bn giant Thames Tideway Tunnel, aka the controversial "super-sewer", as the tunnel's new owners slashed costs on the project. The company said its joint venture with Morgan Sindall and BAM Nutall [...]
Bunzl reports growth in revenue and profit as it announces four more acquisitions August 24, 2015 Bunzl has reported higher profit and revenue in the six months to the end of June, after it went on an acquisition spree. The figures Revenues at the outsourcer and distribution group rose seven per cent to £3.1bn in its first half, the company said this morning, while profit before income tax also jumped 11 per cent to £147.1m. Earnings per share [...]
Plenty of profit for UK partners after Deloitte reports strong earnings August 23, 2015 Deloitte UK partners received bumper payouts this year after high business confidence led to a robust company performance. The professional services firm’s revenue hit £2.71bn in the 12 months ending 31 May, up 6.4 per cent on the year before, it said this morning. Consultancy revenues led the way with a rise of 10.5 per [...]
Persimmon bosses to share in £600m payout under long-term bonus scheme August 23, 2015 The bosses of Britain’s largest housebuilder Persimmon are in line for a potential £600m-plus windfall after a bumper year fuelled by the housing market recovery. More than 130 of the group’s senior management are expected to share in the award in December as part of a long-term incentive scheme launched three years ago. In total, [...]
New BHS owners Retail Acquisitions seek £70m refinancing to revive troubled chain bought from Sir Philip Green for just £1 August 23, 2015 The new owners of BHS are in talks to secure a refinancing package to help turn around the loss-making chain bought from Sir Philip Green earlier this year. Retail Acquisitions, a consortium comprising an eclectic mix of investors including former racing driver Dominic Chappell, is understood to be seeking a £70m loan by the end [...]
Luxury yacht builder Pendennis sails into rough waters as expansion plans dent its profits August 23, 2015 Luxury yacht builder Pendennis has said that sales and profits dipped last year as it invested millions of pounds in refurbishing and expanding its shipyard in Falmouth, Cornwall. The 27-year-old company, which designs, builds and renovates superyachts for private clients, reported pre-tax profits of £2.2m in 2014 – down 12 per cent on the previous [...]
Online personal styling service Thread is in fashion as investors pump $8m into one of the UK’s hottest start-ups August 23, 2015 Men’s fashion start-up Thread has closed a Series A funding round, raising $8m (£5m) from investors including the co-founders of Google’s DeepMind and a former president of Saks Fifth Avenue. Demmis Hassabis and Mustafa Suleyman, who along with Shane Legg sold DeepMind to Google in 2014, and Andrew Jennings, previously of Saks Fifth Avenue, were [...]