City analyst slams Fnac’s bid for Darty and warns firm may have to sweeten deal October 6, 2015 A leading City analyst yesterday spoke out against Fnac’s bid for electronics rival Darty, saying the proposed offer significantly undervalued the company. The French electronics and music retailer made an offer of 101p per share for Darty on Wednesday, in a deal that would value its UK-listed rival at £533m. Fnac said its offer represented [...]
Universal Music to move UK headquarters from Kensington to King’s Cross October 6, 2015 Universal Music is moving its UK headquarters to King’s Cross, in a major coup for Argent, the developers behind the regeneration of the 67-acre scheme. The music giant, which is currently based in Kensington, confirmed it has signed a long-term lease for the entire office space at Four Pancras Square, a ten-storey building totalling around [...]
Battersea Power Station dismantling work to restart in coming weeks October 6, 2015 Work to dismantle the remaining three of Battersea Power Station’s iconic chimneys will kick off in the coming weeks after the first of the chimneys to be rebuilt successfully reached half of its full height. The huge concrete towers were badly damaged by the coal smoke they emitted during the building’s working life and [...]
London business confidence dips amid rising wage costs, interest rates and Eurozone uncertainty October 6, 2015 London's businesses have reported a dip in confidence from the last quarter as they factor in rising employment costs, interest rate uncertainty and the political fall-out from Eurozone debates. The London Chamber of Commerce will release figures today showing the balance of companies that think the capital’s economic outlook will improve over the next [...]
Shore Capital posts 92 per cent jump in profit during 30th year in business October 6, 2015 Stockbrokers Shore Capital announced a 92.4 per cent increase in interim pre-tax profit in their 30th year of doing business, up from £5m in the first half of 2014 to £9.5m. The company saw revenues increase by 15.1 per cent, to £25.9m and earnings per share up 67.7 per cent, to 20.8p. Boosted by the [...]
UK M&A activity up 58 per cent as global deals notch up $2.66 trillion total so far in 2015 October 6, 2015 UK companies contributed $282bn (£186bn) so far this year to the global M&A total, which Thomas Reuters figures suggest is $2.66 trillion for the first three quarters. In the latest set of data confirming that 2015 has been a bonanza year for M&A, Deloitte figures suggest the value of deals involving UK companies, as target [...]
Robert Walters share price jumps: UK financial services helps to lift recruitment firm’s profit October 6, 2015 Professional recruiter Robert Walters saw its UK profit climb sharply in the three months to September as it was buoyed by a strong labour market. Recruiters offer a timely barometer of the health of the economy in advance of the release of official statistics, and this time round profit from the UK jumped 15 per cent [...]
Eurozone in sweet spot of recovery boosted by low oil prices and good exchange rate – EY October 6, 2015 The Eurozone is still in a “sweet spot” as it benefits from lower energy prices, a more competitive exchange rate and solid demand in the UK and US, according to forecasts from EY. In its EY Eurozone Forecast (EEF) for October, the financial services firm predicts that investment spending will pick up in 2016, which [...]
Private investment group Ardian makes offer for European food firm Solina October 6, 2015 Independent private investment company Ardian has submitted a binding offer and entered into exclusive talks concerning the purchase of European food company Solina. Ardian was previously Axa Private Equity, before becoming a private firm in 2013. Its portfolio includes investments in food chain Eat, Luton Airport and Wood Mackenzie. Solina, based in Brittany, France, provides [...]
Economic expansion slowed in September but CBI says growth is still strong October 6, 2015 The rate of economic expansion dipped slightly in the three months to September following a near record-breaking previous month – but growth is still strong, according to the latest Confederation of British Industry (CBI) growth indicator. Its survey of 775 respondents across the manufacturing, retail and service sectors showed the pace of growth slowed down [...]