WHAT THE OTHER PAPERS SAY THIS MORNING
THE SUNDAYS
The Sunday Telegraph
ENGINE IN DRIVE FOR EXPANSION
The advertising agency that created the 118 directory enquiries runners is seeking £50m to fund an international expansion drive that will take it to the US and the Far East. The Engine Group has appointed advisers at Jefferies and the corporate finance arm of Ingenious Media to secure funds through either a private placement of shares or a listing on the stock market.
WEST BROM CLOSES PENSION
West Bromwich Building Society is closing its final salary pension scheme to existing members in a move that will strip 250 staff of future benefits as part of desperate attempts to cut costs. The society will transfer affected staff to a defined contribution scheme.
THE SUNDAY TIMES
LAWYERS WILL LAUNCH £50M ‘LITIGATION FUND’
Three lawyers are planning the flotation of a £50m fund that will make money by financing legal disputes and sharing in any damages awarded.
The new vehicle, called Therium, has been set up by litigators John Byrne, Neil Purslow and George Brown and will back court cases in the UK and those in international arbitration. Therium will not provide funds for personal injury cases, but will focus solely on commercial disputes.
SOVEREIGN FACES CALL TO REPLACE CHAIRMAN
A group of rebel shareholders in Sovereign Reversions, the Aim-listed property finance firm, are calling for the board to be ousted and replaced with new directors, including Harry Hill, chairman of Countrywide, Britain’s biggest estate agent.
TODAY
FINANCIAL TIMES
TESCO SEEKS TO BOOST BANK ARM
Tesco, Britain’s biggest retailer, is considering seeking a separate credit rating for its financial services arm to give it more clout for its aggressive assault on banking. The supermarket is planning to launch a current account within the next 18 months, and a mortgage, probably within the next two years.
KCP BUYS SOUP MAKER FOR £24M
The maker of a brand of soups endorsed by celebrity chef Marco Pierre White has been bought by Key Capital Partners, showing that dealmakers are still hungry to acquire food and drinks companies. TSC Foods has agreed a £24m buy-out led by KCP and Jonathan Skofic, a former Cott Beverage executive, who will take over as managing director.
The Daily Telegraph
VODAFONE SET TO REPORT PROGRESS ON CUTTING £1BN IN COSTS
Vodafone, the world’s largest mobile phone company, will on Friday update the market on its progress to cut £1bn in costs by March 2011. The company could announce further job cuts following the 1,800 it shed last year, including 500 in the UK. In May Vittorio Colao, chief executive, refused to rule out the possibility of further cuts as the company battles with a decline in revenue.
HAT TRICK PRODUCTIONS WARNED OVER ITS FUTURE
Hat Trick Productions, the company behind Have I Got News for You, has been warned that a £6m loan “may cast significant doubt” over its future. Deloitte highlighted the loan, which can be called for payment at any moment, as a cause for concern in the company’s annual accounts.
THE TIMES
FEARFUL WORKFORCE CLAIMS FEWER SICK DAYS
Private sector workers are taking fewer “sickies” in the recession amid rising fears that taking too much time off work might cost them their job, according to new research. The trend to turn up for work even when unwell is also driven by increased policing of absenteeism in the private sector. It stands in sharp contrast to the record of civil servants.
MAX CLIFFORD TAKES UP A PROPERTY CHALLENGE
Max Clifford, best known as an agent for celebrities and reality television stars, has taken on what could prove to be his biggest challenge — property.
A buy-to-let property club that told investors in April 2008 that it was time to get back into the market has hired the public relations guru to spearhead a marketing campaign.