The Mail on Sunday
700 POSTS MIGHT BE SAVED AT JARVIS
Accountant Deloitte, administrator to collapsed rail maintenance and services company Jarvis, is confident that it can save 700 jobs. Deloitte believes it can sell Jarvis's accommodation services division, which has 24 contracts to help run schools, hospitals and bases at the British Antarctic Survey. The division had operating profits of 1.4 million pounds last year and a turnover of 42 million pounds.
VUE HELPED BY RECESSION
Vue Cinemas has cut its losses by more than a third as recession-hit Britons choose to save money by going to the cinema rather than nightclubs or restaurants. The cinema chain cut its deficit to 14.4 million pounds in the year to November 2009, seeing sales increase 10 percent to 272 million pounds. Vue is part-owned by Lloyds Banking Group through the HBOS Integrated Finance portfolio which could possibly be sold within weeks to Coller Capital and 3i.
OUTDOORS RETAILER RUNS TO THE HILLS
Mountain Warehouse has revealed that profits for the year to the end of February rose 74 percent to 6.2 million pounds on sales of 45.5 million pounds, up 50 percent. The outdoor retailer added 30 stores last year and plans similar growth this year. Managing director Mark Neale said that as other retailers had closed over the past year, the chain had added stores in market towns and popular outdoor destinations
COFFEE NATION'S COSTLY BREW
Profits at Coffee Nation fell nearly 90 percent to 248,000 pounds in the year to the end of March 2009 as the self-service beverage company suffered from the costs of investing in a new generation of automatic drinks machines. The company spent 2.9 million pounds repairing machines and designing automated kiosks which aim to replicate the 'coffee bar' experience by allowing customers to tailor their drinks. Coffee Nation is rolling out chip and PIN technology to 800 machines in hospitals, motorway services stations and universities. An expansion into airports and train stations boosted sales by 18 percent to 20 million pounds.
EDF TO RECRUIT 10,000 TO BUILD REACTORS
EDF is to recruit 10,000 engineers, scientists and technicians over the next five years as it builds nuclear reactors at Hinkley Point, Somerset, and Sizewell, Suffolk. Vincent de Rivaz, chief executive of the energy company, noted that EDF had already recruited 100 designers and engineers to its London head office, and said that when the reactors are operational EDF would employ 700 people at Hinkley Point and a further 700 at Sizewell.
MIDAS
HMV (hold)
The Sunday Times
GAS BOSS STOKES PAY ROW WITH 28 MILLION POUND BONANZA
BG chief executive Frank Chapman received a 28 million pound award in cash shares and pension contributions in 2009 at the oil and gas group that threatens to reignite the debate on executive pay. Disclosure of Chapman's pay package, which does not include details of the further 9.3 million pounds he has received but not cashed in, reveals he is one of the best paid executives in the FTSE100. The announcement comes after Richard Lambert, head of the business lobby group CBI, warned executives that increasing pay polarisation between executives and rank-and-file workers risked executives being viewed as 'aliens'.
PUNCH TOLD: YOU DON'T NEED A CHIEF
A leading shareholder in pub giant Punch Taverns is calling for the appointment of an executive chairman to replace outgoing chief executive Giles Thorley to oversee two divisional heads responsible for running its 7,600 pubs. Andy Brough, of fund manager Schroders, which has a 6.5 percent stake in Punch, said the pub group already has two chief executives, one in charge of tenanted pubs and the other running managed pubs. He said: 'What they need is an executive chairman. Giles Thorley did not really have a job at the end. Why bring someone in that role?'
EMI SCRAMBLE FOR CASH
EMI's advisers are readying a plan to persuade existing investors to inject a further 120 million pounds of investment into the company. If the plan is unsuccessful its private equity owner Terra Firma could consider selling shares in EMI to outside investors for the first time. The move would avoid a takeover by Citigroup, the investment bank which financed Terra Firma's 4.2 billion pound acquisition of the music company in 2007. Some analysts have suggested that, even if Terra Firma is successful in raising the 120 million pounds needed, additional refinancing will be required before the loans mature in 2015.
SHAREWATCH
Mouchel (Shares slump 13 percent after a pre-tax loss.)
The Sunday Telegraph
U.S. TYCOON BACKS VIRGIN MONEY BID
American billionaire Wilbur Ross has promised to provide up to 500 million pounds to help Virgin Money acquire Royal Bank of Scotland's network of 318 retail branches. Virgin Money, which needs to raise an expected two billion pounds to buy the network, is likely to bid by Tuesday's deadline. The support of Ross is expected to attract interest from other North American investors as well as sovereign wealth funds in Asia and the Middle East.
EUROPE TOLD: 'BLOCK BA TIE-UP DEAL'
Sir Richard Branson, president of carrier Virgin Atlantic , will call for the European Commission to overrule an alliance between rivals British Airways and American Airlines which would give the two firms control over 60 percent of flight slots between Heathrow and the United Sates. Following a ruling by the U.S. Department of Transportation that the tie-up should be granted anti-trust immunity, Virgin Atlantic will submit new evidence to the Commission this week. Branson believes the alliance between BA and AA will increase fares and reduce competition.
M&S PREPARES TO SAVOUR SUCCESS
This week's trading update from Marks and Spencer is expected to show the retailer's recovery is continuing. A consensus of seven analysts forecasts fourth quarter like-for-like sales growth of 1.7 percent. Thursday's update will be the last one presided over by executive chairman Stuart Rose before the arrival of new chief executive Marc Bolland in May and will cover the 13-week period to Mach 27. It will mark the fifth consecutive quarter M&S has reported improving sales.
QUESTOR
Hilton Food Group (Buy)
Mothercare (Sell)
The Independent on Sunday
PENSIONS CORPORATION'S PLANS TO RAISE 600 MILLION POUNDS STALLS
Sources familiar with the process say that Pension Corporation's plans to raise 600 million pounds have stalled. Investment bank JP Morgan has been working on the raising since last year but the sources say that a number of potential investors have been holding back. The specialist insurer has been the most active player in the pensions-buyout market in the past few years and in December it struck a deal with Cadbury to insure 500 million pounds in pension fund assets.
CONTROLCIRCLE TO USE SIX MILLION POUNDS VENTURE CAPITAL CASH.
ControlCircle is to go on an acquisition trail in an attempt quadruple turnover to 100 million pounds within five years. The Internet hosting company's chief executive Damian Milkins recently raised six million pounds from venture capitalist Scottish Equity Partners which took a 20 percent stake. Most of the cash will be spent on making acquisitions in Asia, Europe and the United States. ControlCircle also has funds from Royal Bank Ventures available for a major purchase. The company is expected to report a pre-tax profit of four million pounds this year, up from one million pound last year.
The Observer
BP SHAREHOLDERS AT LOGGERHEADS OVER VOTE ON TAR SANDS STRATEGY
A row over BP's planned tar sands development in Canada is set to dominate this year's round of company annual meetings. A total of 143 of the oil major's shareholders have filed a special resolution for BP's annual meeting on April 15 calling for the company to provide a full report on the development's risks. The Local Authority Pension Fund Forum is calling on the 52 schemes its advises to vote with BP's management in favour of the development, The Merseyside Pension Fund and the London Borough of Camden Fund have decided to abstain. Most of the conventional City shareholders are expected to line up behind BP's management, but significant support for the resolution will be an embarrassment for the oil company.
ISA PROVIDERS UNDER FIRE AS SAVERS SEE BEST DEALS GO
Banks and building societies have been making changes to their Isas as an investigation sparked by consumer champion Consumer Focus takes place into whether or not they are a providing a fair deal. Last week, Consumer Focus launched a 'super complaint' to the Office of Fair Trading after concluding that Isa providers routinely offer attractive headline interest rates but then drop them to a derisory amount shortly after. Consumer Focus also believes that people face unfair obstacles when they try to move Isa accounts between providers.
Prepared for Reuters by Durrants
Keywords: PRESS DIGEST British business April 4
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
700 POSTS MIGHT BE SAVED AT JARVIS
Accountant Deloitte, administrator to collapsed rail maintenance and services company Jarvis, is confident that it can save 700 jobs. Deloitte believes it can sell Jarvis's accommodation services division, which has 24 contracts to help run schools, hospitals and bases at the British Antarctic Survey. The division had operating profits of 1.4 million pounds last year and a turnover of 42 million pounds.
VUE HELPED BY RECESSION
Vue Cinemas has cut its losses by more than a third as recession-hit Britons choose to save money by going to the cinema rather than nightclubs or restaurants. The cinema chain cut its deficit to 14.4 million pounds in the year to November 2009, seeing sales increase 10 percent to 272 million pounds. Vue is part-owned by Lloyds Banking Group through the HBOS Integrated Finance portfolio which could possibly be sold within weeks to Coller Capital and 3i.
OUTDOORS RETAILER RUNS TO THE HILLS
Mountain Warehouse has revealed that profits for the year to the end of February rose 74 percent to 6.2 million pounds on sales of 45.5 million pounds, up 50 percent. The outdoor retailer added 30 stores last year and plans similar growth this year. Managing director Mark Neale said that as other retailers had closed over the past year, the chain had added stores in market towns and popular outdoor destinations
COFFEE NATION'S COSTLY BREW
Profits at Coffee Nation fell nearly 90 percent to 248,000 pounds in the year to the end of March 2009 as the self-service beverage company suffered from the costs of investing in a new generation of automatic drinks machines. The company spent 2.9 million pounds repairing machines and designing automated kiosks which aim to replicate the 'coffee bar' experience by allowing customers to tailor their drinks. Coffee Nation is rolling out chip and PIN technology to 800 machines in hospitals, motorway services stations and universities. An expansion into airports and train stations boosted sales by 18 percent to 20 million pounds.
EDF TO RECRUIT 10,000 TO BUILD REACTORS
EDF is to recruit 10,000 engineers, scientists and technicians over the next five years as it builds nuclear reactors at Hinkley Point, Somerset, and Sizewell, Suffolk. Vincent de Rivaz, chief executive of the energy company, noted that EDF had already recruited 100 designers and engineers to its London head office, and said that when the reactors are operational EDF would employ 700 people at Hinkley Point and a further 700 at Sizewell.
MIDAS
HMV (hold)
The Sunday Times
GAS BOSS STOKES PAY ROW WITH 28 MILLION POUND BONANZA
BG chief executive Frank Chapman received a 28 million pound award in cash shares and pension contributions in 2009 at the oil and gas group that threatens to reignite the debate on executive pay. Disclosure of Chapman's pay package, which does not include details of the further 9.3 million pounds he has received but not cashed in, reveals he is one of the best paid executives in the FTSE100. The announcement comes after Richard Lambert, head of the business lobby group CBI, warned executives that increasing pay polarisation between executives and rank-and-file workers risked executives being viewed as 'aliens'.
PUNCH TOLD: YOU DON'T NEED A CHIEF
A leading shareholder in pub giant Punch Taverns is calling for the appointment of an executive chairman to replace outgoing chief executive Giles Thorley to oversee two divisional heads responsible for running its 7,600 pubs. Andy Brough, of fund manager Schroders, which has a 6.5 percent stake in Punch, said the pub group already has two chief executives, one in charge of tenanted pubs and the other running managed pubs. He said: 'What they need is an executive chairman. Giles Thorley did not really have a job at the end. Why bring someone in that role?'
EMI SCRAMBLE FOR CASH
EMI's advisers are readying a plan to persuade existing investors to inject a further 120 million pounds of investment into the company. If the plan is unsuccessful its private equity owner Terra Firma could consider selling shares in EMI to outside investors for the first time. The move would avoid a takeover by Citigroup, the investment bank which financed Terra Firma's 4.2 billion pound acquisition of the music company in 2007. Some analysts have suggested that, even if Terra Firma is successful in raising the 120 million pounds needed, additional refinancing will be required before the loans mature in 2015.
SHAREWATCH
Mouchel (Shares slump 13 percent after a pre-tax loss.)
The Sunday Telegraph
U.S. TYCOON BACKS VIRGIN MONEY BID
American billionaire Wilbur Ross has promised to provide up to 500 million pounds to help Virgin Money acquire Royal Bank of Scotland's network of 318 retail branches. Virgin Money, which needs to raise an expected two billion pounds to buy the network, is likely to bid by Tuesday's deadline. The support of Ross is expected to attract interest from other North American investors as well as sovereign wealth funds in Asia and the Middle East.
EUROPE TOLD: 'BLOCK BA TIE-UP DEAL'
Sir Richard Branson, president of carrier Virgin Atlantic , will call for the European Commission to overrule an alliance between rivals British Airways and American Airlines which would give the two firms control over 60 percent of flight slots between Heathrow and the United Sates. Following a ruling by the U.S. Department of Transportation that the tie-up should be granted anti-trust immunity, Virgin Atlantic will submit new evidence to the Commission this week. Branson believes the alliance between BA and AA will increase fares and reduce competition.
M&S PREPARES TO SAVOUR SUCCESS
This week's trading update from Marks and Spencer is expected to show the retailer's recovery is continuing. A consensus of seven analysts forecasts fourth quarter like-for-like sales growth of 1.7 percent. Thursday's update will be the last one presided over by executive chairman Stuart Rose before the arrival of new chief executive Marc Bolland in May and will cover the 13-week period to Mach 27. It will mark the fifth consecutive quarter M&S has reported improving sales.
QUESTOR
Hilton Food Group (Buy)
Mothercare (Sell)
The Independent on Sunday
PENSIONS CORPORATION'S PLANS TO RAISE 600 MILLION POUNDS STALLS
Sources familiar with the process say that Pension Corporation's plans to raise 600 million pounds have stalled. Investment bank JP Morgan has been working on the raising since last year but the sources say that a number of potential investors have been holding back. The specialist insurer has been the most active player in the pensions-buyout market in the past few years and in December it struck a deal with Cadbury to insure 500 million pounds in pension fund assets.
CONTROLCIRCLE TO USE SIX MILLION POUNDS VENTURE CAPITAL CASH.
ControlCircle is to go on an acquisition trail in an attempt quadruple turnover to 100 million pounds within five years. The Internet hosting company's chief executive Damian Milkins recently raised six million pounds from venture capitalist Scottish Equity Partners which took a 20 percent stake. Most of the cash will be spent on making acquisitions in Asia, Europe and the United States. ControlCircle also has funds from Royal Bank Ventures available for a major purchase. The company is expected to report a pre-tax profit of four million pounds this year, up from one million pound last year.
The Observer
BP SHAREHOLDERS AT LOGGERHEADS OVER VOTE ON TAR SANDS STRATEGY
A row over BP's planned tar sands development in Canada is set to dominate this year's round of company annual meetings. A total of 143 of the oil major's shareholders have filed a special resolution for BP's annual meeting on April 15 calling for the company to provide a full report on the development's risks. The Local Authority Pension Fund Forum is calling on the 52 schemes its advises to vote with BP's management in favour of the development, The Merseyside Pension Fund and the London Borough of Camden Fund have decided to abstain. Most of the conventional City shareholders are expected to line up behind BP's management, but significant support for the resolution will be an embarrassment for the oil company.
ISA PROVIDERS UNDER FIRE AS SAVERS SEE BEST DEALS GO
Banks and building societies have been making changes to their Isas as an investigation sparked by consumer champion Consumer Focus takes place into whether or not they are a providing a fair deal. Last week, Consumer Focus launched a 'super complaint' to the Office of Fair Trading after concluding that Isa providers routinely offer attractive headline interest rates but then drop them to a derisory amount shortly after. Consumer Focus also believes that people face unfair obstacles when they try to move Isa accounts between providers.
Prepared for Reuters by Durrants
Keywords: PRESS DIGEST British business April 4
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.