EasyHotel rises on Aim launch June 30, 2014 INVESTORS snapped up shares in easyHotel on its first day of trading yesterday, despite the company raising just half of the £60m it had hoped to gain in its Aim listing. Shares in easyJet founder Sir Stelios Haji-Ioannou’s budget hotel chain rose 9.4 per cent above their initial offer price of 80p to 87.5p, valuing [...]
London prime rents improve June 30, 2014 RENTS in London’s prime postcodes rose 0.2 per cent in the first three months of the year after a two-and-a-half-year decline, as a recovery in the lettings market began to gather pace. The capital ranked at the bottom of Knight Frank’s Price Global Rental Index, in 18th place, after rents declined by two per cent [...]
Sports Direct fears third bonus defeat June 30, 2014 SPORTS Direct’s third attempt to reward its billionaire founder Mike Ashley looks set to fail this week after three major shareholder bodies publicly urged investors to vote against the latest bonus scheme. The sports retail giant could decide to call off Wednesday’s shareholder meeting if the proxy votes – due in today – indicate that [...]
Shareholders in Tui Travel set to gain £320m June 30, 2014 TUI TRAVEL shareholders stand to gain around £320m from the proposed £4.5bn merger with its German majority owner Tui AG, a leading leisure analyst has said. Morgan Stanley analyst Jamie Rollo said in a note yesterday that although deal was a nil-premium merger, Tui shareholders will be earning a premium 48p per share because of [...]
Carphone Warehouse and Dixons deliver rise in profits ahead of £3.7bn tie-up June 26, 2014 High street stalwarts Dixons and Carphone Warehouse both revealed strong results yesterday ahead of their £3.7bn merger later this year. The owner of Currys and PC World reported an underlying profit before tax of £166.2m in the year to 30 April – up 10 per cent on the previous year. Chief executive Sebastian James said [...]
Analyst Views: Do Dixons’ results bode well for its merger with Carphone Warehouse? June 26, 2014 KATE CALVERT | INVESTEC The results confirmed the business remains in great shape ahead of the proposed Carphone merger… We see strategic logic in the merger given the way the industry is moving, with increasing convergence in technologies and interconnectivity. We maintain our ‘buy’ rating. JOHN CUMMINS | WH IRELAND The prelims read well, demonstrating [...]
Morrisons warns of discounters’ growing threat June 26, 2014 MORRISONS boss Dalton Philips warned yesterday that discounters could grow to as much as 25 per cent of the grocery market if supermarkets fail to “face the brutal reality” of the changes taking place and fight back. Speaking at the British Retail Consortium’s annual symposium, Philips said the threat posed to the UK’s big four [...]
Debenhams refinances debts with £225m bond June 26, 2014 Department store Debenhams refinanced its debts yesterday after launching a £225m bond issue. The retailer has sold £225m of senior notes due in 2021 at a 5.25 per cent yield. This was more than the £200m it had planned to raise when it announced the bond issue last week. Chief executive Michael Sharp, said the [...]
Aviva Igloo Fund’s Bermondsey Square up for sale for £34m June 26, 2014 Aviva’s Igloo Fund has appointed property agents Knight Frank to put its mixed-use development in Bermondsey up for sale, with a price tag of £34m. The development at Bermondsey Square is already fully let and includes an 80-bed boutique hotel as well as 35,000 square feet of offices, shops and 76 homes. It also has [...]
Galliford Try bags £82m after scoring four building projects June 26, 2014 GALLIFORD Try announced yesterday that it has won four projects worth £82m just days after securing a £100m housing contract. The firm’s Scottish business Morrison Construction has signed a £26.4m deal with Hub South West Scotland and North Lanarkshire Council to design and construct three schools and a nursery in Wishaw. Work on the Clyde [...]
