• Markets

    Owner of Clydesdale and Yorkshire banks set to raise bid for Virgin Money to around £1.7bn

    CYBG’s bid is expected to value Virgin Money at around £1.7bnThe owner of Clydesdale and Yorkshire banks is preparing to put forward an improved all-share offer for Virgin Money to create a £4billion challenger bank.CYBG’s bid is and comes after a weekend of talks to join forces.CYBG has until tonight to make a formal offer. However, it is thought the two firms will seek a week-long extension from the Takeover Panel to buy more time to seal the deal.The City had been expecting CYBG chief David Duffy to raise the cash offer for Virgin, rather than an improved all-share ...

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  • Markets

    House of Fraser's flagship Oxford Street store faces the axe under rescue plans

    Threat: The House of Fraser store on Oxford StreetHouse of Fraser's flagship store is facing the axe as it teeters on the brink of administration.It is understood that the retailer's famous shop on Oxford Street could shut under proposals to close one in three of its 59 stores.The department store chain is trying to get support from creditors to secure store closures and rent reductions on others.The insolvency process, called a company voluntary arrangement, will allow the retailer to continue trading while getting rid of its least profitable stores.Frank Slevin, chairman of House of Fraser, said: 'We are on ...

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  • Markets

    Phone repair shop iSmash breaks the mould with plans to open new High Street stores

    iSmash offers cut-price mobile phone repairs Phone repair chain iSmash is planning to snap up empty shops on the High Street as struggling retailers are forced to close hundreds of stores.The firm, which offers cut-price services with an iPhone repair costing around 40 per cent less than at Apple, plans to open 70 shops by the end of 2020.iSmash has 26 stores in the UK and is set to make £19.2million in sales this year, compared with £11.5million a year earlier.It was founded by 26-year-old Julian Shovlin who dreamt up the company just after he left university.  

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  • Markets

    Visa boss in firing line after bank card crash causes chaos: Charlotte Hogg faces grilling by MPs over outage

    The boss of Visa's European business Charlotte Hogg could be hauled before parliament after a bank card systems failure caused chaos.Thousands of small businesses and millions of shoppers were affected as they were unable to process payments through Visa.Families were forced to abandon trolleys full of food at supermarkets and others were left stranded after they were unable to pay for petrol. Some couldn't get cash out as an alternative as ATMs began to run out of notes. Hurdle: Visa's European business boss Charlotte Hogg could be hauled before parliament after a bank card systems failure caused chaosSome customers complained on Twitter ...

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  • Markets

    DAILY BRIEFING: Monsoon and Accessorize owner slashed hundreds of jobs last year as it closed 18 stores

    Shut: 18 Monsoon and Accessorize stores were closed last yearJOB CUTS The owner of fashion chains Monsoon and Accessorize slashed hundreds of jobs last year as it closed 18 stores to get the business back on track. The number of employees at Drillgreat Limited dropped 12 per cent to 2,737 in the year to August 26.EXPANSION TIME Cartier owner Richemont has snapped up online retailer Watchfinder for an undisclosed amount. The website allows customers to research, buy and sell upmarket pre-owned watches, was founded in 2002 and has 200 employees. UNDER PRESSURE The boss of TSB Paul Pester is set to be grilled again by a ...

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  • Markets

    Yorkshire chain Buy It Direct puts in bid for Maplin brand

    Yorkshire retailer Buy It Direct has made a cash offer for the brand and website of electronics firm Maplin, The Mail on Sunday can reveal.Buy It Direct, one of Britain’s biggest private companies, declined to confirm the value of its offer, but it is understood to be a high six-figure sum. The firm is thought to be the leading bidder.Maplin, which went into administration in February, was owned by private equity outfit Rutland Partners. It was the second-biggest retail casualty of the year after Toys R Us when it failed, owing creditors more than £200 million and wiping out 2,300 ...

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  • Markets

    Tesco is accused of handing 'excessive' pay to boss Dave Lewis who earned £4.9m in a year

    Tesco has been accused of handing ‘excessive’ pay to chief executive Dave Lewis and other governance failings ahead of its annual meeting.Lewis earned a total of £4.9 million in the year to February 24, an increase of 17.5 per cent on his £4.1 million the previous year.Shareholder lobby group Pirc said his salary is high in comparison with his peers, and highlighted the ‘potential excessiveness’ of his rewards, saying he is paid 267 times as much as the average wage amongst his colleagues at the supermarket. Lewis earned a total of £4.9 million in the year to February 24, an increase ...

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  • Markets

    Stagecoach founder backs Moroccan minerals project worth £300 million

    One of Scotland’s richest women has backed a mining company that is behind a Moroccan minerals project that could be worth almost £300 million.Ann Gloag, co-founder of transport group Stagecoach, is among a number of wealthy individuals who have invested a combined £6 million in potash venture Emmerson.The company will be re-admitted to the main market of the London stock exchange tomorrow with an £18.8 million valuation after completing the reverse takeover of a company called Moroccan Salts Limited (MSL), based in the British Virgin Islands. Ann Gloag is among a number of individuals who have invested a combined £6 ...

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  • Markets

    Market panic sparked by Italy's political turmoil is not over year, economists warn

    The market panic sparked by political turmoil in Italy and fears it may be heading out of the single currency is not over yet, economists warn.The political crisis in Italy rocked markets across the world, with fears a full-blown meltdown in the eurozone would hammer global growth.This would have repercussions for the UK, as its economic fortunes remain closely tied to the strength of the eurozone, regardless of Brexit. The political crisis in Italy rocked markets across the world, with fears a full-blown meltdown in the eurozone would hammer global growthThe populist parties that have shot to power struck a deal ...

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  • Markets

    Star fund manager Andy Brown adds £43million dividend payment to his wealth

    Star fund manager Andy Brown has made a multi-million pound fortune from taking a long-term view of companies as diverse as Philip Morris, Dr Pepper Snapple, Domino’s Pizza and Procter & Gamble.Now the founder of Cedar Rock Capital has added a record £43 million dividend payment to his wealth.Accounts just filed for the firm, which he started in 2002, show that it paid out an interim dividend of £71.5 million to shareholders, almost double the £39.3 million paid out for the previous year, to October 31, 2017. Fund manager Andy Brown recently sold an 11-year holding in Domino’s PizzaAs both ...

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  • Markets

    Bleak day on the UK High St: Mothercare to axe 50 stores and 800 jobs as crisis talks begin at House of Fraser in battle for survival

    Mothercare is to close a third of its stores and slash hundreds of jobs in a brutal overhaul.On another grim day for the High Street, the babywear retailer won support for a rescue that will shut 50 shops and put 800 jobs at risk.The move came as the future of department store chain House of Fraser hung in the balance.The problems at two of Britain’s best-known retailers underlined the crisis engulfing the High Street amid an onslaught from online rivals. Closures: Babywear retailer Mothercare has won support for a rescue that will shut 50 shops and put 800 jobs at ...

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  • Markets

    'We're sick of bad news,' says new Deutsche Bank boss Christian Sewing

    The new boss of Deutsche Bank has admitted that the company is 'sick and tired of bad news' amid growing fears for its future.Christian Sewing, the German who took over from Yorkshireman John Cryan in April, conceded that the past few years had been tough but pledged to turn the institution around.It came as the bank, which is the largest in Germany and a major City employer with 8,000 UK staff, suffered a fresh blow yesterday when ratings agency Standard and Poor's cut its credit rating. Memo: Deutsche Bank boss Christian Sewing who took over from Yorkshireman John Cryan in AprilS&P ...

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  • Markets

    DAILY BRIEFING: Legal & General to sell its 26% stake in insurer Indiafirst Life to US private equity firm Warburg Pincus for £79m

    Legal & General is selling its 26 per cent stake in insurer Indiafirst LifeSTAKE SALE Savings firm Legal & General is selling its 26 per cent stake in insurer Indiafirst Life to US private equity firm Warburg Pincus for £79million. Shares rose 0.7 per cent, or 1.8p, to 271.6p.SLICK DEAL Dulux paint maker Akzo Nobel has secured a two-year deal to continue supplying its anti-slime coating Intersleek to the Qatari shipping giant Nakilat.LISTING DATE Egypt and Canada-focused oil and gas explorer TransGlobe Energy plans to list on the junior AIM stock exchange on June 29. It is valued at about ...

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  • Markets

    Ryanair boss Michael O'Leary cashes in shares worth £30m as profits at the airline take off

    Ryanair boss Michael O’Leary sold 2m shares in the airline at €16.49 eachRyanair boss Michael O’Leary has cashed in shares worth nearly £30million.The outspoken 57-year-old sold 2m shares in the budget airline on Wednesday at €16.49 each, earning him £28.9million. The move is a year after he sold 4m shares for £63million.O’Leary remains the Irish company’s third-largest shareholder with a 3.8 per cent stake, or 44m shares, worth £641.5million. Ryanair declined to comment as to why the chief executive was selling the stock, which has hovered around €16 since the start of the year.Despite cancelling hundreds of flights last ...

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  • Markets

    Outgoing Vodafone boss Vittorio Colao got a £1.7m pay rise to take home £8m last year

    Outgoing Vodafone boss Vittorio Colao steered the firm through a decade-long overhaulOutgoing Vodafone boss Vittorio Colao was handed a £1.7million pay rise in his last full year before leaving the company.After the Italian steered the firm through a decade-long overhaul, his departure – planned for September – was announced last month.Yesterday Vodafone revealed Colao’s pay rose 26 per cent to nearly £8million in the year to March 31. It included a £1.2million salary, £1.5million bonus, £5million in performance pay and £276,000 for his pension.Between 2008 and 2017 Colao, 56, was handed £60.2million – although during this time Vodafone shares have ...

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Everyone went outside to smoke cloves and bitch about having to stay after for the State.

Jon Stewart on events following Charles — January 19, 1999