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The Business Matrix: Tuesday 22 October 2013
Bylor and Costain in Hinkley deals
Two British engineers have unveiled contracts to help build the new Hinkley Point nuclear point. Laing O’Rouke’s Bylor joint venture with the French firm Bouygues will help build the plant in a £2bn deal with EDF. Costain is to design and build the water cooling system, with 11km of tunnels connected to the Severn Estuary.
Balfour wins £64m Crossrail contract
Balfour Beatty has been awarded a Crossrail contract by Network Rail for the electrification of a 12.5 mile section of the Great Western main line. The £64m agreement with the infrastructure giant includes overhead line electrification on all lines between Stockley Junction, near Heathrow Airport, and Maidenhead.
Hugo Boss gives Permira a boost
Hugo Boss, the German fashion house, proved another winner for its private equity backer Permira yesterday. After a further recapitalisation of Boss, SVG Capital, the London-listed proxy for Permira, will receive £110.9m cash, equivalent to 47 per cent of its investment. SVG’s remaining stake in Boss has been revalued at £308.6m.
Collapse of Tenon costs Lloyds £57m
Lloyds looks set to lose £57m following the collapse of RSM Tenon in August. The administrators Deloitte expect the taxpayer-backed bank to recover just £29m of the £86m it lent the accountants before its pre-pack administration, according to Insider Publishing. Baker Tilly bought its rival from the administrators.
Senior untouched by US shutdown
The aerospace parts company Senior, whose clients include American military as well as commercial carriers, said the recent US government shutdown has not affected its bottom line. The firm noted there had been a reduction in government spending but other parts of the business had made up for it.
Surge in web traffic for Lloyd’s List
The owner of the insurance bible Lloyd’s List claimed its website has seen a surge in traffic since it announced plans to axe its print version – the world’s oldest continuously published newspaper. Informa’s revenues rose 1.1 per cent in the last nine months boosted by growth in events, including the Monaco Yacht Show.
Bed maker taps retail investors
The bed and furniture maker Warren Evans has launched a retail bond to finance its expansion plans. Investors will be able to apply for bonds in amounts of £750 and above paying 7.5 per cent per annum. The three-year bond will raise £2.5m to help fund eight new showrooms.
Pimlico taps into uplift in economy
Pimlico Plumbers credited the upturn in the economy as it achieved an additional £664,000 worth of sales in the first four months of its financial year. The home services firm, which operates within the M25, saw turnover rise nearly 14 per cent to £5.5m in the period.
Waitrose expands with 300th branch
Waitrose, the food business of the John Lewis Partnership, will this week open its 300th UK branch with a new shop at Helensburgh, Argyll and Bute. In 2000, the chain had 121 shops largely within the South, with Newark its most northerly shop.
Top Starbucks job for pizza man Fox
Starbucks has announced that former Pizza Hut boss Mark Fox will take over as managing director of the UK business. He will replace Kris Engskov, the American who was at the helm when the coffee chain agreed to pay £20m to the taxman.
- 1 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 2 Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
- 3 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 4 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
- 5 Kenya bus attack: Al-Shabaab militants kill 28 non-Muslims who failed to recite Koran