The Business Matrix: Tuesday 24 March 2015

Severfield likely to pick up £1m bill

Falling bolts from the so-called Cheesegrater tower in the City of London have cost steelwork firm Severfield almost £1m. Parts of three 5in diameter bolts, of the 3,000 used in the skyscraper, broke away from the structure in 2014. Bolts on 11 floors will be replaced at the Leadenhall Building as a “precautionary measure” .

Manufacturing exports suffer

Weaker exports hit UK manufacturers in March in signs that a strong pound is putting the brakes on overseas sales, the CBI said. Its export orders index – measuring the difference between firms reporting rising and those reporting falling orders – fell to minus 26, its weakest reading in more than two years.

Dairy Crest milk sale under review

Dairy Crest said yesterday that the sale of its milk business was being referred back to the Competition and Markets Authority by the European Commission for review. The company said its £80m deal to sell the operations to Müller UK & Ireland remains on track. It wants to focus on its Cathedral City cheese and Clover spreads.

RBS to sell 24% of Citizens’ shares

Royal Bank of Scotland will sell up to $3.3bn (£2.2bn) more shares in its US bank Citizens, to cut its stake below 50 per cent as it retreats to its home UK market. The sale includes 115 million shares of Citizens’ common stock and up to 17.25 million in an over-allotment option, equivalent to 24 per cent of Citizens’ issued shares.

Investor bets on Sporting Index

The spread-betting giant Sporting Index changed hands yesterday as a mystery “private strategic investor” bought it from private-equity owner HgCapital for an undisclosed fee. Sporting Index has about 80 per cent of the sports spread-betting market, allowing punters to “trade” markets.

Sofa firm spent £4m on flotation

ScS revealed its January stock market flotation cost £4m, helping to sink the sofa retailer into a £13m loss in its maiden results. It said losses could be reversed later in the year. Chief executive David Knight said he was particularly pleased with a deal to offer ScS concessions in House of Fraser stores.