Jimmy Choo float to shoo-in £700m
Jimmy Choo could get a price tag as high as £700m after the designer shoemaker set the price range for its flotation between 140p and 180p a share. The prices means that the 25 per cent its owner JAB Luxury is selling would be worth between £136m and £175m, valuing the whole company at £546m-£702m.
Protection Fund cuts levy charge
The Pension Protection Fund (PPF) has cut the estimated levy it charges final salary pension schemes by about 10 per cent to £635m for 2015/16. PPF was launched in 2005 to take over the assets and liabilities of pension schemes if an employer goes bust. The levy is one of the ways PPF funds compensation paid.
Rouble falls to all-time low
Russia’s currency struck an all-time low yesterday, dropping below 40 roubles to the dollar for the first time. The rouble has fallen nearly a fifth this year as Russian firms shut out of the international capital markets by Western sanctions over Ukraine have bought up dollars. Falling oil prices have also hit the currency.
Bramson loses bid for Electra board
The corporate raider Edward Bramson has been defeated in his attempt to get himself and a colleague onto the board of Electra after building up a 20 per cent stake in the private-equity firm. Mr Bramson’s proposals received 11 million votes (including the 7 million he controls) with more than 28 million against.
Slowdown in China forecast
China’s economy is expected to slow as the World Bank yesterday trimmed its forecasts for Asian growth this year and next from 7.1 to 6.9 per cent. China’s growth last year was 7.3 per cent. The World Bank said efforts to shift from investment and manufacturing would slow growth to 7.2 per cent next year.
BCA on road to £1.2bn listing
BCA Marketplace, the renamed British Car Auctions, is steering itself towards a £1.2bn flotation. The biggest seller of used vehicles in Europe said it planned to raise £200m of new cash. The private-equity firm Clayton, Dubilier & Rice, which owns 70 per cent, will also sell part of its stake in the float.
Camelot a winner as sales jump
The National Lottery’s owner Camelot said its half-yearly sales rose 4.8 per cent to £3.5bn, driven by growth from its Lotto and the relaunch of its instant-play games last year. It handed out £1.9bn to players during the six months, and gave out £868m to good causes.
UK focus doubles Waterman profits
Waterman said pre-tax profits doubled to £800,000 in the year to the end of June as its order book lifted and it focused on its core UK market. The engineer pulled its operations in the United Arab Emirates and Russia to focus on more-established markets.
Royal Mail cuts Christmas cost
The price of sending some parcels is to be cut before Christmas, the Royal Mail has announced. During the price promotion, consumers will be able to send a 1kg or 2kg parcel for the same price as 0.1kg or 1kg parcel at a cost of £2.80.
Funding Circle’s peer-to-peer boost
The booming popularity of peer-to-peer lending helped the London start-up Funding Circle’s revenue jump by 177 per cent last year. Accounts filed with Companies House reveal revenue climbed from £1.9m in 2012 to £5.3m in 2013.Reuse content