Business and City Summary
Monday 24 October 1994
The investment group 3i says bimbos now represent 50 per cent of management buy-ins. The involvement of existing managers in the hybrid deals makes them significantly less risky than pure buy-ins.
The proportion of management buy-ins led by second-time entrepreneurs has risen from less than 20 per cent in 1989 to almost half now. Two-fifths include non-executive directors, up from a tenth in 1989. There have been more than 600 management buy-ins in Britain in the past five years.
Growth easing but outlook strong The strong rate of manufacturing output growth in Britain is easing but prospects for the next 12 months remain good, according to a survey by economists at Barclays Bank. Exceptionally strong performances in electronics, motors and chemicals are offsetting more muted growth in textiles and food, drink and tobacco.
Barclays forecasts a growth rate of 15 per cent this year for electronics.
Recovery in European markets is boosting UK motor industry production, with growth next year forecast at 7 per cent after 6 per cent rise this year.
Light engineering is benefiting from reviving export orders. But trading conditions in the food industry remain difficult, while textile orders have stalled.
Ushers to float Ushers of Trowbridge, the biggest independent brewer in the South-west and one of the biggest brewers in the country, has confirmed its plans to float on the London Stock Exchange. The flotation, by way of a placing and public offer, will take place in early December, sponsored by NatWest Markets. In the year to 31 October 1993, Ushers had turnover of pounds 48.8m and operating profits of pounds 13.4m.
Confidence climbs Confidence among Britain's sales and marketing managers has increased, despite last month's rise in interest base rates. According to the Chartered Institute of Marketing, 67 per cent of respondents to its quarterly survey expect to achieve or beat their sales targets this year. Service sector firms are planning faster sales growth for the current year than manufacturers.
Poll ignored Slovakia's referendum, on laws designed to prevent corruption in the privatisation process, was invalid due to inadequate voter turnout, according to early, unofficial results. Only 19.96 per cent of Slovakia's 3.8 million registered voters cast ballots in Saturday's referendum, far below the 51 per cent turnout required for a valid vote, the Slovak news agency TASR said.
Cable chairman Eugene Connell, chief executive of Nynex CableComms, has been appointed chairman of the Cable Communications Association, the industry body representing companies that hold cable franchises for more than 14 million British homes.
Israel rates held The Bank of Israel said for the first time since April it would not raise interest rates, but the central bank governor, Jacob Frenkel, said the battle against inflation had not been won yet. He said the bank was giving previous increases time to take effect fully.
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
- 5 Terror threat level raised to severe as PM warns Isis risk could last for decades
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Terror threat level raised to severe as PM warns Isis risk could last for decades
Isis 'A Message in Blood' video shows beheading of Kurdish man in Iraq
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
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