Business and City Summary

Buy-in success rate rises The success rate of management buy-ins is improving thanks to the increasing involvement of second-time entrepreneurs and the growing proportion of 'bimbos' - a buy-in combined with a buy-out by existing management.

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.