Business News in Brief: 28/11/2010



Vanguard to be mothballed as main directors move on


Private-equity-backed energy firm Vanguard Petroleum is to be either wound up or left dormant after its main directors have taken up jobs elsewhere.

Earlier this month Vanguard chief executive Neil Ritson was appointed to the same role at Leni Gas & Oil, the Alternative Investment Market-listed group that has operations in Spain and Malta. Vanguard co-founder Gordon Stein left to become finance director at Cadogan Petroleum at the start of November.

Gerald Ronson pre-sells 150 Heron apartments

Property entrepreneur Gerald Ronson has now pre-sold 150 of his 284 apartments at The Heron, the 36-storey luxury residential tower being built in the City of London. It will open in 2013 and is close to his Heron Tower office development, which is due for completion next year. Mr Ronson has also leased the sixth floor of his Peak development in Victoria for £65 per sq ft to Global Infrastructure Partners this month.

Thomas Cook and TUI set to update market

Holiday firms Thomas Cook and TUI Travel are set to update the market this week following the former's recent announcement of its move into the Russian market. And TUI Travel investors will be looking for signs of whether its major shareholder, TUI, will launch a bid to take full control of the company. Meanwhile, Aberdeen Asset Management is expected to announce a full-year pre-tax profit of £191m and a 16 per cent increase in its dividend.

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