Private equity: 3i builds defence against Bramson

The private equity firm 3i showed how it might fend off the corporate raider Ed Bramson if he decides to take a punt at the company, as is widely expected.

The company said it expects to beat cost-cutting targets this year and would focus on asset disposals over the coming months. Earlier this week, 3i revealed that Mr Bramson's Sherborne Investors had built up a sizeable stake in the company.