The Independent on Sunday: 99p Stores family mulls sale with a £60m tag
The family behind budget retail chain 99p Stores is considering a sale that would value it at up to £60m. Electra Partners is thought to be the front-runner to acquire the chain, which has almost 150 shops and sells every item at 99p The Lalani family, which founded the business in 2001, is mulling whether to grant exclusivity to one bidder after hiring DC Advisory Partners to explore a sale last year.
The Sunday Times: BAE may pull the plug on Portsmouth dockyard
BAE Systems is considering closing Portsmouth dockyard in a move that would threaten up to 3,000 jobs and end more than 500 years of naval shipbuilding in the city. It follows a report in the Independent on Sunday last week that BAE has appointed LEK Consulting to examine the future of its shipbuilding operations.
The Mail on Sunday: Reed loses tax battle over temps' expenses
Recruitment giant Reed has lost a £158m battle with HM Revenue & Customs over paying for its temps' lunches and daily commute. The staffing firm made payments to 500,000 temporary staff from 1998 to 2006. They could receive up to £6 a day for food and up to £11.45 a day for commuting. A tax tribunal ruled against Reed's claim that the payments were part of a salary sacrifice scheme.
The Sunday Telegraph: Stelios to clash with easyJet board over pay
Sir Stelios Haji-Ioannou, the founder and largest shareholder of easyJet, is to vote against the airline's remuneration report at its annual general meeting in a move that will put him on a collision course with the board. The entrepreneur, who controls a 37 per cent stake in the low-cost carrier, is concerned at executive pay levels in the company.