Mitie boss quits and City looks at William Hill merger: Today's City headlines

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Outsourcing firm Mitie has announced that boss Ruby McGregor-Smith will step down before the end of the year. She said her decision was influenced by one of her kids saying: “I want my mum back.”

The City has delivered a lukewarm early verdict on struggling bookie William Hill’s bid to create a £5 billion gaming giant via an all-share “merger of equals” with Canada’s Amaya, the owner of PokerStars.

New figures from Eurotunnel have revealed that demand for cheap coach trips to the Continent has plunged this year as terrorism and the slumping pound combined to damp British demand.

Royal Bank of Scotland staff were promised higher bonuses if they sent struggling firms to the wall during the financial crisis in a project dubbed “dash for cash”, it has emerged.

Hillary Clinton’s narrow debate victory against Republican presidential rival Donald Trump heaped more pressure on the pound as traders snapped up the dollar.

Business groups have welcomed a government U-turn on “naming and shaming” UK firms that rely on migrant workers, but warned the Home Office risked sending the wrong message to companies.

The management merry-go-round at WANdisco was still spinning earlier after another shake-up at the AIM-listed big data firm.

The London property company which helped to create the Harry Potter studio tour has said it is shifting its focus from wands to Wandsworth in a new £500 million strategy.

It has been slowly creeping up on its rival, but on Monday Morrisons finally overtook Sainsbury’s to become the second-biggest listed supermarkets group by market value.

London’s businesses will be forced to hand over an extra £4 billion in tax over the next five years in an unprecedented raid on the capital’s “cash cow” economy.

Samsung Electronics has suspended production of its Galaxy Note 7 smartphone following fresh claims of products catching fire.

Prices of goods ranging from women’s clothing to Chilean wine could rise sharply if Britain fails to strike a good Brexit deal, the British Retail Consortium has warned.

US suitor HarbourVest has made a swoop for the entire portfolio of UK private-equity firm SVG Capital, which holds stakes in companies including Kurt Geiger, worth “at least” £783.1 million. The offer tops last week’s £748 million bid by Goldman Sachs and the Canada Pension Plan Investment Board. 

Mayfair Capital, a London-based property fund with £1 billion in assets under management, has been snapped up by bigger player Swiss Life for an undisclosed fee. Mayfair, which counts the Methodist Church and the University of London among its clients, said the deal would aid growth plans.

London entrepreneurs

Alex Lawson meets Simon Williams, the founder of record Fierce Panda who reveals how he has revamped his business model to cope with the modern music industry.

Small business agony aunt Jo Malone shares her thoughts on whether businesses should expand to capitalise on the arrival of Crossrail.

Comment highlights

Hamish McRae discusses what he thinks will help the US rebuild trust in its leadership 

“You may feel the Federal Reserve has been going too slowly but at least it is going in the right direction.”

Jim Armitage shares his thoughts on Ruby McGregor-Smith leaving Mitie.

“Whether she fell or was pushed, I doubt the board begged McGregor-Smith to stay.”

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October 10, 2016 |
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