Debenhams bid rumours

Jan 30 2008 by Graeme King, The Journal

AN investment group run by retail entrepreneur Mickey Jagtiani snapped up a bigger slice of department store chain Debenhams.

Shares in Debenhams rose 6% on takeover speculation after it emerged Dubai-based Milestone Resources had increased its holding to 9.1% from 8.4%.

Fraud fears overmarket turmoil

THE UK could see rising levels of financial crime as a result of stock market turmoil and an economic slowdown, the FSA has warned

Tighter economic conditions may lead to an increase in market abuse – following the SocGen scandal – and fraud as cash-strapped firms, employees and consumers come under pressure, according to the FSA.

Overheads push up price of milk

CLOVER and Cathedral City firm Dairy Crest says it has passed on higher overheads to consumers after milk costs rose by a third on last year.

Management said it could not rule out further price hikes, saying they had to balance farmers’ rising fuel and feed costs with weaker commodity markets.

A&L strengthens funding position

MORTGAGE bank Alliance & Leicester has said it has further strengthened its funding position, despite a greater-than-expected £185m hit amid the credit crunch.

The group confirmed that it was now funded to the end of the year in a bid to allay liquidity concerns in the wake of the Northern Rock crisis.

M&B finance director quits

THE UK’s biggest pubs operator has said its finance director had resigned after a disastrous bet on interest rates cost the company £274m.

Mitchells & Butlers also said chief executive Tim Clarke had tendered his resignation, but this was declined by other board members.

Sanctuary forsoap maker

IMPERIAL Leather soap maker PZ Cussons has branched out with the £75m purchase of London’s Sanctuary Spa business.

The deal will see the group take on the UK’s largest day spa at Covent Garden, as well as the Sanctuary line of personal care products.