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The Times
LEASEDRIVE SOLD ON
Leasedrive Velo has been acquired in a secondary buyout backed by LDC,
the development capital unit of Lloyds TSB . The deal for one of
Britain's biggest independent vehicle management groups is worth 80 million
pounds. A management team has bought the business from private equity
shareholder Lyceum Capital. The company, based in Wokingham, provides a range of
services, including fleet management and vehicle rentals.
SUPPORT SERVICES
Hays is due to report its full year results on Tuesday, amid
hopes that its broad global spread will help protect it from the difficult
markets in the UK. Analysts expect a 15 per cent increase in operating profits
at the recruitment group to roughly 249 million pounds. Net fee income is also
expected to swell to 764 million pounds.
The Daily Telegraph
SAFETY FEARS OVER NEW BT LINES
It has emerged that up to half a million elderly people will be at risk
after BT rolls out new telephone lines nationwide between now and 2011. It
is feared as many as 300,000 households currently equipped with panic buttons
and telephone-based surveillance systems will not be compatible with the new
system. Experts claim there could be deaths if they are not upgraded in time. A
consultant to the Telecare Services Association, Charles Henderson, said: "Some
of [BT's] older equipment and telecare systems only just work at the moment.
Quite frankly, they will fall down when the new system comes in."
INVESTEC OFFERS CELEBRITY LOANS
Investec Private Bank is rolling out a new lending service that
focuses on loaning money to sports stars and music and entertainment artists.
The cash, which will be typically in excess of two million pounds, will be
borrowed against a range of assets belonging to the celebrities and will be
structured around future rights to cash flows. Investec announced it sees this
area of lending as "offering huge growth potential."
HOPE FOR XL AFTER LENDERS SPEND THE WEEKEND IN TALKS
XL Leisure could this week be successfully refinanced. Sources claim
reports that the holiday group's refinancing plans had been delayed were
premature, and the situation will be resolved.
The Independent
ABF PREPARES BID FOR SPANISH RIVAL
Associated British Foods is preparing a bid for Spanish rival
Azucarera, as the largest sugar companies in Europe prepare to go head to head
for the group. The auction is still in its early stages after being announced
last month. Ebro Puleva is hoping to sell its subsidiary for a sum in the region
of 500 million euros.
The Guardian
REPRIEVE FOR HOSPITAL AND SCHOOL DINNERS
Compass is planning to use new pressure cooking microwave
technology to prepare 6.6 million hospital meals and two million school dinners
next year. The move from the world's biggest catering group is aimed at cutting
waste, energy bills and labour costs. The caterer believes the steam/microwave
cooking method increases the range and nutritional value of menus at
institutions that have been criticised for poor food quality for decades.
M&S DECIDES FATE OF WHISTLEBLOWER TODAY
A Marks & Spencer employee who "blew the whistle" on proposals to
reduce redundancy pay for the retailer's staff will face a disciplinary hearing
today. The worker contacted the media last month over plans to cut redundancy
payouts, and was suspended from duty as a result. Following consultations with
staff, M&S has changed its original proposals, but is still reducing redundancy
payouts from Monday.
Prepared for Reuters by Durrants
tf.TFN-Europe_newsdesk@thomson.com
vjt
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