Britvic See Rise in Sales
Britvic has seen an 11% rise in sales, to £242.7 million.
The company said British and international sales of fizzy drinks were up by 20% in the three months to December 20 which offset a dip in the Irish market.
However, Britain’s second biggest fizzy drinks supplier warned its second quarter performance was likely to show a relative slowdown in sales. It said that the bad weather this month had affected demand and sales during the same period in 2009 were very strong.
Pet Store Snapped up by Private Equity Giant
UK’s biggest pet store is being snapped up by private equity giant Kohlberg Kravis Roberts. Pets at Home owner, Bridgepoint Capital, agreed to sell to KKR for a reported £950 million.
Cheshire-based Pets at Home, which has more than 250 stores and 4200 staff, will join a stable of KKR retail investments, including Alliance Boots and Toys R Us. Pets at Home, which also runs 54 veterinary centers, has enjoyed strong growth and been weighing up a sale or flotation for several months.
As well as pet food, the winter chill saw a 70% surge in demand for dog coats, while sales of rabbit hutch covers also rose.
Investment in Commercial Property across Europe Indicate 42% Rise
Commercial real estate investment has risen 42% in Europe in the past quarter, compared with the previous quarter to the highest level ever since the collapse of Lehman Brothers in 2008. According to the property consultancy, more than €25.7bn of property deals were done in the fourth quarter of 2009, which doubled the levels being traded in the first two quarters of the year, according to CB Richard Ellis. This is the highest quarterly trade ever since the collapse of Lehman Brothers and the beginning of the sharpest point of the property slump. The data support anecdotal evidence of a rush back to property investment by a range of institutions after a bounce in values in markets such as the UK ever since the summer. The rise in fourth quarter activity brought total 2009 turnover to €70bn, still lower than the €121bn recorded in 2008. Almost every European market saw an increase in investment activity in the fourth quarter. The UK took by far the largest share of the new investment, with more than a third spent on British property. Investment in the UK rose 64% in the second half compared with the first six months of the year. The next largest market was Germany, which accounted for about 15% of investment activity. The fourth quarter is generally one of the busiest periods owing to the rush of deals being completed towards the end of the year, although CBRE said the turn round was expected to be sustained into 2010. The upturn in investor interest began in the most important European markets but was spreading further in the region. The strongest growth occurred in central and eastern Europe, an area traditionally seen as higher risk than more established markets in western Europe, though the pick-up came from a lower base. There was also significant increase in cross-border investment in the second half of the year. German open-ended funds alone spent more than €1bn in December, with at least 13 acquisitions across seven markets. Sovereign wealth fund from outside Europe also contributed to the rise in activity.
It is a Case of US and Them
The sale of Cadbury to food giant Kraft in the US is another example of corporate short-termism. It may be fine for Cadbury’s board members and shareholders, but to fund the huge acquisition, there will be thousands of British jobs losses to pay for it inevitably.
The sooner we have a government that retains the industries that are so vital for future generations, the sooner we’ll be able to rebuild the economy of this once great nation. But with inevitable job and industry losses like that of the Cadbury deal, sadly we have no chance.
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Funds Set to Bolster Theatre Plans
The Natural Theatre Company will host an evening of entertainment next month to help raise money towards a refurbishment project which will see their rehearsal space in Bath transformed.
A total of £100000 has already been raised towards the development plans at the Widcombe Institute but the group is hoping to raise a further £150000 by April.
The plans will see existing facilities updated and create a large mezzanine studio in the roof to provide opportunities for educational theatre for young people.
SocGen Fall Gives Banks the Jitter
The banking sector suffered an unexpected blow after Societe Generale warned of a £1.2 billion write-down on toxic debt. France’s second-largest bank blamed contrasted signals from the US residential property market for leaving the bank only just in the black.
It now expects to report only a slight profit for the fourth quarter when it posts earnings next month.
The warning spooked investors and Societe shares fell dramatically in early trading, though picked up slightly later in the day.
But the French bank also warned income from corporate and investment banking would fall in the fourth quarter compared with the third. It blamed lower investor activity in November and less favourable market conditions. Despite this, the bank said it was in a favorable position to go into 2010 with confidence, citing a robust financial structure and new management.
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