What the Sunday papers say - 14 October
The Sunday Telegraph
Allied Domecq, the spirits business behind Tia Maria and Beefeater gin, has appointed headhunters to find a new chairman to replace Sir Christopher Hogg. Leading contenders are understood to include Peter Burt, deputy chairman of HBOS, the merged Halifax and Bank of Scotland business. The company is understood to have asked Whitehead Mann, the recruitment consultants, to find Hogg's successor.
Guy Hands, the outgoing managing director of Nomura's Principal Finance Group, has appointed Merrill Lynch and Schroder Salomon Smith Barney to raise a £1.8bn private equity fund to launch his career as an independent financier. Hands is understood to have briefed the 200-strong sales teams from the two banks in New York in the past few days and the roadshows to raise the new fund are expected to begin next month. Wall Street bankers say that Merrill Lynch and Schroders expect the fund-raising to last about six months. They remain confident of raising the money despite the uncertain economic outlook.
In a separate piece, The Sunday Telegraph questions Guy Hands' judgement and asks if one of Britain's most celebrated financiers has lost his touch. In particular, doubts are raised over Hands' last deal for Nomura, the £1.8bn acquisition of Le Meridien hotels, the chain which includes the Waldorf and Grosvenor House in London. Some have suggested Hands paid up to 20 per cent over the odds for the group. The timing could not have been worse with the deal going through shortly before the American terrorist attacks.
The Hotel Arts in Barcelona, Spain's tallest building, is up for sale for £206m. Strategic Hotel Capital, a Goldman Sachs-backed investment vehicle, and Six Continents are emerging as the lead bidders for the luxury hotel.
The Observer
Bosses at the UK's biggest regional brewer, Wolverhampton & Dudley Breweries, secretly drew up plans to close the famous Marston brewery at Burton-on-Trent, which was once described as the 'jewel in the crown' of British beer. The closure scheme, hatched last year, has since been superseded by a plan to keep Burton open, but the revelation will come as a shock to those who followed Wolves' successful defence against the private pub chain Pubmaster earlier this year. (Read more about Pubmaster's failed bid on thePublican.com). Pubmaster wanted to close Burton and Wolves was lauded by the Campaign for Real Ale after making a virtue of its commitment to the brewery.
The Mail on Sunday
Speculation has reached fever pitch in the City that Luke Johnson, the founder of the Belgo restaurant group is to lead a management buy-out for the ailing beer and mussels chain. A mystery bidder, Kintoro International, has snapped up 14 per cent of the shares and many believe that Johnson will head up an MBO to take the company private. (Read more about Kintoro's involvement with Belgo on thePublican.com). Belgo also owns celebrated London eateries Le Caprice and The Ivy.
Pubs and brewing group Wolverhampton and Dudley Breweries is scaling back efforts to sell its Pitcher & Piano chain. Several companies are looking at the chain but the price has become a sticking point. Wolves wanted at least £65m. It is thought Regent offered £62m but later withdrew. (Read more about Regent's withdrawn bid on thePublican.com).
Sunday Business
Class Law solicitors will launch action against the government on behalf of the Powys Rural Business Campaign, a group of businesses based in Wales which claim they lost revenue due to the foot-and-mouth crisis.
London Clubs International is close to winning a release from an agreement to prop up the Aladdin casino in Vegas, in which it has a 40 per cent stake. Last Wednesday, a block of 5m London Clubs shares changed hands, igniting takeover speculation. It is not clear who acquired the stock. (Read more on thePublican.com).
Hilton group has closed its casino at the Four Seasons hotel in Egypt and will transfer its casino business at the Nile Hilton in Cairo to another operator.
The Sunday Times
No industry-related news.
The Independent on Sunday
No industry-related news.
