newsift
Search

Ocean Wilsons sells Brazilian arm to Mediterranean Shipping Company for £590m

2025-10-04 19:07:53 By

Ocean Wilsons, the London-listed Bermuda investment company, has sold its Brazilian subsidiary to Mediterranean Shipping Company (MSC) for 4.32bn Brazilian real (£590m). The subsidiary, Wilson Sons, is one of Brazil's largest port and maritime logistics operators and is majority-owned by Ocean Wilsons with a 56.5% stake.

Established in Salvador by two Scottish brothers in 1837, it is also one of Brazil's oldest private enterprises. The sale follows speculation last month when Ocean Wilsons confirmed discussions with I Squared Capital Advisers about selling its stake in Wilson Sons, as reported by City AM.

The deal will bring in more cash than Ocean Wilsons' entire market cap, currently valued at £528m by the London Stock Exchange, and is expected to be completed in the second half of next year. However, the firm anticipates spending between 15% and 22.5% of the proceeds on Brazilian capital gains tax, leaving net cash proceeds of £455m.

Despite reporting strong revenue growth in the first half of the year, the company's profit after tax fell by 20% to £30m. Ocean Wilsons chair Caroline Foulger said: "This transaction represents the successful realisation of our long-term investment in Wilson Sons, demonstrating our ability to identify opportunities to create significant value for our shareholders,".

"Our strategy has always been focused on delivering enhanced long-term value to our shareholders by carefully balancing investment risks and avoiding the distractions of short-term market cycles. This sale aligns with our purpose and will allow us to concentrate on developing the business through sustainable profitable growth."

"Since our initial investment, Wilson Sons has demonstrated significant financial growth and is today the largest integrated port and maritime logistics operator in Brazil."

hot iconTop-rated Choice
Professional Services2025-10-04 19:07:53

Rentokil enjoys revenue growth as it battles profit warning and activist investor

Pest control specialist Rentokil has posted a revenue increase, as it navigates the fallout from a recent profit warning and pressure from activist investors. In a market update, the company reported a 3.6% year-on-year revenue rise to £1.44bn for the three months to 30 September, up from £1.39bn, as reported by City AM. The news sparked an 8% surge in Rentokil's shares in early trading. Revenue growth was driven by its North American arm, which saw a 1.4% year-on-year increase, while Europe and Asia recorded rises of 4.7% and 6.5%, respectively. However, currency fluctuations impacted overall revenue, with growth at actual exchange rates remaining flat at £1.38bn. Rentokil's shares took a hit last month after the company issued a profit warning, citing an £80m operating profit impact due to increased US staffing costs to meet peak demand that ultimately fell short. The warning prompted shareholders, including activist hedge fund Trian Partners, led by Nelson Peltz, to call for changes at the company. Investors expressed concerns about Rentokil's integration of Terminix, a US business acquired in 2022, and urged the company's chief financial officer and US head to step down. In its latest update, Rentokil stated that the Terminix integration "continues to go well", but will reassess performance "early in the New Year". While Rentokil's CFO Stuart Ingall-Tombs had initially been tipped for departure, instead Trians head of research Brian Baldwin has taken a seat on the board as a non-executive director. Rentokil's chief, Andy Ransom, commented: "In North America, we recognise the business has underperformed and we are focused on delivering the operational improvements required. We are expanding our initiatives to increase organic growth and we are taking action to mitigate cost overruns." He continued: "The Terminix integration continues to progress well and we have a full programme of activity for the remainder of 2024." Looking ahead, Ransom added: "In the New Year, we will review the early results of new fourth-quarter integration activities, including the piloting of new satellite branches, and new technician and sales pay plans, in addition to assessing the effectiveness of our expanded growth initiatives."

Professional Services2025-10-04 19:07:53

North West sees 32% rise in firms in ‘significant financial distress’

The number of firms in the NorthWest operating under “significant financial distress” has risen by almost a third on last year – with analysts from Begbies Traynor saying there is increasing pressure on the retail and hospitality sectors. The study from Begbies Traynor’s Red Flag Alert showed 65,777 firms in the region were operating under significant distress in the third quarter of the year. The index measures “sustained or marked deterioration in key financial ratios and indicators including those measuring working capital, contingent liabilities, retained profits and net worth”. Distress levels rose in 20 of the 22 sectors studied in the North West over the last quarter with the biggest leaps in food & drug retail (14%), bars and restaurants (11%) and hotels & accommodation (11%). Four sectors make up almost half (48%) of all firms in significant distress – construction (9,338 firms), real estate and property (6,722), support services (10,063) and professional services (5,213). Distress levels rose 4% on Q2, lower than the previous quarterly jump of 8%, in what Begbies Traynor called “a small ray of light for the region”. Nationally, 632,756 companies are now operating in significant financial distress. Dean Watson, partner at Begbies Traynor in Manchester, said: “With more than 65,000 firms in our region operating in significant financial distress no sector is immune to the wide range of challenging scenarios businesses continue to face. “The effects of inflation on raw materials and labour costs are still having a disastrous impact on many firms, particularly in the construction sector, where we have recently seen high profile administrations that are certain to send a shockwave through subcontractors of all kinds. In speaking to many business owners operating in the sector it’s clear there are major concerns. “These latest figures also factor in the sheer level of uncertainty that businesses in the UK face due to factors largely outside of their control. The long-anticipated Budget at the end of this month is widely expected to include a range of tax measures, particularly employee related taxes, meaning that businesses already on the brink could be presented with a fatal blow or at least require a significant restructuring of their operations. “The US election is a key international event which can also have an impact in the UK whatever the outcome. It is clear, in the discussions we’ve been having with businesses owners across the North West that uncertainty looms large in the minds of many company directors and these new sets of figures are representative of that.”

Professional Services2025-10-04 19:07:53

North East business confidence at a high, two separate surveys reveal

Business confidence is at a high in the North East with companies expressing positivity for future growth and job creation, two separate surveys have shown. The United Growth Report by accountancy group Sumer and The Entrepreneurs Network found that North East SMEs are among the most positive across the UK in terms of their future growth and job creation prospects, although results showed companies are not immune to economic challenges facing the rest of the country. The research was carried out to reveal the challenges and opportunities facing UK business owners and entrepreneurs, with more than four-fifths of North East business owners (84%) saying they felt their region had a strong business community, the highest figure recorded in any of the 12 UK regions and nations. A total of 78% also said they expected to grow their turnover in the coming year, matched only by Northern Ireland SMEs, while 74% said they expect to hire more staff over the coming year. On the downside, however, more than two thirds (68%) said they had come close to closing their businesses in the last six months, a figure only behind Northern Ireland and well above the 44% national average. A very high proportion, 92%, also believe that economic inequality between the regions of the UK was a problem, especially with regard to under-investment, skills shortages and potential economic stagnation, while taxes and regulations were also singled out as the main obstacles to growth. Stephen Slater, commercial services director at RMT Accountants and Business Advisors, which is part of the Sumer network, said: “The North East economy has always been built on the resilience and optimism of its small businesses, and it’s clear that today’s regional business owners are facing the challenges ahead with the same degree of robust self-belief. “This reflects a broader confidence among our entrepreneurs that key drivers of business success will improve in the coming year, with their commitment towards growing both their turnover and their workforces boding well for the future.” Meanwhile, business confidence rose for the fourth quarter in a row in the ICAEW’s Business Confidence Monitor (BCM) for the North East, amid strong sales growth and strong expectations for the year ahead. The survey showed confidence tracked at 20.0 on the index for the third quarter of 2024 – higher than both the UK-wide figure of 14.4 and the region’s historical average – underpinned by strong sales growth, which at 6.9% reached a higher rate than in any other part of the UK. Annual exports growth also increased for the fourth quarter in a row, matching the UK average of 2.7%, and a further growth is expected for the year ahead, contributing to the strong confidence reading. However, companies continued to face several growing challenges, including the availability of skills, despite the North East having the fastest annual employment increase in the UK. Businesses in the North East were less concerned about the tax burden than in the UK as a whole, with 19% citing the issue compared to 29% nationwide. Input price pressures had more of an impact, with annual cost inflation slightly higher than the national average, although this is expected to drop over the next 12 months. Melanie Christie, ICAEW director for the regions, said: “It’s pleasing to see that business confidence in the North East has increased to the fourth quarter in a row and is higher than the UK average. However, despite reporting strong domestic and export sales growth, businesses in the North East continue to face a range of challenges.

Professional Services2025-10-04 19:07:53

Former Bank of England head advocates for new fiscal measures to boost UK public spending

Mark Carney, the former Governor of the Bank of England, has stated that it makes "little sense" for fiscal rules to overlook the long-term benefits of public investment. He has called on the government to increase capital spending. Carney suggested that instead of the current regulations, the government should adopt a more comprehensive measure of the economy's fiscal health to ensure that investment is not compromised, as reported by City AM. "If government money is being spent to build or buy an asset on behalf of the nation, it is only right that its value is captured in the definitions of national debt," he penned in The Times. Now serving as the chair of Canadian private equity giant Brookfield, Carney argued that the economy has been "starved" of investment due to a fiscal framework that encourages cuts to capital spending. The existing fiscal rules mandate that debt must be on a downward trajectory within five years. This discourages governments from investing because the benefits are only realised beyond the five-year forecast horizon. While several different fiscal rules are being considered, Carney emphasised that the crucial factor is whether the rules "allow long-term infrastructure investment to be appropriately recognised and rewarded". He concluded by stating that it's time to account for the resulting value in national assets alongside national liabilities and to clearly communicate these values to UK citizens and investors. Increasing public investment would enable the economy to adjust to significant structural shifts, such as the energy transition and the AI revolution, he claimed. "UK budget rules born of austerity and forged in crisis can starve capital investment when it is needed the most". Chancellor Rachel Reeves had previously indicated that she would reform the fiscal rules to "take account of the benefits of investment, not just the costs". She submitted the first draft of the Budget, including her fiscal rules, to the Office for Budget Responsibility (OBR) on Wednesday. A recent report by the Institute for Public Policy Research suggested that adopting public sector net worth (PSNW) in the fiscal rules could free up £57bn for the Chancellor.

Professional Services2025-10-04 19:07:53

Moneysupermarket's parent company MONY reports revenue drop amid weak broadband demand

Moneysupermarket's parent company has reported a slight two per cent decline in revenue to £112.9m for its third quarter, with travel and home services sectors impeding growth. The price comparison firm which is based in Flintshire, Wales, noted that a decrease in demand for broadband and a reduction in smartphone launches contributed to an eight per cent drop in home services revenue. Travel revenue also dipped by 15 per cent, attributed to lower car hire conversions, as reported by City AM. Despite these setbacks, marginal gains were seen in the insurance and cashback divisions, which experienced growth of one and two per cent respectively. In a strategic move earlier this year, the group underwent rebranding in May, changing the name of its corporate holding from Moneysupermarket to 'MONY'. Following the trading update, Mony's shares fell by 3.7 per cent on Wednesday morning. Peter Duffy, MONY's chief executive, commented: "We delivered a solid financial performance in the quarter, in line with our expectations, while lapping the very strong performance last year." He added: "I am also pleased with our continued strategic progress, especially in the SuperSaveClub which continues to grow with momentum, now reaching over 750,000 members." The Supersaveclub of Moneysupermarket surpassed the 500,000-member mark in July, having only had 300,000 in April of this year.

Professional Services2025-10-04 19:07:53

Hays reports 20% drop in UK and Ireland fees amid challenging recruitment market

Recruitment firm Hays has reported another decrease in fees, reflecting the ongoing downturn in the market. The company's group net fees, a crucial performance measure in the recruitment sector, dropped by 14 per cent year on year in the three months to 30 September, with fees in the UK and Ireland falling by 20 per cent. Despite this, Hays noted that consultant productivity increased by five per cent year on year, and it is on track to reduce costs by £30m annually by the end of 2027. The number of employees at the recruitment firm has decreased by 18 per cent year on year, and two per cent in the last quarter. The company continues to anticipate that this year's profit will be "sequentially lower" than the previous year, and expects "near-term market conditions to remain challenging". The recruitment market has been under pressure for several years, with cost-cutting across sectors, firms' caution over hiring, and potential candidates' reluctance to change jobs impacting companies significantly. Hays, a market leader, has seen its share price drop by more than 20 per cent so far this year. However, expectations are for a recovery next year: Mintel predicts a faster return to growth in 2025 amid a more positive macroeconomic environment. If the UK economy continues to accelerate as hoped, business confidence should stimulate hiring, as reported by City AM. Chief executive Dirk Hahn said: "Net fees in the quarter were down as expected reflecting the tough market conditions, particularly in Perm where we see longer time to hire and low levels of confidence which we expect to continue." He added that, "Given this backdrop, we remain resolutely focused on operational rigour through business line prioritisation, resource allocation, and efficiency initiatives and, due to our actions, Group consultant productivity increased by 5% YoY in Q1."

Professional Services2025-10-04 19:07:53

Investors withdraw £1.1bn from Liontrust as UK budget concerns impact fund flows

Liontrust experienced a slump in assets under management over the summer as investors withdrew £1.1bn from its funds. Every sector of the asset manager's operations witnessed net outflows in the second quarter of its fiscal year, with UK retail funds and managed portfolio services, the largest areas, seeing a £904m departure by investors, as reported by City AM. Rae Maile, research analyst at Panmure Liberum, commented: "We anticipated that the industry had a lacklustre quarter for flows and Liontrust has not escaped the general malaise, with September having proven particularly difficult,". The £1.1bn in outflows reduced Liontrust's assets to a mere £26bn, a significant drop of £5.7bn compared to two years ago. This disappointing performance led analysts at Berenberg to lower their price target for the company to 625 pence, while the group's share price fell three per cent to 513 pence this morning. Shares in Liontrust declined more than three per cent in early trading following the update. John Ions, Chief Executive, attributed the business's poor performance to uncertainty surrounding this month's budget, stating that speculation about tax changes "have impacted investor confidence and fund flows for the whole industry". However, the company has been facing difficulties for a while now, having lost £900m in investor cash during the first three months of the financial year. The firm's investment performance was also uninspiring, contributing only £62m to Liontrust's total assets over the quarter, with the group's institutional and international divisions actually losing money in the market. "Given the lower assets under management and little sign of improving sentiment, we anticipate reducing forecasts by about 10 per cent," stated Peel Hunt analysts Robert Sage and Stuart Duncan. Liontrust is scheduled to publish its half-year results on 21 November, with growing concerns that the company may adjust its dividend payout of 72 pence.

Professional Services2025-10-04 19:07:53

Wales sees biggest rise in value of equity deals in the UK shows new British Business Bank research

Wales saw the biggest percentage rise in the value of equity deals supporting the growth plans of small firms last year of any UK nation or region – although it has fallen back so far this year, suggests new research from the British Business Bank. The 2004 Nations & Regions Tracker report from the economic development bank of the UK Government, shows that equity invested into Welsh start-ups and small firms – defined as employing up 249 staff – rose in value by 23% from £86.5m in 2022 to £106m last year. While the number of equity deals in Wales was down 8% on the year, from 73 to 67, the value rise was driven by a small number of large investment rounds, with three deals accounting for more than 40%. They were Cardiff-based cyber business Coincover (£24.8m), Cwmbran-based advanced digital advertising specialist Novatiq (£11m) and Cardiff-based payment authentication and verification solutions specialists MyPinPad (£10.4m). Read More:We need a national conversation of the future of Welsh universities Read More : The £65m new advanced tech learning campus at Cardiff Airport The fall in the number of equity deals last year in Wales was shallower than for the UK, which was down 25% on 2022. The number of equity deals in Wales accounted for 3.1% of the UK total, compared to 2.5% a year earlier. On value of deals, Wales represented 1.2% of the UK total, significantly up on 0.5% in 2022. The value of deals for the UK as a whole was down 48%. Growth stage businesses in Wales experienced a doubling of equity deals between 2022 and 2023, while the fall in venture stage deals was considerably lower than the UK average ( minus 4% compared to minus 23%). However, the British Business Bank, said for the first half of 2024 the number of equity deals in Wales was down 19% on the first half of 2023, with values down 50%. However, it said this represented a strong upturn in both deal numbers (46%) and value (68%) relative to the second half of last year. There are now a number of active equity funds operating specifically in Wales. While the Welsh Government-owned Development Bank of Wales has been a long-standing equity investor, the Cardiff Capital Region, through its £50m Innovation Investment Capital Fund (managed by Capricorn) and the British Business Bank’s £130m Wales Investment Fund (managed by Foresight) – of which £50m has been ring fenced for equity – have executed a number of investment deals, with far more in the pipeline. Waterspring Ventures is also an emerging investor in Wales. While not having specific equity funds for Wales, the BGF and LDC are also very much active in the Welsh marketplace. The tracker report also shows that in 2023, 53% of smaller businesses in Wales were using external finance, up from 37% in 2022. The level in Wales was the highest of any UK nation or region in the UK. Many smaller businesses in Wales said that economic uncertainty in recent years has had an impact on their investment plans. While almost half of smaller businesses said in 2023 they had invested in the last three years, 30% felt they had under invested – where more than 1 in 5 (22%) citing economic uncertainty as a key barrier to investing more. The report also highlights that Welsh businesses were among the most concerned in the UK with two-thirds (66%) saying the trading environment offered more threats than opportunities – above the UK average of 61%. Wales saw a considerable fall in loans and overdrafts in 2023. However, the volume of loans and overdrafts approved or increased in Wales per 10,000 smaller firms between 2021-2023 was above the UK average (357 versus 221). Susan Nightingale, director, UK network, devolved Nations, at the British Business Bank, said: “While we continue to face a challenging economic environment, it is encouraging to see a renewed appetite for external finance among the business community, with Wales leading the way by demonstrating a healthy appetite for a range of external finance options that points to positive signs for economic health and growth. “It is also heartening to see the equity picture in Wales significantly outperforming the rest of the UK in terms of positive equity activity in an otherwise difficult year for the wider equity market. “It is our intention to continue to provide support for Wales’ resilient equity landscape via the £130m Investment Fund for Wales, from which £50m has been specifically allocated to deliver equity funding for ambitious Welsh growth businesses.

Professional Services2025-10-04 19:07:53

Law firm Hugh James played key role in deal saving more than 50 TGI Fridays restaurants

Cardiff legal firm Hugh James played a key role in the financing of a deal that has seen more than 50 TGI Fridays restaurants acquired out of administration. The firm’s banking and finance team advised Metro Bank in its debt funding to Breal Capital and Calveton UK to acquire 51 TGI Fridays venues from joint administrators, Daniel Smith and Julian Heathcote from insolvency firm Teneo. The lending offer for the rescue agreement, which has saved around 2,500 jobs, was led by Hugh James banking and finance partner Dominic Marshall, with support from Solicitors Angela Shendy and Olivia Evans. Read More : Latest equity deals in Welsh business Read More:Cargo boost for Cardiff Airport Mr Marshall said: “We are delighted to have supported our client Metro Bank in this significant transaction which ensures the safeguarding of around 2,400 jobs for the hospitality industry. To complete a deal of this scale in such a short period is a testament to the dedication and expertise of our team. We are proud to have represented Metro Bank as part of this critical rescue effort, which heralds a positive future for the TGI Fridays brand, its employees, and customers.” Andy Veares, managing director corporate and commercial at Metro Bank, said: “In transactions of this kind, time is absolutely of the essence and we couldn’t have done it without the support of the whole Hugh James team. TGI Fridays is a major employer and iconic brand so I’m thrilled that Metro Bank has been able to help fund this acquisition of 51 sites, protecting around 2,400 jobs and maintaining its loyal customer base.”

Professional Services2025-10-04 19:07:53

Explore new finance options with John Lewis and Zopa Bank's personal loans up to £35,000

John Lewis has forged a partnership with online lender Zopa Bank to offer personal loans of up to £35,000 to its extensive customer base of 23 million. The renowned department store's financial division, John Lewis Money, is collaborating with Zopa Bank to present a broader array of financing options to shoppers, as reported by City AM. Customers can expect to receive tailored loan quotes within three minutes via the John Lewis Money website, without affecting their credit scores. Once approved, most customers will gain access to funds in under two hours, the chain assures. Loan amounts on offer will span from £1,000 to £35,000 and repayment terms will vary from one to seven years. Andy Piggott, director of credit and banking at John Lewis Money, commented: "Zopa Bank has been a trusted partner of ours for almost two years; we're really excited by this next phase and the ability to offer their loans directly to our customers through our own John Lewis Money website." Reflecting on the purpose behind the service, he added: "Whether it's to help with home renovations, buy a car, or to help fund a once in a lifetime trip, we hope that this additional finance option can help our customers turn their ambitions into reality." Zopa Bank, established in 2005 and serving 1.3 million customers, achieved full banking status in 2020. Tim Waterman, chief commercial officer at Zopa Bank, expressed contentment over the collaboration: "Consumers have a long-held trust in John Lewis, and we're pleased to be working with them to help more people access better-priced credit." "Zopa Bank has always been focused on providing customers great value and experience. We have led the movement towards personalised rates and instant loan approvals and currently serve over 1m customers in the UK."