PRESS DIGEST - British business - May 28

The Times

MOSS BROS CHIEF EXPECTED TO QUIT AS BAUGUR'S 40 MILLION POUND BID IS SCRAPPED

Shares in Moss Bros (MOSB.L) fell 12 percent to 40 pence on Tuesday after Baugur announced the execution-risk associated with completing its offer for the menswear group was unacceptable. Baugur said it had arranged all the necessary funding to go ahead with a takeover. Chief executive Gunnar Sigurdsson said: "We are disappointed by recent developments that have effectively frustrated our proposed offer, but remain supportive of the management team." Philip Mountford is now expected to step down as chief executive of Moss Bros, while chairman Keith Hamill had previously stated his intention to leave at the end of the bid process.

WATCHDOG SAYS HIGH STREET BANKS ARE DELAYING RAPID PAYMENT SYSTEM

Consumer groups have accused banks of delaying the process of the rapid cash transfer service that was launched on Tuesday because they can make up to 30 million pounds annually from sitting on the cash. Funds of up to 10,000 pounds should now be able to move between accounts by phone or online on the same day, but only eight out of 70 retail banks will initially allow customers to use the service. Apacs, the UK payments association, countered the Independent Banking Advisory Service's claim by saying the gradual introduction of faster transfers was needed to avoid flooding the system.

SABMILLAR SHARES LEAP SEVEN PERCENT ON TALK OF POSSIBLE BID FROM INBEV

Speculation has mounted that InBev INTB.BR, which is believed to have its eye on America's Anheuser-Busch BUD.N, may make a bid for SABMiller (SAB.L), the brewer of Grolsch and Peroni Nastro Azzurro. Shares in SABMiller rose 85 pence to 1309 pence, but analysts reject an InBev bid for SABMiller and believe that the best chance of a deal is in the 46 billion dollar (23.3 billion pound) bid for Anheuser being considered by InBev.

The Daily Telegraph

WOLSELEY'S APPETITE FOR BIG APPLE

The owners of The Wolseley restaurant in London are understood to be looking at sites in New York, Los Angeles and India as part of plans to take the brand international. Jeremy King and Chris Corbin, who two years ago received a cash injection from private equity group Dawnay Day, are, according to next week's spring issue of Square Meal lifestyle magazine, also said to be considering other potential restaurant ventures across the Atlantic after discussions to take over the Oak Room and Oak Bar at The Plaza on New York's Fifth Avenue fell through.

FORMER M&S EXECUTIVE CHARGED WITH TASK OF REMODELLING PLASTIC SURGERY GROUP

Nigel Robertson has been appointed as chief executive of Covenant Healthcare. The former Marks & Spencer (MKS.L), Ocado and Early Learning Centre executive has been charged with expanding the plastic surgery and private hospital business that is owned by Cognetas, the private equity group formerly known as Electra. Robertson replaces Dr Magdy Ishak and will start on June 1.

MK ONE FOUNDER BUYS STORES

Mark Brafman's Jet Star Retail company has bought around 100 of MK One's stores from administrator Deloitte for an undisclosed sum. The move was widely expected after the discount retail chain was placed into administration last week by Hilco, the turnaround specialist, which had earlier this month purchased it from Baugur. Brafman originally founded MK One in 1985.

The Independent

CHEMRING PAYS 40 MILLION DOLLARS FOR SCOT