August 31, 2014 / 1:30 PM / 3 years ago

PRESS DIGEST-Sunday British Business - AUG 31

5 Min Read

LONDON, Aug 31 (Reuters) - British newspapers reported the following business stories on Sunday. Reuters has not independently verified these media reports and does not vouch for their accuracy.

The Sunday Times

Glaxo Investors Want Earlier Exit for Chairman Gent

GlaxoSmithKline is facing a shareholder revolt over plans to shake up its board, with leading investors calling for the speedy departure of Chairman Christopher Gent.

Several big institutions, riled by GSK's poor share price performance and a string of corruption allegations, reportedly want a change in either chairman or chief executive this year, and Gent, who has said he will step down in 2015, is likely to be the target of their efforts.

Home Retail Investor Vetoes Sale of Homebase

A shareholder in Home Retail, Britain's biggest household goods retailer, has vetoed a sale of its Homebase business. Taube Hodson Stonex Partners said the private equity firms that have been circling the retailer have left it too late to bid.

Rbs Exploring Sale of Bowling Alley Chain

Royal Bank of Scotland has begun talking to advisers about an auction of Bowlplex, a leading chain of bowling alleys that it has owned since 2012.

The Sunday Telegraph

Key Tesco Investor Cuts Stake

One of Tesco's largest shareholders, Harris Associates, has cut its stake in the retailer from 3 percent to 1 percent in the past month. The chief investment officer of the U.S. firm's international equity division said it wants to see a clear and coherent strategy emerge quickly.

Liberty Global Seeks Support for Full Takeover of Itv

U.S. cable TV provider Liberty Global is canvassing support from major shareholders in ITV, raising speculation that it will enter a full takeover bid of the British broadcaster.

Rac to Offer Members Shares in 2 Bln Stg Listing

Roadside recovery business RAC, owned by U.S. private equity group Carlyle, is hoping to cash in on its large membership base by including a retail offering in its 2 billion pound ($3.3 billion) stock market listing expected in the next few weeks.


Activist investor Crystal Amber has increased its stake in NBNK. The Guernsey-based fund wants NBNK to launch legal proceedings against Lloyds Banking Group next month over the sales process of TSB, which fell apart last year.

3i Prepares Bid for Gorkana

Private equity firm 3i is preparing a bid for media information group Gorkana, which is for sale at around 200 million pounds. Gorkana, owned by private equity firm Exponent, has also attracted interest from UBM, the business information and events group, Germany's Unicepta and U.S. buyout house GTCR.

Lender Aldermore Hires Lazard to Advise on Float

Challenger bank Aldermore has added Lazard to the team of advisers working on its expected stock market listing. The bank, which specialises in lending to small and medium-sized companies, has also recruited Credit Suisse and Deutsche Bank for the listing.

The Mail on Sunday

Hmv to Topple Amazon as Largest Music, Dvd Retailer

Music and video chain HMV is on the brink of toppling Amazon as the UK's biggest retailer of CDs and DVDs less than 18 months after it was bought out of administration.

Amazon controls about 20 percent of the market for music and DVDs, with HMV estimates indicating that it is now only 1 percent behind.

Hargreaves Lansdown Poised to Apply for Banking Licence

Financial services group Hargreaves Lansdown could announce this week that it intends to apply for a full banking licence to take advantage of growing inflows of client money, according to Morgan Stanley analysts.

The Independent on Sunday

g4s Reported to Government Over Guantanamo Base Contract

G4S has been reported to the British government by a human rights group for accepting a contract to provide janitorial services to the Guantanamo Bay U.S. naval base.

In a formal complaint lodged with the Department for Business, Innovation and Skills, Reprieve said that by working at the base G4S staff "may contribute to the ongoing human rights violations" alleged to have been perpetrated there.

Hbos Accused of Misleading Public Over 4 Bln Stg Rescue

Bailed-out British bank HBOS failed to tell investors that it had received billions of pounds in loans from the Treasury and the Bank of England in the filings for a 4 billion pound rights issue in 2008, an investigation has found. (1 US dollar = 0.6026 British pound)

Reporting by Clare Hutchison; Editing by David Goodman

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