PRESS DIGEST - British business - June 17

The Times

OCADO COULD BRING 130 MLN POUNDS TO OWNERS IN FLOAT NEXT.

The online grocery retailer Ocado has announced that it may float on the stock exchange in 2010. This news has surprised many, as the co-founder of the business Jason Gissing ridiculed the idea of such a move as recently as last year; however, he said that he had become more enthusiastic about the idea after the IPO of OpenTable, an online restaurant booking service in the US that managed to float and still break even.

RBS CHIEF SEES GREEN SHOOTS BUT ISSUES "FROST" WARNING

Stephen Hester has warned that whilst the worldwide financial economy is recovering, the losses from loans secured against property in the banking sector could hamper growth for years. The chief executive of the Royal Bank of Scotland (RBS.L) said that signs of a rejuvenated economy were still insecure and dependent on a falling demand for credit by consumers. "Sometimes the first green shoots suffer from frost and are the first to die", he remarked.

TRAVELODGE PLANS 100 MILLION POUND FUND TO SNAP UP STRUGGLING.

The budget hotel chain Travelodge is intending to take advantage of the large number of distressed hotels laid low by the recession by buying them up. The company is collaborating the recession by buying them up. The company is collaborating with the Anglo-Indian property fund manager Meghraj in the creation of a 100 million pound fund named Tamesis Capital, which will attempt to raise 40 million pounds of equity and 60 million pounds of debt for the purpose of acquiring up to 14 hotels which would then be converted and leased by Travelodge.

TEMPUS

Halma (HLMA.L) [Look to buy lower down]

Whitbread (WTB.L) [Hold]

Ted Baker [Hold]

The Daily Telegraph

MAN GROUP PROSPERS AFTER HEDGE FUND CHIEF SAYS IT MAY SELL.

Shares in the hedge fund Man Group (EMG.L) rose by four percent yesterday, after its chief executive Peter Clarke implied to a conference of his fellow fund managers that it could sell its stake in MF Global. Mr. Clarke said that Man was not "a strategic long-term holder" of its 18.5 percent share, which has fallen in value from 426 million pounds to 80 million pounds since July 2007. Mr. Clarke's comments only added to existing speculation that the hedge fund plans to reduce its commitment to MF Global, which has seen Man's share price rise by six percent last week.

GUARDIAN MEDIA GROUP SET FOR LOSSES

Staff at the Guardian Media Group were told earlier this week that the group is expected to report an operating loss of around 35 million pounds in the year to March 2009. The losses were made on long-term investments with Apax Partners in Emap (in which it holds a 30 percent stake) and Trader Media Group, despite both businesses making a profit. The regional newspaper division, GMG Regional Media, also made an operating profit of less than one million pounds.