PRESS DIGEST - British business - July 8

The Times

CARE HOME CHAIN FACES SALE AS LENDERS SHUN DEBT SWAP

Four Seasons is expected to make one last attempt to secure a rescue deal with its creditors by the end of the week, before placing itself up for sale for up to 900 million pounds following the collapse of the talks with its lenders. The group's lenders have not supported a proposal that would have handed all of Four Seasons' equity to more than 30 creditors in return for writing off 50 percent of its 1.5 billion pounds debt pile. Britain's largest care home chain, which operates 400 nursing and care homes and has 15,000 residents, is trying to gain the support of a group of lenders behind payment-in-kind, or PIK loans.

OCADO'S IPHONE LINK

Online supermarket Ocado has become the first grocer to create an "app" for the Apple iPhone. The innovative platform will allow customers to place their orders without having to log into Ocado's website through a browser. Jason Gissing, the online retailer's co-founder, said: "I'm convinced we're in the midst of a structural change in how grocery markets work, just like the first out-of-town supermarkets 20 years ago or, 20 years before that, the first self-service supermarkets."

N BROWN SALES RISE AS IT SHRUGS OFF CUSTOMER DEBT

N Brown (BWNG.L), the catalogue and online fashion group, reported on Tuesday that sales during the 18 weeks to last Saturday increased by 5.1 percent compared to the same period last year. The retailer, whose brands include Oxendales, Simply Be, JD Williams and Ambrose Wilson, said there had been an expected rise in bad debts among its customers but that the situation was under control.

The Daily Telegraph

CVC SHOCKED BY ECCLESTONE GAFFE

CVC, the private equity group that took a controlling stake in Formula One in 2006, said it was "shocked" at the remarks made by Bernie Ecclestone which apparently praised Adolf Hitler's ability to "get things done", The motor racing boss's comments were a big embarrassment to CVC which invests money on behalf of several Jewish funds. CVC said it fully concurred with the unreserved apology that was issued by the 78-year-old billionaire. The case is the latest scandal to hit the sport, with racing teams recently threatening to break away from the governing body.

LIBERTY SHAREHOLDERS REBEL OVER CASH-CALLS

Property group Liberty International (LII.L) faced a major shareholder rebellion at its annual meeting on Tuesday as it saw 35 percent of voters rejecting a resolution to grant the company the right to issue 94 million pounds of new shares if necessary, while 22 percent snubbed proposals to disregard pre-emption rights in a cash-call. The FTSE 100 group's remuneration report also came under scrutiny, with 17.6 percent voting against it at Tuesday's meeting. All the resolutions were passed, but the showdown over the equity issues stems from South African institutional investors, who own considerable stakes in the company.

The Independent

PERSIMMON REPORTS UPLIFT IN HOUSE SALES

Shares in Persimmon (PSN.L) rose seven percent to 390.25 pence as Britain's largest house builder reported it was selling more homes than in the corresponding period last year. In the half year to June 30, the group completed 4,006 homes and generated revenues of 625 million pounds, down from 998 million pounds in June 2008, following a four percent drop in prices. The company said it would continue to focus on cash generation and the cutting of its debt, which it reduced to 495 million pounds at the end of June from 906 million pounds a year ago. Persimmon's cheerful update helped lift rivals including Taylor Wimpey (TW.L) and Bovis Homes (BVS.L).

DRY CLEANER CUTS COSTS TO COPE WITH SLOWDOWN