PRESS DIGEST - British business - April 23

The Times

PRIMARK MOVES CLOSER TO STEALING M&S MANTLE

Primark revealed on Tuesday that it was moving closer to stealing Marks & Spencer's (MKS.L: Quote, Profile, Research, Stock Buzz) crown as the largest clothing retailer in Britain. Operating profits at the business soared 22 per cent to 111 million pounds ($219.2 million) in the year to March 1. In stark contrast to like-for-like declines across most of the retail sector, like-for-like sales at the retailer increased by four percent.

INVESTORS SOUNDED OUT OVER EIGHT BILLION POUNDS OF DEBT.

Banks are negotiating with investors in an attempt to offload the eight billion pounds of syndicate loans linked to the acquisition of Alliance Boots. This week, it is understood that the lead banks on the deal have started to sound out investors and set a price for the tranches of senior and junior debt.

LOGICA TO SHED 1,300 JOBS IN REVIVAL DRIVE