PRESS DIGEST - British business - Feb 27

The Times

FORTRESS TIPPED AS LIKELY BIDDER FOR MAPELEY

On Tuesday, Fortress Investment Group (FIG.N: Quote, Profile, Research, Stock Buzz) emerged as the most likely bidder for Mapeley (MAY.L: Quote, Profile, Research, Stock Buzz) following an admission from the commercial property company that it had received a takeover approach. An unnamed senior trader said: "Fortress floated Mapeley at 23 pounds and they would want something nearer to that if anyone else was interested." Most quoted property companies are now trading at discounts of 25 to 40 percent of their net asset values, and are likely to attract other similar approaches.

SELECT RETAIL CHAIN GOES INTO ADMINISTRATION

The women's fashion chain Select Retail has collapsed into administration and in a matter of weeks more than 800 staff could face losing their jobs. Select's collapse joins Dolcis, The Works, Base and Elvi in a list of administrations to have hit the retail sector since Christmas. Experts believe more could follow in coming weeks, with the March rent review expected to prove a tipping point for vulnerable groups.

SCOTTISH TRIO TO MAKE OFFER FOR THREE GCAP XFM RADIO STATIONS

Three Scottish businessmen are making a joint offer for GCap's GCAP.L Xfm radio stations in Manchester, Scotland and South Wales. The bidders include entrepreneurs John Quinn and Gordon Beattie and Adam Findlay, son of the chairman of Virgin Radio owner SMG. This year the stations are expected to make a combined loss of 800,000 pounds, and it is understood that any buyer will need to have the industry knowledge and financial power to make them profitable.

The Daily Telegraph

CGT FORCES LONMIN CHIEFS TO SELL SHARES