PRESS DIGEST - British business - Dec 18

The Times

FILTON AIRCRAFT FACTORY BUYER HAS PLANS TO CUT 1,000 JOBS

It has emerged Spirit Aerosystems (SPR.N), the probable American buyer of Filton, the Bristol aircraft company owned by Airbus (EAD.PA), may want to reduce the factory's workforce by 1,000. Airbus, which inherited the unit that designs and builds wings from British Aerospace, announced at the start of the year it was planning to sell or shut a total of eight facilities in Europe under a strategy that it called Power 8.

SPORTS DIRECT SCORES OWN GOAL

Alan Jackson, non-executive chairman of The Restaurant Group who was widely touted as likely to become the new deputy chairman of Sports Direct (SPD.L), turned down the job only hours before Mike Ashley, founder of the retail group, was to announce his appointment to the City. The move was another setback for Ashley after a dismal year. Shares in Sports Direct, which have plunged 70 percent since it floated in February, closed at a low of 89.75 pence, down five percent.

BORROWERS REJECTED BY BANKS TURN TO PROVIDENT FINANCIAL

Provident Financial (PFG.L) has said customer numbers during the second half to the end of November rose 3.8 percent, compared with the same period last year. The doorstep lender said that though direct mail advertising had helped to increase its customer base, it had been "assisted by more favourable market conditions as mainstream lenders tighten their lending criteria and retreat from the non-standard consumer credit market".

The Daily Telegraph

NSB RETAIL ACCEPTS 160 MILLION POUND US OFFER

NSB Retail NSB.L, the London-listed maker of software for shoe and clothing shops, has accepted a 160 million pound cash offer from Epicor (EPIC.O), the U.S. software company. Epicor, which is paying 38 pence per share for NSB, expects to fund the deal from its existing cash pool, plus some debt. The board of NSB has recommended shareholders approve the deal at meetings expected to be held on January 16.

INFORMA REVENUES UP ON BACK OF CITYSCAPE

Informa (INF.L), the business information publisher and conference organiser which runs the world's largest property show, said its revenue would increase by nine percent during the second half of the year. Chief executive David Gilbertson said the company's strategy was to re-balance, with broader scope between high growth and more defensive business. Gilbertson said Informa's major project for 2008 would be digitising decades of printed academic journals so subscribers can search the contents online.

The Guardian

NORWICH UNION FINED AFTER FRAUDSTERS STEAL 3.3 MILLION POUNDS

Norwich Union was fined 1.26 million pounds on Monday by the Financial Services Authority for failing to protect customers' confidential details, which led to fraudsters cashing in policies worth 3.3 million pounds. The FSA said weaknesses in Norwich Union Life's call centre security checks potentially exposed some seven million customers to the risk of ID theft and financial loss. The company cooperated fully with the FSA and the fraudsters were later caught.

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