PRESS DIGEST - British business press - Aug 12

The Times

WEST END UPSTAGES BROADWAY IN TEN MILLION POUND TAKEOVER DEAL

First Artist (FIAR.L), the British marketing agency, is set to acquire New York's SpotCo, and will combine it with Dewynters, based in London.

The 9.9 million pound deal shows the growing interest in entertainment marketing, and reflects the globalisation of theatre productions. The chief executive of First Artist, Jon Smith, believes that theatre is proving resilient during the credit crunch, and said that new productions were on their way to London, including Oliver! and Priscilla, Queen of the Desert.

YOUGOV PUTS PLANS FOR A HEDGE FUND ON THE BACK BURNER

YouGov is reviewing plans to launch a hedge fund based on its research techniques as the state of the economy continues to look uncertain.

The chief executive of the market research group, Nadhim Zahawi, revealed the hedge fund, which was due to start next month, was under review and could be delayed or restructured as a result. Its move comes as the group announced that full-year profits in the year to July 31 would fall short of expectations following a one-off 1.2 million pound hit from a failed takeover.

RETAILING

SnackTime (SNAKT.L) has announced a lower full-year pre-tax profit largely due to distribution, administration and IPO costs. However, the vending machines operator insisted its results were ahead of expectations with sales increasing 27 per cent.

The Daily Telegraph

TESCO AND SAINSBURY'S HEAD FOR HIGH COURT OVER CO-OWNED SITE

J Sainsbury (SBRY.L) and Tesco (TSCO.L) are heading for a High Court battle over plans to build a large supermarket in the West Midlands.

Wolverhampton City gave Tesco permission to develop a large site on the city's ring road recently. However, Sainsbury's, which co-owns the Raglan Street site with Tesco, has the right to a judicial review and is fighting the ruling. A spokesman for Wolverhampton City Council said: "We are aware of the review. In the meantime we will be talking with both parties to seek a resolution to the situation."

MAPELEY SLUMPS INTO RED AS PORTFOLIO TUMBLES BY 100 MILLION POUNDS

Mapeley MAY.L plunged 53.8 million pounds into the red in the first half, after the value of its portfolio was cut by more than 100 million pounds.

The property management group's chief executive, Jamie Hopkins, said: "Market conditions remain challenging, but we expect the Mapeley business model to continue to perform robustly." The company's office space tumbled in value to two billion pounds at the end of June from 2.1 billion pounds at the start of the year.

STAGECOACH TRIALS FERRY BYPASS

Stagecoach (SGC.L), the bus and rail group, is set to make a rare foray into the ferry business with a four-week trial of a high-speed catamaran service between Brixham and Torquay, in Devon.

The 200,000 pound trial will establish if there is demand for a permanent link on a route plagued with road congestion, and is in partnership with Torbay council. The chief executive of Stagecoach, Brian Souter, said: "The fast ferry is up to six times quicker than current land-based alternatives and is a greener, smarter travel option than the car."