Leisure/Hotels

Credit derivatives market in a tizzy over SixCon split

21 Feb 2003

What happens to credit default swaps if the UK group gets its demerger through? Do they do the splits too? The only certainty is that, if Osmond blocks the demerger and loads SixCon up with debt, the swaps will be worth having.

Hugh Osmond mulls bid for Six Continents

19 Feb 2003

But he will need to answer many questions before investors will feel comfortable voting against SixCon's demerger plans. The UK pubs impresario hopes to capitalise on investor discontent with SixCon's management and strategy.

Six Continents kicks off pubs and hotel split

17 Feb 2003

The demerged groups are now on the defensive. Management claims they can, and will, stand alone. But their arguments are not compelling, and the onus is on them to prove they can create value.

Private equity plays pass the parcel with Gala Bingo

7 Feb 2003

Gala is close to being sold to private equity for the third time, in the UK's first large tertiary buy out. Is this as crazy as it seems? There is some method to the madness. Firms want to exit with a profit. And recently the IPO market hasn't looked the best bet.

Diller has a stranglehold on Vivendi

6 Feb 2003

The conglomerate simply has to extract cash from its US entertainment partnership with Barry Diller. And it cannot do that without appeasing him or accepting that he can blight any attempt at a sale.

IG Group founder puts it up for sale

21 Jan 2003

Stuart Wheeler says he's selling his 24% stake in the spreadbetting business to fund his retirement. But that's not all. Wheeler's move is a clear sign that the UK company has gone exgrowth.

Vivendi rescheduled asset sales

20 Jan 2003

The conglomerate surprised markets with two big stake sales, of Echostar and Sithe, in December. It now admits they just balanced a failure to complete planned sales. Vivendi is in line with its debt targets: but things remain tight.

Compass gets back to basics with Travelodge sale

18 Dec 2002

Compass is now a pure play on food service and has shed a capitalintensive business. That underlines its new, welcome focus on cash flow. Eps will be diluted by about 8%, even after a £300m share buyback. But the £712m sale price isn't bad for a slowgrowth business.

Compass gets back to basics with Travelodge sale

18 Dec 2002

Gucci cuts 2002 earnings forecast by 23%

9 Dec 2002

The luxury goods group s shares are still defying gravity thanks to the PPR put. But the extent of PPR s potential liability is becoming clearer.

Gucci cuts 2002 earnings forecast by 23%

9 Dec 2002

More bad news for UK managed pubs

29 Nov 2002

JD Wetherspoon seemed immune to the sectors' troubles. Its profit warning shows it clearly wasn't. The economy's slow down is taking its toll. JD Wetherspoon needs to find a way to get more people in the door.

More bad news for UK managed pubs

29 Nov 2002

MyTravel lives to fight another day

28 Nov 2002

The UK travel group has secured an extension of its £250m credit facility. Its future now looks assured for another year. The company has scrapped its final dividend and replaced its finance director. The challenge is to restore some shareholder value.

MyTravel lives to fight another day

28 Nov 2002

Fine art market is outperforming S&P 500

22 Nov 2002

Prices for art are down at auction houses worldwide. But the art market still beats the S&P. Unlike other investments, it is also unlikely to be unseated by war with Iraq.

Fine art market is outperforming S&P 500

22 Nov 2002

Pizza Express deal goes flat

20 Nov 2002

Hugh Osmond's bid for the chain he helped found was just too cheeky to succeed. But Pizza Express is not in the clear it should ideally use this occasion to kick start a competitive auction.

Pizza Express deal goes flat

20 Nov 2002

Investors lose faith in managed pubs

15 Nov 2002

The themebased chains thought they could earn a premium return. This hasn't been the case. It looks as if investors are no less fickle than their customers.