Saturday 24 February 2018

In brief: Chain store plans IPO

HOUSE of Fraser, the UK department chain whose flagship Irish outlet is based at Dublin's Dundrum Town Centre, is reportedly planning an IPO before the end of the year. According to the 'London Times', the company has appointed financial advisers Rothschild to facilitate the deal.

"I haven't been a public company chief executive for a while, so I'm looking forward to it," said chief executive John King. He declined to discuss what this meant for a rumoured purchase by French retailer Galeries Lafayette.

FLYNN IN COURT APPEAL

Developer John Flynn is appealing a US court decision to grant bankruptcy protection to the IBRC, protecting its $1bn (€735m) assets from creditors. Flynn and other defendants who fought the Chapter 15 move lost their case against IBRC's liquidators in December.

Meanwhile, KPMG's Kieran Wallace and Eamonn Richardson, as IBRC's liquidators, have listed a complaint to the court in relation to proceedings issued by Mr Flynn against the IBRC, saying it was a further step in a "campaign to delay the efforts of the Special Liquidators".

REMY SHARES SLUMP

SHARES in Remy Cointreau have slumped after the surprise resignation of the French spirits group's chief executive Frederic Pflanz after three months in the job. The resignation led analysts to speculate his departure could be related to the company's poor performance.

Remy has been hit by China's anti-corruption campaign, causing the consumption of cognac -- its main growth engine -- to decline significantly.

RUSH FOR NY PROPERTIES

MANHATTAN apartment sales surged in the three months ending in December, setting a record for year-end transactions.

Buyers are rushing into the New York borough after a jump in mortgage rates since May, heightening competition for properties at a time when supply is dwindling. The inventory of homes for sale at the end of December fell 12pc from a year earlier.

RISE IN UK HOME LOANS

UK MORTGAGE approvals rose more than economists forecast in November to their highest level in almost six years, signalling continued strength in the property market.

Lenders granted 70,758 mortgages, the most since January 2008, compared with a revised 68,029 in October, the central bank said in a report in London.

Irish Independent

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