Shore Capital confirms takeover talks with Stockdale Securities. Stockbroker Shore Capital Group Ltd. (SGR) has confirmed it is in discussions to buy rival Stockdale, although Shore said there is no certainty a deal will be concluded. It comes amid a string of broker mergers recently, with SP Angel in the process of snapping up Northland. Brokers telling me there is no money in the day to day broking services anymore such as buying and selling stocks for clients. The money is all in fund and capital raisings.
were descending despite the fact that technology giant, Peloton, had chosen the company’s services to edit its virtual classes. Peloton is known for holding virtual cycling classes of up to 35,000 riders globally all at one time.
Vodka-maker Stock Spirits Group (STCK) is heading for a public spat with one of its largest investors, Western Gate, which urged shareholders to vote against chairman David Maloney re-election. Western Gate — which owns 10% — is the business of cash-and-carry entrepreneur Luis Amaral who wants Stock investors given a greater share of profits.
Tesco (TSCO) ‘to give rivals a boost’ as it mulls job cuts by closing fresh-food counters. Supermarket rivals including Morrisons and Waitrose as well as butchers and fishmongers could get a boost if Tesco closes its food counters and bakeries. The supermarket giant is poised to slash thousands of jobs and ditch its meat, fish and delicatessen counters in hundreds of stores. Shore Capital’s veteran retail analyst Clive Black said: “By doing so, [Tesco] will create competitive waves for shoppers who appreciate the opportunity to choose their cut of meat or fish or buy a freshly made loaf. “Independent butchers, bakers and candlestick-makers across the land may be cheering, as may the likes of Morrisons with its commitment to its Market Street served counter offer — maybe Waitrose too.” Details of the cuts were likely to be announced on Monday. The Standard revealed last week that the grocer was poised to cut jobs from stores.
Flybe urged by major shareholder to ditch airline’s chairman. Flybe Group (FLYB) on Monday threw its support behind its under-fire chairman, despite attempts by the airline’s largest shareholder to oust him following concerns about a cut-price sale of the business. The troubled airline confirmed that investor Hosking Partners, which owns nearly 19% of Flybe, has urged it to remove Simon Laffin as chairman. Flybe said it received correspondence from Hosking Partners on Friday, which also called for industry veteran Eric Kohn to be made a director to investigate the sales process around Flybe. Flybe said it has “full confidence” in Laffin and believes that “any independent scrutiny of its conduct will support the board’s decision-making”.
