City heavyweight Aviva (AV.) has finally named Maurice Tulloch as its new chief executive after the abrupt departure of Mark Wilson now nearly five months ago following a disagreement. Tulloch, who has headed up Aviva’s international arm since January 2017, will take up the post with immediate effect, the insurance giant said. Wilson was ousted in October last year when his decision to take up a position on the board of rival asset manager BlackRock angered some shareholders.
Ted Baker (TED) boss Ray Kelvin sensationally resigned today following allegations of harassment including unwanted cuddles and asking young female workers to sit on his knee and let him massage their ears. The fashion brand’s founder and chief executive, 63, who famously refuses to be photographed without his face covered, has been accused of enforcing a ‘hugging’ culture at the company. North Londoner Mr Kelvin, started working in his uncle’s Enfield menswear shop aged 11 and founded the Ted Baker brand in 1988, when he opened a shop specialising in men’s shirts in Glasgow turning it into one of Britain’s top brands. But last year he took a leave of absence when the company was forced to launch an independent investigation into his alleged behaviour following a petition from staff.
Online gaming firm 888 Holdings (888) has signed its third takeover deal in as many months, with the acquisition today of BetBright’s sports betting platform. For £15million, 888 will take ownership of the Irish firm’s sports technology and product development, as well as its Dublin office. It said the deal forms part of its long-term strategy, and strengthens its portfolio so that it now covers casino, poker, bingo and sport. New boss Itai Pazner, who took over from Itai Frieberger in January, said: ‘This acquisition of a high-quality and scalable sportsbook is an exciting milestone for 888. ‘It gives the group the missing piece in our proprietary product and technology portfolio and will enable 888 to own proprietary, end-to-end solutions across the four major online gaming verticals.’With 888Sport becoming an increasingly established and popular worldwide sports betting destination, we believe it is the right time to take ownership of our full sports betting proposition.’
Rolls-Royce set to sell most of its civil nuclear business in a deal that could be worth as much as £200m. Rolls-Royce Holdings (RR.) is seeking to sell most of its civil nuclear business in a deal that could be worth as much as £200 million. It is understood the move by boss Warren East to slim down the engineering giant would mostly affect its international arm, which makes equipment to monitor temperature and radiation levels in reactors. The proposed sale does not include Rolls’ work on Somerset’s Hinkley Point C nuclear plant, a consortium it is leading to build small nuclear reactors or its submarine reactor business. A spokesman said: ‘Rolls-Royce is conducting a review of options for its international civil nuclear business.’
Marks & Spencer Group (MKS) chief executive Steve Rowe has launched a broadside against arch rival Waitrose, insisting he can offer ‘better quality and better prices’ as he prepares for his new food delivery service. Rowe last week agreed a landmark deal to oust Waitrose as the main partner of delivery firm Ocado Group (OCDO) – as first reported by The Mail on Sunday a month ago. It means customers of the £1.6billion delivery firm will be shipped Marks & Spencer products alongside Ocado’s own brand from September next year. It is unusual for bosses to make such public claims about their direct rivals, but Rowe and Ocado have faced criticism that it will struggle to win over loyal Waitrose shoppers to M&S products. Last night, sparking a war of words between M&S and Waitrose, Rowe told The Mail on Sunday: ‘I don’t think anyone is going to lose out. Ocado customers will get a better range, better quality and better prices.
Ocado Group (OCDO) deal may be risky, but standing still in the retail game is no option for a High-Street stalwart like Marks & Spencer Group (MKS). City deals don’t get much bigger than this: a tie-up between two of Britain’s best known FTSE 100 companies. Marks & Spencer and Ocado only had a month to pull off the deal when The Mail on Sunday’s exclusive story lifted the lid on the whole thing. That was followed by a series of other articles with yet more revelations including news of Ocado boss Tim Steiner’s spanking new £25 million superyacht Silver Fox. The clock was ticking as a break clause in the Waitrose contract lapsed on Friday. Steve Rowe was right to seize the moment. Whatever the critics say, the logic is absolutely undeniable for M&S. It needs a food delivery launchpad and Ocado is clearly the only business this side of Amazon with the necessary punch.
MIDAS SHARE TIPS: Emmerson (EML) is harvesting profit from fertiliser as the world’s population booms. The global population is expected to increase from 7.6 billion to almost 9.5 billion in the next 30 years and the United Nations estimates that food production will need to rise by around 70% over that time. Fertiliser can help to bridge the gap and demand is expected to increase steadily in the coming decades. Fertiliser production is already a major industry, with around 200 million tons consumed annually.
