Eddie Stobart Logistics (ESL) has put administrators on red alert amid fears the trucking company could collapse in a matter of days. The company has lined up Deloitte to prepare it for insolvency if investors reject a rescue led a secretive offshore fund, sources said. Eddie Stobart has struck a deal with DBay Advisors to save the cash-strapped business. However, the rescue – which includes a £55m high-interest loan in exchange for DBay taking a majority stake – must be approved by shareholders in a crunch vote on Friday. If investors reject the proposal, it is understood that plans are in place to put Eddie Stobart’s holding company into administration shortly afterwards – a move that would wipe out shareholders.
Metro Bank (MTRO) was hurled into fresh chaos as chief executive Craig Donaldson announced he is following founder Vernon Hill out of the door after a disastrous year. Mr Donaldson will step down from his role at the troubled lender later this month, leaving it with no permanent chief executive or chairman. The shock decision came days after Colombian billionaire Jaime Gilinski Bacal, one of the wealthiest people in Latin America, became one of Metro’s top five shareholders after buying a 4.28% stake in the business. An insider insisted the move was unrelated to investor pressure and there had been no intervention from regulators.
Morrison (Wm) Supermarkets (MRW) finance chief Trevor Strain has inched closer to the top job after being handed a promotion. Mr Strain has taken on more responsibilities at the supermarket including looking after its supply chain, online and wholesale operations as well as manufacturing and marketing. City analysts welcomed the reshuffle, saying it makes the 44-year-old the heir apparent to current boss David Potts. Andrew Porteous at HSBC said: “If Trevor were leaving the business this would be cause for concern. “However, he is not, and we expect very little change strategically as a result of these personnel changes”.
Tens of thousands of savers have been blocked from taking cash out of a £2.5bn M&G PLC (MNG) property fund after a stampede for the exits – but will still be charged fees of nearly £300,000 a week. The M&G Property Portfolio fund has shut its doors after a crisis on the high street triggered a slump in the value of retail sites it owns. It means customers will be unable to withdraw their money while M&G seeks to sell property, potentially for months. Meanwhile, the firm will continue charging fees equal to 70% of what it normally takes. This amounts to £14.25m a year or £274,000 every week.
Ryanair Holdings (RYA) blamed the crisis engulfing the Boeing 737 Max as the airline slashed passenger forecasts for the second time in less than six months, forcing it to cut flights next year and close two bases. The 737 Max was grounded in March after two crashes that claimed the lives of 346 people. Ryanair has 135 Max planes on order and had been due to receive the first one in April. However, deliveries have been suspended since the second crash as regulators investigate the causes and Boeing tries to develop a fix for the aircraft.
Questor: this under-the-radar tech star counts Apple and Spotify among its clients. Questor share tip: Boku, Inc (DI) Reg S (BOKU) enables the technology giants’ customers to sign up to services without the need of a bank account – and it gets a cut of every transaction
