British science is to be handed a major boost from a US property developer preparing to plough up to $500m (£380m) into building new laboratories across the country. San Diego-based real estate firm Creative Science Properties has teamed up with estate agent Savills (SVS) to scout out locations in Cambridge, Oxford and London where new labs could be built. Rob Sadler, from Savills, said there is growing demand for extra space from the UK’s world-class pharmaceutical companies, sparking a flurry of interest from international investors. He said the cheap pound has also made the country an attractive proposition at the moment.
The founders of Boohoo.com (BOO) have bagged £142.5m from selling part of their stakes in the fast fashion website. Mahmud Kamani and Carol Kane, who set up the retailer in Manchester 13 years ago and turned it into a £3.2bn company, sold 50 million shares between them at 285p a share. Mr Kamani, which still has a 13% slice in the business, sold 35 million from £99.8m, while Ms Kane parted with 15 million shares for £42.8m and retains a 2.7% stake. The duo have promised not to sell any more stock for 18 months. A spokesman for the firm said the sales were intended to help with personal financial planning.
Colombian billionaire Jaime Gilinski Bacal has become the biggest investor in Metro Bank (MTRO) – fuelling speculation of a possible takeover bid. The tycoon first emerged as a Metro investor in late November and is now its biggest shareholder with a 6.1% stake, replacing hedge fund chief Steve Cohen who has been selling down his holding. His pole position on the shareholder register has raised eyebrows among analysts. It comes as Metro Bank’s founder and chairman Vernon Hill and chief executive Craig Donaldson prepare to quit the lender’s board, following an accounting error which has sent shares plummeting 96% from their peak in 2018.
Tullow Oil (TLW) has been plunged into crisis after it ousted its boss, slashed production forecasts and axed the dividend – sending shares crashing to a 20-year low. The Africa-focused business’s stock fell 71.8% to its lowest since 1999, wiping £1.4bn off the value of the company as chief executive Paul McDade and exploration director Angus McRoss quit by mutual agreement. The firm – which was worth £14bn at its peak in 2012 – is now the biggest percentage faller on the FTSE 350 this year barring companies which have gone into administration. It will trigger massive paper losses for thousands of retail investors, who hold around 15% of Tullow’s stock between them.
HSBC Holdings (HSBA) has launched a major overhaul of its top team as interim boss Noel Quinn tries to stamp his mark on the lender. Longstanding investment banking head Samir Assaf – who once described himself as the “last man standing” during a previous exodus – is moving on, and the bank is also replacing its chief operating and risk officers. The changes have emerged months after Mr Quinn blasted the lender’s performance as “not acceptable” following an 18% fall in third-quarter profits compared to 2018. Only $100m (£76m) of the lender’s $4.8bn profit was generated outside Asia, piling pressure on divisions to up their game in Europe and the US.
Amigo Holdings (AMGO) is losing its chief executive and chairman as founder James Benamor returns to try and restore the fortunes of the struggling company. Chief executive Hamish Paton has agreed to quit after less than five months in the role, while chairman Stephan Wilcke said he will not seek re-election at Amigo’s annual meeting next summer. Clare Salmon, chairman of the company’s pay-setting committee, is also set to depart. The clear-out sent shares rising and sparked speculation that the lender could be taken private.
Tullow Oil (TLW) has been plunged into crisis after it ousted its boss, slashed production forecasts and axed the dividend – sending shares crashing to a 20-year low. The Africa-focused business’s stock fell 71.8% to its lowest since 1999, wiping £1.4bn off the value of the company as chief executive Paul McDade and exploration director Angus McRoss quit by mutual agreement. The firm – which was worth £14bn at its peak in 2012 – is now the biggest percentage faller on the FTSE 350 this year barring companies which have gone into administration. It will trigger massive paper losses for thousands of retail investors, who hold around 15% of Tullow’s stock between them.
