The boss of Taylor Wimpey (TW.), one of Britain’s biggest housebuilders has cashed in almost £4m of stock, amid fury over bumper profits for developers from the Help to Buy subsidy scheme. Taylor Wimpey boss Pete Redfern, 49, offloaded 2.15m shares at 174p each on November 19, raising £3.7m in total. A spokesman said the sale was “part of regular financial planning” designed to manage the size of his interest in the company, which is still well above the required minimum. The company’s shares have climbed from about 136p at the start of the year. Last week, it said full-year sales would be slightly higher than expected although margins slightly lower, with an order book of about 10,443 homes.
The boss of defence firm Babcock International Group (BAB) has warned it could be a takeover target as ministers prepare to wave through the sale of rival Cobham. Archie Bethel said private equity firms are likely to be encouraged by the Cobham deal – making a raid on his own company more likely. Business Secretary Andrea Leadsom earlier this week indicated she will allow Cobham to be snapped up by US firm Advent after it gave guarantees designed to protect national security. Asked about an assault on FTSE 250-listed Babcock, Mr Bethel said: “It’s a distinct possibility. “Private equity will do what they do but it’s certainly a risk – especially with our shares so undervalued.”
Aviva (AV.) new boss vowed to fix years of poor performance in his first major update to investors – but analysts were left underwhelmed by his turnaround plans. In a strategy update on Wednesday, Maurice Tulloch admitted the behemoth has struggled to stand out from the crowd, amid fears it is too thinly spread with dozens of unimpressive operations around the world. The insurer – which has 33 million customers worldwide – is bailing out of its Hong Kong business, Blue, selling its stake to joint venture partner Hillhouse Capital for an undisclosed sum.
Takeaway curry and pizza have long been a staple of British life – but now even Sunday roast dinners are up for delivery. Toby Carvery started offering take-outs earlier this year and has seen a surge in sales as a result. A midweek carvery costs £7.79 and includes meat such as beef or pork with apple and sage, plus gravy, a Yorkshire pudding and roast potatoes. The meals are thought to have particularly proved a hit with millenials who do not want to cook or eat out, but still seek the comfort of a traditional meal. Phil Urban, boss of the chain’s parent firm Mitchells & Butlers (MAB), said the takeaway market is surging and will only get bigger.
The new boss of DIY owner Kingfisher (KGF) has launched a broadside at his predecessor after another sharp fall in sales. Thierry Garnier, who took the helm of the B&Q and Screwfix owner two months ago, said the business is trying to do too much at once and is too complex. Former chief executive Veronique Laury had been striving to turn Kingfisher around by bringing together its various businesses in several countries. Ms Laury also promised to improve profits by £500m every year from 2021, but Kingfisher warned earnings would be lower than expected in September before her departure.
Premium tonic maker Fevertree Drinks (FEVR) will no longer produce “shooting the lights out growth” after the company blamed weak consumer retail spending for a significant slowdown in its UK business, forcing it to cut sales targets for the year. Nico von Stackelberg, an analyst at Liberum, said there are still reasons for investors to be optimistic, however, as there is a lot of international growth ahead for the company. He added: “Growth is not going to come from the UK…it’s all about the US.”
