Druckers founder bids to save dozens of Patisserie Valerie shops. An audacious attempt to save “at least half” of Patisserie Valerie’s shops is underway following the collapse of the bakery chain into administration. David Scott, a veteran restaurateur who sold his former business Druckers to Patisserie Holdings (CAKE) more than a decade ago, has lined up advisers and will make a bid for most of the remaining 122 outlets, he told The Telegraph. Equity backers are already in place together with a “tiny bit of debt”, Mr Scott said. “Nobody else knows this business as well as me,” he added. “I know the whole thing backwards.”
Ex-Barclays (BARC) bosses paid secret fees to Qatar to avoid government bailout, jury told. Former Barclays’ bosses paid secret fees to Qatar at the height of the financial crisis so that they could avoid a taxpayer bailout and pocket “very large bonuses”, a jury has heard. Prosecutors from the Serious Fraud Office (SFO) said the four executives, including former boss John Varley, were “very anxious” to avoid a government bailout in 2008 and managed to avoid the “dire” consequences of one by raising billions of pounds in emergency fundraising with Qatar. “It is no exaggeration to say that Barclays’ future as an independent bank was in jeopardy in September and October of 2008,” said Ed Brown QC, acting on behalf of the SFO.
Mobile giants plot £2.5bn mast sale. O2 and Vodafone Group (VOD) are exploring a multibillion-pound sale of their shared collection of mobile phone masts as part of preparations for the arrival of 5G technology. The rivals are joint owners of Cornerstone Telecommunications Infrastructure Limited (CTIL), which controls 16,500 sites nationwide. The venture was founded seven years ago when O2 and Vodafone merged their mast portfolios to cut costs. A sale of CTIL is being considered alongside plans to offer access to to third parties, potentially including EE and Three, Britain’s other two mobile network operators, who have their own mast-sharing arrangement.
Burberry warns of tariff hit from a no-deal Brexit. A no-deal Brexit could cost Burberry Group (BRBY) “tens of millions” of pounds in trade tariffs and severely disrupt its supply chain, the luxury brand’s finance boss has warned. Julie Brown, chief financial officer, said that Britain leaving the EU without a negotiated deal would add “operational complexity” as the company relies on being able to move samples and finished goods easily across Europe. Although Burberry manufacturers goods such as its famous trenchcoats and cashmere scarves in the UK, it makes a large chunk of its products abroad, and has distribution centres in the US and China.
Full details of £326m Tesco (TSCO) accounting scandal revealed after Carl Rogberg is acquitted. The full details of Tesco’s disastrous £326m accounting scandal were laid bare on Wednesday after the last of three directors facing fraud charges was acquitted. Carl Rogberg, the 52-year-old former UK finance chief, spoke of his relief at being found not guilty following a trial that had to be suspended last year following his heart attack. Former colleagues Christopher Bush and John Scouler had also been acquitted in December after judge Sir John Royce said that the evidence against them was “so weak” it should not be before a jury.
Profit miss sends Metro Bank shares crashing. Metro Bank (MTRO) shares plummeted almost 40% on Wednesday after warning that annual profits would fall short of City expectations. The fast-growing bank, which is trying to snatch market share from its high street rivals, said pre-tax profits for 2018 would be £50m – a 138% rise on the previous year but £9m below what was previously expected. The FTSE 250 firm also admitted that a miscalculation meant millions of pounds of commercial loans should have been among its so-called risk weighted assets – a measure of a lender’s strength.
