Ted Baker (TED) investors are on alert for a cash call as the struggling retailer’s bosses hit the road to court fund managers. Chief executive Lindsay Page, outgoing finance boss Charles Anderson and Phil Clark, the commercial director, will start a week-long roadshow in London and Edinburgh after the company’s half-year results on Thursday, which analysts expect to include a dividend cut. One top-20 shareholder said the fashion brand could be looking to tap the City for cash. Ted Baker declined to comment on the suggestion. The series of meetings has been planned amid speculation that Ray Kelvin, the retailer’s founder and former chief executive, is plotting to take the business private.
Metro Bank (MTRO) founder Vernon Hill is hunting new backers for the struggling lender amid mounting concern over its finances following a failed appeal to the debt market. Mr Hill, Metro’s billionaire chairman, has in recent days started making calls to equity investors trying to convince them to invest, including those who previously turned him down. His latest charm offensive comes after Metro was forced to cancel a bond sale due to a lack of investor interest, causing its shares to plummet. The well-connected American is understood to have promised potential backers he will “sort” Metro’s problems.
South West Water owner Pennon Group (PNN) could be set for a break-up after the waste management and water company announced a review of its business. Experts believe Pennon’s recycling arm, Viridor, could be spun off as a separate business to create better value for shareholders. Viridor has enjoyed soaring success as concerns over waste has helped fuel a boom in cycling. The division has more than 32,000 customers and works for about 150 councils and businesses in the UK. Earlier this year it unveiled plans for a new £65m recycling plant in Avonmouth, near Bristol, which will have the capacity to recycle 8% of all plastic waste.
Questor: we said just hold Essentra (ESNT) last year. Now it’s more expensive but in better shape. Time to buy. Questor share tip: the newish chief executive is getting a grip on margins at the firm’s biggest division
