Rightmove (RMV) faces dropping out of the elite FTSE 100 after suffering a dip in its share price. Shares in the property website fell by 6% during July and August after the group reported flat membership numbers from agents. It is facing increasingly stiff competition as the property market slows. Royal Mail (RMG) is the second mostly likely to be relegated, based on its market capitalisation. Direct Line Insurance Group (DLG) is also vulnerable. It has suffered from losses caused by the freezing “Beast from the East” weather system earlier in the year and the announcement that Paul Geddes, its long-time chief executive, will leave next year. Awaiting potential promotion at the top of the FTSE 250 is Spirax-Sarco Engineering (SPX) The next most likely to be promoted are Investec (INVP) and JD Sports Fashion (JD.)
Costa sale threatens Premier Inn. A stalwart of Britain’s corporate landscape faces the threat of possible extinction as the City bets that Whitbread (WTB) £3.9 billion sale of Costa Coffee to the Coca-Cola Company could spark bid interest in its Premier Inn business.
Mike Ashley accuses store Bosses. billionaire Mike Ashley has called for an Insolvency Service inquiry into House of Fraser’s former Directors, accusing them of “totally” misleading suppliers and the company’s warehouse operator.
Ashley leaves ally to face the music at annual meeting. Mike Ashley, the Founder and Chief Executive of , will not attend the retailer’s upcoming annual meeting owing to “overriding demands for his time”, investors have been told.
Ocado Chiefs, led by Boss Tim Steiner, in £150 million sell-off. Ocado Group (OCDO) Bosses have sold £150 million of shares this year as the stock has rocketed thanks to a series of international licensing deals for its warehouse technology.
London pubs add food and fuel to Restaurant Group’s recovery. Restaurant Group (RTN), which has had a torrid three years, announced a £14.9 million deal to buy Food and Fuel, which owns the Prince of Wales in Putney and Lots Road in Chelsea, from Karen Jones, Chairwoman of the Prezzo chain and a Co-Founder of Café Rouge
RBS, led by Ross McEwan, ready to buy back taxpayers’ shares. Royal Bank of Scotland Group (RBS) is planning to hold an extraordinary general meeting (EGM) to win investor support for a share buyback aimed at reducing the government’s stake.
Sky tunes in to start-ups in Germany. Sky (SKY) has unveiled plans to open a new office in Berlin as the pay-TV giant seeks to tune in to digital start-ups in Germany’s high-tech capital.
Tech Chief Stephen Kelly’s shock exit wipes £542 million off Sage Group (SGE) making it the FTSE’s biggest faller. Shares in Sage Group tumbled after the British tech firm announced that Chief Executive Stephen Kelly is stepping down.
