TOP British companies are less adventurous in doing deals in emerging economies than their continental and US rivals, according to research by KMPG’s corporate- finance arm. Groups from mainland Europe have been five times more acquisitive in China, India, Russia and Brazil than their UK counterparts over the past five years.
While FTSE 100 groups have done many big deals, the vast majority have come in the mature economies of western Europe, according to data provided by Zephyr, a market-intelligence firm. “UK companies seem to have a different perception of the risks and rewards of investing in emerging markets compared with their European equivalents,” said Stephen Barrett, international chairman of KPMG Corporate Finance.
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Moulton firm to list on AIM
WORK GROUP, the recruitment-services provider backed by Jon Moulton, pictured, is set to list on the Alternative Investment Market (AIM). The firm is hoping to raise £7m in March through a placing to institutional and venture- capital-trust investors. The listing would value the company at about £20m. Moulton, who invested £800,000 when the company started in 2000, will have a post-float holding of about 9%. The founders of the company, executive chairman Simon Howard, managing director Steve Halford and finance director Michael Warren, will jointly hold about 18% of the firm.
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Saga quits Travelsphere race
SAGA, the insurance and holiday firm for the over-50s, has dropped out of the race to buy the tour operator Travelsphere, having been previously regarded as favourite to win. A number of financial bidders and trade rivals remain in the hunt for the business, owned by private-equity firm Hg Capital. Travelsphere is expected to fetch between £170m and £200m.
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Financial rivals to merge
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SPECIALIST finance firm Moore Clayton & Co, which helps to raise funds for private companies, is to merge
with its European rival Innovation Finance & Equity Exchange (IFEE). The enlarged group will be valued at between £60m and £70m and is likely to seek a listing on AIM in the spring.
LSE to clamp down on nomads
THE London Stock Exchange will soon issue guidance to clamp down on resource companies listing on AIM because of concerns that some oil, gas and mining firms should not be there. The nominated advisers, or nomads, that regulate prospective AIM firms could be stripped of their status, fined or censured if they fail in their duties. More stringent disclosure requirements for companies intending to float will also be issued to ensure AIM’s “quality threshold ” is met. Nomads have come under scrutiny since the Regal Petroleum debacle, in which the oil firm raised money from investors, then found that a key oilfield was dry.