Mitie has £500m for acquisitions
SUPPORT SERVICES Mitie, which bought Rentokil’s UK security business in March, reported pre-tax profits of £26.3 million in the six months to September 30, from £23.4 million a year ago. The company, whose businesses include cleaning, catering, pest control, landscaping and engineering maintenance, said it could spend up to £500 million on acquisitions. The dividend rose by 26.3 per cent to 2.4p. (Tosin Sulaiman)
BP facing fines
RESOURCES BP is facing fines of about $384,000 from a safety regulator in Indiana after violations at its Whiting refinery. Health and safety inspectors cited eight “serious” violations, ranging from inadequate safety documents for workers to failing to test fire hydrants. (Dow Jones)
Cambridge first
Advertisement
FINANCIALS The University of Cambridge endowment fund in Britain has hired Nick Cavalla, the chief investment officer of Man Global Strategies, as its first chief investment officer. Mr Cavalla takes up his job in April next year, but will remain involved with MGS in an advisory role, said the university. (Reuters)
RSA joint venture
FINANCIALS Royal & SunAlliance has agreed an £88 million joint venture deal in its latest push into emerging economies. The group is to enter a joint venture with Direct Insurance Financial Investments in a move designed to tap the growing Eastern European and Russian markets. (AFX)
Bank eats up IRC
LEISURE Bank Restaurant Group, owner of the Bank and Zinc restaurants, has bought the Individual Restaurant Company in a £40.8 million reverse takeover that gives it control of the Piccolino and Restaurant Bar & Grill chains. Bank will rename itself the Individual Restaurant Company. (Neelam Verjee)
Advertisement
On target
RESULTS Latest results in the regional heats of the Bank of England/Times Target Two Point Zero contest for sixth-formers (winners = W, RU = runners-up).
Birmingham heat: Concord College, Shrewsbury (W), Denstone College (RU).
Advertisement
Holborn heat: Merchant Taylors’ School, Northwood (W), Chislehurst and Sidcup Grammar School (RU).
Newmarket heat: The Perse School, Cambridge (W), The Perse School for Girls (RU).
Leeds heat: Leeds Grammar School (W), Horsforth School, Leeds (RU).
Advertisement
West Malling heat: Tonbridge School (W), Benenden School, Cranbrook (RU).
For more information go to: www.bankofengland.co.uk/education/targettwopointzero