Oliver Sweeney, the men’s shoe maker, is raising £3.7m from the Business Growth Fund.
The investment house, backed by five of Britain’s main banks, will own a minority stake in the fashion company following the deal. Oliver Sweeney’s main backer is Amery Capital, an investment firm founded by former Marks & Spencer executive Maurice Helfgott. He chairs the shoe maker, which was founded in 1989.
American giant snacks on Quorn
The American food giant behind the popular Alpro almond milk brand is eyeing a £400m swoop on Quorn.
America’s WhiteWave Foods Company has held early-stage takeover talks with the owner of the Yorkshire-based meat substitute maker, according to Sky News. Buyout firm Exponent, which bought Quorn in 2011, is thought to be close to appointing advisers to auction the business.
Fiat chief pockets £48m
Sergio Marchionne, chief executive of Fiat Chrysler Automobiles, is to receive pay of €66.4m (£48m) for the past year. The bumper reward comes mostly from bonuses and stock awards linked to Fiat’s takeover of Chrysler, which saw the Italian motor giant’s share price surge 61%. Marchionne earned €6.6m in salary and incentives last year.
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BP retreat over spill claims
BP has ended its bid to remove the administrator overseeing payouts from the disastrous 2010 Gulf of Mexico spill. The British oil giant withdrew its appeal against a federal judge’s decision not to remove Patrick Juneau.
BP had cited concerns of fraud, but said a review of payout proceeds had shown improvements in the claims process.