Matalan founder looking to refinance the company
John Hargreaves, the founder of discount clothing store Matalan, is rumoured to be looking at a potential refinancing of the company which could see him pocket a £250 million special dividend. The company has been for sale for some time although potential buyers refused to match the £1.5 billion price tag and the sale was pulled some weeks ago. However it is believed that the company is looking towards a potential £500 million plus refinancing which would refinance existing debt and also allow the company to pay a special dividend to John Hargreaves.
Discussions regarding the potential refinancing appear to be at a very early stage and there is some concern that demand for so-called "junk bond" issues such as the Manchester United refinancing has weakened over the last few weeks. This refinancing is likely to be over a six year period with many people believing the company will be sold sooner rather than later, once the economy improves, investor appetite returns and buyers are prepared to meet the £1.5 billion asking price.
John Hargreaves has proven very adept at going against the trend in investment markets and indeed either way he will pocket a very significant return on his investment when he took Matalan private a few years ago.
Work At Home Population Warned On Insurance
As we prepare for National Working At Home Day, Lloyds TSB Insurance has taken the opportunity to warn the growing band of work at home entrepreneurs that they need to ensure they have the correct insurance in place. It seems that the growth in the use and availability of the internet has induced a massive increase in the numbers who work from home. Unfortunately, while very often it may only...Read More
Insurance comparison websites are failing customers
16/07/2014 Insurance comparison websites are not giving consumers the “appropriate information to make informed decisions”, according to the Financial Conduct Authority (FCA). The FCA reviewed 14 comparison sites and said that some of them were failing to meet regulatory standards. They said that comparison sites focused too much on price, rather than the different features each insur...Read More
George Osborne rejects EU bank insurance tax
Chancellor of the Exchequer George Osborne is today set to fight EU plans to introduce a bank insurance tax which would be charged against all banks operating in Europe and used to set up a fund to cover EU bank failures in the future. There is concern from within the UK government that the creation of a bank insurance tax administered by the European Union could encourage excessive risk-taking in...Read More
ABI Talks Tough Over Flood Insurance
As more and more UK home owners become acutely aware of the constant risk of flooding, it seem as though last years £3 billion clean up bill was too much for the insurance companies to stomach. The Association of British Insurers (ABI) has come out fighting for its members with claims that more than half a million homes in the UK are at risk of flooding. The ABI is refusing to advise members to...Read More
Is wedding day insurance worth considering for your big day?
When you consider that the average wedding now costs in excess of £18,000 it will come as no surprise to learn that wedding insurance has literally taken on a life of its own. You can now insure against every possible eventuality on your wedding day and at least cover yourself if something was to go wrong, There is no worse feeling on your big day than worrying about what could go wrong.