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.
Home insurance warning for DIY enthusiasts
DIY enthusiasts have been urged not to let their enthusiasm get the better of them this weekend or risk invalidating their home insurance policy. According to price comparison site Confused.com, Bank Holidays are seen by many as the perfect time to carry out home improvements, despite the fact that "half of the jobs" carry a risk of invalidating a claim. However, by following certain simple guidel...Read More
FSA forced to delay payment protection insurance changes
Under immense pressure from the financial services industry the Financial Services Authority (FSA) has today confirmed that the consultation period regarding the potential mis-selling of payment protection insurance will be extended by a further six weeks. This is a blow to the consumer sector where a number of customers have already stepped forward alleging they were mis-sold payment protection i...Read More
Lloyds Bank under fire over PPI legal loophole
A financial loophole allegedly used by Lloyds Banking Group, has allowed tens of millions of pounds to be short-changed from PPI claimants.
A recent investigation revealed a little-known regulatory provision known as ‘alternative redress’ has been adopted by the bank, assuming those affected by PPI would have bought a cheaper policy instead.
Most recently, Read More
Most competitive car insurance providers named by site
A price comparison site has named the UK's most consistently competitive car insurance providers. According to research conducted by moneysupermarket.com's car insurance channel, the cheapest car insurers are Kwik Fit and Swiftcover with an average premium of £276.74. Meanwhile, Quinn-Direct and the RAC were named third and fourth best with average premiums of £282.80 and £289.59 respectively.H...Read More
Two million offered credit card insurance compensation
27/01/2015 Two million customers will be offered compensation from their banks for being sold insurance policies they didn’t need, covering the loss or theft of their bank cards. Banks and credit card issuers have been told by the Financial Conduct Authority (FCA) that they must send a letter to customers who were affected, asking them if they would like compensation. These letters will b...Read More