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.
Protecting your family
As the employment situation in the UK continues to worsen, at least in the short term, many families are now looking at insurance protection aimed at ensuring that at least part of their income is protected in the event of unemployment or illness. Never has it been more vital to ensure that you have at least some form of insurance protection not only for peace of mind, but to ensure that you have...Read More
KPMG Slated Over Fall of Independent Insurance
Led by the enigmatic Michael Bright, Independent Insurance was one of the darlings of the City for many years, producing figures which not only seemed to go against market trends, but seemed just too good to be true. Ultimately this proved to be the case with the company suddenly collapsing in 2000 with the loss of hundreds of jobs.
As well as the job losses, the Financial Services...
AA travel insurance backtracks on volcanic ash promise
AA travel insurance, an offshoot of the well-known motoring operation, has today reneged on a promise to cover the costs of travellers caught up in the volcanic ash saga. Initially the company had promised to cover additional travel and hotel expenses for customers with AA travel insurance but this promise has been withdrawn after the company's insurance underwriters refused to pay out. So desp...Read More
Income Protection Insurance-only Comparison Site Launches
The first site dedicated purely to the comparison of income protection insurance policies has been founded, giving consumers a specific and informative insight into the products available and why they are most suited to them. Incomeprotectinsurance.co.uk focuses on being professional and giving consumers all the information, and the wide range of income protection products they need, in order...Read More
Critical illness insurance 'is better financially' than life insurance
Critical illness cover represents a better financial solution than life insurance policies, it has been claimed. According to Dr Marius Bernard, the South African surgeon, a critical illness policy, which provides a lump sum payment in the event of your becoming seriously ill, is more practical given advances in medicine.Moreover, with life expectancy having increased, coupled with doctors' abilit...Read More