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McCarthy & Stone prices IPO; Williams to leave BA

McCarthy & Stone BarntonMcCarthy & Stone has priced its shares at 180p per share, giving the business a market capitalisation of £967 million.

The  retirement homes builder, which was behind the restoratin and rebuild of the former Barnton Hotel in Edinburgh (pictured), said it was raising gross proceeds of £90m from the listing of a 35% stake in the business to provide flexibility for further investment in land and build.

McCarthy & Stone had been listed on the London Stock Exchange for more than 20 years until 2006 when it was taken private by a consortium led by HBOS and Sir Tom Hunter.

British Airways owner International Airlines Group (IAG) has upgraded key measures and announced several boardroom changes at BA.

Keith Williams is retiring as executive chairman in April to be replaced by Alex Cruz, currently chairman and chief executive of Vueling.

Nick Swift will step down as chief financial officer at the same time. IAG Cargo chief executive Steve Gunning succeeds him.

The announcements came as IAG revealed a 23.3% increase in the number of passengers carried in October compared to the same month last year.

British manufacturing output rose in September at the fastest monthly pace since April 2014 and the country’s goods trade deficit narrowed more than expected.

The Office for National Statistics said manufacturing output surged 0.8%, compared with a 0.4% increase in August.

Soaring job creation in the US made it almost certain that the Federal Reserve will hike the cost of borrowing next month.

The dollar rocketed as US job growth surged in October, sending the unemployment rate to its lowest for more than seven years.

In corporate news Thomas Cook Group rebounded after falls on Thursday when the Government announced a halt on all flights between the UK and Sharm al-Sheikh.

The FTSE100 ended the day with marginal losses, off by 11.07 points to 6,353.83 with a sharp rise in US Treasury debt yields knocking the pound 0.96% lower against the Greenback. The second-tier index on the other hand rose by 48.79 points or 0.29% to 17,165.92.


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