Aston Martin stake raised | Deloitte partners payout
Aston Martin said that Yew Tree Consortium, led by the car maker’s chairman Lawrence Stroll, has raised its stake in the business by a further 3.27%, taking its holding in the business to 26.23%.
“This additional investment demonstrates the Yew Tree Consortium’s continuing confidence and belief in the future of Aston Martin,” said Mr Stroll who became executive chairman of the manufacturer after leading the consortium’s initial investment in the company in April 2020.
“We have rebuilt this iconic company, transforming it into an ultra-luxury brand, with a portfolio of highly desirable, performance-driven cars.
“This increased investment demonstrates our continuing, long-term commitment to the company, our conviction for the future and the shareholder value the company will deliver.”
The UK arm of Deloitte, has posted 14% growth in annual revenues despite a slowdown in M&A, providing an average profit per equity partner close to £1.1 million
Deloitte UK said that turnover for the year to 31 May reached £5.6 billion, up from £4.9bn in 2022, as the strength of markets in the first half of the year drove growth across its advisory and audit arms.
However, the figures follow Deloitte’s announcement of job losses because of a slowdown in growth and economic uncertainty in the second half of the year as M&A activity has dried up.
Distributable operating profit – shared by 700 equity partners — rose 6% to £756 million.
Ediston seals deal
The board of Ediston Property Investment Company has completed the sale of the entirety of the group’s property portfolio to RI UK 1, a wholly owned subsidiary of Realty Income, for a total gross aggregate cash sum of £196.8 million.
Ediston’s portfolio includes retail parks in Stirling and Haddington. It is reviewing prospects for the development site it co-owns in Dundas Street, Edinburgh.
Wealth manager Rathbones said chief financial officer Jennifer Mathias is stepping down at the end of the year to become group chief of staff to support the integration of Investec Wealth & Investment Limited (IW&I).
The board has appointed Iain Hooley as Ms Mathias’s successor. Mr Hooley was finance director of IW&I UK for more than a decade and was appointed CEO of IW&I UK in February this year.
“During the intervening period, Jennifer and Iain will continue to work closely to ensure there is a smooth transition. Jennifer will remain a member of Rathbones’ group executive committee in her new role,” the company said.
JD Sports was the blue-chip index’s top performer, rising 6.75p to close at 149.75p following a bullish statement from US sports manufacturer Nike.
Water utility Severn Trent was another big gainer in the FTSE 100 after it announced plans to invest £12.9 billion across its network over the next five years, ahead of analyst forecasts.
The biggest losers included energy giants BP and Shell as oil fell back from the 11-month high it reached earlier this week. Brent Crude was trading at $95.38, short of expectations that it would burst back through $100.
The FTSE 100 ended the session 6.23 points, or 0.08% higher at 7,608.08, but was 1% below Monday’s opening price. The index was boosted by fresh revisions to official data that showed the UK economy recovered more strongly from the pandemic than previously thought.
Trading resumed earlier in the week in AIM-quoted battery manufacturer AMTE Power, which announced details of its £250,000 retail offer to shareholders.
The shares ended Friday’s session 1.52% lower at 1.62p, valuing the company at just £2.6m. The shares were suspended on 13 September at 2.24p.
They were priced at 175p valuing the company at £61 million when the company floated two years ago.