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18.05.26 - 19:06
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Whitbread′s reset is slow. But angry US hedge fund doesn′t have a better idea | Nils Pratley (The Guardian)
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Demand for 'formal sale' is odd for slew of reasons including five-year plan analysts say is 'sensible, credible and material'The big strategy reset a fortnight ago from Whitbread, owner of Premier Inn, got a ho-hum response from the stock market for understandable reasons. The company said shutting Beefeater and Brewers Fayre restaurants, or converting the space to hotel rooms, would involve up-front costs. Most of the goodies in the five-year plan, unveiled only two years after the last one, are intended to come towards the end of the period, which makes them less certain in the eyes of the market.The big prize, according to Whitbread's chief executive, Dominic Paul, would be an improvement in annual returns on capital from a pedestrian 11% to a decent 16%. But shareholders, already digesting a whack from Rachel Reeves's changes to business rates, would have to wait awhile for the “higher-margin, higher-returning pure-play hotel business” to appear. Continue reading......
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14.05.26 - 13:30
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Hedge fund proposes £1bn buyout of UK′s biggest private hospital operator (The Guardian)
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Shares in Spire Healthcare jump after approach from Toscafund, founded by City figure known as 'the Rottweiler'Business live – latest updatesThe board of Britain's largest private hospital operator has backed a buyout proposal worth £1bn from its second-biggest shareholder, a hedge fund manager known as “the Rottweiler”, sending its shares soaring by nearly 50%.Spire Healthcare, which owns the Claremont hospital in Sheffield and St Anthony's hospital in south London, said it had received a non-binding proposal worth 250p a share from funds advised by the activist investor Toscafund Asset Management. Continue reading......
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