The Business Matrix: Friday 13 March 2015

Blackpool pier goes up for sale

Blackpool’s central pier, valued at £4.8m, has been put up for sale by its owner, Cuerden, as the attractions organiser looks to restructure its operations. The group is asking for offers of about £12.6m for a package of three piers – the town’s 19th‑century central and southern piers and a third in Llandudno in North Wales.

Ofcom launches market review

Ofcom is launching the biggest review of the telecoms market for a decade to ensure it remains competitive for customers, who are using more digital services than ever before. The review will identify whether there is scope for more deregulation and will examine the level of competition in the market.

Swatch all set after record turnover

Swatch, the Swiss watchmaker which also owns Omega, said it is in a very strong position for 2015 thanks to a record £6.2bn turnover last year. The company ruled out producing “a minimised mobile phone on your wrist” but said it would incorporate some smart functions into its products using NFC chips.

Shawbrook plans £1bn flotation

Shawbrook has unveiled plans for a £1bn stock market flotation as it looks to weaken the stranglehold of Britain’s “big five” banks. The challenger bank, which is chaired by the former Royal Bank of Scotland boss Sir George Mathewson, hopes to raise £90m to build capital and develop new products.

Shell boss strikes £17m pay deal

Shell’s chief executive, Ben van Beurden, got a €24m (£17m) pay package last year, boosted by a €10.7m pension top-up and a €7m payment described as “tax equalisation” as he took the helm of the oil major last year. The 56-year-old picked up a £1.4m salary and bonuses worth £4.1m.

Home Retail aims to weather storm

A dearth of tablet, TV and video console launches since the start of this year battered Argos’s sales, while Homebase suffered from the chilly weather. Their parent company, Home Retail Group, still promised investors annual profits would be towards the top end of forecasts, which range as high as £132m.

Asos reports 30% leap in UK sales

Asos has reported a 30 per cent jump in UK sales and highlighted “encouraging momentum” in its international markets in the three months to 28 February. The company, which attracted 88 million website visits last month, said it is on track to meet forecasts.

Cineworld profits double to £67m

Cineworld, Europe’s second-largest cinema chain since buying Cinema City, said revenues in the UK and Ireland rose despite global admissions falling last year. Profits more than doubled to £67.3m and the company said it was upbeat about trading this year.

Greece seeks to reassure partners

Prime Minister Alexis Tsipras tried to reassure eurozone partners yesterday that Greece would stick to an extended bailout agreement with its international creditors even as a war of words rumbled on between Athens and Berlin.

CVC in final act of theatre group bid

UK buyout firm CVC and its US rival Providence Equity are the final bidders in the contest for the Dutch theatre group Stage Entertainment, owned by Joop van den Ende, a co-founder of Big Brother creator Endemol. Final bids are due this month.