New research conducted by the Financial Ombudsman Service shows that the number of complaints from small businesses to the FOS about the lack of bank loans has increased by 120 percent. Acting on their behalf are Stephen Green, the chairman of HSBC HSBA.L and the British Bankers' Association, who have contacted the Chancellor of the Exchequer George Osborne. The chief executives of the UK's six biggest banks have formed a taskforce to examine the lack of funding to small businesses. Steve Lang, partner and head of the new group, said clean technology has attracted substantial investment over the last few years and is expected to grow significantly in the future.īANKS TO SET UP TASKFORCE ON LACK OF LENDING Its main role will be to advise start-ups and entrepreneurs to raise funds. E&Y plans to expand the group over the next three years and recruit 300 advisers. The “cleantech” group consists of an estimated 100 staff from its audit, consulting, tax and corporate finance divisions. Its Innkeeper's Lodge budget hotel chain was sold last month for 91 million pounds.Į&Y INTENDS TO CLEAN UP IN THE ENERGY BUSINESSĮrnst & Young, one of the so-called Big Four accountants, is to set up a dedicated practice to advise clean energy businesses. The sale is part of M&B's strategy to dispose of non-core assets. AMF Bowling is thought to have the backing of CBPE Capital. M&B will sell the freeholds of the sites to another party. The 24 tenpin bowling centres will be sold for 25 million pounds to AMF Bowling. Mitchells & Butlers MAB.L, the restaurant and pub operator, is expected to announce on Monday the sale of its Hollywood Bowl chain. Meanwhile, rival banks HSBC HSBA.L and Barclays BARC.L have moved to reduce their SLS funding after collectively raising about 25 billion pounds from the SLS. Senior executives at Lloyds, which is dependent on the SLS, argue that the provision of a new SLS would not contravene EU rules and believe it is the function of the central bank to provide liquidity in the system. The UK central bank said that by renewing funding to RBS and Lloyds it could fall foul of EU state-aid rules. Plans by IHG to extend its Indigo brand come after a report by consultancy firm HVS pointed to the growing appeal of boutique hotels.īANK LAYS DOWN LAW TO LLOYDS AND RBS OVER END OF CHEAP FUNDINGĮncouraging state-backed lenders Lloyds Banking Group LLOY.L and Royal Bank of Scotland RBS.L to resolve their funding problems independently, the Bank of England has signalled that it will not renew the Special Liquidity Scheme, used as a means of exchanging high-quality mortgages for cheap funding. IHG is expected to outline its plans to introduce a further six British properties into the Hotel Indigo chain in the coming three years, with a final target of as many as 30 hotels in Britain. On Monday, InterContinental Hotels Group IHG.L is expected to unveil how it will be bolstering the global presence of its boutique hotel chain Indigo, as the hotel company posts a rise in its half-year operating profits of about 126 million pounds. The Times INDIGO GETS GREEN LIGHT FOR GLOBAL GROWTH
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