City news: Lloyds, Flybe, Tracey McDermott, Wine Rack and Bargain Booze
LLOYDS Banking Group took another step towards full private ownership after the Government cut its stake to below 5 per cent.
The Government has cut its stake in Lloyds Banking Group to below 5 per cent
The latest one percentage point sale – the Government had held 43 per cent after the £20billion bailout of Lloyds in 2008 – means more than £18.5billion has been returned to the taxpayer, including £400million in dividends.
Lloyds’ chief António Horta-Osório said: “The Government’s continuing sell-down reinforces the strength of the turnaround and is testament to the efforts of our people over the past six years.”
Regional airline Flybe experienced a 'slow start' to this quarter
Flybe will cut costs
Flybe's new chief executive has encountered immediate headwinds from poor weather and shaky consumer confidence.
Christine OurmieresWidener, the ex-CityJet boss who took over at Flybe this month, said her priority was to “rebuild passenger revenue and to challenge all our costs”.
The regional airline grew passenger revenue by 13.5 per cent in the third quarter but a “slow start” to this quarter included a 1 per cent fall in revenue per seat.
New routes between Edinburgh, Aberdeen and London Heathrow take off on 26 March.
Tracey McDermott will join Standard Chartered
McDermott’s new role
The former acting head of the UK’s financial watchdog, Tracey McDermott, is to join Standard Chartered.
The Financial Conduct Authority has received assurances she will not share confidential data from her time there.
McDermott, who left last year, was appointed Standard’s head of corporate, public and regulatory affairs, reporting to chief executive Bill Winters.
He said: “Tracey has played a critical role in shaping behaviours in the UK financial sector.”
Sales and profits soared at the company behind Wine Rack and Bargain Booze
Wine firm’s profit up
An acquisition spree sent sales and profits fizzing at the company behind Wine Rack and Bargain Booze.
Conviviality chief executive Diana Hunter said buying drinks supplier Matthew Clark, pop-up bar firm Peppermint and wine wholesaler Bibendum had given it a “truly unrivalled position”, with access to 25,000 restaurants, hotels and bars.
Half-year pre-tax profit to 30 October soared 285 per cent to £7.4million on revenue of £782.5million, up 211 per cent.