Below are the key headlines from today’s updated papers, featuring the Financial Times, The Times, The Telegraph, The Daily Mail & more - see the full Press section here.
The Restaurant Group’s takeover of Wagamama scrapes through despite City uproar. Casual dining firm Restaurant Group (RTN) on Wednesday scraped through a controversial £559 million takeover of Wagamama, despite a major shareholder rebellion. The company behind the Frankie & Benny’s and Chiquito brands said it had secured enough support to buy noodle bars chain Wagamama. However, shareholders voting in advance only supported the deal by a margin of 60.5% to 39.5%. Investors voting in person were not expected to alter the margin drastically. Investor approval comes despite a number of shareholders coming out to oppose the deal for the Asian-themed business, founded by restaurateur Alan Yau in 1992, since it was unveiled last month.
Credit data firm Experian (EXPN) proposed tie-up with rival Clearscore could hit competition in the sector and leave consumers paying more for credit cards and loans, the UK’s competition watchdog has warned. The Competition and Markets Authority, which referred the deal for an in-depth probe in July, said a merger between the two rivals could hamper their desire to keep prices in check. In statement, the CMA said: ‘Currently, competition between the two firms is helping to drive quality and innovation in both free and paid-for credit checking services as they develop their products to vie for customers.
Telford Homes sales flagging on fears over Leave. Brexit turmoil at Westminster and fears of potential “disaster” are still sapping the London market, the boss of Telford Homes (TEF) warned on Wednesday. Telford posted a poorly-received update last month when it said it still had 90 homes to sell to meet its £50 million profit target this year, including 25 worth more £600,000 where sales are much tougher. Seven weeks on it has sold just five of the more expensive homes, chief executive Jon Di-Stefano said.
Online travel agent On The Beach Group (OTB) has seen its share price rise nearly 5% after posting strong sales and profit figures in its latest annual results. While Britain’s hot summer and the World Cup football tournament may have been keeping some people at home, On The Beach’s annual pre-tax profits rose by 18% to £33.6million, while sales increased by 24.5% to £104.1million. On Tuesday, rival travel firm Thomas Cook issued its third profit warning this year, blaming its performance on rising costs and a slower summer season.
