British debt rises to £8bn in July

Alistair Darling is seeing a tough time ahead as figures compiled by the Office for National Statistics revealed that public sector net borrowing was £8 billion in July as compared with a repayment worth £5.2 billion for the same period a year earlier.

As the economic downturn has hit tax revenues, Chancellor Alistair Darling feared that net borrowing over the year as a whole would reach £175 billion.

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London restaurants dare recession

Harden's London Restaurant Guide has unveiled an astonishing fact that restaurant-industry has been defying recession as restaurant-closures remained at their lowest during the past 12 months since 2000.

The review by Harden's London Restaurant Guide found that 64 London restaurants closed in the past one year, much below the usual annual level.

On the other hand, there were 121 new restaurant openings during the same period.

The price of dining out soared to £40.73 per head, signifying an increase of 1.6 per cent.

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Silverfleet Capital acquires Kalle for £183m

London-based private equity firm Silverfleet Capital has acquired Kalle, a Germany-based manufacturer of artificial sausage casings plus sponge cloths, for €212.5 million.

Silverfleet Capital has acquired Kalle from Montagu Private Equity. Originally, Montagu Private Equity had acquired Kalle from CVC Capital Partners in 2004.

Kalle, which is one of the top five global producers of artificial casings for sausages and possesses plants in Hungary, Germany, the Czech Republic and the like, provides employment to about 1,200 people.

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Biba members had to fight hard on behalf of clients

A research made by the British Insurance Brokers' Association (Biba) revealed that economic downturn pressed insurers to make smaller offers for claims.

Fifty-eight per cent of the brokers had to made harder efforts to get claims of their clients paid.

As per research, payments for claims of about 91 per cent of brokers were raised from the initial offers made to them after negotiations.

Eighty-seven per cent of the surveyed said they had to negotiate regularly to get their claim-payments increased by up to 20 per cent.

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Jessops posts 4.7% fall in sales for quarter ended Aug. 16

Photographic retailer Jessops has posted a 4.7 per cent fall in like-for-like sales for the quarter ended August 16, citing problematic retailing environment.

Earlier, Jessops had witnessed a year-on-year fall of 3.6 per cent during the 8-week period to May 24.

Jessops said that it expected to report another loss in the running financial year.

It is important to mention here that Jessops is in talks with its key lender, HSBC regarding a fundamental restructuring of its debt, a move that can save its business.

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