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Adnams posts pre-tax profit of £882,000 for H1 of 2009

Suffolk-based brewer and pub operator, Adnams has reported a much-improved £1 million turnaround in its fortunes for the first half of the year.

The company registered a pre-tax profit worth £882,000 for the period of six months ended June 30 as compared with a loss of £148,000 for the same period in the previous year.

Turnover soared 6.8 per cent to settle at £23.4 million and operating profit stood at £922,000, up from £142,000 in 2008.

Child trust funds to get additional 250 pounds

Children who become 7-year old next month will be among the first to get a second installment worth £250 into their child trust fund.

An initial payment of £250 is provided to parents of children born on of after Sep. 1, 2002.

The UK government introduced the Child trust funds with an aim of ensuring every child has savings at the age of eighteen.

Child trust funds provide tax free returns on savings and deposits made by parents, family and friends.

Tenants to be protected from covert landlords

Landlord Assist, the nationwide tenant eviction and rent-collection company, has backed government’s proposal to offer greater protection for tenants.

A rising number of vulnerable tenants are facing eviction as their landlords falling into mortgage arrears.

Housing Minister John Healey has come up with a new proposal that dictates people renting from landlords who fail to inform banks that they are letting out their property will be able to stay in the house for two-month period after the house is repossessed.

High Court rejects PwC’s plan in Lehman Brothers’ case

Clients of Lehman Brothers, the American investment bank that collapsed almost a year ago in Europe, may still have to wait longer to get their assets back after a plan aimed at recovering up to $16bn (£9.7bn) of assets was rejected by the High Court.

The administrators to the Lehman Brothers International, PricewaterhouseCoopers had asked the High Court to approve the plan.

PwC had hoped to save time by placing more than 1,000 creditors in three different classes and paying them in groups rather than as individuals.

Candover reshuffles its top management, shares jump

Candover Investments, a private equity firm in UK has resorted to reshuffling of its management in order to fix its cumbersome structure, in a move that sent its shares up. Marek Gumienny has been appointed as the chairman of the subsidiary Candover Partners. Earlier he was the MD of Candover Partners.

Malcolm Fallen has been appointed as group's first executive director. John Arney will be the managing partner of the subsidiary and in charge for strategic direction.

John Lewis sales fall 4.1% for second week

Department store chain John Lewis said its sales dropped 1.4 per cent to settle at 46.5 million pounds during the week ended August 15.

 

It was John Lewis' second consecutive week of lower sales.

 

John Lewis said electricals and home technology sales were down by 2.1 per cent, while the sales in home department were down by 3.6 per cent, with fashion sales flat. Sales had plunged 5.3 per cent in the previous week.

 

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