In brief: OneSavings sees a triple profits leap, McColl’s is down a shade despite sun, Electra sells off a slice of Premier
OneSavings, which in June became the first UK bank to list on the London Stock Exchange for more than a decade, saw its loan book grow 13% during the first half to £3.4 billion.
It saw its pre-tax profits more than triple to £24.8 million. Andy Golding, chief executive, said: “Our strong retail funding base and… low level of impairments have combined to drive a significant uplift.”
McColl’s is down a shade despite sun
Convenience stores and newsagents chain McColl’s has failed to take full advantage of the sunny weather, today reporting a slip in sales.
The retailer, which floated in February, said third-quarter sales edged down 0.5% at stores open longer than a year against strong summer numbers last year. However, total sales grew 4.3% as it bought up 26 new shops.
Electra sells off a slice of Premier
Private-equity group Electra has sold a chunk of its stake in Premier Asset Management in a deal that values the fund manager at just under £50 million. Electra has offloaded 25.1% of the business to Elcot Capital Management, and agreed an option to sell another 25.1% in the future.
If this is taken up, Electra and Premier’s management team will control the remaining 49.8% of the business.
Shell set to seal deal for oil fields
Energy giant Shell today said it has struck a deal to sell some of its stakes in four Nigerian oil fields.
The firm put up for sale its 30% stake in the blocks last year, and a spokesman said sales had been agreed for some “but not all that we are seeking to divest”. Shell and its partners in the fields are close to a deal with domestic buyers for the assets for $5 billion (£3 billion), said the Financial Times.
