Western Europe

Blair says tax breaks for private equity raise ’real issues’(2)

As senior buyout firms go before the UK Parliament’s Treasury Select Committee, UK prime minister Tony Blair has pledged a review into the taxation of private equity to be published at the time of the Pre-Budget Report.

Blackstone may float on Friday(3)

Morgan Stanley has reportedly revealed Blackstone’s IPO pricing will be brought forward to Thursday and the units may go on sale as soon as Friday.

Boots chairman: let regulator decide on pensions

Alliance Boots chairman Sir Nigel Rudd thinks the UK Pensions Regulator should be allowed to decide the appropriate level of funding for the pension schemes of companies involved in buyout deals.

3i makes 4x return after HSS turnaround(2)

3i has reaped the rewards of a successful turnaround at tool hire business HSS, after selling the business for £310 million. The buying consortium comprises Archie Norman’s investment vehicle and Och-Ziff, a hedge fund with a history of encroaching on the buyout space.

Newmark warns Gordon Brown over tax on carry(2)

Brooks Newmark, Conservative Member of Parliament and former buyout partner, said the UK Chancellor seemed set on increasing tax paid on carried interest, but warned that he should tread carefully.

Balderton increases Codemasters stake amid float rumours(3)

Balderton Capital, the European venture firm that recently spun out of US group Benchmark Capital, has increased its stake in Codemasters, a UK-based video game develop, by buying out the company’s founders. The firm is simplifying the ownership structure ahead of a possible flotation.

3i makes 4x return after HSS turnaround

3i has reaped the rewards of a successful turnaround at tool hire business HSS, after selling the business for £310 million. The buying consortium comprises Archie Norman’s investment vehicle and Och-Ziff, a hedge fund with a history of encroaching on the buyout space.

Newmark warns of leverage-fuelled default disaster(3)

Brooks Newmark, a UK Treasury Committee member and Conservative MP, has warned the industry is heading towards a public relations disaster in the event of the collapse of a big portfolio company bought in the last 12-18 months, which may lead to some serious “knee-jerk” reactions.

Duke Street clinches CI Traders take-private

Duke Street Capital and a consortium of other buyout firms has had its £260 million bid for UK retailer CI Traders accepted – soon after the company rejected a bid from Alchemy Partners.

Hollick warns government; Cohen calls for tax increase(2)

Two of the UK industry’s heavyweights have spoken out ahead of the UK parliamentary hearing today. KKR’s Lord Hollick called on the government to reduce tax, while Sir Ronald Cohen said the capital gains tax should increase on carry on funds above £500m.