Whitbread group buys six hotels

Sep 27 2007 by Haydon Wood, Liverpool Daily Post

PUBS, cafes and hotels group Whitbread has acquired six hotels currently trading under the Tulip Inn and Golden Tulip brands and secured a pipeline of a further nine sites for £44m.

The deal will provide Whitbread with a further 2,000 rooms, which will be converted to the Premier Inn brand at a cost of £9m.

Sofa chain’s growth hope

SOFA retailer Land of Leather said it was confident of further growth in the year ahead, driven by its store opening programme, despite a tougher retail market as interest rates continue to impact consumer spending.

The Kent-based group reported an 18% rise in underlying pre-tax profits to £18.5m for the year to July 29 after it opened 13 new stores in the period.

Strong sales

PRECIOUS metals to catalyst group Johnson Matthey said trading in the first half of the year had been in line with expectations, boosted by strong sales of catalysts for new vehicles in the US and Europe following new emissions standards last year. It said demand for manufactured products and refining services also buoyed its precious metals division.

Firm buy-out

EXETER-BASED social housing maintenance firm Connaught has paid £91m for health and safety testing company, National Britannia. Connaught, which also announced a £57.9m rights issue to help fund the deal, said Britannia would boost its presence in a market worth £4.6bn a year.

Targets hit

UNITED Utilities is on course to hit leakage targets in the current financial year, after meeting the goal for the first time in five years in the 12 months to March. United added that the sale of its electricity distribution business was “progressing well”.

Shipping deal

ENGINEERING firm Rolls-Royce has landed a £24m deal from Singapore shipping company SE Shipping to supply engines for four ships. It’s the largest ever power systems contract for Rolls-Royce’s merchant business.