Daily Post

Pounds 500,000 Facelift As Hotel Changes Hands

A HOTEL in north east Wales is to get a pounds 500,000 facelift following a takeover. Chester-based Sanguine Hospitality has acquired the Gateway to Wales Hotel at Sealand, Deeside, from Corbetts.

Redrow Profits to Hit Targets

HOUSEBUILDER Redrow says it expects its full-year performance to be in line with hopes after it continued to grow sales and completions in the second half of the year. The Ewloe-based company said completions rose by 2% to 4,823 in the year to June 30, with forward sales at the end of month increasing by more than 6% year-on-year to 2,148 homes.

London Market

A DOWNBEAT start on Wall Street saw the London market close in the red yesterday despite shrugging off an interest rate rise earlier in the session. The FTSE 100 Index finished the day down 37.9 points at 6635.2, with markets in the US opening on the back foot after the Independence Day holiday.

Wall St

Telephone Bets Set to Rocket by Pounds 45m

BETTING group Ladbrokes said yesterday profits from its Liverpool- based telephone betting operation would rocket by around pounds 45m in the half-year to June 30. In the same period last year, the division reported operating profits of pounds 16.3m, but in recent weeks highspending punters have dramatically pushed up revenues.

Housebuilder's Sales Target On Course

HOUSEBUILDER Redrow said it expected its full-year performance to be in line with hopes after it continued to grow sales and completions in the second half of the year. The Flintshire-based group said completions rose 2%to 4,823 in the year to June 30, in line with its expectations.

Tensions Ease at Photo Company

TENSIONS over the possible break-up of photo booth firm Photo-Me eased after a rebel shareholder said it may drop its call for a special vote. Principle Capital will not enforce its demand for an EGM if Photo- Me commits to an announcement by August 15 on whether it intends to press ahead with the disposal of its vending division, comprising photobooths and digital media kiosks.

Battle for Oasis

THE takeover battle for the UK's biggest dentistry group intensified yesterday after a private equity firm increased its offer for the group. Duke Street Capital upped its bid price to 94p a share, valuing Oasis Healthcare at around pounds 88.2m and topping the pounds 85m approach from Associated Dental Practices (ADP) recommended by Oasis last month.

Blow to Homeowners As Interest Rates Rise Again

HOMEOWNERS and borrowers were dealt a further blow yesterday after the Bank of England upped interest rates for the fifth time in less than a year. The cost of borrowing rose from 5.5% to 5.75%, hitting a level not seen since March 2001, after a quick-fire series of rate rises from the Bank's Monetary Policy Committee (MPC).

Unpaid Staff Reel As Chain Closes

TROUBLED supermarket chain Kwik Save has gone into administration and will close around 90 of its stores. The remaining 56 stores will transfer to a new company.

Beckham's Gillette Sponsorship Deal Comes to End

RAZOR maker Gillette yesterday said its sponsorship deal with former England football captain David Beckham had come to an end. The two sides will part company after they failed to reach an agreement on the terms of a new contract, amid reports that Beckham had turned down a new pounds 3m deal.

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In Brief: Confident

Interest Plea After New Rise

BUSINESS leaders in North Wales say they believe the Bank of England has gone as far as it should at present after the fifth rise in interest rates in less than a year. The bank yesterday announced that the base rate was to go up by a further 0.25% to 5.75%, its highest level since March, 2001, because it remained concerned about hitting its 2%target for inflation.