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This has caused "significant disruption across the whole group that unless addressed, was going to impair business efficiency despite comprehensive efforts to make the solution work," the group's statement said. Worse still, there is now no prospect of an integrated solution being delivered for the Assurance division to meet its essential resource scheduling requirements. Pro temps, the group has reverted to its previous IT system while it determines whether the problems with the new system can be remedied. In any case, the company has decided to write off the cost of the new system; the £6.9m write-down will include a £0.9m estimated cash cost of reverting to the old system over the next three months.

Brokers covering the company currently expect the firm to deliver underlying profit before tax of £21.44m for fiscal 2011/12. The company's new IT system, which was installed in the UK software escrow business and in the finance department in March 2012 following a period of protracted testing period, has been playing up something rotten. Some might see this as an ironic turn of events for a company which provides its clients with services that ensure the continued support of mission critical software even if the software developers go out of business,

Computer security and software escrow firm NCC's full year results will be dented by a one-off charge relating to teething problems with a new information technology (IT) solution. The company said the problems have not had any impact on trading, but will result in the company taking an exceptional charge, mostly non-cash, of £6.9m in respect of the financial year to the end of May.

Metro's Chairman Olaf Koch added: "we are convinced that this new set-up meets all requirements for future success in the UK, while allowing Metro Group to further concentrate on countries within our strategic focus."

Commenting on the proposal, Booker's Chief Executive, Charlie Wilson said: "Through working together, Booker and Makro UK will improve choice, prices and service for retailers, caterers and SMEs [small-to-medium enterprises] throughout the UK. Together we will offer a wide range of foods and non-foods to our professional customers, via the internet, delivery and cash and carry."

Under the terms of the deal, which will need shareholder approval, Metro will receive new shares equivalent to 9.99% of Booker's total capital, plus a cash consideration of £15.8m. Based on Booker's closing price on May 29th, the deal values values Makro UK at £139.7m.

Booker Group, the FTSE 250 food wholesaler, is to buy Makro UK, a subsidiary of the huge German retailer Metro, in a combined share and cash deal. Makro is also a wholesale business, which even Metro describes as "challenging". Nevertheless, Booker says the transaction will enable it to become the "UK's leading wholesaler to caterers, retailers and small and medium sized enterprises."

BG announced yesterday that it would sell its 60.1% stake in Brazilian gas distributor Comgás for around $1.7bn as part of its divestment programme.

"The sale of our interest in these power generation plants in the Philippines is another step to realising the planned release of $5 billion of capital in the next two years. This deal, along with strategic divestments already announced this year, will release some $3.6 billion from BG Group's balance sheet," said Chief Executive Frank Chapman.

Natural gas giant BG Group is to sell its stake in to gas-fired power generation plants in the Philippines as part of its planned release of five billion dollars of capital. The company has reached a sale and purchase agreement with its partner in the facilities, First Gen Corporation, which covers the 1,000 megawatt Santi Rita and 500 megawatt San Lorenzo power plants, both on the island of Luzon. The 40% equity interest in the two plants will be sold for net cash proceeds of $360m.

"I am delighted to welcome Joe to Cape and believe his background in the sector and track record with Hamworthy make him the perfect appointment to take Cape into the next stage of its development," Chairman Tim Eggar.

He replaces Martin May at Cape, who quit in March 'to pursue a new challenge'. Interim CEO Brendan Connolly will step down and be reappointed as a member of the Audit, Remuneration and Nomination Committees, the firm said.

Energy support services firm Cape has announced its a Chief Executive will join the firm at the end of June. Joe Oatley will become Group Chief Executive and comes from Hamworthy, a global engineering business serving the oil and gas industry. Prior to leading Hamworthy, Oatley worked predominantly in the engineering sector in a variety of roles including managing director, in strategy development and acquisitions.

Boooooooooooooooooooooooooooommmmm

Scottish stockbroker Brewin Dolphin has announced that former Evolution Group man Andrew Westenberger will be its Finance Director when current incumbent Robin Bayford steps down at the end of the year. From 2009 until August 2011 Westenberger was Group Finance Director of investment house Evolution Group and a director of its principal subsidiary, Williams de Broe.

To true blue..........

During her tenure as Chief Executive Officer Sly Bailey has reportedly trousered more than £14m in remuneration, even as the market value of the company crashed from more than £1bn to about £70m.

The shares rose a penny on the news to 27.25p but are still down almost two-fifths over the last year and only five years ago the shares were trading above 550p, a share price decline that was instrumental in bringing about the downfall of the extremely well paid Chief Executive Officer, Sly Bailey. Bailey served notice to quit at the beginning of May after shareholders expressed their anger that she was set to receive a £1.7m pay package for 2011, when the stock price fell 30%.

The Guardian newspaper reports that Wallace was accorded the traditional "banging out" from journalists who, although used to comings and goings in the editorial chair, were said to be shocked by the news. Trinity Mirror said the seven day organisation across the two titles will be enabled through the company's multi-million pound investment in the ContentWatch editorial system. The new structure will ensure that the Mirror's news-room is fully equipped to achieve the company's multi-media publishing strategy across its newspapers, online, mobile and new e-editions for tablet devices.

The Sunday edition of the "Current Bun" (The Sun) replaced the News Corporation's News of the World title, which was sacrificed as the Rupert Murdoch tried to limit fall-out from the phone hacking scandal. Lloyd Embley has been appointed Editor of the Daily Mirror and Sunday Mirror with immediate effect. Lloyd was previously Editor of another Trinity Mirror publication, The People. Daily Mirror editor Richard Wallace and Sunday Mirror editor Tina Weaver were given their marching orders on Wednesday morning before details of the switch to a seven day publishing model were revealed.