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Lloyd’s puts Iglu Cruise up for sale
Iglu Cruise is an internet-based travel agency specialising in the sale of snowboarding and ski holidays, cruises and Christmas holidays
Iglu Cruise is an internet-based travel agency specialising in the sale of snowboarding and ski holidays, cruises and Christmas holidays
IGLU
Oliver Gill
Sunday November 26 2023, 12.01am, The Sunday Times
Lloyds Banking Group’s private equity arm has put Britain’s biggest independent online cruise travel agent up for sale with a potential price tag of £100 million.
Lloyds Development Capital (LDC) has hired investment bankers from Rothschild to oversee an auction of Iglu Cruise as demand for its holidays recovers from the Covid meltdown.
Iglu offers trips from 3,000 ports in 30 destinations on more than 20 liners.
City sources added that the company’s owner was likely to want to sell the business for a valuation of about 10 times forward earnings. Adjusted earnings before interest, tax, depreciation and amortisation was £8.9 million last year — albeit this also incorporated the website’s ski travel agent website.
LDC invested in Wimbledon-based Iglu Cruise in 2015.
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The cruise sector ranked among one of the hardest hit during the pandemic. The industry’s reputation was hit by events on the Diamond Princess in February 2020, which suffered from a mass outbreak of Covid.
But bosses are cautiously optimistic. Last month Royal Caribbean executives struck a bullish tone as the all-important Chinese market reopened after a lengthy period of Covid-related travel restrictions.
Britain's Lloyds shake-up puts around 2,500 jobs at risk - source
Reuters
November 24, 20238:44 PM GMTUpdated 2 min ago
Illustration shows Lloyds Bank logo and rising stock graph
Lloyds Bank logo and rising stock graph are seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights
LONDON, Nov 24 (Reuters) - Britain's biggest high street bank Lloyds (LLOY.L) is putting around 2,500 jobs at risk as part of a shake-up, a source familiar with the matter told Reuters, amid a renewed push by lenders to slash costs.
Lloyds is poised to begin a consultation with staff in a number of roles, including analysts and product managers, the source said, adding many would go through a selection process and it was unclear how many would ultimately be cut.
as authorities empty towns
Staff are expected to be informed of the process as early as next week, the source said, adding it would also involve the creation of 120 roles.
The Guardian first reported on the process.
"We are evolving and transforming our business to ensure we can do more for our customers and deliver the products and services they need," a Lloyds spokesperson said, adding the bank was reviewing how teams worked without elaborating on potential cuts.
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The news comes after Reuters reported on Thursday that Lloyds' rival Barclays (BARC.L) is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs.
Most British banks have reported a run of strong profits as higher rates lifted lending revenue. But investor concerns about tougher competition for savers' cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.
LTI, if its been written down there will be an element of write back!
Hard, I believe its an Hbos loan? I would be amazed if it didn't have a provision of some out against it otherwise its a big hit if it went pop in one go. Think about the provisioning for mortgage arrears this year against a £400b mortgage book, £1.3B provision or around that amount.. The telegraph loan is massive and would be provided for somewhere and its a very old loan..
What other stock/share would react negatively to £1.16B dropping straight on to the bottom line, 1.3p dividend if I'm not mistaken!?
What's the chances of that being paid on top of the progressive dividend policy in May 2024? three guesses?
Who is going to ask the questions directly to the SMT/bank then? in stead of moaning on this board? more the merrier!!
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