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The outcome will be a stunning one for Lloyds and its chief executive Charlie Nunn, who had rejected a series of partial repayment offers from the family lodged after the Telegraph's holding company was placed into receivership during the summer.
In addition to the £700m value of the principal loan, the Barclays are paying more than £400m in interest which has accrued over many years.
"The writeback is pure profit for Lloyds and will flow straight to the bank's bottom line," the analyst said.
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One person close to the situation said Lloyds had written down the majority, but not all, of the loan's original £700m value.
A writeback of over £500m is therefore expected to contribute a meaningful proportion of the bank's 2023 annual profit.
Analysts say the company is already generating significant sums of excess capital and that the absence of a substantial acquisition would therefore give Lloyds' board the freedom to return the Telegraph loan windfall to shareholders.
Https://news.sky.com/story/lloyds-shareholders-could-reap-500m-bonanza-from-telegraph-deal-13020220
I did read that it will be paid Friday!! Sky news today.
On Wednesday, Lloyds wrote to the Department for Culture, Media and Sport (DCMS) notifying officials that the Barclay family will repay a £1.16bn loan to it in the coming days, thanks to the RedBird IMI purchase.
Https://news.sky.com/story/lloyds-halifax-and-bank-of-scotland-branches-to-be-shut-13019376
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.