Poundland appoints new NED

BLACK Country discount retailer Poundland has recruited a new independent Non-Executive Director from Cadbury parent, Mondelez International.

Mary Barnard, currently Area President, Northern Europe at Mondelez, has taken up the role with immediate effect.

In her current role, Ms Barnard is responsible for the confectioner’s commercial leadership in the UK, Ireland and Nordic markets.  Prior to taking up this role she was Senior Vice President and General Manager for the Pepsi-Lipton Partnership responsible for all core business operations, including sales, marketing and R&D.

Darren Shapland, chairman of Poundland, said: “Mary brings a wealth of commercial retail experience and she will be a great asset to our Board.  Her knowledge of the retail market and customer insight will bring valuable experience to the strategic development of Poundland as we continue to grow the business in the UK and abroad.”

New challenger bank set for float

NEW bank Shawbrook said it plans to list on the London Stock Exchange to raise £90m to support future growth and enable it to challenge established lenders.
 
Shawbrook, which is one of a number of new banks to have emerged since the 2008 financial crisis, is chaired by 75-year-old banking veteran Sir George Mathewson, who led RBS.
 
Chief executive Richard Pyman said: “We are delighted to announce our intention to float which marks the next stage in our growth story. In the four years since our foundation, we have built a business that provides UK customers with a fresh, pragmatic approach to lending and savings built on traditional values of respect, care, good sense and thoughtful judgement.
 
“Our focus on specialist teams, working in carefully selected markets and with a human approach to decision-making to deliver excellent customer service, has enabled us to develop a clearly differentiated business with impressive returns. We believe we are well-positioned to achieve long-term sustainable growth and that Shawbrook will become an increasingly well-known name in the specialist world of British banking.”
 
Shawbrook currently lends to just over 60,000 small and medium-sized enterprises and consumers in the UK.  It increased customer loans by 70% to £2.3bn in 2014.
 
Shawbrook’s move came days after shares in Aldermore made their debut on the stock market, valuing the business at more than £650m.  

Towry raises offer for Ashcourt Rowan

WEALTH manager Towry Finance, which has an office in Birmingham, has increased its offer to acquire rival firm Ashcourt Rowan.

Last month Towry bid £97m secure the deal but it has now agreed to up this to £120m.

The move would create a private wealth firm with assets of £11bn under management and revenues of £138m.

Under the new proposals, Towry has agreed to increase its offer to 333p per share, together with a payout of 16p in new loan notes per Ashcourt Rowan share.

Commenting on the Recommended Increased Offer, Hugh Ward, chairman of Ashcourt Rowan, said: “We are pleased to have agreed a compelling increased predominantly cash offer from Towry at 333 pence in cash and 16 pence in loan notes.

“The board recognises the compelling strategic rationale and value of this combination and is confident that the businesses will be able to effect a smooth integration and consolidate the combined entity’s position as a leading player in the UK wealth management industry.  This move by Towry brings an end to the uncertainty any disruption to the business by the delivery of hard irrevocable undertakings to vote in favour of the deal and therefore an ensured outcome.”

Ashcourt Rowan shareholders are expected to vote on the offer at a general meeting scheduled to be convened for on or around March 31, 2015.

Subject to obtaining the requisite approvals, the transaction is expected to complete in Q2 2015.

Ashcourt Rowan, which has an office in Rugby, provides a range of wealth management services to individuals, families, charities and trusts, business owners and employers. It manages or has under influence over £5bn in assets, of which £2.3bn are on a discretionary or managed basis. It UK network of 16 offices employs around 340 staff.