Business Roundup for Spain and the UK

Business Roundup for Spain and the UK

PUIG EXPANDS: Catalan cosmetics and perfume company inaugurates second block of Barcelona offices

Float for buoyant Puig CATALAN fragrance, cosmetics and fashion company Puig is planning a stock exchange float for early 2024.

Amongst other brands, Puig owns Charlotte Tilbury, Carolina Herrera, Paco Rabanne, Jean Paul Gaultier, Nina Ricci and Penhaligon’s.

Initial market valuations put a figure of around €10 billion on a future listing but sources quoted in the financial daily Cinco Dias emphasised that  he company’s plans are still at an early stage.

JP Morgan, Goldman Sachs and STJ Advisors as well as the Linklaters and Cuatrecasas law firms were all named as consultants in the operation.

Puig reported revenues of €3.6 billion last year and €400 million in profits, which was well ahead of its three-year plan announced in 2022 that foresaw a turnover of €3 billion by 2023 and €4.5 billion in 2025.

Slow to grow BANK OF ENGLAND governor Andrew Bailey voiced concerns regarding the UK’s future growth prospects at the end of last month.

Days after the Office for Budget Responsibility (OBR) reduced its growth predictions for the next two years, Bailey told a Newcastle newspaper that the “supply side” of the economy had slowed.

“If you look at what I call the potential growth rates of the economy, there’s no doubt it’s lower than it has been in much of my working life,” he said.

Asked about interest rates, the Bank of England government answered that they were unlikely to be cut “for the foreseeable future.”

Telefonica redundancies BETWEEN 2,500 and 3,000 of Telefonica’s 17,000 employees are to be made redundant.

The company, which has not yet announced specific numbers, discussed the redundancies with union leaders on November 27, the Union General de Trabajadores (UGT) confirmed after a meeting to negotiate the collective bargaining agreement.

This was an unexpected move on Telefonica’s part, following last October’s rumours of early retirement and “incentivised departures” for 5,000 staff members.

Negotiating tables to discuss the collective bargaining agreement and the redundancies would be set up in early December, with an official statement regarding the number of workers affected, UGT told Reuters.

Telegraph worries A GROUP of MPs asked ministers to investigate a deal that would give control of the Telegraph to a United Arab Emirates-backed consortium.

The call from MPs, who included the former Conservative party leader Iain Duncan Smith, asked ministers to use national security legislation to investigate the Barclay family’s proposed deal with RedBird IMI.

The Abu Dhabi-backed joint venture is preparing to deliver a letter to the UK’s Culture secretary, giving her 48 hours’ notice that the Barclays’ £1.16 billion (€1.34 billion) debt with Lloyds Bank is ready for repayment.

Chipping in AMERICAN companies are interested in opening semi-conductor factories in Spain, revealed Mark Gitenstein, the US ambassador to the EU.

Gitenstein said during a recent visit to Madrid that there was growing interest thanks to the Spanish government’s €12.25 billion PERTE chip programme.

“I know of at least two American companies considering Spain for this type of venture,” the ambassador said.

Semi-conductor giant Broadcom announced plans to build an electronic chip plant here last July, suggesting that another manufacturer is also eyeing Spain for future investment.

Metro rescue METRO BANK shareholders have approved a £925 million (€1.07 billion) rescue deal.

A refinancing proposal received “very strong support” as more than 90 per cent of Metro shareholders voted for “all resolutions”, the bank revealed on November 27.

Metro announced last month that it had negotiated a £925 million package consisting of £325 million (€376 million) in new capital plus £600 million (€694 million) of debt.

The bank’s largest shareholder, Spaldy Investments owned by Colombian billionaire Jaime Gilinski Bacal, increased its stake from 9 per cent to 53 per cent by contributing £102 million (€118 million) of the new capital.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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