PRESS DIGEST - British business press - Nov 8

The Mail on Sunday

DEAL PUTS SPARKLE BACK INTO AURUM

Aurum is understood to have agreed a vital refinancing with its lenders that will cut its debt by a third. Borrowings of 42 million pounds at Britain's biggest private jeweller, mostly owed to Landsbanki, will be converted to equity leaving the retailer owing about 55 million pounds. Aurum Chairman Don McCarthy will also lend an extra 10 million pound with support from Landsbanki. The new arrangement will cut the company's interest bill to about 3 million pounds a year.

INNOCENT HAS A ROUGH TIME WITH SMOOTHIES

Innocent, the smoothies fruit drinks company, plunged into the red last year having made a pre-tax loss of 11.2 million pounds for the year ending Dec. 31, compared with a profit of 12.1 million pounds the previous year. The losses were due to falling sales and an ambitious European expansion plan which saw their administration costs double. Turnover during the period fell from 112 million pounds to 99 million pounds.

GINSTERS MAKER BEATS RECESSION

Samworth Brothers has reported a 5.2 percent increase in turnover to 597 million pounds in 2008, weathering the recession with near record sales. The Melton Mowbray based firm, which supplies food to all the leading supermarket chains as well as producing its own brands, recorded a pre-tax profit of 42 million pounds, slightly up on last year. Margins were squeezed in the second half due to rising costs of fuel, distribution and raw materials but, in order to meet demand, the firm plans to hire more staff and is commissioning two new production facilities.

Sunday Times

MIRROR CLOSES FINAL PENSION SCHEMES