Private equity barons at Bain Capital could tap into supposedly ‘ring-fenced’ member funds at LV following a successful purchase of the mutual insurer.
Bosses at both companies have repeatedly said that LV members’ cash is protected and could not be accessed by Bain except in ‘extreme circumstances’.
Rolls-Royce expects free cash outflow in fiscal year 2021 to be better than its previous guidance of £2billion thanks to cost cutting measures and the broader market recovery.
The engineering giant expects to remove more than 8,500 roles by the end of this year, with the pace of the restructuring running ahead of its plan.
Sportswear and fashion group Frasers saw a 61.7 per cent rise in first-half core earnings, driven by the strong reopening of stores after lockdown, the opening of new Flannels stores, and online growth.
The group, formerly called Sports Direct and controlled by Mike Ashley, made pre-tax profits of £186.8million pounds in the six months to 24 October, up from £115.5million in the same period last year.
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Rolls-Royce boosted profit expectations with restructuring measures running ahead of schedule
