CYBG shrugs off funding setback. CYBG (CYBG) shares jumped 5% on Wednesday after a strong set of results that beat City expectations and suggested the integration of Virgin Money is going well. The bank was seen as one of the favourites to land money from the Banking Competition Remedies board to shake-up business banking, but lost out to smaller rivals. Chief executive David Duffy said: “We’re surprised by the outcome of the BCR process – we put together an ambitious and deliverable plan and we’re the only bank with a realistic chance of breaking through the 5% market share target and creating meaningful competition in the SME space in the short to medium term.”
Cenkos may stick with its boss after watchdog fails to OK replacement. Cenkos Securities (CNKS) faced embarrassment on Wednesday when it was forced to admit that the regulator hasn’t approved its new chief executive. The broker, which has led several high profile but not entirely successful floats such as the AA and Quindell, said last November it was bringing back former CEO Jim Durkin to lead the firm. Durkin has a 9% stake in Cenkos and was supposed to replace Anthony Hotson, a former Bank of England executive whose tenure has been a disappointment to investors. On Wednesday Cenkos said “regulatory approval has…not yet been received” for the return of Durkin, which means Hotson has to stay on.
British Land’s property empire value falls as retailers seek rent cuts. Property developer British Land Company (BLND) launched a broadside at retail tenants looking to cut their bills on Wednesday, as it said the pain on the High Street cost it £14 million in rent. The FTSE 100 firm said the value of its portfolio fell 4.8% to £12.3 billion in the year to March. The rent dent was caused by a number of tenants using a company voluntary arrangement, allowing them to seek rent cuts or close shops. Homebase was one of the brands to do this and Debenhams is in talks over the possibility. Some retailers “are pushing it further than feels fair,” boss Chris Grigg said. Retailers are grappling with higher business rates and competition from online rivals.
