News roundup—8th April 2008

News roundup—8th April 2008

Travis Perkins, a supplier of products for the building
industry, has acquired a 30 per cent stake in
Toolstation, an online business selling to both
businesses and consumers, according to Builders Merchants Journal. Travis Perkins
retains a right to buy the remaining 70 per cent after four
years. The £21.4 million Toolstation was founded by former
Screwfix executives in 2003.

“Online advertising spending in the UK shot up by 38
per cent to £2.8 billion last year and is on track to knock
TV off the number one spot by the end of next year,”
The Independent reports.

“The director-general of the British Retail Consortium
has urged the Bank of England to cut interest rates by up to half
a percentage point this week or face a possible wave of job cuts
across the high street,” reports The Times.

Also in The Times: an interview with Royal Mail
nonexecutive chairman Allan Leighton. Notable quote:
“Come on, the business is in much better shape than it
was. We’ve taken £12.5 billion and 50,000 people out of
the organisation. We’ve gone from a very unprofitable business,
losing £1 million a day, to a profitable business, with
service levels the best that’s ever been.”


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