Watchdog Fines Quilter for Rule Breaches

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Watchdog IMRO fined Quilter Fund Management pounds 125,000 for rule breaches yesterday.

Quilter, which has around pounds 43million under management, has also had to pay costs of pounds 55,636.

IMRO said Quilter had failed to act with due skill, care and diligence in various aspects of its Pep business.

Wyevale in pounds 2.2m buy

Hereford-based garden firm Wyevale is paying pounds 2.2million for rival Great Gardens.

It has exchanged contracts for the acquisition of 98 per cent of the issued share capital, with completion due today.

Great Gardens operates three garden centres - Syon Park in Middlesex, Chipperfield in Hertfordshire and Marlow in Buckinghamshire.

Wyevale will pay up to pounds 1.8million extra to ofoad various liabilities of Great Gardens.

Wyko in Express deal

Wyko has bought the remains of crashed Midland firm Express Bearings.

It said yesterday it had acquired the business and certain assets of Express for pounds 75,000.

Express, which is in liquidation, is a distributor of bearings and other engineering products and services. It is based in Nottingham.

The acquisition further strengthens Wyko's industrial distribution division.

Jacobs looks to France

Jacobs Holdings is paying pounds 3.9million, with further payments of up to pounds 400,000, for French car transportation company Societe Vendomoise de Transports de Vehicles.

SVTV owns and operates a fleet of 145 car transporters and the deal puts Jacobs among the largest players in the European car delivery market.

Payne to take finance job

Rentokil Initial named Mr Roger Payne as its finance director designate yesterday.

Mr Payne, currently regional managing director with the group, will replace Mr Christopher Pearce when he retires in two years' time.

Mr Ted Brown, also a regional managing director, will become chief operating officer from July 1.

Graves eases out of firm

Birmingham business doyen Mr Frank Graves is further easing his way out of the company he founded. …