FORMER Innovations director Nigel Swabey has beaten his old firm in a bidding battle. Swabey's First Resources is paying about [pounds sterling]8.5m for mail order company Scotts of Stow. Swabey remains a major investor in Innovations and is fighting plans for a management buyout. He would prefer an outside bid.
John Menzies, the book shops and newspaper wholesaling group, made pre-tax profits of [pounds sterling]35.9m, down [pounds sterling]2.2m, in the year to May. The dividend is up 4 1/2pc to 13.8p and the shares rose 19p to 574p. Chairman John Menzies said: `We remain positive about the outlook for the group and its growth potential.'
Farepak, the mail order, network marketing and Christmas hamper group, raised pre-tax profits 11 1/2pc to [pounds sterling]7.9m in the year to April. Dividends are up 14pc to 8.8p.
Computer distributor P&P says pre-tax profits edged up 5pc to [pounds sterling]6.5m in the six months to May. The interim dividend rises 9pc to 1. …