SHOPPING centre owner Land Securities has won the backing of investors in X-Leisure to take control of the fund, which owns 16 leisure centres across the UK, including the Fountain Park complex in Edinburgh and Queens Links in Aberdeen.
Land Securities signed a £110.6 million deal with Area Property Partnership and Capital & Regional and earlier this month to buy 42 per cent of the X-Leisure Unit Trust and 100 per cent of X-Leisure Limited, the fund’s management company. The deal still needs approval from regulators and Capital & Regional shareholders.
Dunedin adds £25m to buyout funding
Dunedin Enterprise Investment Trust, the private equity fund run by the Edinburgh-based fund manager of the same name, has pumped another £25 million into its buyout pot.
The trust committed £25m to the fund in March but yesterday injected in the same amount again, taking its holding in the vehicle up to 21 per cent.
Dunedin typically backs management buyouts that require around £50m of funds. Its most recent deal involved the buyout of components maker Premier Hytemp from Sir David Murray for £34.5m.
£95m fine for BT over rivals’ costs
Telecoms giant BT has been fined £95 million for overcharging rivals BSkyB, Cable & Wireless Worldwide, TalkTalk, Verizon and Virgin Media to use its network.
Regulator Ofcom ruled that BT had overcharged them for certain wholesale “ethernet” services between April 2006 and March 2011, and must repay the full amounts, although the exact sums for each were not revealed. There were three probes – one triggered by Verizon UK, another by Cable & Wireless and a third by an aggregation of firms including Sky and TalkTalk.