Business in brief: BrightHouse | LivingSocial | Lloyds | Airbus

Published on 09/07/2012 00:00

BRIGHTHOUSE, the rent-to-own retailer, saw sales leap last year as it continued to roll out stores.

Results for the 12 months to the end of March, due out today, will show revenue rose 17.1 per cent to £266.5 million as hard-pressed consumers opted for its weekly payments system to buy furniture and domestic appliances. Profit before tax and other adjustments was up 12.8 per cent to £44.8m.

LivingSocial could revive US float plan

LivingSocial, the daily deals website part-owned by online giant Amazon, is set to make its market debut on American tech exchange Nasdaq next year.

The firm said it was minded to revive a $3 billion (£1.9bn) IPO plan after the difficult float by rival Groupon last year had dampened prospects.

However, the firm will have to address investor concerns about the longevity of the daily deals business model and costs involved in expansion.

Lloyds to take hit as toxic loans sold

Lloyds Banking Group is set to complete another purge of toxic loans as it narrows down potential buyers of its £1 billion “Project Lundy” portfolio.

Bids are thought to have been lodged by two American “vulture” funds, Centrebridge and Lone Star, plus Vision Capital and private equity house, Electra.

The portfolio is thought to include more than 40 assets, the majority being businesses backed by HBOS before the bank was rescued in a takeover by Lloyds during the 2008 crisis.

New order hope for Airbus mini–jumbo

French aircraft maker Airbus will be looking for a long-awaited new order for its A350-1000 mini-jumbo at this week’s Farnborough Airshow, with Hong Kong’s Cathay Pacific tipped as most likely to end the model’s three-year order drought, industry sources said.