Business news in brief: Direct Line | Oregon Timber | Redrow

Published on 05/10/2012 00:00

COMPANIES making their stock market debut on European exchanges raised €4.4 billion (£3.5bn) from investors in the last three months, more than six times what was raised in the previous quarter.

There were 57 initial public offerings (IPOs) in the third quarter of 2012, and 81 in the second. But the figures were down on the third quarter last year when there were 121 IPOs raising €9.4bn, PwC’s IPO Watch Europe survey noted.

The accountancy firm said there were “encouraging signs” for the rest of 2012, with expected IPOs including Direct Line.

Oregon expands its marketing team

Oregon Timber, the Borders-based house-frame manufacturer, has expanded its sales team as it looks to further build its presence in England.

Russell Kendall has joined the Selkirk-based company as a sales executive and Elaine Wilson, who was promoted to the role of sales and marketing director last year, said: “His experience of construction and his business-based approach make him a great choice for us.”

UK business paying too much for energy

Almost 1.5 million or a third of UK businesses may be paying as much as 61 per cent more than the average electricity bill as a result of letting their energy contract roll over, according to Energy Forecaster.

Rollover is when a supplier automatically signs a customer up to a new energy contract when their previous contract ends. This can happen without the customer’s consent and they will be locked in for 12 months.

Morgan given more time to make a bid

Redrow boss Steve Morgan has been given an extra two weeks to decide whether to make a takeover offer for the housebuilder, which he founded in 1974.

The group said the Takeover Panel had, at its request, granted a consortium headed by Wolverhampton Wanderers-owner Morgan until 18 October to make a bid or walk away.