Business in brief: Peel | Jacobs | Lovell | Wolfson | Universal

SHARES in Peel Hotels dropped 17 per cent yesterday after the firm’s full-year results laid bare the “toughest” year in the group’s history.
By The Newsroom
Published 9th Jun 2012, 01:00 BST

Peel, which owns the King Malcolm Hotel in Dunfermline among others, swung to a pre-tax loss of £228,000 in the year to 5 February compared with a profit of £555,000 in the previous 12 months. The firm blamed rising energy prices and heavy discounting.

Administrator at Jacobs shuts stores

The administrator of camera retailer Cecil Jacobs has closed stores with the loss of 46 jobs, it emerged yesterday.

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The closures are in Derby, Hull, Kingston-upon-Thames, Liverpool and Sheffield. The move by PKF comes after the Leicester-based family-run company, which had 19 stores, including branches in Edinburgh and Glasgow, went into administration on 1 June.

Lovell gets to work on high-rise blocks

Social housing firm Lovell has secured a £12 million deal with West Dunbartonshire Council that will see it carry out key work on high-rise blocks.

Under the framework agreement, Lovell will undertake a range of upgrades, including roof repairs, structural work to external walls and window replacements. It will ensure that the relevant elements meet quality standards by 2015.

Boardroom moves at Wolfson Micro

Wolfson Microelectronics has announced that Ross Graham has stepped down as senior independent director after nearly nine years as a board non-executive.

His role is taken by existing non-executive director Robert Eckelmann. Graham remains a non-executive director, but is replaced as chairman of Wolfson’s treasury and audit committees by fellow non-executive director John Grant.

Universal’s EMI bid ‘blocked’ by Europe

Officials at the European Commission are preparing to formally block French music giant Universal’s takeover bid for EMI’s recorded music arm, a senior source said yesterday.

Competition commissioner Joaquin Almunia is worried that the deal – which would bring together Universal’s stars, such as Lady Gaga and Rihanna, with EMI’s catalogue, which includes the Beatles and Pink Floyd – would create too powerful a group.