Business news in brief: Scotgold| Tui| Mothercare

Sadleir resigned as chairman in April and began selling his 7 per cent holding in the company. He sold five million shares between 17 April and 27 May, leaving him with 9.9 million shares, equivalent to a 4.7 per cent stake.

The latest sale means Sadleir’s holding has been reduced to about six million shares.

Aim-quoted Scotgold was granted planning permission last year to mine for the precious metal in Argyll.

Tui Travel increases CO2 cutting target

HOLIDAY firm Tui Travel has raised its carbon-reduction target after its airlines hit an initial goal to cut CO2 usage by 6 per cent two years early.

The world’s largest tour operator, which owns six European airlines including Thomson Airways, said it now aims to reduce CO2 emissions across its carriers by 9 per cent in the six years to 2014.

TUI achieved its previous target after the success of fuel conservation activities, capacity amendments and airline enhancements, which helped it cut £16 million of costs last year.

Mothercare’s Logue lands ‘Dreams’ job

MOTHERCARE veteran Mike Logue was yesterday named as chief executive of bed and mattress retailer Dreams.

Logue was UK managing director at Mothercare, having previously served as commercial director for non-food products at Asda and managing director at Gamestation. He previously worked at Marks & Spencer.

Chief financial officer Kim Zaheer said: “We are very pleased to welcome Mike to Dreams. He brings with him a huge amount of both retail and operational expertise and we very much look forward to working with him.”

Menzies bid interest ‘highly encouraging’

PROPERTY firm Christie & Co yesterday said it had received a “highly-encouraging” response to its sale of Menzies Hotels, the accommodation chain that collapsed into administration in May for the second time in the past two years.

Christie has set 6 September as the closing date for first-round bids for the group, which owns 15 hotels and employs about 1,200 staff. Its sites include hotels at Aberdeen airport and in Glasgow.

Derby-based Menzies Hotels underwent a management buyout in 2011 after previous owner Piccadilly Hotels folded.