Business news in brief: The Savoy| John Lewis| Lenovo

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The Savoy – the luxury London hotel has plunged £49.6 million into the red following a hefty interest bill in its first full year since its costly makeover.

• John Lewis – online sales at the department store chain topped £1 billion in the past 12 months, a year earlier than expected.

• Lenovo – the Chinese computer giant has opened talks with IBM to buy the American company’s computer server business, valued by analysts at about £3bn. Lenovo bought IBM’s personal computer arm for £800m in 2005.

• Iceland – the frozen food chain plans to open 40 stores this year, creating 1,400 jobs.

• Graeme Dalziel – the former Dunfermline Building Society chief executive has been appointed as head of Glasgow Caledonian University’s department of law, economics, accountancy and risk.

• Braveheart – the Perth–based investment manager’s London subsidiary, Envestors, has led a £4.5m fundraising for Italian insurance price comparison website

• Dividends – British stocks paid out £14.1bn in dividends in the first three months of the year, down 25 per cent year–on–year.