Oct. 09--Goldman Sachs' private equity division has bought a half-share in car insurance firm Hastings for pounds sterling 150m and immediately issued pounds sterling 415m of debt.
Hastings' management, who bought the company out in 2009, will retain a 50pc share of the business.
Chief executive Gary Hoffman, who was paid nearly pounds sterling 1m for his work on a failed bid by NBNK for 632 Lloyds branches, said he hoped Hastings would a 'force for good' in the industry.
Hastings, which has some 1.3m customers, reported adjusted operating profit of pounds sterling 83.3m for last year. The deal comes at a challenging time for motor insurers, amid tighter regulation and an inquiry by the Competition Commission.
30-SECOND GUIDE TO IMF AND WORLD BANK MEETINGS: The annual meetings of the World Bank and International Monetary Fund are taking place in Washington DC this week.
It brings together central bankers, finance and development ministers, academics and business leaders from around the world.
The meetings are meant to tackle the big global issues of the day including the outlook for the world economy, tackling poverty and unemployment, development and aid.
The IMF published its World Economic Outlook yesterday and it was good news for Britain which enjoyed the biggest upgrade to growth forecasts among the G7.
But the IMF also warned that 'global growth is still weak' and there are major risks to the outlook, including the US debt row. The Global Financial Stability Report is published today.
Whatever the IMF and the World Bank say, the political, regulatory and economic world takes note although they are not always right far from it in fact.
PRICE FEARS DRIVE CINEWORLD TO SELL: Cineworld has been forced to sell three cinemas due to fears its takeover of Picturehouse will cause it to hike ticket prices.
Watchdog the Competition Commission ruled the firm must sell venues in Cambridge, Bury St Edmunds and Aberdeen.
Yesterday Cineworld said it would 'reluctantly' sell its Picturehouse cinemas in Aberdeen and Bury St Edmonds but is still evaluating what to do in Cambridge.
It has decided to hoist the 'for sale' sign in the university city for both its larger multiplex cinema and its Picturehouse venue, which is currently showing Rush starring Chris Hemsworth (pictured) as motor racing legend James Hunt.
It will decide which one to sell once it has received offers.
Cineworld (down 1.75p to 367.75p) bought the Picturehouse chain for Â£47.3m in December.
Competition Commission deputy chairman Alasdair Smith, who is chairman of the merger inquiry group, said: 'We listened carefully to the many local filmgoers who wrote to us or signed a petition.'
BRITAIN'S RECOVERY: Britain's regions are experiencing a jobs recovery, the head of one of the country's leading recruiters said yesterday.
Robert Walters said every industry had seen hiring pick up, leading to a 21pc rise in the company's UK profits over the last three months.
'Having been though five years of pain the recovery won't be immediate,' he said. 'But the UK has now turned a corner.'
The eponymous company saw its group profits rise 10pc to Â£51.9m for the last three months. Shares rose 1.5p to 311.5p.