The Business Matrix: Tuesday 12 July 2011

Heathrow has busiest June

A record June at Heathrow helped BAA to enjoy increased passenger numbers at its UK airports last month. The company’s six airports handled 9.9 million passengers, up 4.4 per cent on the year before. Heathrow handled 6.1 million passengers last month, up 6.3 per cent on June 2010 and the west London airport’s busiest ever June.

Banks say they are lending

Small businesses are not bothering to apply for new finance because they assume they will be turned down. Only one in six small firms has applied for a new facility or renewed an existing one in the past 12 months, according to the British Bankers’ Association’s Business Finance Taskforce, yet three-fifths of loan applicants received their request.

HSBC sells motor insurance unit

HSBC has completed its exit from underwriting motor insurance in the UK by selling its HIUK arm, which stopped new business in 2009, to Syndicate Holding Corp for £69m. The bank will continue to offer motor insurance through the HSBC, first direct and M&S Money brands by using third-party insurers.

King optimistic on inflation

The Governor of the Bank of England has reiterated his view that inflation will fall back towards its target of 2 per cent in the next two years. In the Bank’s annual report, Sir Mervyn King said the factors that have underpinned price rises, such as the fall in sterling, rising commodity prices and increases in VAT, would ease over the period.

Flintoff signs up to bat for Jacamo

The former England cricketer Andrew Flintoff has been signed as brand ambassador for Jacamo, the menswear business owned by the home shopping group N Brown. He will feature in Jacamo’s catalogues and online store from August, while a new range called “Flintoff by Jacamo” is expected to launch in January.

Michael Page turns in a £148m profit

Michael Page International expects “modest growth” in the UK in the short-term but the outlook for Asia and Latin America remains strong while Europe continues to improve. Quarterly profits at the recruitment firm came in at £148m – up 32 per cent on a year ago – and beating City expectations.

Cath Kidston names new CEO

The fashion and homewares retailer Cath Kidston has poached Kenny Wilson as its new chief executive to help to drive its ambitious expansion in the UK and overseas. The current president of Europe at the accessories group Claire’s Stores, Mr Wilson will join the retailer at an undisclosed date.

Charles Allen to chair 2 Sisters

Charles Allen, the former chief executive of ITV and chairman of the music group EMI, has been appointed non-executive chairman of 2 Sisters Food Group. The food group, owned by Ranjit Boparan, acquired Fox’s biscuits and Goodfella’s pizza maker Northern Foods earlier this year.

Bloomsbury buys Continuum

Bloomsbury, the publisher behind the Harry Potter series of children’s novels, has bought Continuum, an academic books specialist, for £20m, as it looks to grow its professional and academic division. The company also warned that the UK consumer economy was the “toughest it has been for decades”.

Centamin buys gold explorer

The gold miner Centamin Egypt is buying the Ethiopian explorer Sheba for £7m. Sheba, which is quoted on the Plus market, owns and operates three gold and base metal exploration licences in northern Ethiopia which lie on the same geological “shield” feature as Centamin’s flagship Sukari gold project.