1 April 2021 | 08:47am
StockMarketWire.com - A 2.2% increase in the National Minimum Wage to £8.91 has put a spring in the FTSE 100 on opening ahead of the long Easter weekend.
The rise in the minimum wage, which will apply to two million workers, although those on furlough are set to miss out, has lifted the FTSE 100 0.3% at 6,734.74, while the FTSE 250 is 0.4% higher at 21,601.77.
Clothing retailer Next has jumped 4.1% to £81.92 after it posted a 15% fall in full price sales for 2020/21 and pre-tax profit of £342 million, in line with guidance but said online sales growth is set to continue.
In the first eight weeks of the 2021/22 year, Next said its online sales have been stronger than expected and has raised its central profit guidance by £30 million from £670 million to £700 million for 2021/22.
The wealth management firm s board has already approved the deal.
The acquisition is likely to generate net proceeds of £450 million for Quilter.
In an announcement on Thursday, Quilter plc (LON: QLT) said it will offload its international business for £483 million to Utmost Group (specialist life assurance company) – a move that will help it expand focus on its wealth management segment in the United Kingdom. CEO Paul Feeney said on Thursday:
“The sale allows us to focus on accelerating our growth and efficiency plans as well as further simplifying and focusing our business around its core UK high net worth and affluent customer proposition. It also gives us the ability to deliver a further meaningful capital distribution to shareholders.”
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st April 2021 8:20 am
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Quilter International sells for £483m
Quilter has agreed to sell its international business for £483m to life assurance group Utmost Group, as it looks to focus its attention on its UK wealth management division.
The FTSE-listed wealth manager announced the board had “unanimously agreed” to sell Quilter International as it was “less strategically aligned” to Quilter’s UK proposition.
In a stock market announcement today, the company said the customer overlap between Quilter’s UK customers and Quilter International has also reduced in recent years.
Life company was put under strategic review late last year
Two Isle of Man life companies look set to merge, following an announcement that Utmost Group has entered into an agreement to acquire Quilter International.
The deal is subject to regulatory approval and will see Quilter receive roughly £483m ($664.9m, €566.9m) in cash assuming completion on 31 December 2021.
The plan is to fold Quilter International into Utmost international, to which it will add £22bn of assets under administration and 90,000 life policies.
In addition to its Isle of Man base, Quilter International has offices in Hong Kong, Singapore and Dubai.
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