(INST.L) Instore PLC Buy/Sell

The Times

NEWCASTLE BEARS THE BRUNT AS BAE SHEDS 590 JOBS

BAE Systems has told its staff 590 jobs will be axed, with more than a third going at its Newcastle facility. Factories in Leeds, Guildford and Telford will also close because demand for armoured vehicles has stalled. The company has also said that unless there are new orders from the Defence Ministry, further closures may be necessary. Bids to build Future Rapid Effects System vehicles are due to be submitted next Thursday, but there are fears the entire project could be scrapped if the Treasury calls for further budget cuts from the ministry.

HUNDREDS OF BRITISH MANAGERS TO GO AS SHELL STEPS UP

RESTRUCTURING DRIVE

More than 400 British managers at Royal Dutch Shell will lose their jobs by the end of 2009 as the Anglo-Dutch group presses on with its Transition 2009 restructure. New chief executive Peter Voser announced 5,000 job losses worldwide on Thursday following a 73 percent collapse in third-quarter profits. Most British job losses will occur at Shell's upstream operation in Aberdeen and its London corporate affairs office. In some areas, up to 30 percent of senior management roles have disappeared in the restructure. Shell's chief financial officer Simon Henry said European oil demand could be in permanent decline.

FOUNDER OF JONGLEURS HOPES TO HAVE THE LAST LAUGH

Jongleurs founder Maria Kempinska intends to create a new chain of the comedy clubs- - after regaining control of the brand which until recently had been licensed by Regent Inns. Last week's sale of Regent, via a pre-pack administration, triggered a change-of-control clause which sees full control of the Jongleurs brand revert back to Kempinska. She is already looking for new sites in Newcastle Liverpool and Brighton as a platform.

The Daily Telegraph

THRESHERS OWNER IN ADMINISTRATION

First Quench Retailing, the owner of off licence chain Threshers, has been placed into administration -- with the board confirming that it has appointed KMPG as administrator. KPMG has advised First Quench, which owns 300 stores and employs 6,500 staff, that its best option is to sell the business as a going concern, thereby safeguarding as many jobs as possible.

VIRGIN MEDIA BUOYED BY RISE IN CUSTOMERS

Virgin Media reported a 1.3 percent rise in revenue in the third quarter on Thursday, boosted by the addition of 8,100 new fibre optic service subscribers. Despite this, operating income fell three million pounds to 50 million pounds. Chief executive Neil Burkett also said he "broadly supported" government proposals for a crackdown on piracy and that the cable operator is considering launching 3D TV on its video-on-demand service.

STANDARD IS BOOSTED BY ASIA'S REVIVAL

Standard Chartered reported a strong set of third quarter results on Thursday, buoyed by a resurgent Asian economy. The bank is working with Indian authorities in the hope of listing in the country and is also considering pursuing a Chinese listing. Chief executive Peter Sands noted the fact that emerging economies are recovering faster than those in the West, but said it was too early to call it a sustained recovery.

The Independent

POUNDSTRETCHER OWNER TO DELIST FROM MARKET

Instore, the owner of discount retailer Poundstretcher, has announced it is to delist from the stock market as it reported a narrower half-year loss. For the six months to August 29, the company posted a pre-tax loss of 3.7 million pounds. Instore also runs a second discount chain under its own name and said the decision was taken with the interests of its shareholders firmly in mind.

NATIONAL EXPRESS MERGER TALKS COLLAPSE

Merger talks between National Express and Stagecoach have ended. As a result of this National Express will launch a rights issue before the end of the year. The company has been struggling since July when the group's financial problems, including a 1.2 billion pound debt mountain, forced the government to take back the East Coast rail franchise. A 765 million pound takeover proposal from Spain's Cosmen Family was withdrawn over disagreements with the board concerning the company's U.S. business.

TRANSPORT GROUPS CONTINUE TO TRADE IN LINE WITH HOPES

Go-Ahead and Arriva both reported growth in revenues and continued to trade in line with forecasts. Go-Ahead kept the economic backdrop firmly at the forefront of its forecasts and kept full-year expectations unchanged. The share prices of the two groups responded in a positive fashion with Arriva closing the day 1.3 percent up, while Go-Ahead could boast an increase of 3.3 percent.

The Guardian

LLOYDS TRIES TO SHORE UP SUPPORT FOR RECORD 13 BILLION POUND

RIGHTS ISSUE

Lloyds Banking Group spent Thursday night in talks with major shareholders in a bid to leave the government's toxic asset insurance scheme and limit public ownership to under 50 percent. The bank needs support for a 13 billion pound rights issue and an eight billion pound debt-for-equity swap. Without the share offer, which has Chancellor of the Exchequer Alistair Darling's provisional backing, Lloyds will have to put 260 billion pounds of toxic assets into a government-backed asset protection scheme. The EU is likely to rule on the break-up of the bank next week.

OUTDOOR GOODS RETAILER BLACKS LEISURE WINS BANKS' BACKING TO

CLOSE 100 STORES

Blacks Leisure said on Thursday it had won approval from bankers for a restructure that will mean the closure of 100 of its stores. Lloyds had given the retailer until today to turn itself around after it breached loan terms in September. Blacks, which has already put surfwear subsidiary Sandcity into administration, must now convince its landlords to support a company voluntary arrangement. The CVA needs to be finalised by the end of November.

STANDARD LIFE SUFFERS FROM 15 PERCENT FALL IN PENSION SALES

Figures from Edinburgh-based insurer Standard Life suggest its sales revenues in the first three quarters of the year have been hit by public unease over pension saving. Pension sales, which were at 12.4 billion pounds over the same period last year, have declined by 15 percent to 10.5 billion pounds. Although outgoing CEO Sandy Crombie said Standard Life's position remained strong, analysts were less optimistic. Standard Life's shares closed down 0.8 pence at 219 pence.

Prepared for Reuters by Durrants
Keywords: PRESS DIGEST British business Oct 30

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