Kingfisher shake-up poser

RETAIL company Kingfisher remained tight-lipped about plans to shake up its DIY and electrical businesses, as it reported a five per cent rise in annual pre-tax profits.

Chief executive Sir Geoffrey Mulcahy said the group, which owns B&Q and Comet in the UK, was looking at key strategic issues. But he said: "We have nothing to add. We will only make any announcements when there are any conclusions." Speculation had been growing that Kingfisher was preparing to announce a major rights issue to raise cash to take control of the French DIY chain Castorama. Kingfisher improved its pre-tax profits by five per cent to £560.1m before one-off costs in the year to February 2.

PUBS SALE: Japanese investment bank Nomura has sold 4,189 pubs in the UK to a consortium including Enterprise Inns for £2bn. Solihull-based Enterprise is buying a 16.8 per cent stake in a new company taking over the pubs, mainly based in the south of England. The consortium is being led by venture capital groups Cinven, Legal and General Ventures and Morgan Stanley's Princes Gate Investors. Last month, Nomura sold off its Inn Partnership chain to Hartlepool-based Pubmaster in a £523m deal.

BORROWING UP: Credit card borrowing rose at its fastest pace for nearly two years during February as consumers took advantage of low interest rates. The British Bankers' Association said its members had seen debts on plastic increase by £352m during the month, more than double January's rise of £144m, and the biggest increase since May 2000.

BANKER DEAL: Barclays' boss Matt Barrett has signed a new contract with the bank which could see him earn £13.5m over three years. The Irish-born chief executive, who joined Barclays from Bank of Montreal in October 1999, is set to earn £3.21m a year.

SYNETIX MEETING: World-wide science company Synetix, in Billingham, Teesside, is proving its international reputation by holding a customer symposium in Doha, Qatar, today. More than 30 customers are expected to attend the event from as far afield as the Middle-East, Russia and Europe.