Carlyle Group has beaten rival private equity groups to reach a $3.2bn deal with Total for the French company’s Atotech chemicals business. The sale takes the energy group closer to its target for $10bn of disposals by the end of next year. Total and its rivals are all seeking to shed non-core assets in response to continued weakness in oil and gas prices. Carlyle faced competition from CVC Capital Partners and a consortium of BC Partners and Cinven, according to people involved in the process. Asset disposals have become an important part of efforts by Total and other oil majors to shore up their balance sheets and defend their dividends since crude prices plunged two years ago. Friday’s deal lifted Total’s proceeds from disposals since the start of 2015 to $8.6bn — more than 80 per cent of the $10bn target set for the end of next year. Analysts have speculated that this figure could be revised upward. Other Total assets up for sale include parts of its North Sea oil and gas portfolio. A queue of big energy groups is trying to reduce exposure to one of the world’s oldest and highest-cost offshore basins. However, weak oil prices have made upstream exploration and production businesses hard to offload as potential buyers seek fire-sale prices while sellers hold out for a so-far elusive recovery. Recent deal activity has been heavily concentrated in mid- and downstream assets including pipelines, refineries and marketing businesses, as well as chemicals units such as Atotech. Analysts said the $3.2bn sale price for Atotech — 11.9 times 2015 earnings before interest, taxes, depreciation and amortisation — was in line with expectations. The Berlin-based business makes chemicals for circuit boards and semiconductors used in electronics. People involved in the process said Carlyle was eliminated from an earlier round of bidding, leaving BC Partners and Cinven in pole position. However, a deal failed to materialise and Carlyle was invited in recent weeks to table a fresh offer. The auction was run by Barclays. Patrick Pouyanné, chairman and chief executive of Total, said Carlyle would “enable Atotech to pursue its growth ambitions” — hinting at the constraints on his own company’s ability to finance expansion at a time when capital expenditure is under intense pressure from low oil prices. Other businesses earmarked for sale by Total include its Italian petrol station joint-venture with ERG, the Italian energy company. Disposals and cost-cuts have helped Total weather the downturn in energy prices better than some rivals. Its earnings fell by 30 per cent in the second quarter — but this was half the average 60 per cent drop suffered by Royal Dutch Shell, BP, ExxonMobil and Chevron. Sample the FT’s top stories for a week You select the topic, we deliver the news. Source link

8 July 2016 | Jamie Harris Facilities services provider ABM UK has named Andy Donnell as managing director for its Business and Industry group. Donnell began his career as an apprentice electrician before taking on roles in operations and account management. He joined Westway in January 2007 and oversaw two management buyouts in 2009 and 2014.   ABM acquired Westway last year, after previously acquiring OmniServ in 2012 and GBM in 2014. Source link

Remote working is becoming increasingly popular in today’s economy. It saves employees travel time, while businesses save on the costs of office space. It suits those spared the commute, and it suits business profits. But, for those working from home, maintaining a healthy work-life balance is no easy feat. One of the biggest problems for remote workers is in preventing the home from looking like a workspace. When living space doubles as work space, it’s all too easy for work paraphernalia to encroach on any stylish home interior, and a desk stuck in the corner of the living room isn’t exactly sexy. Working from home takes discipline, and without the luxury of a separate den or home office, it can be difficult to establish a strict work zone and stick to set working hours. However, cleverly done, work and home can sit compatibly side by side, allowing homeworkers to effortlessly switch between grafting and downtime. With a little bit of thought, it doesn’t have to mean an extension, a loft conversion or the addition of a garden log cabin. If you are determined to keep your living space in stylish form, without giving away the fact that it’s also your office, here are some tips, ideas and awesome projects for inspiration. Interior design overhaul Starting from the bottom rung, if you are short of space and completely devoid of ideas, it’s probably time to consult an expert. A reputable interior designer, like Pfeiffer design for instance, have oodles of experience and creative ideas up their sleeves to make homes look beautiful and function effortlessly. Even if you have the luxury of a separate room in which to establish your office, you’ll still want it to fit in with the style of your home. There is nothing worse than having one room in the house that doesn’t fit in and is full of clutter. It’s important to keep your office bright and clutter-free. The LuxPad have some great ideas. Remember, a stylish office will help with your creative flow! The shut-away office space Ironically, with all this talk about keeping our workplace out of our living space, sometimes space prevents any other alternative. Even with a hidey-hole to park the office we can get too anal about keeping the home office hidden away. Dark, cramped and unappealing spaces could be harming your work rate and your mental health! It might be better to keep your basement for storage and the wine cellar you’ve been dreaming about! If your workspace needs to be part of the main living space, bespoke furnishing is an ideal solution. With shelving and desk space that can be shut away, you’ll find it easier to switch between worktime and relaxation. Pull-out desks, and shelving space with doors, allow you to set up in the morning as though you have arrived at the office, but shut everything away when it’s time to clock off. Zone the room If bespoke furnishing isn’t an option, you don’t have a spare room to jiggle, and space is a premium, the very least you can do is zone your room for dual function. Decorate the areas differently with a subtle colour change to divide the two spaces. Rugs, or even a screen, can help to distinguish work space from living quarters. Get into the zone by dressing for work, and then changing when it’s time to down tools. The biggest rule is to keep your workspace tidy. Try to go paperless and keep any office machinery, such as a printer, hidden away. A cute and tidy workspace in your living room doesn’t have to cramp your style. Then there’s the unusual! Egg Trading is a luxury clothing and accessories retailer. Set up in 1994 on a quiet Belgravia Street in London, this Independent fashion boutique developed their interior to double as both an outlet store and a living space. The minimalist approach across two floors of the small mews property enabled some simply stunning solutions. Instead of separating the living and workspace with an upstairs/downstairs divide, the live-work space is ingeniously designed to maximise use for both living and the business. A minimalist bespoke downstairs bathroom doubles as a meeting room with a delightful wooden tub topped off with a matching lid. Now that is genius!

Have you found the perfect property to buy, only to find that it is ‘subject to a flying freehold’? As if property conveyancing wasn’t complex enough for the layperson, you may well wonder what fresh hell is this? Thankfully, flying freeholds are few and far between but they can create problems for conveyancers, while mortgage companies may be nervous about lending on a property with a flying freehold element. I spoke to H&S Surveyors Ltd, established Chartered Surveyors in South Devon, for some advice and clarification regarding some of the issues surrounding such properties. What is a flying freehold? In English property law, if you hold a legal freehold title, you own the property including the land it is built on and the air above ‘all the way up to heaven and down to hell’. In this way, two freehold properties will not normally overlap. However, when it does, a flying freehold is invariably created. For a flying freehold to exist, one part of the freehold property must extend physically into or over land or a building that does not form part of the property. The flying part of the freehold will typically overhang or project out from underneath, but this does not need to be in mid air. Examples include properties where part of a bedroom lies above the lounge of a neighbouring property, or overhangs a common part. The most commonly seen example of a flying freehold is where there is a covered pathway or external passage running between two houses. If the passageway is owned by the property on the left but the upper floor of the right property extends over the passage, this is a flying freehold. What are the issues with a flying freehold? The trouble is that one person’s property depends on the neighbouring freehold owner for support and upkeep, and often the structural integrity of the building. From a conveyancing point of view, each property needs to have appropriate legal rights – the upper property must have the right of support from the lower one, while the lower property must have the right of shelter from the upper one. As a consequence, the flying freehold owner must be able to rely on the neighbour to maintain his property so that the flying freehold property is not damaged. What if the neighbour fails to maintain his part of the building? What about building neglect, storm damage, roof collapse or redevelopment? There are genuine concerns for the owner of the flying freehold property that must be considered and dealt with via a Conveyancing Solicitor. How easy is it to get a mortgage? Obtaining a mortgage for a property with a flying freehold element will depend on several factors, and the attitude of mortgage lenders can vary widely. The reluctance to accept a flying freehold as a security for a mortgage comes from the existing risk that the neighbouring property may not maintain or repair the property, which may damage or prejudice the integrity of the building structure. A mortgage lender is likely to want the flying freehold to have all required rights of support and protection, entry for repair and enforceable covenants that apply to the current owner (and any future owners) of the neighbouring building. Some mortgage companies will lend if the proportion of the flying freehold element is small, often no more than 15%. Some will require a flying freehold indemnity insurance and some will refuse outright to lend on flying freeholds. Whatever the situation, your Conveyancing Solicitor should be able to advise the best way forward. Even if you don’t require a mortgage to buy the property, dealing expertly with a flying freehold in the conveyancing process may well affect the property’s value and future saleability. What is flying freehold indemnity insurance? Flying freehold indemnity insurance is widely available and often required by mortgage lenders to cover the risk of any inadequate cross covenants and repairing obligations. If you do take out a policy, make sure that it provides for an increase in the indemnity limit in line with property price inflation. It is also worth noting that many policies exclude cover for structural alterations or change of use, effectively preventing redevelopment and major improvements. Importantly, having indemnity insurance in place does not give the flying freehold owner the rights to ensure that the neighbouring property is properly maintained. If all else fails and a neighbourly resolution cannot be achieved, the Access to Neighbouring Land Act 1992 may be used to obtain access to the other property to carry out repairs to one’s own property, although it does not give you the right to carry out works to the other owner’s property. What’s more, it’s an expensive solution by way of a court application, and with no guaranteed outcome. How to proceed Encountering a flying freehold property will throw up extra challenges in the conveyancing process, but it need not be a deal breaker if dealt with properly. Make sure that the survey and/or valuation carried out by your Chartered Surveyor prior to purchase takes account of the existence of a flying freehold so that proper advice and recommendations can be given. Research the mortgage market fully to find a suitable lender and work closely with an experienced Conveyancer to address any issues with the legal title.

Wouldn’t it be fabulous to go to bed every night feeling like you have just booked into a luxury hotel? When it comes to home makeovers many of us try to emulate the ultimate hotel experience in our bedroom, but it’s not always as easily achievable as you first think. For a start, your makeover more than likely doesn’t come with a maid to make your bed, ensure sheets are pristine and crisp, replace wet towels and re-stock the minibar! Without the luxury of a housemaid, you can still bring a touch of the ambience and elegance afforded by a chic hotel into your bedroom. Here are 7 ways you can upscale your sleeping area to make you feel like you’re in the lap of luxury every single night. Spare no expense and push the boat out for a lavish king-size bed and luxury mattress A huge, luxury bed is the crowning glory of any sophisticated hotel room. If you are serious about transforming and reorganizing your bedroom  at home to compare with the experience at a luxury hotel, your old bed with a sagging mattress absolutely has to go. For a comfortable and supportive mattress, with a bedframe to match, consult a bed expert, such as Snug Interiors. They’ll be able to advise you on everything bed-related to get you the perfect sleeping platform for you and your home. Splash out on some expensive bed linens Exquisite sheets are an absolute must. Don’t think thread count doesn’t matter; it does. Crisp, white sheets in a satin weave with a thread count of 420 will get you the indulgent feel of the sheets you would expect to find in a luxury hotel. Don’t go for a thread count less than 300, and be wary of sheets made from twisted or multiple-ply yarn, which have a rougher feel than single yarn. Satin weave also has a softer feel and an elegant sheen. Purchase two or three bedding sets so you always have a freshly laundered set of bed linen on hand, and change your sheets at least once every week. Invest in matching sconces for a warm and romantic glow Just because your bedroom isn’t on show to guests, don’t skimp on the extras like lighting. All too often a pre-loved light shade ends up in the bedroom. Nearly all hotel rooms have matching bed-side lamps or sconces to enable you to turn off the overhead light and create a cosy and romantic glow. Invest in some attractive sconces, and use lower wattage light bulbs to add to the ambience. Pick a plush carpet or a sumptuous rug Stepping out of bed in a luxury hotel is always a dream with plush carpet or a sumptuous rug underfoot. Don’t skimp on flooring in the bedroom. A plush carpet or luxurious rug will be bliss when you get up in the morning, especially during the winter. As the bedroom doesn’t have the problem of high footfall, you can choose a more delicate fabric, or a longer more luxurious pile. Splurge on a pair of indulgent bathrobes Plush, fluffy bathrobes are the boudoir signature of any luxe hotel. To bring back memories of your favourite posh hotel break, simply call up the hotel and ask if they can sell you a couple of their robes. Lots of luxury hotels let you take robes home with you and charge it to your room bill when you leave. Plan for the ultimate en suite If there’s one home improvement you should plan for, it’s to have a luxury en suite bathroom to go with your master bedroom. If you don’t have an en suite, see if there’s a way you can pinch a bit from another room to add one. If you already have an en suite be sure to give it a makeover to give it that luxury hotel feel. Just because your en suite isn’t going to be used by guests, it doesn’t mean you shouldn’t make the investment and make a stunning feature of it. Revamp your bathroom with a new suite, a rainfall shower, a heated towel rail, and if possible underfloor heating. Don’t forget to add luxury soaps, shampoos and huge fluffy towels. For a really striking and luxurious bathroom, consult a bathroom design specialist. Don’t forget to declutter No matter how much money you throw at your bedroom, if the room is filled with clutter you’ll never achieve the look and feel of a luxury hotel room. Make sure all clothes, jewellery, shoes and other bedroom paraphernalia are all neatly put away at the end of every day. Get rid of anything you don’t need, use or wear. A good declutter will bring you the neat and tidy bedroom and peaceful surroundings you are aiming for.