Whittard looks for a buyer

TEA and coffee merchant Whittard of Chelsea has been put up for sale by its Icelandic owners Baugur.

The Icelandic retail investor has been searching for a buyer for Whittard, which has 135 UK stores and 30 worldwide, for several weeks following a strategic review of the business, which has performed poorly.

Industry sources said Hilco, which failed to save Woolworths last week, and US-based Gordon Brothers were interested in the firm.

A deal could be agreed within weeks.

Silence is golden

BIOTECH firm Silence Therapeutics is expected to receive a boost this week from the publication of research that is positive for its main cancer drug.

The report in the Cancer Research journal on preclinical trials of the company’s treatment aimed at slowing the progress of tumours will say that the early signs are promising.

This should pave the way for the company to begin testing the drug in humans.

Mumbai appeal

MARK WOOD, the chief executive of pensions group Paternoster, has launched an aid appeal for staff of the Taj Palace and Oberoi hotels in Mumbai which were attacked by terrorists last week.

Wood is planning a charity dinner in January to raise around £300,000 for a fund being set up by Tata, the Indian group that owns the Taj chain.

Wood asks that anyone who can help with the fundraising e-mails him at Mark.Wood@Paternoster.uk.com.

Cigarette ads storm

CONVENIENCE stores and newsagents are calling on the government to call off an expected ban on stores from displaying cigarettes because they fear such a move would damage trade.

The package has been attacked by the Tobacco Retailers’ Alliance. A spokesman said: “If they are serious about supporting small shops, they will throw out this unnecessary proposal and come up with better alternatives.”

Jeans maker seeks £1m

THE former head menswear denim buyer at Harvey Nichols department store is looking to raise about £1m to fund the expansion of the handmade luxury jeans brand she founded last year.

Sara Simmonds, 30, launched Sharkah Chakra as the first premium, ethical denim brand and its fans are said to include the likes of supermodel Claudia Schiffer.

The jeans are handwoven in India from Fairtrade organic cotton sourced in Africa and are coloured with natural indigo dye. They are sold in British stores, including Liberty and Harvey Nichols, as well as the famous Los Angeles boutique Fred Segal. They also feature the hand-placed trademark gold rivet to “symbolise the hands who have made them”.

Simmonds wants to use the fresh funds for marketing and to extend the brand’s international presence.

Why RBS is banking on the government

57.9%: THE size of the stake the British government will hold in Royal Bank of Scotland after shareholders failed to take part in the company’s rights issue.

£20bn: THE size of the cheque RBS will receive from the government this week in exchange for the new shares and preference shares in the bank.