Hugh Osmond, the serial entrepreneur, is considering relocating Pearl Assurance, his financial services group, outside the UK for tax purposes, in the latest sign that frustrated businesses have lost faith in the Labour Government, The Times reports.
Mr Osmond, who famously floated the Pizza Express restaurant chain and turned Punch Taverns into one of Britain's biggest pub landlords, told The Times yesterday that Pearl was already likely to list some of its investment funds offshore.
He said that it would be relatively simple to transfer other functions, including the head office, outside the UK to lower-tax locations, such as Dublin or Geneva.
Mr Osmond also said that he was considering leaving Britain himself, in frustration over an administration that he sees as no longer friendly towards the country's top entrepreneurs.
AS INVESTMENT BANKS continue to feel the effects of the credit crunch in the West, some are looking to Africa as the latest emerging market opportunity to boost flagging profits, The Independent reports.
Banking powerhouses including Citigroup and JP Morgan operate in sub-Saharan Africa, but last week Russian investment bank Renaissance Capital (RenCap) showed signs of things to come as it bought stakes in brokerages in Ghana and Zambia.
The group called Africa "strategically important" and said the investments in New World Investments in Ghana and Pangaea/EMI Securities in Zambia gave the group an opportunity "to play a role in the exciting development of both countries' financial markets and their importance in the region as a whole".IFAonline
Search for replacement to begin imminently
60+ £300bn ISA savings
Has technology moved on?
Total funds on list rise from 26 to 58
What made financial headlines over the weekend?