Lloyds takes stake to bail out Admiral

Admiral Taverns completes debt-for-equity swap in which Lloyds Banking Group takes an almost 50% holding

• Enterprise tumbles and offers little cheer
• Admiral set to highlight Lloyds’ toxic debt

Enterprise tumbles and offers little cheer

Ted Tuppen, the pub group’s chief executive, told investors: ’Trade will not be a lot easier next year even if the sun comes out and the recession ends’

Daimler and Aabar take Brawn GP stake

Daimler and Aabar’s acquisition of 75.1% of Brawn GP means there will be a Mercedes-Benz Grand Prix works team for the first time in Formula One since 1955

Teams reject Ecclestone offer of bigger share

Formula One teams snub a proposal from Bernie Ecclestone, the F1 rights holder, for a 60% per cent share of the sport’s underlying profits in exchange for a commitment until 2012

Longshot in £30m return to leisure sector

The former owner of the Groucho Club plans to buy up distressed assets and sees opportunities in purchasing boutique hotels and golf clubs, as well as restaurants, pubs and bars

Locals take shot at Trump golf resort plan

The prospect of compulsory purchase orders to evict owners of properties that were not part of the developer’s original application to build the £1bn site arouses opposition in Aberdeenshire

Merlin hopes to conjure IPO magic

Merlin Entertainment’s chief executive knows that if the theme park operator behind the London Eye is to achieve his goal of a £2bn initial public offering he must overcome public market suspicions of private equity

Sands IPO aims to resurrect Macao ambitions

Las Vegas Sands’ $3.35bn Hong Kong initial public offering caps a remarkable comeback for Sheldon Adelson, the self-made billionaire chairman