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This would be enough to increase group earnings by over 20 per cent in 2005 and 2006

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This would be enough to increase group earnings by over 20 per cent in 2005 and 2006."MFI said it had been piloting eight stores with an improved version of its partial refit format for those shops that were not suitable for a full refitNick Bubb, analyst at Evolution Beeson Gregory, said the stock market reaction to MFI's statement was overly simplistic, by projecting forward current trends many years "People have swallowed this. That's just ignoring the economy and all the things in the economic cycle that could interfere .. History teaches me that something will go wrong.". McCarthy & Stone, the UK's biggest developer of retirement homes, revealed yesterday it had received a takeover approach that may lead to an offer. Shares yesterday were up more than 8 per cent, forcing the company to confirm to the stock exchange that it was in talks with a potential buyer.The shares have gained 45 per cent this year, and yesterday closed 9.3 per cent higher at 495.5p. This values the business at around £515m, and its highest value in 14 years."Talks are at an extremely early stage and may or may not lead to an offer being made," the company said.Persimmon Homes, George Wimpey, Wilson Bowden and Barratt Homes were all cited yesterday as possible bidding candidates. Sources close to Persimmon, however, were last night ruling them out."McCarthy & Stone has looked like a consolidation target for some time," Mark Hake, an analyst at Merrill Lynch, said yesterday. "It provides quite an attractive opportunity, as it has a unique business model.

This would make it an appealing bolt-on acquisition, albeit a large one, for one of the bigger housebuilders."Although venture capital money may be behind the approach, and the prospect of a management buyout is not being ruled out, the City is expecting a listed rival to come forward as the bidder.James Crocker, an analyst at Merchant Securities, said: "A venture capital bid could have come in at a much earlier stage and picked up the company at a much lower price. That we are only seeing a bidder come to light now would suggest it is a listed company that would be relying on its paper to fund the deal. All the housebuilders have seen their share prices rise recently."A take out price could be as high as £6 a share, valuing the group at up to £624m, analysts said yesterday. John McCarthy, one of the founders of the business and its non-executive chairman, owns as much as 17 per cent of the company and would have to be offered a substantial premium to bow out. But a rival is thought unlikely to pay more than £550m.The firm has prospered from low interest rates that have allowed people to borrow cheaply to buy homes.With 65 per cent of the market for retirement homes, McCarthy & Stone is benefiting from the ever-growing population of over-50s..

Rosemary Bravo: Was awarded shares worth £12.6m when Burberry floated last July Reuters Rosemary Bravo: Was awarded shares worth £12.6m when Burberry floated last July Reuters Rose Marie Bravo, the chief executive of Burberry and the mastermind of its dramatic recovery, pocketed £19m in pay and shares last year, making her one of the best paid executives in Europe.Ms Bravo's staggering package is far higher than almost all other UK bosses and compares with what executives are paid in her native America.The reward, detailed in the company's annual report, was made up of £12.6m in shares awarded when Burberry floated last July. Roger Holmes, its chief executive, was paid a total of £1.1m, a rise of 25 per cent from the previous year. His pay included a £491,000 bonus.Separately, Sir Peter Davis, the chief executive of J Sainsbury, stands to receive shares worth £4m, according to the supermarket group's annual report published yesterday. Sir Peter, who will become chairman in March next year, is due to receive 1.5 million shares over the next three years, if certain performance targets are met. These would be worth just over £4m at yesterday's closing price of 261.75p.The shares grants depend on Sir Peter using "his best endeavours" to secure a new chief executive for the company by 31 March 2004 and a new deputy chairman being appointed.The accounts also show that Sir Peter, who recently agreed a new contract to stay in his post until July 2005, was paid a total of £1.2m last year, including a basic salary of £800,00 and a bonus of £408,000.. Tesco was yesterday subjected to one of the biggest protests against controversial "golden goodbye" payments by shareholders.

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