Fleming doubles stake in Team

Institutional investor Fleming has doubled its stake in Team Services to 37.5%. It follows the appointment of one of its employees to the board as non-exec director.

Meanwhile two independent reports are bullish about Team's chances of selling two buildings in Manchester within the next 12 months. Interest charges on the œ14.9 million of loans are around œ1.2 million-a-year, not œ14.9 million as stated in CJ, 4 August. Turnover next year is expected to rise œ30 million to œ100 million, and removing the burden would give a major boost to pretax profits.