Bosses axed

Nuclear reprocessing giant British Nuclear Fuels is to axe 500 management jobs over the next two years under "business improvement" plans.

The jobs will go from the firm's site at Sellafield in Cumbria, which employs about 10,000 workers.

BNFL said there would be no compulsory redundancies and expected to achieve the cutback by natural wastage or voluntary severance.

Vying for Allied

Drinks giant Diageo today confirmed it had expressed interest in funding one of the rival companies vying to take over Allied Domecq.

The maker of Guinness and Smirnoff vodka said it was well-placed to back French firm Pernod Ricard or the consortium led by US firm Constellation Brands in return for ownership for certain spirits brands.

Chief executive Paul Walsh told the Financial Times: "If certain brands become available we would be a well-financed player to either help the consortium or help Pernod up their bid."

Hornby on track

Model group Hornby said it was confident of weathering the consumer spending slowdown as it posted a 16 per cent rise in annual profits. Hornby said trading in its core UK market had stayed robust during the year to March 31, in which pre-tax profits before goodwill lifted to £7.5m from £6.5m last time. It said its model railways and Scalextrics had remained popular and sales were good.