A SMALLER rival of car dealership Reg Vardy is said to be lining up a £480m (€713m) move to wreck an agreed takeover of the group.

A cautious opening to trading on Wall Street – rather than the Chancellor’s gloomy economic forecasts – put the brakes on the London market today.

A proposed link-up between NTL and Virgin Mobile put other broadcasters under pressure today as the FTSE 100 Index fell into the red.

A negative reaction to results from retailer Sainsbury’s reflected the mood in the wider London market today.

Shares in car dealer Reg Vardy today fell nearly 3% after it said it was likely to take a hit from the collapse of MG Rover.

The FTSE 100 Index was within striking distance of the 5000 barrier today, after soaring to its highest level since June 2002.

British motor dealer Reg Vardy today said the car buying market worsened in 2004, but insisted that its prospects remained good.

UK motor dealer Reg Vardy today unveiled record profits and forecast further growth despite fears the new car market may have peaked.

News of a higher takeover offer for Marks & Spencer today put London shares on course to break their recent loss-making run.