Retail estate landlord New River Reit posts drop in asset value as high street woes worsen November 21, 2018 Real estate giant New River Reit saw the value of its assets dip in the six months to September, in a further sign of the tough challenges facing landlords on the high street. Net assets totalled £864m in September this year, marking more than a three per cent drop from March, while funds from operations [...]
Ikea cites rapid change in the retail sector as it cuts 7,500 jobs worldwide November 21, 2018 Ikea will cut 7,500 jobs worldwide over the next two years as it focuses on developing its website and inner-city stores, it said today. The cuts, which include 350 roles in the UK, will not hit the headcount of Ikea's 160,000 employees worldwide as it also plans to add 11,500 new jobs to its global workforce. [...]
Pub chain Marston’s raises a toast to solid profits and record revenues after a bumper World Cup summer November 21, 2018 Pub owner Marston’s annual results were boosted by England's long run in the summer's World Cup, it said today, but it will open fewer pubs next year in the face of economic uncertainty. The figures Marston's reported a four per cent year-on-year rise in profit before tax to £104m for the year ending 29 September, meeting its [...]
Paragon gets tough on property valuation to mitigate against Brexit concerns November 21, 2018 UK bank Paragon will take a “robust approach” to property valuation to mitigate against a potential economic downturn following Brexit, it announced today. The FTSE 250 lender said it has strengthened an in-house property team that conducts two thirds of valuations and validates all valuations undertaken by third party surveyors. The company said in a statement: “The [...]
City heavyweight Kate Swann says she’s leaving Upper Crust owner SSP with ‘petrol in the tank’ November 21, 2018 City veteran Kate Swann revealed today that she plans to step down from food and beverages giant SSP Group, saying that she wants to leave the Upper Crust owner with "petrol in the tank". Investors digested the news of the former WH Smith chief executive’s departure from SSP this morning, with shares tumbling on the announcement despite the [...]
Waste firm Biffa blames headwinds for profit drop November 21, 2018 Waste management firm Biffa today announced a profit dip in the first half with its boss blaming “external headwinds”. Biffa's share price fell 4.8 per cent to 217p following the news. In its results for the six months to 28 September, Biffa said underlying operating profit was £40.8m, down from £43.4m in the same period last year. Statutory operating profit was [...]
BBC and Stanhope form vehicle to lead Television Centre refurb November 21, 2018 THE BBC and its development partner Stanhope have set up a joint venture company, TVC Developments, to oversee the £1bn redevelopment of the Television Centre in White City. The 53-year-old centre, which officially closed its doors yesterday, was sold last summer to Stanhope and its Japanese and Canadian backers, Mitsui Fudosan and Alberta Investment Management [...]
Thyssenkrupp predicts higher profits as it attempts to rebuild reputation November 21, 2018 Thyssenkrupp forecast higher profits next year as it reported a fall in income and sales during a gruelling 2018 fiscal year for the company. The figures Profit after tax and costs were down to €60m (£53.4m) from €270m the previous year. Earnings before interest, tax, depreciation and amortization fell to €1.55bn from €1.72bn the year [...]
Ofgem opens investigation into £59m shortfall in green energy fund November 21, 2018 Ofgem has opened an investigation into two energy providers which it suspects are partly to blame for a £59m hole in a green energy fund. The regulator said it will look into Economy Energy and Spark Energy over the shortfall in the government’s renewables obligation schemes. Electricity providers who do not get enough of their energy [...]
Amber Rudd: MPs will block a no-deal Brexit and back Prime Minister’s withdrawal agreement November 21, 2018 Amber Rudd, the new work and pensions secretary, has appeared to rule out a no-deal Brexit on the basis that the House of Commons will vote through the draft withdrawal agreement put forward by Prime Minister Theresa May. Speaking on BBC Radio 4’s Today programme, the former home secretary said the house would stop a [...]