House of Fraser landlords, lawyers and property advisers slam ‘disappointing’ CVA vote June 22, 2018 Landlords have been left disappointed after House of Fraser's CVA was passed today, with some even considering legal action. Creditors threw a lifeline to the department store chain by approving rescue plans that will result in half of the retailer's sites being closed. Possible legal challenge Two advisers to a group of the affected landlords [...]
Pure Gym buys Soho Gyms to bulk up London presence June 22, 2018 Pure Gym has snapped up the 10-strong London Soho Gyms chain and will convert all the branches to the Pure format. The addition of the Soho portfolio, which includes sites at Tower Hill and Farringdon, will bring the number of Pure sites in London up to 59. Pure charges significantly less than Soho, with a [...]
Draft Project Lord Turnbull Report: MPs call on Serious Fraud Office and National Crime Agency to investigate Lloyd’s-Hbos fraud further June 22, 2018 MPs are calling for an investigation into potential criminality regarding the handling by Lloyds Banking Group of a fraud at its Hbos Reading unit more than a decade ago and into the role of auditor KPMG. The All Party Parliamentary Group on Fair Business Banking, which is chaired by Kevin Hollinrake MP, has urged the [...]
We deserve a Prime Minister who isn’t blind to the case for cannabis June 21, 2018 No one could follow the story of Billy Caldwell, the 12-year-old boy who suffers from debilitating, potentially fatal seizures, and fail to be outraged by a bureaucratic system that denies him the cannabis treatment he needs. No one, that is, except Theresa May. The latest this week is that the government is finally going to [...]
Chancellor Philip Hammond uses Mansion House speech to accuse EU of ‘land grab’ of the City June 21, 2018 Chancellor Philip Hammond tonight slammed the European Union for attempting a land-grab of the Square Mile, and promised to stand firm on the UK’s post-Brexit demands for the financial services sector. Hammond used his annual Mansion House address to rubbish the so-called enhanced equivalence regime proposed by Brussels. “These proposals have nothing to do with [...]
Premier Foods urges support for chief exec in face of opposition from second-largest shareholder June 21, 2018 The board of Premier Foods has urged its shareholders to back its chief executive officer (CEO) despite opposition to his re-appointment from its second-largest shareholder. In an announcement today the board said it had been made aware that Hong Kong-based Oasis Management intends to vote against the re-appointment of its CEO Gavin Darby at the [...]
House of Fraser closure vote looms as politicians fear jobs cuts and end to iconic stores June 21, 2018 Politicians and landlords fear thousands of job losses and the death of beloved high street stores ahead of House of Fraser’s vote on store closures tomorrow. The struggling retailer’s creditors will decide tomorrow whether to approve a company voluntary arrangement (CVA), which will result in 31 of the 59 House of Fraser stores closing down. [...]
IBM report suggests that TSB testing was not rigorous enough before computer meltdown June 21, 2018 Experts brought in to fix computer systems meltdown at TSB did not find evidence of strong enough testing of a planned migration, according to an internal report published today. Consultants from IBM told the embattled bank’s board that it had not seen evidence of the kind of testing it would expect of the risky migration [...]
Brexiters slam Single Market for goods proposal June 21, 2018 Brexiters have slammed suggestions that Number 10 could be poised to push for a Single Market for goods, claiming it would bind the UK's hands on future trade deals. Reports this morning suggested the idea – put forward by think tanks including Open Europe and the Centre for European Reform – was gaining traction in [...]
Berkeley boss Tony Pidgley has made an ominous call about the future of London’s housing market June 21, 2018 Legendary housebuilder Tony Pidgley is primarily known for three things. Firstly, he was a Barnardo’s baby, subsequently adopted by a family of gypsies. Secondly, from such humble beginnings he rose to become one of the UK’s highest-paid business chiefs. And thirdly, he is credited with calling the house price crash at the end of the [...]