Culture shock: How London’s theatreland will be squeezed by business rates re-evaluation February 12, 2017 London’s theatreland will be forced to pay an estimated £31m in property taxes over the next five years once the government’s planned hike in business rates comes into effect in April. The total rates bill for theatres in the West End will rise by nearly 40 per cent to £6.3m for the 2017 to 2018 [...]
Swiss voters reject tax reform plan February 12, 2017 Voters in Switzerland have chosen to block the government’s attempts to reform its corporate tax regime. The federal chancellery announced on Sunday that the plans had been rejected by 59 per cent of voters in a nation-wide referendum held last week. Switzerland’s government had sought to abolish ultra-low tax rates for multinationals, whilst preparing a [...]
Pressure mounts on House of Commons speaker John Bercow over Brexit remarks February 12, 2017 Pressure is increasing on House of Commons speaker John Bercow after a cabinet minister warned of "a strong reaction" to Bercow's public statement that he voted for the UK to stay in the EU, and government sources said Downing Street would not intervene to protect him. It emerged today that Bercow had discussed his Remain vote with Reading [...]
Small business commissioner will tackle late payment issues February 12, 2017 The hunt is on for the UK’s first small business commissioner. As part of its strategy to tackle late payment issues, the government will hire an advocate for small businesses. This move comes in response to the discovery that nearly half of the UK’s small businesses experience late payment. Payment processor Bacs estimated that a [...]
All Star Lanes scores £3.5m strike after successful turnaround February 12, 2017 All Star Lanes has secured a £3.5m refinancing after a successful 2016 saw its underlying profits jump 39.5 per cent to £1.4m. The American-inspired ten-pin bowling chain has one branch in Manchester and four in London, including its recently reopened Brick Lane flagship location. Although the company was founded in 2006, it was only after [...]
Ocado chairman Stuart Rose bags £1.3m share award February 12, 2017 Online grocer Ocado gave its chairman Stuart Rose a £1.3m share award last year as part of a pay deal he agreed when he joined the company in 2013. When he was made Ocado chairman, former Marks and Spencer boss Rose bought £400,000 worth of Ocado stock. The company gave him 452,000 shares on the [...]
Toshiba is set to report a £3bn loss for nine months of 2016 later this week February 12, 2017 Toshiba, the troubled Japanese conglomerate looking to build a new nuclear reactor in Cumbria, is set to report a group net loss of approximately ¥ 400bn (£2.8bn) for the three quarters to December, the Nikkei reported. The loss is largely due to a goodwill impairment of around £4.2bn on a US nuclear unit that came to light in late [...]
The Body Shop attracts buyout bidders in £850m sale February 12, 2017 Potential buyers are emerging in the $1bn (£850m) sale of ethical beauty brand The Body Shop. Apax Partners, a high-profile backer of companies including Karl Lagerfeld and Orange, has registered its interest, The Sunday Times reported yesterday. Current owner L’Oréal put the iconic British store up for sale last week, saying it wanted to “give it [...]
Bank of England officials are talking Brexit with City bosses February 12, 2017 Bank of England officials have been meeting with various senior City figures, with wishlists for Brexit high on the list of talking points. Many across the financial sector have warned a bad Brexit deal with no suitable substitute for passporting, the complex set of rights currently used by UK firms to access EEA markets, and no [...]
William Hill investor pushing for sale February 12, 2017 The high street betting chain, William Hill, is being considered as a potential target for acquisition, according to reports in the Sunday Times. Parvus Asset Management has been pushing for a sale of William Hill for four months, according to sources in the City. The Mayfair-based hedge fund is William Hill’s biggest single shareholder, with [...]