Office Space: The weird and wonderful Shoreditch HQ of tech firm TransferWise September 26, 2019 Tech start-ups are famous – or perhaps infamous – for their idiosyncratic offices filled with ping pong tables and hammocks and games consoles. But what happens when the start-up grows up? This is the position in which TransferWise finds itself: now eight years old, with nine offices around the globe and a total head-count of [...]
Wework likely to postpone listing to 2020 after chief executive steps down September 25, 2019 Wework is reportedly likely to postpone its initial public offering (IPO) until next year after chief executive Adam Neumann stepped down yesterday. Bloomberg reports that the office sharing company is likely to delay its float until 2020, but said nothing had yet been finalised. Read more: Wework chief executive Adam Neumann steps down following botched [...]
PM calls for parliament to face ‘day of reckoning’ through no confidence vote September 25, 2019 Boris Johnson has thrown the gauntlet down to parliament, telling Labour and all the other opposition parties to put down a vote of no confidence in him, to force an election. The Prime Minister called for parliament to face its “day of reckoning”, as Labour MPs shouted “resign” and “you should be in jail”. Johnson [...]
Ebay chief executive steps down September 25, 2019 Ebay chief executive Devin Wenig has stepped down as the online retail giant presses ahead with a potential asset sale. Chief finance officer Scott Schenkel has been appointed as interim chief executive while the board searches for Wenig’s replacement. Ebay said it would continue a strategic review of its assets that began in March. The [...]
Oasis and Warehouse profit rises as retailer mulls cuts September 25, 2019 Oasis and Warehouse Group reported a return to profit in its latest full-year results as the retailer prepares to cut jobs and contracted hours across its store portfolio. The high street chain said this morning that profit before tax was £1.6m, compared to a loss of £10.1m the previous year. Total sales were up 6.5 [...]
Revenues rise at hostel chain Safestay after strong summer September 25, 2019 Hostel chain Safestay reported a jump in revenue following “positive summer trading”, but pre-tax losses climbed following the introduction of a new accounting standard. Safestay revenue rose 24 per cent from £6.5m to £8.1m during the sixth months ending 30 June, while like-for-like sales grew four per cent. Read more: UK hotel profit soars as [...]
Government hints at election, prorogation and Brexit extension September 25, 2019 The Attorney General has hinted that the government may be poised to seek an election for a third time, during a fiery opening session after parliament reconvened. Answering questions in the wake of yesterday’s Supreme Court judgement that the original suspension was “unlawful, void and of no effect”, Geoffrey Cox told MPs the government would [...]
West End landlord Shaftesbury ‘unaffected’ by retail restructurings September 25, 2019 West End landlord Shaftesbury said it has been “largely unaffected” by a recent string of retail and restaurant closures and restructurings. In a trading update this morning the real estate investment trust said it had “limited exposure” to occupier insolvencies. Read more: West End landlord Shaftesbury sued by tycoon shareholder Samuel Tak Lee Tenant insolvencies [...]
Retail sales decline slows in September September 25, 2019 Retail sales fell for the fifth consecutive month in September, however they declined at a slower pace than in August. Sales fell 16 per cent this month, compared to a drop of 49 per cent in August. Retailers said they expect sales volumes to fall by five per cent next month. Orders placed on suppliers [...]
Mortgage approvals grow despite Brexit uncertainty September 25, 2019 The number of mortgages approved by banks grew last month despite the ongoing uncertainty surrounding Brexit. In total, 85,931 mortgages were approved by the main high street banks in August and mortgage approvals for home purchases were 3.2 per cent higher than the previous year as the 31 October Brexit deadline approaches. Read more: First-time [...]