Paddington Cube development to boost local economy by £350m a year October 25, 2016 The redevelopment around the Paddington Cube building from developer Irvine Sellar is set to add £350m to the local economy each year. The £775m scheme will create 4,500 jobs in Paddington, according to analysis by Volterra Partners, which will increase the annual spend in the vicinity of the project by £5.8m. Read more: Developer Irvine [...]
Carpetright’s share price is slightly up despite saying that the fall in the pound is squeezing margins October 25, 2016 Carpetright's share price nosed-up around one per cent today despite saying that the weakened pound is impacting profitability across its 429 UK stores. Updating the market on half-year performance, the Purfleet-based company said costs had increased as a result of sterling's post-Brexit slump and that gross profit margins – the excess that it can sell items over their cost [...]
John Lewis has hired a new boss to replace Andy Street October 25, 2016 John Lewis has appointed Paula Nickolds as its new managing director to replace Andy Street. Street, who has run the retailer since 2007, is running as Conservative candidate for mayor of the West Midlands. Like Street, Nickolds – who will step up to the role in January – is a John Lewis veteran, having joined in [...]
The Brexit vote fails to perturb Shoe Zone as its share price flies October 25, 2016 Discount retailer Shoe Zone's share price sprung over 15 per cent this morning after announcing that its cost-cutting measures had put it on track for a small increase in annual profits. In its pre-close trading statement, Shoe Zone said that it expects revenue for the year to be down by £6.8m at £160m, although this is primarily [...]
Intu reports increase in footfall and says impact of BHS closure has been offset by new lettings in 2016 October 25, 2016 Shopping centre owner Intu reported today that footfall at its UK businesses had increased during the three months to 1 October – and said the impact of the recent closure of BHS stores around the country had been more than offset by new lettings in the year. Intu, which announced today that it is to sell [...]
Tesco chairman John Allan admits prices WILL go up due to weak sterling and higher inflation October 25, 2016 John Allan, the chairman of Tesco, has admitted that prices will increase at supermarkets if the pound stays at its current level. The chain temporarily pulled some of its products, including Marmite and PG Tips, from its online stores earlier this month after its supplier, Unilever, demanded a 10 per cent increase in prices due to [...]
Whitbread’s share price falls as half-year results fail to impress October 25, 2016 Whitbread's penchant for the finer stuff failed to excite the market as its share price fell nearly three per cent after unveiling its half year numbers. The figures Total revenues increased by 8.1 per cent to £1.6bn, although like-for-like growth was up by a more modest 1.9 per cent. The group's Premier Inn hotel network generated just [...]
Visa’s profits jump 28 per cent on consumer spending spree October 24, 2016 Visa reported a profit rise of 28 per cent in the fourth quarter, beating analysts' expectations, as customers spent more money on its payment network. The world’s largest payment operator said its net income for the quarter ending 30 September reached $1.93bn (£1.58bn), up from $1.51bn (£1.23bn) a year ago. Payments volume jumped 47 per cent. [...]
Hammerson and Standard Life partner for £1.4bn overhaul of Brent Cross October 24, 2016 Hammerson and Standard Life Investments have embarked on a public consultation on a £1.4bn redevelopment of Brent Cross shopping centre. Brent Cross opened 40 years ago and Hammerson plan to revamp it with the addition of 200 new shops, 40 restaurants, a hotel, a cinema and around 6,700 homes. The shopping centre is set to [...]
Chinese firm HNA takes 25 per cent stake in Hilton Hotels October 24, 2016 Chinese conglomerate HNA Group have announced it will buy 25 per cent of Hilton Worldwide Holdings Inc from Blackstone Group L.P for $6.5billion dollars. The latest move by a Chinese company into Western assets will see HNA pay $26.25 per share in cash for the stake, 15 per cent above Hilton's closing stock price on [...]