London retail landlords struggle to collect rent from tenants October 12, 2020 London commercial property landlords are struggling to collect rent from beleaguered retail tenants amid a slump in footfall during the coronavirus pandemic. Great Portland Estates announced this morning that it collected just 21 per cent of the retail, hospitality and leisure rent it was owed in the quarter ended 30 September. However total rent paid [...]
Retail body accuses government on inaction on garment worker abuse October 11, 2020 The trade body for the UK retail sector has said that the government has carried out no “significant action” to protect textile workers from exploitaiton. In a letter to home secretary Priti Patel, the British Retail Consortium (BRC) said: “Despite numerous reports in the media, and a previous letter to the home secretary signed by [...]
Marston’s and Carlsberg get green light for £780m brewing JV October 9, 2020 Brewers Marston’s and Carlsberg have been given the go-ahead to complete a £780m joint venture after a Competition and Markets Authority (CMA) investigation. Shares in London-listed Marston’s rose 16.7 per cent as markets cheered the decision. The UK’s competition watchdog said that as the two firms had different areas of focus, competition between the two [...]
DEBATE: Should the social distancing restrictions on weddings be dropped? October 9, 2020 Should the social distancing restrictions on weddings be dropped? Mark Henriques, managing director of Cripps & Co and petitioner seeking an injunction against the government measures, says YES. In March, lockdown shattered the plans of the thousands of people set to marry this year. I have watched with dismay as a temporary upset, caused by [...]
Lardlord AEW presses on with Cineworld legal action despite closures October 8, 2020 Property firm AEW UK is reportedly going ahead with its legal action against beleaguered cinema chain Cineworld over unpaid rents, despite the closure of all of the firm’s theatres in the UK. AEW is suing Cineworld for around £200,000 of unpaid rent. The cinema operator has closed all of its UK and US cinemas after [...]
Landlord New River converts retail property into residential amid high street turmoil October 8, 2020 Landlord New River REIT is pushing ahead with its plans to convert some of its retail and pub destinations into housing, it announced today, amid a challenging period for the sector. The real estate investment trust announced today that it has progressed its residential conversion opportunities during the coronavirus pandemic. In a trading update this [...]
Liverpool mayor rejects plans to shut pubs and restaurants across north of England October 8, 2020 The mayor of Liverpool has come out against potential plans for any further restrictions across the north of England, such as pub and restaurant closures. Steve Rotheram called it “deeply disappointing” that new Covid-19 restrictions could be in place from Monday. “At the moment we have a patchwork of local measures across the country and [...]
Imperial Brands revenue flat as pandemic drives smoking pick up October 8, 2020 Tobacco giant Imperial Brands said that it expected full year revenue to be broadly flat, with the pandemic driving up demand for cigarettes. In a trading update, the FTSE 100 firm said the increase in demand had offset weaker duty free sales, which fell due to the restrictions on international travel. The announcement sent shares [...]
Ecommerce platform Clearbanc injects £500m into British startups October 8, 2020 Ecommerce investor Clearbanc has announced its plans to invest £500m into British SMEs over the next year as part of its UK launch. The alternative capital platform, founded by Canadian Dragons’ Den star Michele Romanow, will use its AI platform to invest in British online startups to help with future growth. Clearbanc has already invested [...]
Pubs and bars in row over late night levy as 10pm curfew sinks sales October 7, 2020 Pubs and bars have urged the government to scrap a tax on late night openings after it emerged many venues are still being charged despite being forced to close at 10pm. The late night levy is charged by some councils on venues selling alcohol between midnight and 6am as a way of paying for additional [...]