Quids in: Steinhoff just raised its offer for Poundland August 11, 2016 Steinhoff's long-running attempt to buy Poundland (at significantly more than a pound) took another twist this morning, after the South African retail conglomerate hiked its bid for the retailer discount retailer. In a statement this morning the Bensons for Beds owner said it it will now pay 227p in cash for each Poundland share (225p per [...]
Owen Smith is calling on Labour to delay its leadership election by two weeks, pushing the result to mid-October August 11, 2016 Owen Smith's leadership campaign is calling for a two week extension to the party's leadership battle following a landmark verdict forcing Labour to reassess who will be able to vote. Earlier this week a court ruled that Labour could not bar new members from taking part in the leadership selection, with Smith immediately responding with [...]
M&S chief Steve Rowe comes under pressure from MPs over proposed pay cuts for shop staff August 11, 2016 M&S boss Steve Rowe has received letters from six MPs asking him to reconsider cutting pay for his shop staff, City A.M. understands. One letter sent to Rowe from Alison Thewliss of the SNP read: "It is clear that there is increasing cross-party condemnation of businesses who seek to exploit their employees at a time [...]
House prices in the City and its fringes have boomed in the last five years August 11, 2016 House prices in the City and the surrounding boroughs have soared over the past five years as the centre of London has become a more attractive place to live. City fringe areas such as Clerkenwell, Shoreditch and Wapping have proven particularly popular, where prices have jumped by 47 per cent since 2011, according to research [...]
A Leonardo DiCaprio-backed startup is bringing mattress innovation to the UK August 11, 2016 Prepare for your sleep to be disrupted – but in a good way. A US startup with celebrity backing has launched in the UK and is hoping to shake up how Brits buy mattresses and the way we sleep. Casper, a two-year-old startup with multi-million dollar investment from Leonardo DiCaprio as well as venture capital [...]
Tui Group says trading this summer is in line with expectations despite revenue tumbling due in part to impact of terror attacks in Europe August 11, 2016 FTSE 100-listed Tui Group reported a five per cent decline in revenue for the third quarter of 2015/2016, as its western region operations felt the impact of the terror attacks which took place in Brussels earlier this year. The figures Turnover at the German company was €4.6bn (£4bn) in the three months to 30 June, down [...]
Legal and General has reached a £140m deal to sell its investment platform Cofunds to Aegon August 11, 2016 Legal and General has reached a £140m deal to sell its investment platform, Cofunds, to Aegon. Subject to regulatory approval, the deal will mean Aegon becomes the UK's largest platform provider, with more than three million customers. L&G only bought the business in early 2013, snapping up a 75 per cent stake for £131m, but confirmed this [...]
City Moves for 11 August 2016 | Who’s switching jobs August 11, 2016 The Crown Estate UK real estate business, The Crown Estate, has appointed Robin Budenberg as chairman. Robin is a prominent figure from the UK finance sector and his appointment follows the retirement of Sir Stuart Hampson. He is currently London chairman of Centerview Partners and a non-executive director for Charity Bank and the Big Society Trust. Robin is the [...]
Cut Lloyds boss Antonio Horta-Osorio some slack: His “tryst” doesn’t make him worse at his job August 11, 2016 Not since Fred the Shred was at his most dastardly has a banking boss made the gossip pages of the tabloids. But this week Lloyds boss Antonio Horta-Osorio strolled into the headlines hand in-hand with Russell Group director general Dr Wendy Platt, after The Sun revealed an alleged tryst between the pair The paper’s report [...]
Cashing in: RMT boss Mick Cash’s “telephone-number” salary sparks outrage as Britain’s commuters face three-pronged strike attack August 11, 2016 The union boss at the centre of a three-pronged attack on Britain’s commuters and holidaymakers earned £137,344 last year, outraging MPs and grassroots campaigners. RMT general secretary Mick Cash received a near seven per cent increase in salary and pension in 2015, at £8,900, for leading Britain’s 15th largest trade union. By comparison, Len McCluskey, [...]