Helical sells £35m investment property November 21, 2016 Property developer Helical has sold an investment property in Hammersmith for £34.5m. The property, One King Street, was bought by Orchard Street Investment Management, providing a net yield of 4.85 per cent for Helical. Helical purchased the building in 2012 and has since refurbished it, adding an additional floor. The offices, combined with the retail [...]
Bonmarche blames BHS and the weather for sales hit November 21, 2016 Womenswear retailer Bonmarche has blamed the weather and BHS for its declining sales. The company said this morning that like-for-like sales were down 8.6 per cent, which could be in part attributed to the clearance of BHS' stock ahead of the store closing down. Bonmarche also said the weather "was a major variable" in its poor performance [...]
Mitie Group revenue and profit drops as outsourcing firm begins exit from healthcare market November 21, 2016 Outsourcing firm Mitie Group swung to a loss in the six months to 30 September, with a 40 per cent drop in operating profit. The figures Revenue fell 2.6 per cent in the first half, from £1.123bn to £1.093bn. Meanwhile, operating profit before other items dropped 40 per cent to £35.4m from £58.1m. The group [...]
Over three quarters of UK subcontractors don’t benefit from national infrastructure projects November 21, 2016 With Philip Hammond's first Autumn Statement on the horizon, the general expectation is that it'll be an infrastructure-laden announcement. And UK subcontractors are among many hoping they'll get some attention. Over three quarters (78 per cent) don't benefit from national infrastructure projects, according to new research from specialist funder Bibby Financial Services (BFS). Helen Wheeler, managing director [...]
Facebook to create 500 jobs in the UK November 21, 2016 Facebook has said that it will be hiring an additional 500 employees next year when it opens its new base in London. The tech giant will be creating jobs in engineering, marketing, and sales at its new Fitzrovia headquarters. Nicola Mendelson, Facebook's European boss, said: "The UK remains one of the best places to be a tech [...]
We asked economists what they want from Philip Hammond’s first Autumn Statement November 21, 2016 During the rapid post-Brexit shuffle at the top of UK politics many a word was spoken in haste, and perhaps none more so than confident predictions that Philip Hammond would put paid to George Osborne’s austerity politics with a bold return to Keynesian government investment. That might have been a bit rash, but it demonstrates [...]
McDonnell’s profligacy will clash with reality November 21, 2016 Philip Hammond will treat us all to his first fiscal event on Wednesday, as he stands up to deliver a hotly anticipated Autumn Statement. Actually, that may be overdoing it. Let's just call it anticipated. After all, Hammond is no George Osborne. The latter was famed for using such set-piece occasions as an exercise in power-building, [...]
A five per cent improvement in airport journey times could generate £1.9bn for the UK economy, says the AOA November 21, 2016 The Airport Operators Association wants the government to improve surface access to airports, and it's done its research ahead of Wednesday's Autumn Statement. It's calling on the government to invest in transport links to airports, after its new report, in conjunction with Capital Economics, said the government could create tens of thousands of jobs by reducing [...]
Super-premium Brockmans Gin toasts record sales for the first half of 2016 as it basks in UK gin renaissance and expands overseas November 21, 2016 Brockmans Gin has served up record sales for the first-half of 2016 as super-premium gin continues to grow in popularity both in the UK and abroad. Total revenue grew 116 per cent in the first-half of 2016 to £2.6m as the company capitalised on the growing gin renaissance in the UK where sales are expected to [...]
Airbnb has made its biggest product announcement in its eight-year history – will it take off? November 21, 2016 Downtown Los Angeles was, until recently, an area more famous for Skid Row, but regeneration has brought trendy bars, foodie markets, and the likes of Urban Outfitters and Ace Hotels, creating a spot that feels not a million miles away from Shoreditch. This was the backdrop for multi-billion-dollar startup Airbnb’s biggest product announcement in its [...]