Construction giant Midas confirms intentions to appoint administrator after tumultuous year January 31, 2022 Construction titan Midas has confirmed it is planning to appoint an administrator after the firm experienced financial woes in the past year. The Devon-based firm filed a £2m loss last year, marking its first deficit in 40 years of trading. Rival firms have reportedly approached Midas about a possible rescue deal, according to trade publication [...]
Households braced for mortgage shock ahead of rates hike as cost of living crisis deepens January 31, 2022 Fresh warnings over the cost of living have been issued as millions of households could face a huge mortgage shock. Trade body UK Finance has said one in four mortgage borrowers on variable rate deals will be affected by an anticipated rates rise, The Telegraph first reported. The Bank of England is anticipated to hike [...]
City comeback: Broadgate Quarter almost fully occupied as office workers return to Square Mile January 31, 2022 City office block Broadgate Quarter has edged closer to full occupation, in another sign of the Square Mile’s revival. There is now less than one per cent of office space available at the 456,000 sq ft development, which is situated on the corner of Snowden Street and Worship Street. Office workers have flooded back into [...]
Landlords call on government to clarify cladding cash plans ‘as a matter of urgency’ January 31, 2022 Landlords have called on ministers to clarify if plans to force businesses to cover the costs of fixing unsafe cladding will apply to certain types of landlords too. Housing secretary Michael Gove has outlined plans to force builders to cough up billions for remediations on dangerous buildings. The government has said those who sublet properties [...]
Changing high street: Bingo halls and casinos shutter while gyms take advantage of cheaper rent January 31, 2022 Bingo halls and casinos have declined amid the pandemic, with the number of leisure venues targeted at older customers dropping in the last year. The number of bingo halls decreased to 360 in 2021, down from 370 in 2020, according to commercial law firm EMW. Elsewhere, the number of snooker clubs dropped to 700 last [...]
In the bag: Radley London enjoys soaring profit after Christmas sales surge January 31, 2022 Handbag maker Radley London has reported buoyanct results after its sales in the US. The accessories brand reported retail sales were up 60 per cent in the first nine months of the current financial year, compared to the previous year. Retail sales were up 55 per cent in the five weeks to 2 January, with [...]
Virgin Atlantic slammed for ‘overblown and oppressive’ staff socialising ban January 30, 2022 Virgin Atlantic has been criticised for not allowing airline staff to socialise in a bid to prevent Covid outbreaks. Under a policy that has been in place since 21 December, pilots and cabin crew and not allowed to eat or socialise together. Bosses are trying to crack down on a party culture that they fear [...]
Credit Suisse to force bankers to repay some of bonuses if they exit within three years January 28, 2022 Investment bank Credit Suisse has told staff they will be forced to repay some of their bonuses if they exit the company within three years. According to The Telegraph newspaper, bankers were told today about plans for a new system for bonuses. It comes after the company’s chairman Sir Antonio Horta-Osorio was forced to step [...]
Sadiq Khan: London home-building ‘at risk of stalling’ amid hiked construction costs January 28, 2022 Skyrocketing construction materials are slowing house-building progress in London, Sadiq Khan has warned. The Mayor of London warned new-build developments and extension projects were being hit by a cocktail of rising costs thanks to Brexit and the pandemic. Prices for materials, including steel, timber, and concrete, shot up 23 per cent last year, according to [...]
H&M’s autumn profit beats expectations January 28, 2022 Fashion retailer H&M has surpassed expectations with a bigger profit increase than expected for its autumn trading period. In an update on Friday, the Swedish firm said pretax profit hit levels equivalent to £478.6m for the September to November period. Profit reached 6bn crowns in its financial fourth quarter, up from 3.67bn the previous year. [...]
