Major investor LGIM calls for more detail on Morrisons property portfolio before voting on takeover July 5, 2021 Legal & General Investment Management (LGIM), one of Morrisons’ biggest shareholders, has called for more detail on Morrisons’ property portfolio before it votes on a private equity takeover bid. Over the weekend Morrisons accepted a £6.3bn takeover offer by a consortium of funds led by private equity firm Fortress. But this morning rival Apollo said [...]
Support jobs at risk at Deloitte as firm moves to flexible working July 5, 2021 A total 150 employees at Deloitte are at risk of losing their job, as the firm’s decision to pivot to permanent flexible working has reduced the number of admin tasks at the company. Around a quarter of the 560 secretaries employed by the Big Four firm could lose their jobs, saving Deloitte some £4m annually [...]
EY creates independent audit board ahead of operational separation July 5, 2021 EY has appointed two independent non-executive directors to its newly created UK Audit Board, ahead of plans to operationally separate its UK audit practice from its consultancy business. Last summer the accounting watchdog asked the Big Four firms to separate their audit units from the rest of their business by 2024. Auditors have come under increased regulatory [...]
New £350m Barking development to see 1,089 riverside homes built July 5, 2021 Weston Homes is building a £350m riverside development in Barking that will see 1,089 new one, two and three bedroom apartments built in the area. Alongside residential space, the new Abbey Quay development will feature 22,281 square feet of commercial and leisure space, which will include a restaurant, local shops, cafes, a gym and a [...]
Morrisons: Amazon Fresh deal could be key factor in takeover battle of the summer July 5, 2021 Morrisons’ supply deal with Amazon could be a major factor in what is shaping up to be the biggest takeover battle of the summer, with the scale and scope of Amazon offering bidders a unique chance to be part of what could be a major market upset. This morning Morrisons share price rocketed more than [...]
New car registrations up as lockdown end nears July 5, 2021 The total number of cars registered grew in June from the same period last year, however new registrations still lag pre-pandemic figures, which raises questions about further growth in the industry. A total 186,128 new cars were registered in June, according the Society of Motor Manufacturers and Traders (SMMT), up 28 per cent on the [...]
Watchdog with power to prosecute property developers for safety failures to be set up July 5, 2021 A new watchdog will be set up with the power to prosecute property developers who fail to meet safety standards. The decision to create a new regulator is designed to prevent a repeat of the Grenfell Tower disaster, which killed 72 people in 2017. A spokesperson for the Ministry of Housing Communities and Local Government [...]
John Lewis to build 10,000 rental homes July 5, 2021 Retailer John Lewis will build 10,000 rental homes over the next few years, in a move into the residential property market. Tenants will have a choice of renting fully furnished with John Lewis products or using their own, according to reports. The move will give the business a long-term, stable income, and provide new job [...]
Exclusive: Sub-let workspace market shrinking in win for office culture July 5, 2021 The rate at which occupiers are seeking to dispose of their office space is showing strong evidence of decline, in a win for office culture. At the end of January 2021, almost 500,000 square feet of sub-let space was made available, according to global real estate advisor CBRE. Since then, the amount of space becoming [...]
Amazon, Starbucks and Ikea among retailers demanding new laws against violence in shops July 4, 2021 A total 100 of the UK’s major retailers, including Aldi, Costa and Primark, have called upon the Prime Minister to help tackle escalating abuse and violence against retail workers. In a letter to Boris Johnson, the retailers asked him to support an amendment to the Police, Crime and Sentencing and Courts Bill that they believe [...]
