Teddy Sagi’s Labtech sells Holborn Links Estate for £245m March 2, 2020 Labtech, the property investment firm owned by billionaire businessman Teddy Sagi, has completed the sale of Holborn Links Estate, which includes the historic Sicilian Avenue, for £245m. Investors Tristan Capital Partners and Cording Real Estate Group have bought the West End office and retail portfolio to capitalise on the opening of Crossrail stations at Tottenham [...]
City Pages: Behind the scenes at Facebook, the secret lives of extremists and a Silicon Valley memoir March 1, 2020 Facebook: The Inside Story by Steven Levy Review by Emily Nicolle In the past four years, Facebook founder Mark Zuckerberg’s world has been turned upside down. From a simple social media platform he created while studying at Harvard university first blossomed a networking supersite, that later became a regulatory and ethical data minefield which holds [...]
New John Lewis boss to launch strategic review March 1, 2020 Struggling department store chain John Lewis is expected to launch a strategic review in a bid to rescue the business as it announces its full-year results later this week. Former Ofcom boss Sharon White, who took over as chairman of John Lewis and Waitrose last month, and newly appointed strategy and commercial development director Nina [...]
Debenhams denies lenders’ support is wavering over debt restructuring March 1, 2020 Debenhams today denied that the commitment of its lenders to a debt for equity swap is wavering, as the beleaguered retailer responded to reports that securing a debt restructuring is dependent on landlords granting steep rent cuts. The high street chain could be forced to close further stores if it is unable to negotiate lower [...]
Asda: Private equity firms race to buy majority stake March 1, 2020 Private equity firms are vying to buy a majority stake in Asda after its US owner Walmart decided to offload the supermarket following the competition watchdog’s decision to block its merger with Sainsbury’s. US buyout firm Lone Star has reportedly made an offer for a stake in the grocer, with private equity firms Apollo and [...]
Coronavirus: Mipim organisers insist event will go ahead February 26, 2020 Organisers of the international property conference Mipim have insisted the event will go ahead in Cannes next month despite a spike in coronavirus cases in Europe. In a statement yesterday event organisers said that Mipim 2020 “will be open for business” from 10 March, saying “all clients who are not affected by national or local [...]
Revolution Bars signals return to expansion as turnaround plan progresses February 26, 2020 Revolution Bars Group today signalled it plans to target expansion opportunities in the next financial year as it makes progress with its turnaround plan. The figures Revolution Bars Group posted a 20.5 per cent jump in adjusted profit before tax from £2.9m to £3.5m in the 26 weeks to 28 December. Group like-for-like sales increased [...]
Ted Baker sheds 160 jobs in cost cutting drive February 26, 2020 Struggling fashion brand Ted Baker has announced it will cut 160 jobs in a bid to reduce costs after a “challenging year”. The retailer said today that a reorganisation of head office and business functions would result in 102 redundancies, while 58 jobs that are currently vacant will not be filled. It expects the shake-up [...]
Danone cuts forecasts over coronavirus fears February 26, 2020 French food giant Danone this morning lowered its sales and profit margin forecasts for this year as it warned on the impact of coronavirus. The figures However, Danone’s shares rose per cent this morning after it reported 2019 like-for-like sales growth of 2.6 per cent to €25.38bn Earnings per share growth last year was 8.3 [...]
Coronavirus: Guinness owner Diageo warns on £200m profit hit February 26, 2020 Drinks manufacturing giant Diageo has warned it expects to take a profit hit of up to £200m due to the impact of coronavirus, which has seen bars and restaurants close and events cancelled across Asia. Diageo – the owner of Guinness, Johnnie Walker whisky and Smirnoff vodka – this morning said group organic sales could [...]
