Surge in optimism for UK food sector but Brexit uncertainty lingers February 17, 2020 The UK’s food and drink manufacturing sector has reported a surge in optimism as it entered the new year as renewed political certainty boosted business confidence. Optimism jumped 29 percentage points in the final three months of last year compared to the first quarter of 2019. However, despite the outcome of December’s General Election, net [...]
Rapid expansion drives losses at hotel startup Oyo February 17, 2020 Indian budget hotel startup Oyo reported widening losses last year as it ramped up its international expansion. Losses deepened to $335m in the 12 months to 31 March, rising to 35 per cent of revenue compared to 25 per cent the previous year, driven by expansion in China. Meanwhile, revenue reached $951m in the year, [...]
Barings sells listed St James’s office building for £71m February 17, 2020 Real estate investment manager Barings has sold a Grade II listed office building in St James’s to a German property investor for £71m. Cara Real Estate, the property investment arm of Cara Investments, has acquired 7-10 Waterloo Place, in its second London deal following the purchase of 20 Soho Square for £117m in 2018. Barings [...]
Travelodge to open 20 new London hotels February 17, 2020 Travelodge will open 20 new hotels in London over the next five years as it seeks to fill a gap in the capital’s budget hotel sector. The company said it is currently actively exploring opportunities at 100 locations in 29 of London’s 32 boroughs, including Westminster, Kensington and Islington. The hotel operator, which already has [...]
Budget 2020: Hospitality sector calls for business rates and apprenticeship levy reform February 17, 2020 The new chancellor is facing pressure from the UK hospitality industry to include plans to reform business rates and the apprenticeship levy in the upcoming budget. The industry’s trade body has urged Rishi Sunak – who was appointed as chancellor after Sajid Javid stepped down in last week’s cabinet reshuffle – to cut the business [...]
UK house prices: Buyer boom sets scene for record-breaking spring February 17, 2020 UK house prices are expected to break records over the coming months as buyer activity outstrips the number of new sellers, according to new research. The average price of property coming to market jumped 0.8 per cent – or £2,589 – this month, just £40 short of a new all-time high. The house price boom [...]
Laura Ashley owners battle with lenders in race to save high street chain February 16, 2020 The owner of high street chain Laura Ashley is in talks to secure a fresh draw down from one of its lenders to keep the struggling brand trading. A dispute between Laura Ashley and lender Wells Fargo over the retailer’s access to a £20m funding line has pushed the fashion firm’s Malaysian owner MUI Group [...]
Intu seeks to raise boss’s bonus amid financial troubles February 16, 2020 Beleaguered retail landlord Intu could face a showdown with investors over executive pay, as it seeks to hike the potential bonus of new chief executive Matthew Roberts. Intu is seeking to bring the the potential share awards in its long-term incentive plan back up to 250 per cent, after the scheme was cut back to [...]
Jupiter nears deal to buy asset manager Merian February 16, 2020 Jupiter Fund Management is close to buying Merian Global Investors from private equity firm TA Associates, in a deal that would create a merged company with £67bn of assets under management. The company said that “discussions have been underway for some time”, adding that both parties are “confident that the combination would have the potential [...]
Judge pauses Microsoft’s $10bn Pentagon contract in Amazon lawsuit February 13, 2020 A US judge has temporarily blocked Microsoft’s $10bn (£7.66bn) Pentagon cloud computing contract, in response to a lawsuit filed by Amazon. Judge Patricia E. Campbell-Smith issued the injunction but did not release her written opinion. Amazon Web Services has been told to earmark $42m to pay for costs and damages in the event that today’s [...]
