The Works CEO steps down following string of profit warnings January 16, 2020 The Works chief executive Kevin Keaney has stepped down after nine years, two months after the discount art retailer issued its second profit warning of 2019. The company’s share price jumped 11 per cent this morning after it announced that finance chief Gavin Peck will replace Keaney, as it issued an update on the Christamas [...]
N Brown warns on profit in ‘highly promotional market’ January 16, 2020 Simply Be owner N Brown has slashed its profit expectations, blaming lower revenue from its credit lending service and a “highly promotional market”. Shares in the plus-size fashion retailer plummeted more than 24 per cent today after it said full-year adjusted profit before tax will be in the range of £70m to £72m, down from [...]
London property market sentiment strengthens after Conservative election victory January 16, 2020 London’s property market has enjoyed a “Boris bounce” following the result of last month’s General Election, as the capital saw a sharp increase in buyer interest and sales prospects. In December, 31 per cent of chartered surveyors saw a rise rather than a fall in enquiries from new buyers, up from minus 12 in November, [...]
Aviva Investors buys Docklands hotel site for £106m January 15, 2020 Aviva Investors’ Lime Property Fund has bought a £106m hotel development site near Canary Wharf. The asset management arm of Aviva has acquired the freehold interest in the site next to Westferry DLR station, where developer Rockwell will build a 30-storey Premier Inn Hotel. Read more: London luxury hotel market booms Whitbread, the owner of [...]
Bovis Homes to beat expectations with record profit for 2019 January 15, 2020 Vistry Group has reported that Bovis Homes is set to beat market expectations to deliver record profit despite political uncertainty putting pressure on prices last year. The housebuilder said this morning that it expects its Bovis operation to report pre-exceptional profit before tax for 2019 to be above an analyst consensus of £181.6m. Read more: [...]
Revolution Bars secures deal to cut rents and close venues January 15, 2020 Revolution Bars Group is planning to shut two loss-making venues and has secured rent reductions at three more, as the operator aims to adapt to changing consumer habits. The company has come to an agreement with its landlord Aprirose to exit leases at five Revolution bars. Venues in Lincoln and Fallowfield – a student area in [...]
Karren Brady says feminist principles ‘didn’t square’ with Sir Philip Green allegations January 15, 2020 Baroness Karren Brady said quit the board of Arcadia’s holding company as her feminist principles did not “square” with allegations about retail tycoon Philip Green. Brady stepped down as non-executive chairman of Taveta Investments last February as Green faced allegations of harassment and bullying, which he denies. Read more: Karren Brady and a lesson on [...]
UK house prices increase as market shows signs of confidence in November January 15, 2020 UK house prices increased in the year to November, demonstrating returning signs of confidence in the property market, according to the latest data. Average UK house prices were up 2.2 per cent in November last year, compared to a 1.3 per cent jump in the year to October. Read more: London’s house prices rose twice [...]
New mortgages fall in November after 2018 surge January 15, 2020 The number of first time buyer mortgages dropped in November last year, following a surge in house purchase activity in 2018. There were 30,620 new first-time buyer mortgages completed in November 2019, a decline of 10.5 per cent compared to the same month the previous year. Read more: First time buyer mortgages hit 12-year high [...]
Greggs picks Just Eat over Deliveroo for nationwide delivery roll out January 15, 2020 Greggs has chosen to partner with Just Eat as it expands its food delivery option nationwide, in a boost for the takeaway app over rival Deliveroo. The high street bakery chain was weighing up both food delivery companies following successful trials in several cities last year. This morning Greggs said it had opted to work [...]
