Concerns mount over councils buying struggling retail properties November 24, 2019 The Treasury has attempted to guide local authorities away from a strategy of buying struggling retail properties over fears that the investments could force councils into bankruptcy. The rate at which local councils are able to borrow to invest was raised by one percentage point last week, as concerns mount over borrowing levels. Read more: [...]
Shoe retailer Clarks calls in consultants amid store closure fears November 24, 2019 Struggling footwear retailer Clarks has called in management consultants to conduct a review of the business. The family-owned business, which this month reported an £82.9m loss after tax for last year, has reportedly hired McKinsey & Co as it plots a restructuring plan amid fears of store closures. Read more: Taking the shine off: Clarks [...]
Retail landlord New River REIT swings to a loss on weak investor sentiment November 21, 2019 Property landlord New River REIT swung to a loss in the first half of the year as its portfolio valuation sank due to weak investor sentiment in the retail sector. The FTSE-250 real estate investment trust, which focuses on retail and leisure properties, reported a loss of £21.3m from a profit of £2.7m last year. [...]
Footwear retailer Office’s chief executive quits after one year November 21, 2019 The chief executive of high street footwear retailer Office has stepped down after just a year in the role. Lorenzo Moretti has resigned after joining the company in December last year from his role as Sonos vice president of global retail. Read more: Office set to close up to half its 100 UK stores He [...]
Countryside reports profit jump as CEO announces exit November 21, 2019 UK housebuilder Countryside Properties reported a jump in profits as it announced chief executive Ian Sutcliffe is set to step down next year. The figures The developer said profit for the year ended 30 September was £168.4m, up from £148.6m the previous year. Read more: Poll: UK house prices won’t match low inflation until 2021 [...]
Revealed: These are buyers’ top priorities when looking for their next home November 21, 2019 UK house hunters consider a car parking space and a garden to be the top priorities when searching for a new home, according to new research. “Garage” and “parking” were the first and third most searched terms online by potential property buyers. Read more: London house prices suffer biggest annual drop in England Meanwhile, “garden” [...]
Ex-De Vere boss Andrew Coppel to be appointed as Arcadia chairman November 20, 2019 Sir Philip Green’s Arcadia Group is preparing to appoint the former boss of the De Vere hotel and leisure group as its new chairman. The appointment of Andrew Coppel, who currently sits on the board of housebuilder MJ Gleeson, is expected to be announced tomorrow, Sky News reported. Read more: Arcadia bolsters senior digital team [...]
House of Fraser accused of reversing fur ban November 20, 2019 Retail tycoon Mike Ashley is facing accusations that he has overturned a ban on real fur at House of Fraser. Customers posted images on social media that appeared to show fur-lined coats found in store, despite the company’s previous no-fur stance. Read more: Sports Direct hit by ‘terminal’ House of Fraser problems Some shoppers pledged [...]
Ex-M&S clothing boss Jill McDonald appointed as Costa CEO November 20, 2019 Costa Coffee has appointed former Halfords and Marks & Spencer executive Jill McDonald as its new chief executive, to replace outgoing boss Dominic Paul next month. The coffee chain, which was sold by Premier Inn owner Whitbread to Coca Cola at the beginning of the year, said Paul will set down on 30 November, with [...]
Tossed owner Zest Food seeks rent cuts in restructuring plan November 20, 2019 Zest Food, the owner of healthy eating brand Tossed, is the latest casual dining chain to seek a company voluntary arrangement (CVA) restructuring plan. The company is asking landlords to agree to a combination of zero rent and rent reduction arrangements as part of the rescue plan. Read more: UK’s top restaurants swing to £93m [...]
