Savills to pay dividend as UK residential unit makes ‘extraordinary’ recovery March 11, 2021 Savills has reinstated its dividend this morning as it reported that its UK residential agency division performed strongly last year, despite an overall drop in profit. The estate agent chain, which last year suspended its dividend due to the uncertainty caused by the coronavirus pandemic, said shareholders will pocket a 17p per share payout. Profit [...]
Morrisons profit hit by £290m Covid costs March 11, 2021 Morrisons this morning announced profit dropped last year after it was hit with £290m in costs related to the coronavirus crisis. Profit before tax dropped 62.1 per cent to £165m in the year ended 31 January, the grocer said, as the impact of repeated Covid-19 restrictions saw costs mount. The supermarket spent an extra £99m [...]
Marks & Spencer adds new brands to make clothing offer more relevant March 11, 2021 Marks & Spencer has launched a range of guest fashion brands as part of its attempt to make its clothing business more relevant and to “turbocharge” online growth. The retailer announced today that it has partnered with clothing brands including Hobbs, Joules and White Stuff, which will be marketed under its “Brands at M&S” banner. [...]
Government extends ban on commercial property evictions to dismay of landlords March 10, 2021 The government has extended its ban on commercial property evictions for a further three months, to the dismay of landlords who say some tenants “can pay, but won’t pay” their rents. Robert Jenrick MP, the housing minister, this afternoon confirmed that the block on evictions will continue until 30 June, compared to the previous cut [...]
In The Style’s AIM listing to value influencer fashion brand at £105m March 10, 2021 Online fast fashion retailer In The Style today raised £11m ahead of its listing on London Stock Exchange’s growth market, valuing the firm at £105m. The firm also raised £49m for the selling shareholders through the share placing, ahead of its admission to AIM on Monday. In The Style was launched in Manchester – like [...]
Next snaps up stake in womenswear brand Reiss for £33m March 10, 2021 High street giant Next has acquired a stake in womenswear retailer Reiss for £33m. The fashion firms this morning announced that Next will purchase a 25 per cent equity stake in Reiss. Warburg Pincus, Reiss’s private equity owner, said the deal values the company at around £200m. As part of the strategic partnership, Reiss will [...]
Wagamama owner The Restaurant Group taps investors for £175m March 10, 2021 The Restaurant Group, which owns Japanese-inspired chain Wagamama, is preparing to tap investors for £175m. The firm said this morning that capital raise will be used as a buffer in case of a resurgence of the Covid-19 pandemic and also allow it to expand its Wagamama brand and pubs business. Restaurant Group said it expects [...]
Balfour Beatty reinstates dividend and repays furlough cash despite shrinking profits March 10, 2021 Balfour Beatty today reinstated its dividend and said it would repay the £19m claimed under the government’s furlough scheme after the construction industry began to recover from the coronavirus crisis. The London-listed infrastructure firm said it will pay a dividend of 1.5p for the year ended 31 December 2020, after scrapping its interim shareholder payout [...]
Foxtons revenue rebounds in 2021 after lockdown hit London sales and lettings last year March 10, 2021 London estate agent Foxtons this morning said revenue had boomed at the beginning of this year as the market continued to be buoyed by pent-up demand and the stamp duty holiday. Foxtons said revenue for the first two months of 2021 is “well ahead” of both last year and 2019, with the sales commission pipeline [...]
Zara owner Inditex posts 70 per cent drop in net profit during pandemic March 10, 2021 Zara owner Inditex this morning posted a 70 per cent drop in net profit after a year of trading restrictions and weak demand during the coronavirus pandemic. The European retail giant said profit last year fell to €1.1bn, a steeper drop than anticipated, due to the impact of store closures during global Covid-19 lockdowns. Total [...]
