Compass Group apologises for free school meals fiasco as revenue plummets February 4, 2021 Compass Group this morning apologised for its free school meals provision – delivered by education arm Chartwells – and said it has improved the service. The firm faced backlash earlier this year after the meals provided to the children of low income families were criticised for being insufficient. Compass, which today announced revenue fell 33.7 [...]
Watches of Switzerland pushes ahead with expansion despite Covid uncertainty February 4, 2021 Watches of Switzerland will continue with its expansion plans despite the impact of lockdown restrictions, the firm said this morning as it announced trading had remained strong throughout store closures. The luxury watch retailer said group revenue in the third quarter jumped 5.7 per cent to £272.6m, with UK revenue up 1.5 per cent to [...]
JD Sports raises £464m to fund future expansion plans February 4, 2021 Sportswear brand JD Sports this morning announced it had raised £464.2m which it will use to fund its expansion plans as it eyes acquisition opportunities in new markets. The retailer said that it had placed 58.4m new shares at 795 pence a share, representing about 6.0 per cent of its share capital. The successful raise [...]
Barratt reports record new housing completions but profit hit by cladding costs February 4, 2021 UK housebuilder Barratt Developments announced it will resume dividend payments after posting record completions, but warned it will take a £56m hit on legacy properties, including issues related to cladding. The firm said it will pay an interim dividend of 7.5p per share on 10 May following a “rapid and robust recovery and a further [...]
London house prices drop near Tube stations as buyers shuffle priorities February 4, 2021 London house prices near Tube stations have dropped as buyers are less concerned about the length of their commute due to the shift to remote working during the coronavirus pandemic. Research published this morning showed that property prices close to a London Underground stop average £642,674, a drop of two per cent on the pre-pandemic [...]
Global investors set to pump £46bn into ‘resilient’ London office market this year February 4, 2021 International investors are gearing up to pump £46bn of capital into London’s office market this year in a vote of confidence in the long-term resilience of the sector, according to the latest research. London’s reputation as a safe haven and leading global city remains attractive to global investors, with the removal of the risk of [...]
Retail park footfall boosted by lockdown fatigue and ‘leisure-based’ trips February 4, 2021 Shoppers flocked to retail parks last month in bigger numbers than were recorded during the first national lockdown, as fatigue with restrictions has set in, according to the latest research. Footfall at retail parks was down 42.1 per cent in January, compared to the 68.1 per cent drop reported in April, as consumers visited for [...]
Stamp duty holiday costs government more than £500m in lost taxes February 3, 2021 The government lost out on more than half a billion pounds in taxes due to the stamp duty holiday, according to the latest figures. Data from HM Revenue and Customs (HMRC) showed that overall stamp duty land tax receipts fell 16 per cent to £2.76bn in the fourth quarter of last year, compared to £3.29bn [...]
Asda’s petrol station business sold to EG Group for £750m as part of takeover deal February 3, 2021 The Issa brothers and TDR Capital have announced that they will sell Asda’s petrol station business to EG Group, which they also own, for £750m after they complete their deal to buy the supermarket giant. The consortium announced this morning that the Asda deal is expected to complete later this month, subject to regulatory approval. [...]
Exclusive: London food hall Mercato Metropolitano to raise £5m to fund international expansion January 28, 2021 London street food market Mercato Metropolitano is aiming to raise up to £5m in a funding round in the coming months. The firm, which this week announced it will open three new sites in the capital in 2021, will raise capital in the second quarter after its plans were delayed due to coronavirus. City A.M. [...]
