Coronavirus lockdown: Central London retail footfall plunges 80 per cent November 23, 2020 Central London retail footfall fell 80.4 per cent last week compared to 2019 levels as the England-wide coronavirus lockdown continued to take its toll on the nation’s struggling high streets. The latest data showed that the capital was the worst affected region due to the impact of home-working, the lack of domestic and international tourists [...]
Estate agent chain Connells confirms £82m Countrywide takeover bid November 23, 2020 Estate agent chain Connells has confirmed an £82m takeover bid for competitor Countrywide, saying a cash injection by private equity rival Alchemy Group would not go far enough to rescue the embattled firm. Connells said this morning that it has completed its due diligence work on Countrywide and reconfirmed its offer price of 250p per [...]
Second national lockdown to drive Black Friday sales down 20 per cent November 23, 2020 The introduction of a second national lockdown will push Black Friday sales down 20 per cent as consumers wait for shops to reopen to bag a bargain. Nationwide Building Society predicted a drop off in spending on 27 November, compared to a previous forecast of a 12 per cent increase, due to the month-long lockdown. [...]
New office construction in central London plunges 50 per cent November 23, 2020 New office construction in central London has plummeted by half over a six month period, according to the latest research, driven by a drop off in demand in the Square Mile. Weak tenant demand was the biggest obstacle to kickstarting new projects during the period, as developers wait to assess employers’ plans to return to [...]
JP Morgan pushes ahead with UK digital bank plans November 22, 2020 US investment bank JP Morgan has reportedly promoted one of its top London employees to spearhead the launch of its digital consumer platform in the UK. It has appointed Sanoke Viswavathan, previously chief administrative officer of technology and operations in its corporate and investment division, as the chief executive of its challenger bank. The company [...]
Government to scrap 10pm hospitality curfew November 22, 2020 The government is expected to scrap the 10pm curfew for hospitality businesses when the current UK-wide lockdown ends. The Prime Minister is reportedly planning to extend pub and restaurant opening hours until 11pm when restrictions are eased on 2 December. Last orders will still be called at 10pm but customers will be given an extra [...]
City watchdog probes Airbnb ahead of New York float November 22, 2020 The UK’s financial watchdog is investigating Airbnb over concerns about the tech firm’s anti-money laundering and counter-terrorist financing systems. The Financial Conduct Authority last year called on UK electronic money institutions to review their compliance on safeguarding customer funds. Airbnb Payments UK (APUK) told the City watchdog that it had identified gaps in its compliance [...]
Landlords approve Clarks CVA clearing path for £100m private equity deal November 20, 2020 Clarks creditors have approved the footwear retailer’s restructuring plan, clearing the path for a £100m private equity deal that will take the 195-year-old firm out of family ownership for the first time. Clarks announced this afternoon that its Company Voluntary Arrangement proposal, which was launched earlier this month, has been approved by more than 90 [...]
BP to sell London headquarters to Hong Kong investment firm for £250m November 20, 2020 BP has announced the sale of its London headquarters to Hong Kong investment firm Lifestyle International for £250m. The oil giant, which is aiming to sell $25bn of assets by 2025, will lease the 1 St James’s Square property back for two years. BP, led by chief executive Bernard Looney, has already divested or agreed [...]
Developer Urban & Civic swings to a loss on property revaluations November 20, 2020 Property developer Urban & Civic swung to a loss in the year ended 30 September due to revaluations and lower commercial property sales. The firm, which was recently bought by health research charity the Wellcome Trust for £500m, reported a loss before tax of £8.1m, down from £16.3m profit last year. Net asset value per [...]
