London prime property prices make slight recovery August 5, 2019 London’s prime property market made a slight recovery in the second quarter of this year, with prices edging 3.1 per cent higher than the end of 2018. Property prices returned to levels last seen 12 months ago, indicating that the bottom of the market may have been reached. Sales activity picked up 21.4 per cent [...]
Philip Day tables bid to avoid Jack Wills administration August 5, 2019 British billionaire Philip Day is taking on rival bidder Mike Ashley to keep struggling retailer Jack Wills out of administration. Day’s Edinburgh Woollen Mill Group’s (EWM) offer for the “preppy” fashion brand would seek to avoid a pre-pack administration, it was revealed as the bidding war between the two retail tycoons entered its final hours. [...]
Drinks giant Diageo invests £180m in greener African breweries August 5, 2019 Guinness owner Diageo has announced £180m of investment to improve the green credentials of its African breweries. The investment will be directed towards 11 of the drinks giant’s brewing sites across seven African countries and will deliver solar energy, biomass power and water recovery initiatives. Read more: Gin sales boost Diageo profits Diageo’s African portfolio [...]
Spudulike closes all branches after sale collapses August 5, 2019 Fast food chain Spudulike has collapsed and shuttered all its branches, making 298 employees redundant, administrators confirmed today The casual dining group, which specialised in baked potatoes, closed all 37 of its stores on Friday after a prospective buyer pulled out of a deal to purchase the company at the last minute. Read more: Landlords [...]
UK hotel profit soars as Brits holiday at home August 5, 2019 The top 100 UK hotel groups saw profit break the £1bn barrier last year as the weak pound pushed Brits to holiday at home. Profit rose 83 per cent year-on-year from £583m as overseas tourists were also encouraged to visit the UK. Read more: Mandarin Oriental profit slump despite Hyde Park hotel reopening Revenue was [...]
Innovation boosts online retail sales August 5, 2019 Sales at the UK’s largest online retailers have risen 16 per cent to £8.2bn in a year as the popularity of e-commerce-only brands soared. Retailers that only trade online reported a 31 per cent increase in sales, rising to £3.4bn in the year to 30 June from £2.7bn the previous year. Read more: Westfield owner [...]
Mike Ashley’s Sports Direct closes in on Jack Wills deal August 4, 2019 Retail tycoon Mike Ashley’s Sports Direct has emerged as the favourite to buy struggling fashion brand Jack Wills Sports Direct is the preferred bidder for the retailer and a deal could be struck as soon as tomorrow, Sky News reported. Read more: Mike Ashley and Philip Day in battle to buy Jack Wills Sources told [...]
Cobham founding family says takeover ‘against national interest’ August 4, 2019 The founding family of British defence firm Cobham has asked the government to intervene in the £4bn takeover of the company by US private equity giant Advent International. Lady Nadine Cobham has reportedly written to defence secretary Ben Wallace and business secretary Andrea Leadsom urging them to block the deal, saying the takeover could threaten [...]
Losses build at L&G’s modular homes business August 4, 2019 Legal & General (L&G) suffered a loss of more than £20m in its modular home building division last year. The latest accounts for L&G Homes Modular show the business reported an operating loss of £20.6m last year. However, the loss was less than the £46.15m reported in 2017. Read more: Construction begins on Europe’s tallest [...]
Mandarin Oriental profit slumps despite Hyde Park hotel reopening August 1, 2019 The Mandarin Oriental hotel group reported a slump in profit today despite the reopening of its Hyde Park hotel, which was closed following a fire last year. The five-star hotel was badly damaged in the fire in June 2018 and was re-opened in April following a £100m renovation. Read more: Check out Mandarin Oriental’s refurbishment after [...]
