New Look exits Russia blaming political unrest November 11, 2014 New Look has pulled out of its franchise agreements in Russia and Ukraine, blaming financial and political instability in the two countries. The value fashion retailer, which had previously targeted Russia as a key area of growth, said yesterday it was closing all 20 shops in Russia and six shops in Ukraine. Chief executive Anders [...]
Mike Ashley’s Sports Direct to launch bargain fitness chain November 11, 2014 BILLIONAIRE Mike Ashley is making a trip to the gym after his sportswear empire unveiled plans yesterday to open 200 budget fitness chains across the UK. Sports Direct said it would open its first purpose-built gym next month in Aintree on Merseyside next to its new superstore in the area, followed by a second soon [...]
Land Securities buoyed by rush for office space November 11, 2014 LAND Securities posted a better-than-expected leap in the value of its portfolio in the first half of the year, thanks to strong demand from companies keen to take up space in its buildings. The FTSE 100 landlord behind the Walkie Talkie skyscraper in the City said like-for-like rents jumped 2.2 per cent in the six [...]
Taylor Wimpey bumps up profit forecast despite cooling market November 11, 2014 TAYLOR Wimpey yesterday upgraded its full-year profit margin forecast, thanks to a rise in sales, even as the effects of the government’s Help-to-Buy scheme launched last year began to fade. Chief executive Pete Redfern said housing market conditions “moderated, but remained positive” over the summer, echoing comments made by other builders of the cooling conditions. [...]
London tech sector sparks City building boom at Silicon Roundabout November 10, 2014 London’s thriving tech sector has helped to drive a resurgence in building activity in the City over the past six months as developers push the start button on a record number of schemes in areas such as Old Street. Developers kick-started work on 10 new schemes in the City in the six months from April [...]
Gherkin bought by Safra Group: Meet the Brazilian-Lebanese billionaire behind the £700m deal November 10, 2014 The City's iconic Gherkin has been snapped up for more than £700m by the Safra Group, the investment giant controlled by Brazilian-Lebanese billionaire Joseph Safra. Safra, which last month won a $682m (£430m) takeover battle for banana group Chiquita, said yesterday it had agreed to buy the 590-foot tower at 30 St Mary’s [...]
Redrow warns of slowdown as housing boom spurred by Help-to-Buy fades away November 10, 2014 HOUSEBUILDER Redrow warned yesterday it has seen a drop in sales over the summer as the effects of the government’s Help-to-Buy scheme began to wear off. Chairman Steve Morgan said the demand for new homes generated by the launch of the equity loan scheme in 2013 reverted to “a more normal level of activity” in [...]
Halloween heatwave gives retailers a scary outlook November 10, 2014 Retailers suffered another month of lacklustre sales in October as the mild weather and supermarket price wars continued to weigh on the sector, despite a slight bounce back on the previous month. Like-for-like retail sales were flat in October, an improvement on the 2.1 per cent reported in September but a slowdown on the same [...]
Gherkin sold: Safra Group buys one of London’s tallest buildings 30 St Mary Axe November 10, 2014 Brazilian investment group Safra is to buy the City’s iconic Gherkin skyscraper from receivers Deloitte, the two firms announced this morning. Deloitte’s real estate arm and Savills was appointed to sell 30 St Mary’s Axe this summer after its previous owners Evans Randall and German firm IVG failed to strike a restructuring deal over its [...]
Homebase set to close one in four of its shops October 22, 2014 HOME Retail Group said yesterday it planned to shut a quarter of Homebase’s 323 branches, blaming excess retail space and the rise of a generation that had fallen out of love with DIY. Chief executive John Walden said the rise of online and growing competition had left the DIY market “over-spaced” while an increasing number [...]
