New lender turns a profit August 17, 2014 CHALLENGER bank Cambridge & Counties has reported its maiden profit two years after its launch. The small business specialist, which is owned by Cambridgeshire Local Government Pension Fund and the University of Cambridge’s Trinity Hall, delivered a profit of £1m for the six months to the end of June compared to a loss of £700,000 [...]
Concern over Tesco dividend August 17, 2014 FEARS that Tesco may have to cut its £1bn dividend increased yesterday after a fresh warning from one of the supermarket’s activist investors. Harris Associates, which owns a three per cent stake, told The Sunday Times that the dividend “should be cut if it’s paid for by borrowing” and not covered by free cash flow. [...]
Zoopla enjoys record traffic after IPO debut August 14, 2014 ONLINE property giant Zoopla said yesterday that it saw traffic to its websites and apps jump by one-third in its first trading update since its £900m stock market float in June. The company, owner of PrimeLocation, SmartNewHomes and HomesOverseas, said it had an average of 45.5m monthly visits in the four months to 31 July, [...]
Asda sales ahead despite profit warning from owner Wal-mart August 14, 2014 ASDA is outperforming its leading supermarket rivals in the battle for customers’ loyalty after reporting a 0.5 per cent increase in like-for-like sales in the second quarter. The US-owned chain was the first of the big four to take action against the discounters by cutting its prices when it pledged in November to invest £1bn [...]
US shareholder increases stake in Carpetright to almost a fifth August 14, 2014 CARPETRIGHT investor Franklin Templeton Institutional has increased its stake in the troubled high street flooring specialist to almost 20 per cent. The US investment manager has upped its stake in the business from 10.9m to 13.4m shares, giving it a 19.79 per cent holding in the company, according to a regulatory filing published yesterday. The [...]
Design your own holiday home in The Cotswolds August 14, 2014 It’s a stifling summer’s day in London and work is exhausting. You shut your eyes and imagine escaping to an idyllic rural retreat complete with picturesque villages, a smattering of good restaurants, pubs, and a vibrant social scene. You’ve effectively transported yourself to the Cotswolds. This fantasy of a tranquil home-away-from-home is what the owners [...]
Gerald Ronson sells Heron Plaza site to Singapore’s UOL for £97m August 13, 2014 SINGAPOREAN property group UOL has made its first foray into Europe after buying Gerald Ronson’s Heron Plaza development site in the City for £93m. The property tycoon won planning consent in 2011 to build a 43-storey Four Seasons hotel and residential complex next to the Heron Tower on Bishopsgate. His firm Heron International was originally [...]
Land Securities sells its stake in Bristol’s Cabot Circus for £270m August 13, 2014 LAND Securities has sold its 50 per cent stake in Bristol shopping centre Cabot Circus to Axa Real Estate in a £267.8m deal. Cabot Circus, home to more than 140 shops and restaurants, was developed by Land Securities in partnership with Hammerson, which is retaining its stake. It was hailed as Bristol’s largest city centre [...]
Buoyant London market boosts CLS Holdings’ property values August 13, 2014 CLS Holdings has seen the value of its portfolio surge in the past six months on the back of the economic recovery and strong demand in the London property market. The FTSE 250 property group said pre-tax profits jumped 160 per cent to £72.6m in the first half to 30 June compared with the same [...]
New Look lines up buyer for its French business as sales surge August 12, 2014 FASHION retailer New Look said yesterday it had received an offer for its French clothing chain Mim after revealing a strong rise in first quarter sales. The group, which slipped into the red last year after having to write-down the value of Mim’s assets, declined to name the buyer, but said deal was expected to [...]
