Blend secures £120m boost for lending extra ‘muscle’ to UK property developers April 11, 2022 Property capital firm Blend Network has secured a record £120m boost to its lending of that extra “muscle” for UK developers. Blend, backed by OakNorth Bank chairman and former Barclays vice chairman Cyrus Ardalan, snagged the sum from a consortium of six large family offices “Obtaining a record £120m committed funding line from such a [...]
Goldman Sachs launches European assets to over £460bn with latest £1.4bn deal April 11, 2022 Goldman Sachs has launched its assets under management north of $3 trillion, after taking over a Dutch investment firm. The Wall Street giant has snapped up NN Investment Partners from the NN Group for €1.7bn (£1.4bn). As part of the transaction, Goldman Sachs Asset Management will manage an around $180bn (£138bn) portfolio of assets for [...]
Elon Musk turns down Twitter board after asking 80m followers: ‘Is it dying?’ April 11, 2022 Elon Musk, the man behind Tesla and SpaceX, has turned down a spot on Twitter’s board, after being revealed as the platform’s majority shareholder. New Twitter CEO Parag Agrawal confirmed this morning: “Elon has decided not to join our board. “I believe this is for the best.” Musk was due to step onto the board [...]
Property deposits for first-time buyers swell over 50 per cent in last decade April 11, 2022 The average deposit for first-time buyers has rocketed more than 50 per cent over the last 10 years – even after adjusting for inflation, according to a new study. As homeownership falls further out of reach for first timers, those trying to get on the property ladder must have a deposit of more than £45,500, [...]
Tortilla enjoys record revenue jump as it opens new site in Gatwick Airport April 11, 2022 Mexican restaurant chain Tortilla has secured a record revenue for the past 12-months, despite kicking off the year with Covid-19 closures. The retailer enjoyed a nearly 80 per cent jump in revenue to £48.1m in the year to 2 January, up from £35.4m prior to the pandemic. Tortilla, an on-the-go retailer, debuted on the London [...]
Business of Space: ‘We’re taking business off the face of the Earth,’ says NASA administrator ahead of launch April 8, 2022 This week: Type One bets on London A historic commercial collaboration NASA’s moon setbacks Type One US-based venture capital fund Type One has launched a $50m (£38.3m) space and deep tech fund in London, as it steps into UK and European markets. The firm, which has $100m in assets under management, is hoping to catch [...]
Tesla boss Elon Musk builds largest and ‘most advanced car factory’ on Earth April 8, 2022 Tesla boss Elon Musk claims to have built the largest factory in the world by volume, at its grand opening last night. The billionaire tech entrepreneur’s Giga Texas Tesla factory, 338m cubic feet in volume, is also hoped to be the biggest battery cell facility in the world “over time”. Speaking at the Cyber Rodeo [...]
Pfizer bets on British drugmaker with $500m deal April 8, 2022 Pfizer has inked a $525m (£401m) deal with ReViral, after the pandemic paved the way for more acquisitions within pharma and biotech sectors. The famed Covid-19 vaccine maker is looking to improve its pipelines of treatments, with ReViral a specialist in drugs for respiratory viruses. It its Pfizer’s second large acquisition in just six months, [...]
Lucky strike: Hollywood Bowl hails record revenue as pent-up demand pays off April 8, 2022 The UK’s largest ten-pin bowling operator has hailed record first half revenues this year, as pent-up demand pays off. Hollywood Bowl raked in £91.3m in the six months to 31 March, up nearly 660 per cent in comparison with the £12m it pulled in the same period last year. Four of the top five months [...]
City Moves: Who’s switching jobs in the Square Mile? April 8, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Europa Capital Real estate investment manager Europa Capital has bolstered its asset management team with a new managing director, the firm’s 20th appointment in the past year. Rachel Hanke help over portfolio management, bringing nearly 20 years [...]