Gymshark nets £45m profit as founder Ben Francis climbs up Sunday Times Rich List May 22, 2022 Sportswear brand Gymshark has pocketed a £45.4m pre-tax profit – a further jolt of good news for its young founder, who has risen in the Sunday Times Rich List. The e-commerce fashion retailer saw profit rocket in the year to July 2021, compared to 2020’s sum of £30.4m, according to accounts filed to Companies House [...]
Shares fly for THG as bidding war pushes online retailer’s value to £1.8bn May 20, 2022 Shares in the online retailer THG surge as much 25 per cent this afternoon as investors back the bidding war taking hold of the ecommerce firm. The online health and beauty retailer said that it had batted away a £2.07bn bid from two investment companies, Belerion Capital and King Street Capital Management last night. It [...]
TfL looks for investment partners to take up office space at Bank, Southwark and Paddington stations May 20, 2022 Transport for London is looking for an investment partner to work on commercial developments at the sites of Bank, Paddington and Southwark stations. In a bid to reduce its reliance on fares for income, TFL is looking to offer commercial office space at the stations which could generate significant revenue. All three sites have either [...]
London ensnared by global market turmoil as recession jitters spread May 19, 2022 The City was ensnared by a global market sell off today driven by investors ditching stocks over fears soaring inflation will tip major economies into recession. Britain’s biggest companies shed around £40bn today. London’s premier FTSE 100 index tumbled just under two per cent, taking its total losses for the year so far to nearly [...]
GPE boss warns London’s office rebound could hit a wall amid runaway inflation May 19, 2022 The boss of GPE, formerly known as Great Portland Estates, has warned that London’s office leasing rebound could hit a wall as inflation shrinks the appetite for new developments. The capital’s post-pandemic recovery for offices has seen some of the UK’s largest developers – as well as GPE – hail record leasing activity and surging [...]
FCA to clamp down quicker on firms using permissions to dupe consumers May 19, 2022 The City watchdog is clamping down on firms using regulatory approvals to dupe consumers. The Financial Conduct Authority (FCA) is set to use new powers to allow it to revoke businesses’ permits to carry out regulated activity quicker, it announced today. The regulator is now able to cancel or change a firm’s permission if it [...]
British Land earnings soar as competition heats up for work campuses May 18, 2022 British Land, one of the UK’s largest property developers, has secured a £251m underlying profit for the last 12 months, as its earnings per share nearly doubles. The FTSE 100 builder’s profit jumped 25 per cent in the period, the equivalent of £50m. Meanwhile, earnings per share have soared from 18.8p to 27.4p over the [...]
Back in the black: London landlord Landsec posts record office leasing in capital May 17, 2022 Property giant Landsec has delivered record office leasing in London as the company returned to profit after five years. Pre-tax profit rose to £875m in the year to the end of March, a turnaround from a £1.39bn loss the previous year. Landsec, which is the landlord for big names in the capital including Deutsche Bank, [...]
UK’s biggest phone companies colluded to bankrupt Phones 4U, High Court hears May 17, 2022 The UK’s major telecoms companies took part in a conspiracy to put Phones 4U’s out of business, lawyers acting on behalf of the bankrupt retailer told a High Court. Executives at five major phone companies – EE, Deutsche Telekom, Orange, Vodafone, and Telefonica – unlawfully “colluded” to drive Phones4U into administration in a bid to [...]
Hammersmith: Picton snaps up office and retail space for £13.7m as it bets on Olympia redevelopment May 16, 2022 Real estate investment trust Picton has completed a freehold takeover of a mixed-use space in Hammersmith for £13.7m. Charlotte Terrace, on Hammersmith Road, includes four adjoining buildings, with a total of 28,500 sq ft of office space and 4,400q ft of retail space. The office space was redeveloped in 1990 behind a Grade II listed [...]