StanChart lowers growth target over coronavirus and economic slowdown February 27, 2020 Standard Chartered has reported a 46 per cent jump in annual profit, but warned that operating income growth would be lower than expected this year due to the impact of the coronavirus epidemic in key Asian markets. The figures StanChart’s statutory pre-tax profit jumped 46 per cent to $3.7bn (£2.9bn) in 2019, up from $2.6bn [...]
Debenhams to give councils ultimatum on business rates February 26, 2020 Debenhams is set to give councils an ultimatum in a bid to secure business rate cuts as it works out which of its stores are next for the chop. The beleaguered department store chain will tell councils that a failure to cut its rates bills could cause them to shut the Debenhams in the area, [...]
Capital & Counties net asset value slides on Covent Garden revaluation February 26, 2020 Capital & Counties has reported a decline in net asset value (NAV) after the property group was hit by a decline in value of its Covent Garden holdings. The figures The real estate investment trust, which is listed in London and Johannesburg, said its EPRA NAV per share declined 10 per cent in 2019 to [...]
Ted Baker sheds 160 jobs in cost cutting drive February 26, 2020 Struggling fashion brand Ted Baker has announced it will cut 160 jobs in a bid to reduce costs after a “challenging year”. The retailer said today that a reorganisation of head office and business functions would result in 102 redundancies, while 58 jobs that are currently vacant will not be filled. It expects the shake-up [...]
The EIS-y hall of fame: Four companies that wouldn’t have existed without the Enterprise Investment Scheme February 26, 2020 While EIS and SEIS offer meaningful tax advantages to investors, it’s important to remember that their main function is to help kickstart new businesses and ventures. As the independent trade body for the EIS and SEIS industry, our core aim at the EIS Association is to help small and medium-sized enterprises obtain the funding that [...]
City Moves for 26 February – Who’s switching jobs at Lunson Mitchenall, Record and Alvarez & Marsal? February 26, 2020 Today’s City Moves includes Lunson Mitchenall, Record and Alvarez & Marsal Lunson Mitchenall Niche retail and leisure agent, Lunson Mitchenall, has extended its London team with the appointment of Zaz Robb as a surveyor. Zaz previously worked at Shackleton and will join the firm’s new office in Covent Garden, where she will be working on [...]
City Moves for 25 February – Who’s switching jobs at WorldRemit, Workspace and Hines? February 25, 2020 Today’s City Moves includes WorldRemit, Workspace and Hines WorldRemit Mobile payments company WorldRemit has appointed Ian Cafferky as chief marketing officer. Ian joins from O2 where he was responsible for brand and marketing communications, leading the O2 brand to Marketing Society UK Brand of the Year in 2015. He began his career as a strategy [...]
Ted Baker set to sell London HQ amid accounting crisis February 24, 2020 Beleaguered clothes retailer Ted Baker is close to selling its “Ugly Brown Building” headquarters in London in a move that could bolster its balance sheet amid an accounting crisis. Ted Baker is in talks with the British Airways’ pension scheme, which owns a nearby building, to sell a big stake in the office in north [...]
Escalating coronavirus cases drag down European stocks February 21, 2020 The FTSE 100 fell today as European stocks slipped into the red on news that coronavirus cases outside of mainland China are escalating. London’s blue-chip index dropped 0.63 per cent in early trading to leave the FTSE 100 at 7,390 points. European stocks also retreated into the red. Germany’s Dax dipped 0.2 per cent while [...]
Hammerson sells seven retail parks to Orion for £400m February 21, 2020 Hammerson has sold seven retail parks to Orion’s European real estate fund for £400m, the largest sale of its kind in the UK for a decade. The parks are dotted around the country in places such as Didcot, Falkirk, Rugby and Telford. The deal, which is expected to raise proceeds of £395m, takes the total [...]