London Remainers drag down consumer confidence in the capital October 17, 2016 London consumers are feeling less confident than the rest of the UK, data out today shows. Confidence fell in London during the third quarter despite climbing to a five-year high across the rest of the country, according to the latest survey from accountancy giant Deloitte. Consumer sentiment in the capital fell by three percentage points over [...]
Mountain Warehouse takes a hike on IPO plans as half-year sales double October 14, 2016 Outdoors retailer Mountain Warehouse abandoned plans to float in London before the EU referendum, the group revealed today. Despite initial discussions showing there was strong investor interest, the company ditched the idea in the early summer. Its decision was confirmed as the better move, a source close to the company said, after the pro-Brexit referendum [...]
City Moves for 14 October 2016 | Who’s switching jobs October 14, 2016 London Bullion Market Association The London Bullion Market Association (LBMA) has appointed Andy Quinn as non-executive director. He currently serves as a director of Randgold Resources, the Africa focussed FTSE 100 gold mining company, where he chairs the remuneration committee and is also a member of the audit committee. Having served on the board since 2011, he takes up [...]
Barclays ditches more of its non-core assets in Italy October 12, 2016 Barclays has today agreed to sell a portfolio of salary secured loans, worth around £260m, in Italy to IBL Banca. The final sale is still subject to regulatory approvals but is expected to take place in the first quarter of 2017. The sale will also reduce the bank's non-core risk weighted assets by roughly £170m. "Last week we announced agreements to [...]
Lloyds Banking Group drops over 1,000 jobs October 12, 2016 Lloyds Banking Group is cutting over 1,000 jobs as part of its previously announced three-year strategy. Although the bank is culling 1,340 positions in total, it is also creating 110 new roles, bringing the net jobs lost to 1,230. In October 2014, the bank announced it would be cutting 9,000 roles over a three-year period. In July of [...]
City Moves for 12 October 2016 | Who’s switching jobs October 12, 2016 Alpha FMC Alpha FMC, the wealth and asset management consulting firm, has appointed Kenn Taylor as director to lead the UK consulting team. Ken was previously partner in the financial services advisory practice at Grant Thornton where he led the investment management business consulting team. Kenn has over 20 years’ experience advising clients on changes [...]
Business rates that hit London need reform October 11, 2016 Business rates are a blunt instrument, one which is set to deliver a heavy blow to London’s retailers, offices and hotels. Rates are due to rise from next April after a revaluation of rateable values for England’s 1.85m commercial properties by the Valuation Office Agency. It is the first such revaluation since 2010. Analysis by [...]
Britain has a golden opportunity to leapfrog the EU and secure a free trade deal with the Gulf States October 10, 2016 As Britain’s departure from the European Union draws closer, concern over the country’s economic prosperity is mounting. It shouldn’t. Britain has long-standing allies in the Gulf who will work hard to negotiate a free trade agreement that benefits all. The six Gulf states of Saudi Arabia, Kuwait, United Arab Emirates, Oman, Bahrain and Qatar are part [...]
Retailers in Mayfair and Bond Street to be hardest hit by 2017’s business rate review but those in High Street Kensington can cheer a drop October 10, 2016 Retailers in Mayfair will be Central London's hardest hit by hikes in the 2017 business rates review, according to analysis from consultancy CBRE. Mount Street occupants will see their average rateable values increase by 138 per cent while just yards away on Bond Street, businesses are facing increases of up to 100 per cent. Steep [...]
Focus On Earl’s Court: Around 7,500 new homes and a brand new high street coming to west London by 2033 October 7, 2016 Best known for its (closed) Exhibition Centre, Earl’s Court is not the sort of place you’d expect to attract million-pound investment. But it’s currently undergoing its biggest upheaval in over a century and this west London outpost is set to be a very different place in a couple of decades. The last huge change in [...]