Sweet tooth for peckish Primark-owner Associated British Foods as it snaps up Africa’s largest producer of sugar April 8, 2016 Primark-owner Associated British Foods (ABF) has finally filled a long-standing hole this morning, completing a £262m purchase of Illovo Sugar Limited, Africa's largest producer of the sweet stuff. The extra calories failed to put much energy behind ABF shares in London, however, with the firm up just 0.41 per cent to 3,401p in the first minutes [...]
Dunelm’s share price jumps after bounce back in sales April 7, 2016 Dunelm shares rallied today after the out-of-town homeware giant posted a bounce back in sales in third quarter following a disappointing start to the year. The retailer grew sales by 5.9 per cent to £229m in the 13 weeks to 2 April, while like-for-like sales – including home delivery – increased by 1.1 per cent. That contrasted with the previous quarter, when Dunelm blamed the [...]
Uniqlo owner cuts outlook after warm winter sees operating profit fall 30 per cent – but company confident new Oxford Street store will “serve as a beacon for new London culture” April 7, 2016 A warm winter has been bad news for Uniqlo globally. But things are going okay in Europe. And its Japanese owner, Fast Retailing, is especially hopeful for the brand's future in the UK. The results noted that a new store opening on Oxford Street in London has "attracted a great deal of attention, with the store poised [...]
US investor Cain Hoy buys historic Mayfair block for £80m April 5, 2016 Cain Hoy, US investment firm backed by Guggenheim Partners, has snapped up a historic building in one of Mayfair's luxury shopping streets for £80m. The five storey terracotta building at 19 South Audley Street dates back to 1845 and is best known for housing china and silverware retailer Thomas Goode's emporium since that time. It also has offices and flats on the [...]
Moss Bros’ share price jumps as suit-seller says it’s scrubbing up well April 5, 2016 Shares in suit hire specialist and retailer Moss Bros rose by as much as eight per cent in early trading after a revamp of its stores and a sharper range of products helped deliver a 23 per cent increase in profits. Like-for-like sales rose by 8.2 per cent to £119m for the 52 weeks to 31 [...]
Koovs’ share prices leaps by a third after sales at Indian online retailer beat forecasts April 5, 2016 Koovs' share price leapt this morning after the Indian-focused online retailer said sales almost tripled last year to hit £10m for the first time. The company, which was founded four years ago by former Asos chairman Lord Waheed Alli, said sales jumped by 189 per cent to 981m Indian rupee (£10m) in the year to 31 March. Visitors to [...]
Qatari Diar unveils plans to turn US embassy in Mayfair into luxury hotel April 4, 2016 The Qatari owners of the US Embassy in London’s Grosvenor Square have unveiled plans to turn the Grade II-listed landmark into a five star hotel as the US government prepares for its move to Nine Elms next year. Qatari Diar, a subsidiary of sovereign wealth fund the Qatar Investment Authority, will launch a public exhibition next Monday before submitting plans to Westminster [...]
Elephant & Castle scheme and East Village site merged to create £1.4bn private rented sector venture April 4, 2016 The owners of the East Village residential neighbourhood on the Olympic site and the first phase of redevelopment at Elephant & Castle town centre have agreed to merge the schemes to create a vast £1.4bn private rented sector estate. Qatari Diar Real Estate Investment Company, Delancey’s flagship client fund, DV4, and the Dutch pension fund asset manager, APG, [...]
Success of National Living Wage depends on more businesses raising their game on productivity April 3, 2016 Last Friday's introduction of the National Living Wage (NLW) will increase the pay of millions of the UK's low-paid workers. Ultimately, though, it will only be judged a success if employers can sustain higher wages for the low-paid without the need for job losses and cuts to other pay and benefits. While the NLW will [...]
Area guide: Woolwich – why it’s tomorrow’s town April 1, 2016 It’s an unfortunate consequence of over-enthusiastic estate agents that an area described as “up-and-coming” is often, well, getting there but taking its sweet time about it. Woolwich was one such place for a long time, but 2016 is the year SE18 arrives on the property scene. “Woolwich has been touted as up-and-coming for the last [...]