BHS appoints KPMG as it pursues CVA in bid to end deadlock with landlords over unsustainable rents March 3, 2016 Struggling department store chain BHS is set to enter into a company voluntary arrangement (CVA) in an effort to deal with "unsustainable" rents, which could see the group, previously owned by retail mogul Sir Philip Green, disposing of a number of stores. A CVA allows insolvent companies to pay creditors over a fixed period, while continuing [...]
Urban planner Sir Terry Farrell slams plans for transport hub at Old Oak Common as “London’s worst cock-up in 50 years” March 3, 2016 One of the capital's largest-ever regeneration schemes could end up being its "worst cock-up in years", one of London's best-known urban planners has warned. In an interview with the Evening Standard, Sir Terry Farrell said the £10bn Old Oak Common scheme has been the victim of in-fighting by politicians. The 100-acre site in North West London is set to become a [...]
City Moves for 3 March 2016 | Who’s switching jobs March 3, 2016 Watson Day Chartered surveyor firm Watson Day has appointed Richard Turnill as a partner. He joins partners Nick Threlfall, Ian Gutteridge, Julian Scannell and Kevin Dempster, who founded Watson Day in 1989. Richard qualified as a chartered surveyor in 2007, following a graduate position at Cluttons. In 2009 Richard joined Glenny’s south east London and [...]
Metro Bank investor interest deadline looms, as bank prepares for unconventional stock market float March 2, 2016 UK challenger Metro Bank is gearing up for its unconventional stock market float next week, looking to raise £400m from mostly institutional investors. On Monday Metro will have a so-called introduction to the market, meaning it will float without a public sale. In February Metro Bank cut the offer price in its fundraising round from £24 to £20 a share [...]
FTSE 100 demotions and promotions: Paddy Power Betfair and Morrisons eligible to be on the up while Aberdeen Asset Management and Sports Direct eligible for demotion March 1, 2016 Morrisons could be returning to the FTSE 100 after just quarter of languishing in the FTSE 250 – but it may edge out Mike Ashley's Sports Direct in doing so. Morrisons, which yesterday unveiled a major new tie up with Amazon, has seen its share price soar in recent weeks. Shares are up 34 per [...]
Barclays’ share price falls as it confirms it is selling off Africa, cutting dividend and creating two divisions ahead of ring-fencing March 1, 2016 Barclays' new chief executive Jes Staley has outlined a major new strategy to simplify the bank, confirming that it will sell off its Africa stake. The move comes as the global lender prepares "for regulatory ring-fencing requirements", Staley said this morning. As expected, the 62.3 per cent stake in Barclays Africa Group (BAGL) will be reduced "to [...]
Amazon delivers blow to Ocado with announcement of Morrisons deal February 29, 2016 Ocado shareholders fled to the checkout yesterday after its partner Morrisons revealed it had inked a major deal with Amazon, signing a ground-breaking agreement that will pave the way for the US giant to ramp up its presence in the UK grocery market. The tie-up, which is set to go live in the coming months, will see [...]
Hiscox share price down as insurance company slashes special dividend after profits fall for the year ended December 2015 February 29, 2016 Share price in Hiscox fell today as the insurance company revealed a drop in its profits before tax and announced that it would be reducing its special dividend. The insurer reported profits before tax of £216.1m for its year ended December 2015, down 6.5 per cent compared with £231.1m the year before, while gross premiums written grew [...]
Businesses in Marble Arch team up to launch improvement district February 29, 2016 Businesses in Marble Arch and Edgware Road have backed plans to invest £2.5m in sprucing up the west London area after launching a new business improvement district (BID). Over 78 per cent of businesses, retailers, restaurant and hotels from Marble Arch and northern Park Lane voted in favour of setting up the new group to [...]
City Moves for 26 February 2016 | Who’s switching jobs February 26, 2016 Edmonds Marshall McMahon Private prosecution law firm Edmonds Marshall McMahon has announced the firm’s expansion into civil fraud with the appointment of leading City litigator Robert Hunter. He joins as a partner from Herbert Smith Freehills where he was head of the fraud and asset tracing group. Robert has over 25 years’ experience in the [...]