Number of Brits on furlough falls by 1m as lockdown eases April 29, 2021 The number of UK workers on furlough fell by more than 1m this month following the first easing of Covid-19 lockdown measures. Official figures published today showed the proportion of the workforce on furlough dropped from 17 per cent to 13 per cent as of 18 April. This equates to roughly 4.3m workers on furlough [...]
US economy grows rapidly in Q1 as consumer spending drives recovery April 29, 2021 The US economy grew by an annualised 6.4 per cent rate in the first three months of the year as the world’s largest economy roars back into life. It was the second-highest figure for one quarter since 2003. Read more: Analysts: UK economy ‘like a punchdrunk boxer hanging off the ropes’ Much of the recovery [...]
City Pub Group expands portfolio in vote of confidence in London’s hospitality sector April 29, 2021 The City Pub Group has increased its stake in two hospitality chains in a vote of confidence in London’s pub sector. It has bought a 49 per cent stake in Barts Pub, the owner of Ladbroke Grove’s Kensington Park Hotel, for £750,000, and will operate the pub under a management contract. The City Pub Group [...]
London-based food-tech platform Taster raises $37m in funding April 29, 2021 London-based digital restaurant platform Taster has raised $37m in series B funding, led by Cazoo-backing firm, the company confirmed today. Backed by the same firm that helped used-car platform Cazoo land its £5bn valuation, Octopus Ventures, Taster has capitalised on the growth seen within the food delivery industry over the last 18 months. “If McDonald’s [...]
Park Plaza operator PPHE looks forward to strong trading when hotels reopen April 29, 2021 Hotel chain PPHE, which operates the Park Plaza brand, said it expects demand to bounce back when restrictions on tourism are lifted. The firm said total revenue in the first three months of 2021 had plummeted 89.6 per cent to £5.3m, due to the ongoing impact of coronavirus restrictions. However PPHE said it had been [...]
Uber sees “green shoots” of recovery as recruitment spree gets into gear April 29, 2021 Uber are planning to hire an additional 20,000 drivers across the UK this year as the firm sees the first signs of an economic recovery. The firm’s Northern and Eastern Europe boss Jamie Heywood, who is based in London, told City A.M. that “green shoots” are “coming through exceptionally strongly” as lockdown restrictions loosen. Read [...]
City fund managers discuss post-pandemic opportunities, with NatWest, Lloyds and BP topping the list April 28, 2021 As the economy slowly recovers from what has been a dramatic year, and investors gradually dare to think again about growth and investment, City A.M. checked in with a number of prominent Square Mile-based fund mangers to find out where they spot opportunities as London’s investment community starts to shake off the pandemic. Banking, energy [...]
Sunday Sitdown: ‘Skittish’ banks need to up their game, says CEO of Ezbob April 25, 2021 Following a nightmare year that was hugely disrupted by the pandemic and three subsequent lockdowns, the City is slowly switching into recovery mode as the economy starts to re-open and many sectors are coming back to life. To discuss the way back up, City A.M. sits down with Tomer Guriel, chief executive of Marble Arch-based [...]
Where to eat… In the City April 23, 2021 In a new bite-sized column, we’ll be focusing on an area of London and selecting three of our favourite restaurants, one for breakfast, one for lunch and one for dinner. For the first instalment we have, of course, chosen the City, the regular haunt of our Life & Style editor Steve Dinneen for well over [...]
Hospitality groups gear up to take on insurers over business interruption cover April 23, 2021 Hospitality companies hit hard by the pandemic are forming groups to take on their insurers, in the hope of receiving business interruption cover they believe they are owed. The hospitality businesses involved believe they are owned payouts from their insurers after the coronavirus and subsequent restrictions left them unable to serve customers for months at [...]