West End retailers are expecting a £2.34bn boost from Christmas this year November 2, 2016 The West End is expecting some healthy takings at the till this Christmas – the most important time of year for retailers. The New West End Company has forecast that till receipts will rise 1.6 per cent year-on-year this Christmas, hitting £2.34bn. Average takings are expected to come to £51.1m per day during the peak period for [...]
Bargain-hunters drive up profits at TK Maxx, as new store plans are revealed October 30, 2016 Discount fashion retailer TK Maxx has reported soaring profits as it announces plans to open a slew of new stores across the UK in 2017. The US-owned firm saw profits jump by 11 per cent jump in the 12 months ending January 30 2016, increasing from £2.2bn to £2.4bn. Pre-tax profits also rose by 11 [...]
New Builds: From 31 storey Docklands towers to boutique homes next to the Royal Courts of Justice October 28, 2016 Dollar Bay, Docklands From £5m Four penthouses that form the crowning glory of this 31-storey tower in the Docklands are on sale this week. Two four floor, three bedroom penthouses and a couple of two bedroom duplexes are on sale next to each other at the apex of this joint venture between Mount Anvil and [...]
Accio investors: Bloomsbury shares up as Harry Potter enchantment continues October 27, 2016 Harry Potter continues to be the boy who lives (up to expectations) for Bloomsbury Publishing. Nearly 20 years after the company first published JK Rowling’s Philosopher’s Stone, the series continues to do the business for Bloomsbury. Total revenues in the six months to 31 August were up 19 per cent year-on-year, from £52.7m to £62.7m. [...]
Time to remortgage? The rates on two-year fixed deals are very low, but watch out for additional fees October 27, 2016 Brexit has been kind to mortgage holders. As the Bank of England’s interest rate has come down, banks have been able to borrow more cheaply, allowing competition to increase and mortgage rates to fall. Borrowers have been quick to take advantage of the deals on offer; in August, the number of people remortgaging hit a [...]
Inside Big Bang: The chaotic October morning that created the modern City October 26, 2016 Shortly before 8am, as Sir Nicholas Goodison surveyed the floor of the Exchange crowded with foreign television crews and curious journalists, he was a little apprehensive. After so much hype about the possibilities of what had been termed Big Bang, and difficult negotiations with Margaret Thatcher’s ministers, and efforts to persuade the more conservative elements [...]
Tottenham and Uber stadium naming rights deal fails to get off the rank October 26, 2016 Tottenham are not currently in talks with Uber over a deal that would see the taxi app take naming rights to the club's new stadium. The Premier League club are currently holding talks with potential sponsors of the 61,000 capacity stadium but Spurs sources told City A.M. that, contrary to reports, there are no active negotiations [...]
Brent crude price rises above $50 a barrel again on US stockpile data October 26, 2016 The price of Brent crude has risen back above $50 a barrel, after trading below the key threshold for a short time today. This was boosted by data from the US Energy Information Administration (EIA), released today, which showed domestic crude inventories fell 553,000 barrels last week, against a 1.7m barrel increase forecast by analysts. In late afternoon trading, [...]
The economics of iceberg homes: Are mega-basements just a sunk cost? October 26, 2016 Even if you’re rich, London’s above-ground space limitations and conservation rules can put the kibosh on building your dream home. If you have a vision of putting a swimming pool, cinema or bowling alley in your Georgian terrace, you’ll probably have to think vertically to realise it. Over the last decade, iceberg basements have become [...]
Ritz boss lashes out over business rates revaluation: “Most politicians have never had a job” October 26, 2016 The man behind London’s most iconic hotel has lashed out at politicians in charge of a shaking-up business rates, accusing them of failing to understand business because they have “never had a job”. Andrew Love, deputy chairman of the Ritz, told City A.M. a revaluation of business rates unveiled at the end of last month [...]