The future of commercial property post-Covid March 25, 2021 Will Fulton, Lead Manager, UK Commercial Property REIT The pandemic has brought real challenges for commercial tenants and landlords Strong asset allocation, prudent negotiation with tenants and strategic portfolio shifts have helped mitigate the impact of the crisis From here, the portfolio is geared into a number of long-term structural changes This has been a [...]
Coke UK CEO: Our sugar-free variants are thriving – but the full-fat Coca-Cola is safe March 24, 2021 Earlier this month, thanks to the strange vagaries of the internet, a years-old video emerged of the now-Chancellor Rishi Sunak expressing an opinion that – at the highest levels of a Government hell-bent on public health warnings – now seems almost scandalous. “I’m a total Coke addict,” he tells two schoolchildren. “A Coca-Cola addict.” The [...]
Exclusive: City fund managers on pandemic volatility, inflation and value vs growth March 24, 2021 It has been a surreal year for fund managers in the City, with unprecedented volatility descending on practically every investment vehicle, asset manager or investor operating out of the Square Mile. The unpredictability of the ongoing pandemic is one of the reasons why the age-old investment-driven debate about ‘cheap’ value stocks versus ‘expensive’ growth equities [...]
DIY retailer Wickes forecasts strong sales growth ahead of Travis Perkins demerger March 24, 2021 DIY chain Wickes, which is being demerged from building trade retailer Travis Perkins, today forecast strong full-year sales growth ahead of launching its public listing as a standalone firm. The home improvement sector has performed well during the pandemic as Britons have spent more time at home, have had fewer leisure options and have travelled [...]
City Moves: Who is switching jobs in the Square Mile this week? March 24, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. BDBF lands former Slater & Gordon’s head Employment law firm BDBF has hired former national head of employment at Slater & Gordon’s as its new equity partner. Most recently a partner at employment [...]
Car dealer Pendragon speeds into profit as cost cuts cushion pandemic blow March 24, 2021 British car dealer Pendragon has recovered from a pre-tax loss of £31m in the first half of 2020 to finish the year with an underlying profit of £8.2m. Pendragon said cost cuts helped it report a profit for 2020, compared to a £16.4m loss a year earlier. The firm attributed its recovery to online sales, [...]
Global online tax on tech giants ‘in our grasp’, says Rishi Sunak March 23, 2021 Rishi Sunak has today said a global online tax on internet giants like Amazon and Facebook is “in our grasp”. Sunak said he was “very keen to see a resolution” on the issue, with the chancellor making it one of his top three priorities in G7 meetings this year that are hosted by the UK. [...]
Pawnbroker H&T suffers profit slump as consumers wary of taking on debt in pandemic March 23, 2021 H&T Group, the high street pawnbroker and loan provider, suffered a drop in profit last year as fewer customers borrowed money during the pandemic. The company announced this morning that profit before tax fell 22.4 per cent to £15.6m in 2020 as its pledge book fell 33.1 per cent to £48.3m. H&T’s share price fell [...]
Jack Dorsey’s first-ever tweet sells for $2.9m as a non-fungible token March 22, 2021 Twitter boss Jack Dorsey sold his first tweet as an NFT for just over $2.9m earlier today. The tweet is in the form of a non-fungible token (NFT) – a kind of unique digital asset that has exploded in popularity so far in 2021. Each NFT has its own blockchain-based digital signature, which serves as [...]
Sir Philip Green’s office furniture up for sale as administrators flog Arcadia assets after collapse March 22, 2021 Administrators have begun flogging Arcadia’s assets, including sewing machines and Sir Philip Green’s office furniture, following the collapse of his retail empire. Deloitte has appointed Hilco Global to sell the former Topshop owner’s London headquarters in a dramatic fall from high street royalty to the auction house. Arcadia collapsed into administration last year, putting 13,000 [...]