Soubry says any wrongdoing over sale of BHS will be “taken very seriously” as MPs blast Sir Philip Green for the failure of the store June 6, 2016 Anna Soubry, minister for small business, industry and enterprise spoke strongly today in the House of Commons over the sale of BHS, saying any wrongdoing on the part of the directors of the company over its sale will be "taken very seriously." In a statement to the House of Commons, Soubry said: "Any wrongdoing will be taken very [...]
Burberry’s Christopher Bailey just got a massive pay cut June 6, 2016 Burberry's chief executive was saddled with a 75 per cent pay cut today after a disappointing year for the British brand. Bailey will be getting £1.89m this year, down from £7.51m last year, according to the fashion house's annual report, released today. Burberry reported a 10 per cent drop in pre-tax profits, perhaps explaining why Bailey's [...]
Housebuilders are busy in the Home Counties as Londoners flee the capital’s ridiculous house prices June 6, 2016 Housebuilding is on the up in the home counties as Londoners flee outrageous house prices in the capital. There was an 11.3 per cent increase in residential planning approvals over the last year, up to 12,010 in 2015 from 10,793 the year before, according to commercial law firm EMW. The greatest increases in housing applications from [...]
Clouds gather over BHS pension scheme as it emerges applicants could be waiting two years to know if it will enter the PPF June 5, 2016 CityAM understands that it could take up to two years for the scheme to enter the Pension Protection Fund (PPF), meaning BHS employers entitled to a pension face a long wait to find out what they will receive in retirement. The BHS pension scheme must go through an assessment period by the PPF, during [...]
Mike Ashley has finally agreed to appear in front of MPs to answer questions about Sports Direct June 5, 2016 The boss of Sports Direct, Mike Ashley, said today he will now appear in front of MPs on the business, innovation and skills (BIS) select committee to defend his company. The Sports Direct boss has been summoned due to allegations about working practices at the company's Shirebrook warehouse in Derbyshire. Ashley has been refusing to meet MPs since [...]
M&S set to reveal former chief executive Marc Bolland earned over £15m June 5, 2016 Marks & Spencer are set to unveil this week that the retail store's former chief executive Marc Bolland received over £15m during his years at the company. The firm's annual report is due out later this week and will include details of Bolland's remuneration since he took the helm in 2010. Bolland resigned in January, but will receive salary, [...]
Investors are lining up to vote against Martin Sorrell’s pay package June 5, 2016 Investors are set to revolt this week over Sir Martin Sorrell's £70m pay packet – up from £44m last year. More institutional investors are lining up to oppose the WPP chief executive's remuneration than last year, when 22 per cent rejected the company's remuneration report, according to the Sunday Telegraph. This year, the AGM takes place on [...]
CBRE group expands into luxury end of the UK property market with acquisition of London retail property adviser June 2, 2016 Property giant CBRE has acquired the London-based property advisory Michael Horwitz & Company specialising in luxury goods retail sector, boosting its presence in the high end of the property market. The acquisition follows CBRE's move to buy the luxury property retail adviser Michael Peddar & Co in 2011. Michael Horwitz & Company, founded in 1996, has a [...]
Homemover loan applications had the highest success rate for mortgage approvals in the first quarter June 2, 2016 Homemover loan applications registered the highest success rate for converting mortgage applications into completed deals in the first quarter, according to the Intermediary Mortgage Lenders Association (IMLA). The IMLA data shows that 80 per cent of homemover applications resulted in an offer and the same percentage of offers led to a deal. Read more: Nearly two out [...]
This is why we’re struggling to build on brownfield sites June 2, 2016 The soil in Britain is so contaminated that it is damaging construction efforts across the country, according to a report from the Environmental Audit Committee (EAC) out today. Around 300,000 hectares of UK soil are thought to be contaminated with toxic elements as a result of the country's industrial history, and London is one of the worst affected areas. The [...]
