Good morning.
Savills’ share price dropped by almost 9% yesterday, despite the agency announcing record £1bn half-year revenues. Profits at the firm had been brought down by “significant growth in staff costs”. Savills has denied that it will join rivals in culling staff, with chief financial officer Simon Shaw saying: “Historically, we’ve always taken advantage of those moments to take on good people and benefit in the recovery phase.”
Meanwhile, the Bank of England’s former governor Mark Carney will become chair of Brookfield’s new asset management business. Brookfield plans to list 25% of the spun-off business, valued at tens of billions of dollars, later this year.
Cadogan has appointed former Crown Estate boss and regeneration supremo Dame Alison Nimmo to its board.
And developers in Scotland will soon have to install electric vehicle chargers at all new buildings.
An independent panel has found that the Peabody Trust overcharged leaseholders.
And L&G is provoking ire on the River Irwell over plans to close a 300-year riverside footpath in Salford.
Property and publishing tycoon Sir Frederick Barclay has avoided jail, but has been told to “find a way” to pay his £100m divorce bill.
Frasers Group, Mike Ashley’s retail business, has completed the disposal of more than £200m of properties.
Retail titan Sir Ralph Halpern has died at the age of 83. The boss of Burton and Harvey Nicholls and creator of Topshop, who enlisted Gerald Ronson to help turn around Debenhams, was a driving force in British retail in the 70s and 80s.
And finally, Soho’s Groucho Club has changed hands in an estimated £40m deal. Personally, I wouldn’t buy any club that would want me as an owner…
