Good morning. Here is your AM bulletin, with the latest news and views from EG along with a few of the best bits from the morning papers.
The Canadian tycoon behind HMV has made a last-ditch attempt to rescue Wilko. Doug Putnam wants to buy half of the retailer’s 400 stores and its brand, but the bid is unlikely to be successful.
Meanwhile, Ikea has pushed back the opening of its Oxford Street store until next year, due to delays in the development process.
And American private equity firm Roark Capital has gobbled up Subway for $9.55bn following an auction.
But it is still pretty bleak for retailers, with a CBI survey showing sales falling at their fastest pace in two years.
Capital & Regional has raised £25m in an open offer to fund its Edinburgh shopping centre deal. Major shareholder Growthpoint took the lion’s share, building up its stake to 67.64%.
The FT (£) crunches the numbers on the impact that nimbyism has on the UK and US, and why France has it so much easier – and cheaper – when it comes to infrastructure.
“Crazy” variations in taxes are harming economic growth, says the Institute for Fiscal Studies. “The way in which we tax property jumps out as an area that really does need reform.”
Two men have been arrested on suspicion of arson with intent to endanger life following the fire at the Crooked House pub.
Don’t forget to have your say on RICS’ governing council and self-regulation. Take a minute to fill in the survey.
And finally, Odey Asset Management has moved out of its opulent offices at 18 Upper Brook Street, W1, to a serviced office down the road. The new digs at 64 North Street may not have floor-to-ceiling wine racks, but operator One Avenue insists that they are “luxury” and “state of the art”. So, why the move? It may just have something to do with the fact that the firm’s ousted founder, Crispin Odey, still owns the lease.
