In the news this morning, the crisis in the care home sector is worsening, with rising costs, funding cuts and an ageing population combining to create a situation where one in six care homes are at risk of failure. The Hilton hotel chain is planning a major expansion in the UK over the next two years, adding 30 hotels spread across London and the regions. Schroders is taking advantage of what it calls the major growth opportunity in the self-storage sector, paying £44m to acquire the Self Storage Company.
One in six care homes at risk (The Independent/FREE)
One in six care homes are at risk of failure, according to a survey of 7,497 homes by accountants Moore Stephens.
Hilton to add 30 UK hotels over two years (The Telegraph/FREE)
WEEKEND PAPERS: Some 30 new Hilton hotels will open in the UK over the next two years, expanding the US chain’s presence in the country by nearly 25%.
Schroders pays £44m for the Self Storage Company (The Telegraph/FREE)
Investment management company Schroders’ UK real estate fund has paid £44m to acquire the Self Storage Company, looking to benefit from the increasing demand for self-storage units.
White Company to move into former BBC HQ (The Times/£)
WEEKEND PAPERS: The White Company will occupy 32,000 sq ft of office space in the BBC’s former base in White City, west London.
Property market value divergence causes concern (FT/£)
A divergence between public and private market values has been a feature of UK property this year, with discounts to net asset value near five-year highs while assets are being sold at record prices.
Newham councils estimates 13,000 landlords failing to declare rental income (The Guardian/FREE)
Newham council in East London has identified some 13,000 landlords who have not signed up for self-assessment, normally a requirement for those renting out property.
Domino’s Pizza enters into joint venture with franchisee (FT/£)
WEEKEND PAPERS: Domino’s Pizza is entering into a joint venture agreement with an unidentified franchisee in London.
Footfall down 1.1% in July (The Telegraph/FREE)
Footfall fell by 1.1% in July, as shoppers were deterred by storms and rainfall, figures from the British Retail Consortium and Springboard show.
Liquidator of BHS starts legal action against Arcadia (The Times/£)
The liquidator of BHS is starting legal action against Sir Philip Green’s Arcadia group.
Calls for stamp duty to be cut (The Telegraph/FREE)
Stamp duty needs to be cut if the Conservatives are to win the next election, Tory MP Jacob Rees-Mogg says.
City of London in reverse takeover of Milton Homes (The Times/£)
WEEKEND PAPERS: City of London Group has agreed a reverse takeover of Milton Homes for £20.2m.
Purplebricks lettings director sold shares days before BBC documentary (The Times/£)
WEEKEND PAPERS: Richard Jacques, lettings director with online estate agency Purplebricks, sold 60,000 shares in the company at the end of July, just days before the BBC broadcast a critical documentary about the agency.
Scottish shop vacancy rate edges higher (The Times/£)
Scottish shop vacancy rates edged up to 9.3% in July from 9.2% in April, but remained below the 9.6% for the UK as a whole.
