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Your support makes all the difference.Williams’ poor season hits profits
Formula 1 team Williams reversed a £12m profit into a £34m loss for 2014 as its results bore the scars of the worst racing season in its history. Williams blamed a fall in prize money (paid a year in arrears) for the 2013 season, but said this year’s figures would be better after finishing third place in the 2014 constructors championship.
The End gets a new beginning
The former home of the West End nightclub which helped superstar DJ Fatboy Slim find fame has been snapped up by a group of European billionaire property investors planning a large redevelopment. The End, which closed in 2009, is part of a seven-building estate bought by the investor group Triangle for £15.8m.
Low profits force cuts at Deutsche
Deutsche Bank is to take more cost-cutting measures after announcing much lower profits in the wake of its $2.5bn (£1.6bn) fine for interest rate fixing. It will reduce investment banking activities further than planned, close branches in Germany, and sell shares in Postbank, incurring one-off costs of €3.8bn (£2.7bn).
BHS to change café supplier
The struggling retailer BHS has signed deals with food groups Compass and Booker at the same time as revealing it wants to recruit 250 new staff. Eurest, owned by Compass, will take over the operations of all cafés and restaurants within BHS stores while Booker Group will aid plans to move further into convenience food retailing.
Corsets and bras boost Calzedonia
Demand for lace corsets and wireless bras has led Italian lingerie retailer Calzedonia to ramp up its UK expansion. The company plans to open in London’s Covent Garden and Westfield Stratford by the end of the year. UK sales rose 22 per cent to £14.3m while profits edged down to £2.7m from £3.2m.
UBS snaps up £200m office unit
UBS Global Asset Management’s UK real estate business has paid £224.m for an office block close to Selfridge’s in London. It bought the 98,800 sq ft property from a joint venture between Great Portland Estates and Aberdeen Asset Management. An initial £200m guide price had been set.
EE set to meet 4G expansion target
EE, the mobile phone giant which is being bought by BT for £12.5bn, said it was “firmly on track” to reach its target of 14 million customers using 4G by the end of this year. Revenues dipped 1.1 per cent to £1.47bn in the first quarter after charge cuts ordered by regulators.
Big four face fines of up to £19bn
Britain’s “big four” banks face a further £19bn in charges to cover misconduct and litigation this year and next as pay-outs become a “way of life”, according to Standard & Poor’s. This is on top of the £42bn paid out by Barclays, HSBC, Lloyds, and RBS in the five years to 2014.
Lotto relaunch a boon for Lottery
Camelot has announced record National Lottery sales of £7.3bn – an increase of more than £500m on a year earlier. The improvement in the year to 31 March follows the relaunch of the flagship Lotto game in October 2013, with £2 tickets.
Industry reforms hit sales at LV
LV saw its first-quarter annuity sales fall to £70m from £115m a year ago ahead of the introduction of radical industry reforms. But the insurance giant was boosted by falling general insurance claims and rising life and retirement sales.
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