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SUNAK SPLASHES THE CASH ON COST OF LIVING PACKAGE WITH NEW TAX TO FORCE HAND OF UK’S ENERGY GIANTS JACK BARNETT, STEFAN BOSCIA AND NICHOLAS EARL RISHI Sunak yesterday launched a fresh tax raid on British business to fund part of a £15bn cost of living package to soften the impact of rising inflation on the economy.

British oil and gas firms will be hit with a 25 per cent windfall tax, billed as a “temporary targeted energy profits levy”, though the impact will be offset by investment-based tax reliefs.

The Chancellor’s intervention will see

every household in the UK given £400 to help pay their energy bills, with significantly more support going to most vulnerable households.

Sunak said the new windfall tax, a policy Labour has been calling for since January, was necessary because the industry is claiming “extraordinary profits not as the result of recent changes to risk taking or innovation… but as the result of surging global commodity prices”.

The levy goes beyond Labour’s suggestion of a 10 per cent tax, but

firms can effectively cut their levy bill by 90 per cent by investing the same amount in UK projects.

In a potential sign of things to come, Sunak said he was “urgently evaluating” the sizable profits made by electricity generators like Drax.

Sunak and PM Boris Johnson preside over a UK economy which features the highest tax burden since World War II. £ ECONOMIC ANALYSIS: PAGE 2 £ THE CITY VIEW: PAGE 2 £ ENERGY GIANTS REACT: PAGE 3

INSIDE GOVERNMENT TO PROBE DRAHI BT STAKE P4 FCA TEMPTS TECH WITH LISTING REFORM P6 PRIVATE EQUITY CIRCLES FIRSTGROUP P8 GO CARDLESS DOUBLES DOWN P11

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CITYAM.COM

FRIDAY 27 MAY 2022

STANDING UP FOR THE CITY

Another crisis wasted, as short-termism wins the day yet again

I

T HAS become fashionable to say in recent months that principles don’t seem to matter in British politics anymore.

Most of that criticism is in the aftermath of a partygate scandal that, for all of its jaw-dropping detail, is not of grand importance in the scheme of things. We will now lay that criticism at the Conservatives’ door for another reason. It is now abundantly clear that today’s Tory party has no desire to govern alongside the

THE CITY VIEW principles that Tory governments have governed with for decades: lower taxes, and economic growth.

It is fair to say that this particular iteration has been handed a tough assignment to navigate.

The Covid-19 pandemic threw the

public finances into chaos, and the inflationary pressures now buffeting the economy have created what is rightly called a cost of living crisis.

In the case of the former, only a ‘big’ state could answer the call.

In the latter, that which we are living through now, focussing on a smaller state would have been a rather more prudent approach.

Instead, taxes have gone up on national insurance, fiscal drag has pulled more workers into

higher bands, and now energy companies which lost an absolute bucket-load of cash during the pandemic are set to have their investment decisions decided for them by the Chancellor’s hanging axe of a windfall tax – sorry, a temporary targeted energy profits levy.

Crises should be seen in politics as an opportunity. Yet at every turn, the government has bent to immediate political pressure rather than develop any kind of

HAVING A FEN OLD TIME Polish-origin Best Konik horses spar in Cambridgeshire

long-term strategy to boost Britain’s growth prospects.

Make no mistake: whilst this year is set to be a particularly grim one for the economy, it will not be the least. The UK’s trend growth is not nearly enough to sustain the size of the state that both major parties seem intent on building. Yet fixing that seems a lot lower down the priority list than short-term political manoeuvring. Singapore on Thames? More like Tokyo.

WHAT THE OTHER PAPERS SAY THIS MORNING THE FINANCIAL TIMES

JD SPORTS REASSURES INVESTORS AFTER SUDDEN EXIT OF LONGTIME BOSS

The unexpected departure of Peter Cowgill as head of JD Sports was due to disagreements about governance and not connected to its delayed results, the company told investors yesterday.

THE TIMES

US ECONOMY SHRINKS IN FIRST QUARTER AMID RISING IMPORT COSTS

The Unites States economy shrank by more than expected at the start of the year – contracting 1.5 per cent –as the rising price of imports pushed up the trade deficit

THE TELEGRAPH

JAGUAR LAND ROVER THREATENS TO SHIFT PRODUCTION TO EUROPE

The Indian owner of Jaguar Land Rover is threatening to shift electric car production to Slovakia if ministers refuse to offer taxpayer support for a UK gigafactory.

Sunak’s care package prevents living standards shock JACK BARNETT CHANCELLOR Rishi Sunak’s energy shock care package will prevent a severe erosion of living standards among the UK’s poorest households.

That’s according to top wonks’ assessments of yesterday’s round of measures designed to cushion the hit to households from soaring inflation and energy bills.

Paul Johnson, director of the Institute for Fiscal Studies (IFS), said: “Rishi Sunak has announced a genuinely big package of support for households. On average the poorest households will now be approximately compensated for the rising cost of living this year.”

The IFS calculated a worker on me-

dian earnings of around £29,000 “will now see their real take-home incomes stay approximately the same this year as last”.

Sunak yesterday turned the previously announced energy bill loan into a grant and doubled it to £400. He also said the government will give those on means-tested benefits a one-off £650 cash payment and those on disability benefits – many of whom will also receive the £650 payment – an additional £150. Pensioners entitled to the winter fuel allowance will also receive £300.

The National Institute of Economic and Social Research said earlier this month a further 250,000 households would tip into extreme poverty with-

out further government action.

“The overall effect of policies coming into effect this year… is much more progressive, delivering an average cash gain to households in the bottom [income] quintile of £1,195,” the Resolution Foundation said.

However, “the relative lack of support for larger families stands out,” Torsten Bell, chief executive of the Resolution Foundation, added.

The measures may fuel already fourdecade high inflation by injecting billions of pounds into an overheating economy, others warned.

The nominal cash injection of £15bn into an economy “currently operating above capacity… will probably indirectly feed into higher inflation,” ac-

cording to Paul Dales, chief UK economist at Capital Economics.

Prices have climbed nine per cent over the last year, the fastest acceleration since 1982, primarily driven by Russia’s invasion of Ukraine sending global energy costs soaring.

Sunak’s support package, alongside a further 40 per cent upgrade to the cap on energy bills in October, prompted Capital Economics to upgrade its 2023 inflation forecast 0.5 percentage points to 4.8 per cent.

In order to combat the inflation bump from the fiscal stimulus, “the Bank of England [may have] to pull the interest rate lever harder to reduce inflation,” Dales added.

The Bank has already lifted rates

from a record low 0.1 per cent to a 13year high of one per cent in the space of six months.

The package will heap extra pressure on the UK’s already battered public finances due to it not being wholly funded through taxes.

Dales said the government will have to borrow £10bn more this year to fund the package. The UK’s stock of debt is already around 96 per cent the size of the economy.

Sunak also launched a tax raid on the windfall profits of oil and gas producers, forecast to raise £5bn. To offset this, he upgraded the sector’s investment allowance, enabling oil and gas firms to recoup 90 per cent of every £1 they invest through tax reliefs.

CITYAM.COM

FRIDAY 27 MAY 2022

NEWS

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Getir follows Gorillas with vast job cuts as speedy grocers slow down EMILY HAWKINS GETIR and Zapp have become the latest rapid delivery startups to slash jobs, in a further blow for the speedy grocery category.

Turkey-based Getir told workers it intends to slash its global headcount by 14 per cent, representing some 840 job losses.

“With a heavy heart, we today shared with our team the saddening and difficult decision to reduce the size of our global organization,” Getir

said on Wednesday. The start-up, one of the largest players in the rapidly growing sector, said it would also cut back on marketing spending, as well as promotions and expansion.

London’s Zapp is also set to cull some 10 per cent of its workforce, according to internal emails seen by Sifted. The job cuts represent between 200 and 300 employees.

The business is planning for the redundancies to include both delivery driver roles and office-based positions, City A.M. understands.

Shell commits to £25bn plans despite new levy NICHOLAS EARL BRITAIN’s energy giants appeared to take Rishi Sunak’s windfall tax largely in their stride yesterday, though BP warned it would need to “look at the impact” of the new levy on their investment plans.

Shell said it would continue with its investment plans despite the hit. It said it plans to invest £20-£25bn in the UK over the next decade, with 75 per cent of its spending focused on low and zero carbon projects.

While Shell highlighted the need for a “stable environment for long term investment” it noted that the “proposed tax relief on investments” was a key factor in the new windfall tax.

BP said “naturally” the announcement would see them assess the “impact of both the new levy and tax relief” on their plans.

A Shell spokesperson told City A.M.: “We recognize the burden that increased energy prices have across society, in particular on the vulnerable, and have hardship plans in place to help our customers.”

This follows the Chancellor Rishi Sunak announcing to the House of Commons an ‘Energy Profits Levy’, a

new 25 per cent surcharge on North Sea oil and gas sector earnings, which could last for up to three years.

The Treasury expects the tax will raise around £5bn over the next 12 months.

The government is utilising a “carrot and stick” approach with the levy to incentivise investment. While firms that fail to invest will suffer a collective 65 per cent tax on their profits, there will also be an 80 per cent investment allowance.

This means businesses will get a 91p tax saving for every £1 they invest.

That is more than double what domestic corporations currently pay, and with the addition of the 25 per cent levy, it will mean a 65 per cent tax on energy firm profits.

Despite the relief measures, the levy was criticised by the UK’s leading offshore energy body.

Offshore Energies UK boss Deirdre Michie described the tax as a “backward step” that could cause oil and gas production to decline, forcing the UK to import more fossil fuels.

The levy does not apply to the renewables sector, despite reports in the FT this week that electricity generators could be targeted in the tax plans.

Earlier this week, Berlinheadquartered Gorillas said that with a “heavy heart” it had opted to lay off almost 300 office employees, as it eyed profitability in key markets including the UK. Rapid delivery firm Gopuff was reportedly readying to lay off hundreds of employees earlier this spring.

Both Getir and Gorillas have had blockbuster funding raises and valuations, with critics saying the momentum was not sustainable.

Grocery start-ups have slashed jobs in recent weeks due to macroeconomic challenges

NICE TO SEE EU: HOW EUROPE IS TAMING RISING ENERGY PRICES

NETHERLANDS

FRANCE

The Dutch government has spent £2.3bn cutting taxes on the energy used by businesses and households, and it plans to use £127m to support the most vulnerable households. It has also cut duty on petrol and diesel by 21 per cent until the end of the year. The Netherlands is expecting to spend approximately £5bn.

EDF was forced by the government to cap wholesale price rises to four per cent a year, a momentous decision which cost the state-backed energy giant £7bn. France also provided a oneoff £84 payment last year to 5.8m households receiving energy vouchers.

SPAIN

Spain has introduced a windfall tax on energy companies, which aims to raise £2.6bn. The levy will fund a tax cut bonanza, including a VAT reduction on energy bills. It has also received EU backing for a price cap that will halve gas bills for 40 per cent of customers.

BP

SHELL 2,420

ITALY

Italy has also imposed a windfall tax, raising taxes for energy companies whose profits have gone up as a result of higher fuel prices.

Its £30bn spending plans include a £12bn fuel subsidy, and a 20 per cent tax credit for energy-intensive companies suffering from a 30 per cent or higher rise in prices.

£18BN

P

P

435

2,400

430

2,380

425

2,360

420

2,340 2,320 May 20

2020 LOSSES

May 23

May 24

May 25

May26

415 May 20

May 23

May 24

May 25

May26

£16BN

London businesses told to brace for wave of climate-linked lawsuits LOUIS GOSS

Climate-related risks are leaving investors exposed to huge future losses

LONDON-LISTED companies should brace themselves for an avalanche of climate-related lawsuits, as shareholders and NGOs increasingly resort to litigation in matters related to climate risk, lawyers have said.

Investors are increasingly suing companies for breaching their

fiduciary duties over their failures to limit their exposure to climate risks, Fiona Huntriss, a partner at London law firm Pallas Partners said.

Shareholders are arguing that company directors are failing to act in the best interests of the firms they run – as they are obliged to do under English law – by exposing investors to huge losses in the future

due to climate-related risks including stranded assets and the possibility of major fines.

The comments come after a Dutch Court told Shell it must cut its carbon emissions by 45 per cent by 2030 after a coalition of climate activists won a landmark case against the Anglo-Dutch oil company.

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FRIDAY 27 MAY 2022

CITYAM.COM

Lower airport charges will impact services, says Heathrow chairman ILARIA GRASSO MACOLA LOWERING Heathrow’s airport charges will impact passenger services, according to the hub’s chairman Lord Deighton.

Deighton said higher airport charges are needed if Heathrow wants to remain Britain’s hub airport and deliver excellent service to passengers.

“Just because airlines argue for a cheaper plan, that doesn’t mean it delivers anything but troubles for

passengers,” he wrote yesterday in an article for the Conservative Home website.

“Underinvestment means queues, delays and a reputation for hassle.”

The chairman’s remarks come amid an ongoing feud between Heathrow and airlines over passenger fees. The airport has lobbied the Civil Aviation Authority to allow it to hike the charge – paid by airlines per passenger – from £19 to £43 as part of an effort to recover crushing pandemic losses. To mediate between

Drahi’s Altice faces security probe over BT STEFAN BOSCIA THE GOVERNMENT will launch a national security review into Altice’s 18 per cent stake in BT, business secretary Kwasi Kwarteng announced yesterday.

Kwarteng has used new powers as a part of the National Security Act to examine the French telecommunications group’s stake in BT amid speculation that Altice’s chair Patrick Drahi wants to make a takeover bid for the British company.

The business secretary now has 30 working days to complete the probe, which can be extended by a further 45 days.

BT’s stock price fell by 2.37 per cent yesterday after the announcement of the review.

Drahi, a French billionaire and media tycoon, first purchased a 12 per cent stake in BT for £2bn in June 2021, before increasing the stake to 18 per cent in December.

This sparked speculation that Altice would soon push for a leveraged takeover of the flagship British company.

Ben Barringer, equity research ana-

lyst at Quilter Cheviot, said: “The fact [Drahi] has been raising his stake in the company has been well known and is not news, so the fact the government has decided to act now shows it may want to be seen to flex its muscle on key national infrastructure.

“Furthermore, the national security act is relatively new and given the interest in BT and Vodafone recently there is clearly a desire to review the independence of these Kwasi Kwarteng is keen to analyse the BT stake build-up by Drahi companies and potentially prevent flagship UK companies from falling into overseas ownership.”

The government made a statement in December that it was monitoring Drahi’s stake in BT, after upping his share of the company to 18 per cent.

Under the UK’s takeover rules, there is a six-month ban on Altice bidding for BT from December that is set to end in mid-June.

Altice declined to comment on the review.

EY SPLIT Big Four firm reportedly looking to seperate audit and advisory operations EY IS working to split its audit and advisory operations worldwide in an attempt to escape the conflicts of interest that have troubled the sector for years, according to a report in the Financial Times.

the airport and airlines, the CAA set an interim cap at £30.19, with a final decision due in the coming weeks.

Virgin and BA’s owner IAG have accused the London hub of “abusing its monopoly to fleece passengers”, saying that the fare increase would only benefit Heathrow’s shareholders.

According to Deighton, who previously served as the head of the London Olympics’ organising committee, the push for a hike would lead to improved services.

Heathrow has lobbied for airport fees to be as high as £43 to deliver better services

A LITTLE BIT OF GOLD Jeweller Boodles gets over the line on Cheltenham tie-up

United add offfield woes to on-field travails FRANK DALLERES

THE JOCKEY Club announced yesterday that Boodles, the more than two-century old family-owned jeweller, has signed a two-year deal to continue its sponsorship of the Cheltenham Gold Cup. It first sponsored this year’s race, won by Rachel Blackmore.

UK to sign first US state-level trade deal with Indiana today STEFAN BOSCIA THE UK will today sign its first US statelevel trade deal, with an agreement to be inked with Indiana.

The “trade and economic development Memorandum of Understanding” with Indiana aims to cut red tape for British firms wanting to trade, or operate, with the Midwest ‘Hoosier’ state.

The deal will not lower tariffs or quotas on goods going in either direction as this can only be done through a trade deal with the US

federal government.

A Department for International Trade statement said the agreement would make it easier for UK professionals to work in Indiana, and vice versa, through mutual recognition of qualifications.

Junior trade minister Ranil Jayawardena said: “With the signing of this Memorandum of Understanding, British businesses can capitalise on the great opportunities for collaboration in areas like innovation and manufacturing.”

FOOTBALL giant Manchester United’s on-pitch travails have been mirrored off it, with the club recording a £27m loss in the first quarter of 2022.

The club struggled to its worst league finish in years despite a significant uptick in wage costs, up a fifth on last year.

“It has clearly been a disappointing season for the men’s first team. Work is well underway to address this, led by our football director, John Murtough and our new manager, Erik ten Hag,” said chief executive Richard Arnold.

“Off the pitch, our revenues have continued to recover from the pandemic, reflecting the enduring strength of our commercial operations, which in turn support our ability to continue to invest in the club.”

United’s commercial revenue grew 13 per cent to £65.6m, helped by fans being able to shop in the club’s store once again.

This was largely offset by a fall in broadcast income as the club’s early exits from knockout competitions reduced their number of matches.

KPMG to create 1,000 London jobs through new digital business launch EXCLUSIVE LOUIS GOSS

KPMG will launch a new digital solutions business today, hiring 3,500 new data scientists and engineers – including 1,000 in London.

The UK arm of the Big Four firm said the new unit, KPMG Products, will develop a portfolio of digital

tools, including a data analytics dashboard for retailers, an ESG analysis tool for banks and a workforce planning solution for the UK’s NHS. The hiring spree will double KPMG’s 3,000 strong tech workforce over the next three years.

The launch comes after KPMG partners voted to invest £300m into

transforming the accountancy firm’s business, as part of a “once-in-ageneration” push to bolster KPMG’s offering in high growth areas such as digital services and ESG. KPMG UK chief executive Jon Holt told City A.M. the new business will seek to help firms “shore up their resilience against a challenging economic and geopolitcal backdrop.”

FRIDAY 27 MAY 2022

CITYAM.COM

LICENCE FREEZE BITES ‘Digital first’ plan to see 1,000 jobs cut and BBC Four moved online

THE COMPETITION watchdog has launched a probe into whether Google has behaved illegally by limiting competition in the digital advertising tech market.

The Competition and Market Authority (CMA) unveiled a second investigation into the tech giant, after scrutinising an agreement

Broadcom inks bonanza deal in VMware takeover EMILY HAWKINS US CHIPMAKER Broadcom will purchase cloud firm VMware in a deal worth $61bn (£48.5bn), making it one of the largest tech acquisitions of all time.

Broadcom is to snap up the Palo Altobased company in a cash-and-stock transaction valued at $61bn, it was confirmed yesterday morning.

The transaction is based on the closing price of Broadcom common stock on 25 May and comes in at more than was previously expected.

Earlier this week, Bloomberg reported that the firms were in talks for a deal worth around £39.7bn ($50bn).

The acquisition makes it one of the biggest tech deals in history, behind Microsoft’s imminent $69bn takeover of Activision Blizzard and Dell’s $67bn acquisition of EMC in 2016.

Broadcom, best known for wireless internet and Bluetooth chips, is one of the world’s biggest tech firms, valued at around $210.6bn.

Headed by CEO Hock Tan, the company attempted to snap up Qualcomm for $103bn back in 2018, but withdrew the bid.

VMware was spun off from Dell last year, after Dell snapped up the firm amid its EMC takeover.

Dell’s very own Michael Dell is VMware’s biggest investor with a hefty 40 per cent stake in the firm, or roughly $16.2bn worth, followed by private equity titan Silver Lake with 10 per cent.

Broadcom’s share price shot up by almost three per cent while VMware rose

$61bn

The deal will be one of the largest tech acquisitions of all time two per cent in early trading yesterday.

The deal will instantly make Broadcom a big name in software, Futurum Research analyst Daniel Newman told the Reuters news agency.

“Having something like VMware... will have a significant number of doors open that their current portfolio probably doesn’t open for them,” Newman said.

Broadcom’s software-related revenue will now make up 45 per cent of its total sales.

Twitter slapped with $150m fine for data use as Musk ups funding EMILY HAWKINS TWITTER has pledged to pay a $150m (£119m) fine after federal law enforcement officials claimed the platform had used users’ personal data to help it sell targeted adverts.

The social media firm was concluded to have violated a 2011 agreement with regulators to not use details gathered for security purposes to aid advertisers.

The illegal behaviour – including using users’ phone numbers and email

addresses – is thought to have spanned six years.

It comes as Tesla boss Elon Musk has clinched extra cash to purchase Twitter while increasing his personal funding of the purchase from $27.3bn to $33.5bn. Musk secured an extra $6.25bn in equity financing, reducing the amount of debt he would take on in the $44bn takeover.

Musk is also in talks with Twitter CEO Jack Dorsey and other shareholders for fresh financing.

05

Google faces fresh probe over ads from UK’s competition watchdog EMILY HAWKINS

THE BBC yesterday said it would cut 1,000 jobs over the next few years in a bid to become a “digital-first” corporation. BBC Four and CBBC will become online-only as part of the plans.

The move follows the government’s decision to freeze the licence fee for the next two years.

NEWS

between Google and Meta.

Google is a dominant player within advertising tech intermediation – referred to as the ‘ad tech stack’ – which involves services enabling the sale of online advertising space between publishers and advertisers.

The US titan charges fees to both publishers and advertisers.

“We will continue to work with

the CMA to answer their questions and share the details on how our systems work,” Google said, in response to the investigation.

“We’re worried that Google may be using its position in ad tech to favour its own services to the detriment of its rivals, of its customers and ultimately of consumers,” Andrea Coscelli, CMA’s chief executive, added.

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CITYAM.COM

FRIDAY 27 MAY 2022

Slowdown in new retail investors as interest rate hikes change priorities MILLIE TURNER RETAIL investment platform AJ Bell yesterday reported a slight slowdown in the number of new traders dipping their toes in the investment waters but the outlook remains positive for the Manchester-based outfit.

The firm said it had seen a 9 per cent increase in retail traders over the past six months, a slight fall in the equivalent figure during the pandemic when retail investors across the board saw a sharp uptick

in users.

The investment heavyweight, which has £74.1bn in assets under administration as of March, saw net inflows of £2.8bn in the period, buoyed by the boost in customers.

Meanwhile, revenue inched marginally higher to £75.5m, from £73.9m in the same period a year prior.

“The impact of normalised customer dealing activity and lower interest rates compared to the same period last year resulted in a lower

FCA looks to tempt tech with listing reforms CHARLIE CONCHIE THE CITY watchdog outlined plans to ‘rebrand’ and reform the two-tier structure of the London Stock Exchange’s main market yesterday in a bid to tempt more fast-growth tech firms to come to market.

The Financial Conduct Authority revealed proposals to abolish the current split between the higher “premium” tier of the main market and the lower “standard” tier, which does not require the same regulatory and corporate governance standards.

A move to ‘rebrand’ the two tiers comes after a recommendation in Lord Jonathan Hill’s landmark review of the listing regime last year, amid warnings that the distinction risked casting a stigma over firms that opt for the lower governance requirements.

Inclusion in the premium segment also allows firms to be included into indices – one of the key draws of a shift onto the public markets for founders.

Director of market oversight at the FCA Care Cole said plans to reform the structure would be crucial to tempting more firms into listing in London.

‘The rules for companies who want to list here have not changed since the

1980s,” she said.

“Now is a good time to have an open conversation to make sure our rules are fit for the future, so we have a more accessible, competitive and growing market that is attractive to a diverse range of companies.”

After discussions with investor groups, the FCA said it would now look to scrap the structure and ensure all listed companies would need to meet one set of criteria and could then choose to opt into a further set of obligations.

Boss of the pensions fintech Pensionbee, Romi Savova, which recently transferred from the standard listing to the premium segment of the market, told City A.M. yesterday that the plans were only part of tempting more firms into floating in London.

“It is critical that the FCA and the government focus on enhancing the conditions in which listed companies can thrive, including appropriate taxation policies to incentivise public stock ownership, retail investor participation and a greater volume of research,” she said.

The calls come amid a push to boost London as a listings destinations to stem the flow of tech IPOs overseas.

revenue margin in this period,” chief executive Andy Bell said.

Bell also warned that celebrities hawking cryptocurrencies to ordinary investors were “not helpful”.

“You will never find me advocating crypto, it is fresh air and promises,” he told the Evening Standard yesterday. “People invested in good faith. They have lost their shirt, their trousers and their underpants.”

Shares rose around eight per cent yesterday, a welcome boost after a share slide over the past six months.

Chief Andy Bell said the firm was well-placed for the future despite the slowdown

Caledonia on the march as Wyatt signs off

NUMBER OF IPOS ON MAIN LONDON MARKET

60

50

NICHOLAS EARL

40

30

20 10

2011

2012

2013 2014 2015 2016

2017 2018

2019

2020

2021

Source: London Stock Exchange

T

HE NEW plans outlined by the City watchdog yesterday are the latest attempt to boost the appeal of the capital as a premier listing destination following the landmark Hill Review of the listings regime last year.

The review looked to breathe new life into London’s markets after a slew of home-grown high-growth tech firms shunned the capital in favour of foreign pastures – most often New York’s Nasdaq exchange.

A first set of major reforms was unveiled last year, including the introduction of a dual-class share structure, designed to allow founders to continue to retain greater control of firms post-float, and changes to help special purpose acquisition

ANALYSIS companies list in London.

Politicians have also been on a charm offensive in recent months to try and tempt tech firms like chipmaker Arm into floating in London.

The tech industry, however, has been calling for faster reform. City A.M. revealed in April that Ron Kalifa, who led a major review of fintech last year, outlined several key areas in the capital markets ecosystem that were hampering growth, including analyst research, the depth and mindset of investment managers, and tax policy that does not incentivise firms to float in the capital.

CHARLIE CONCHIE

CALEDONIA Investments yesterday reported a 25 per cent boost in net assets this year, rising to an all-time high of £2.78bn, with bosses saying the firm was well-placed to ride out a host of economic headwinds.

A special dividend of 175p-pershare has been recommended by the board with a strong balance sheet of £591m of total liquidity.

From its two quoted equity portfolios, it reported a total return of 14.1 per cent in the year, while its private capital division enjoyed a 54.7 per cent boost.

This was driven by two exits this year, with Deep Sea Electronics being sold to Generac Holdings while BioAgilytix was offloaded to Cinven, resulting in net proceeds of £242m and $183m (£145m) respectively.

The group’s funds portfolio generated total return of 38.3 per cent for the year.

Chief executive Will Wyatt said the firm was “well-placed” to respond to inflation and supply chain challenges, as well as potentially lower GDP growth.

Wyatt will step down in less than two months, with the head of the quoted equity division Michael Masters stepping into his shoes.

Wyatt will sit on the board as a nonexecutive director.

Caledonia’s share price was boosted 2.4 per cent yesterday.

Vanguard doubles down on fossil fuel investment despite net zero push CHARLIE CONCHIE

The asset management titan said it would be pushing cash towards transition tech

ASSET management giant Vanguard will continue investing in fossil fuels firms despite its commitment to hit net zero across its portfolio by 2050, its boss has revealed.

The world’s second-largest asset manager, which manages $8.1 trillion (£6.4 trillion), said it was committed to

shielding its clients from climate risks but would not pull back from fresh investment into coal, oil and natural gas firms.

“Our duty is to maximise long-term total returns for clients. Climate change is a material risk but it is only one factor in an investment decision,” boss Mortimer Buckley told the Financial Times.

He said Vanguard did not look to “direct company strategy” but instead asks businesses “to set goals and to report how they are mitigating climate risks”.

Firms with a large carbon footprint could be critical in the transition to net-zero, he added, joining calls for more of a focus on transition than elimination of emissions.

FRIDAY 27 MAY 2022

CITYAM.COM

NEWS

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Ted Baker cuts losses as shoppers pick up party and office wear again EMILY HAWKINS TED BAKER has narrowed its losses as the fashion brand edges closer to a private equity takeover.

The London-listed retailer yesterday posted a loss before tax of £44.1m, an almost 60 per cent improvement, in preliminary results for the year ended 29 January 2022.

Ted Baker had suffered a £107.7m loss the year prior, after pandemic restrictions hammered high street retailers.

Group revenue hit £428.2m, with sales boosted some 20 per cent.

Strong sales momentum had continued into 2022 after “a steady return to the office and social events,” CEO Rachel Osborne said.

However, sharp headwinds were “likely to put pressure on the cost price of our products,” Ted Baker said yesterday. This could result in tighter margins and subdued profits, the retailer warned.

Earlier this week, private equity giant Sycamore pulled out of the

bidding war for the brand, The retailer revealed it had now received several revised takeover proposals from other parties.

Authentic Brands Group, the management company behind Reebok and Forever 21, was reportedly considering to make a bid for Ted Baker.

“The most urgent task for the new owner of Ted Baker is to revitalise the brand’s fading image,” Alex Smith, global sector lead at Third Bridge said.

Ted Baker is currently in the process of a public to private sale, with unnamed parties

TGI Friday indeed!

Shares fall after downbeat update EMILY HAWKINS TGI FRIDAY’s owner Hostmore’s share price plummeted over 13 per cent yesterday after the restaurant operator posted subdued revenue versus prepandemic levels.

Hostmore, which also operates the cocktail bar brand 63rd+1st, said likefor-like revenue was six per cent lower than 2019 levels.

In a trading update for the 20 weeks ended 22 May, the hospitality chain said it had been impacted by “a more challenging consumer environment”.

Consumer confidence had “significantly” weakened since Russia’s invasion of Ukraine and the cost of living crunch, bosses said.

Hostmore made its debut on the London Stock Exchange last year, after the completion of a demerger from Electra Private Equity. Family restaurant brand TGI Friday’s was also re-branded as Fridays last year.

Pressure on consumers meant the company was “taking a more prudent view” on trading for the rest of the year.

Like-for-like dine-in volumes are anticipated to reduce by as much as eight per cent for the rest of the 2022 financial year, as compared to 2019.

However, the company said “appropriate pricing adjustments, in line with broader sector announcements,” would mitigate “approximately half” of the impact of the expected lower volumes. “[Diners] are definitely spending well and spending more but we are seeing volume subduing midSpend per head is up but the firm is seeing a midweek lull week,” Hostmore CEO Robert Cook told City A.M. yesterday morning.

“Spend per head is higher than it has ever been,” he added.

The company’s core base of consumers were likely to be trying to protect savings for “the summer holiday they haven’t had in three years,” while also seeing other costs rise, Cook added.

Inflation currently sits at a forty-year high, hitting discretionary spend.

CABIN CREW TO POSITIONS, PLEASE Airline to rehire staff as travel takes off HONG KONG airline Cathay Pacific is set to rehire laid off staff as it plots a return to a more regular service. The firm’s current crew will also need to download a government app tracking their movements in Hong Kong.

Tech firm warns lockdowns will hit group profit NICHOLAS EARL

Autotrader’s share buyback amounted to £163.5m while dividends were £73.6m

Sales drive Autotrader to hefty profit amid pandemic rebound NICHOLAS EARL AND ILARIA GRASSO MACOLA REVENUES at Autotrader spiked 65 per cent this year to £432.7m, powered by a 72 per cent uplift in sales to £388.3m, with rebounding vehicle demand powering the market’s pandemic recovery.

The firm announced a dividend amid rising demand for used cars, in part driven by a lack of new cars entering the market due to shipping issues and a lack of semiconductor chips slowing the manufacture of

models on the assembly line.

Chief executive Nathan Coe said the company was “well-placed” for continuous growth and it entered the year “with good reason for both confidence and optimism”.

Commenting on the results, Edison Group’s director of research Neil Shah said the firm was riding a wave of demand.

“The lack of new cars will impact the amount of used cars that are available for retail. Autotrader will need to demonstrate continued progression as demand may fall.”

JOHNSON MATTHEY warned investors yesterday it expects operating profits this year to fall into the lower half of market estimates, as supply disruption from China’s lockdowns and component sourcing from Ukraine hurt its auto customers.

The London-listed company makes over half its revenues from producing catalytic converters and other pollution filters for cars.

In its full-year results, it reported operating profits of £553m, a vast increase on last year’s earnings.

However, the firm forecasts a more challenging period at the company over the coming months.

It said: “For 2022/23, we are facing a period of greater political and economic uncertainty with a combination of factors that may affect the year ahead.”

Johnson Matthey also confirmed its exit from the battery materials business, instead shifting focus to its core hydrogen technologies and emission control businesses.

It has revealed it will sell the bulk of its battery material division to a privately owned Australian group, EV Metals, for £50m,.

The proposed sale includes Johnson Matthey’s battery centres in Oxford and Billingham.

Shares in the company were nearly four per cent down on the FTSE 250 at close of play yesterday.

Addleshaw exits Hong Kong as city’s ‘unique’ challenges take their toll LOUIS GOSS CITY law firm Addleshaw Goddard has shuttered its Hong Kong offices with a view to sending its Hong Kong lawyers to London, Singapore, and Dubai, in the latest sign of the difficulty of doing business in the territory.

John Joyce, managing director of the centuries-old law firm, said

Addleshaw had decided to close its Hong Kong offices due to the “unique set of challenges” it has faced since first opening its business in the citystate a decade ago.

The exit comes as the Hong Kong government’s iron-fisted approach to tackling Covid-19 has devastated the city-state’s economy.

Addleshaw said that in light of the

current situation it could not “economically justify” renewing its Hong Kong lease, as the firm said it continues to “hope for a dramatic change in outlook”.

The firm said it will retain its focus on the Asian market through its Singapore offices, which are set to act as Addleshaw’s “key presence” in Asia going forwards.

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UK launches new ‘Flightplan to the Future’ to support aviation sector ILARIA GRASSO MACOLA THE UK government has put jobs and passengers at the centre of its post-Covid-19 recovery plan for the aviation sector.

Launched yesterday by aviation minister Robert Courts, the ‘Flightplan to the Future’ 10-point plan focuses on building back consumer confidence and

supporting jobs as well as helping the sector hit net-zero by 2050.

“The pandemic posed an existential threat to the aviation sector,” Courts said during a visit to Heathrow airport. “Now recovery has started, we have a chance to build back better than ever before.”

Under the recovery plan, the government will set up a new Aviation Council to include airlines,

airports as well as government officials and other stakeholders in industry-related decisions.

A passenger charter to help travellers know their rights when flying is also in the works. While the plan was welcomed by the overall industry, aviation analyst Sally Gethin accused the government of playing the hero after it abandoned the sector during the pandemic.

Shares in South Western Railway owner Firstgroup rose on the news yesterday

US investor woos Firstgroup with £1.2bn takeover ILARIA GRASSO MACOLA TRANSPORT giant Firstgroup is in the crosshairs of private equity after telling markets yesterday it was considering a £1.2bn offer from I Squared.

The operator of South Western Railway and Avanti West Coast told investors it was looking into the 118p-per-share cash offer after it received the US private equity’s latest unsolicited bid yesterday.

“The company has received a series of unsolicited, conditional proposals from I Squared Capital Advisors.”

The group’s board said I Square’s bid would also include an additional 45.6pper-share. The additional capital was based on the outcome of Firstgroup’s divestment from US transport firm First Transit as well as the proceeds from the sale of Greyhound.

The deal’s total worth would amount to around £1.2bn, with £885m up-front and an additional £340m derived from First Transit and Greyhound’s sales.

The transport business signed an earnout clause with new owner EQT which established future returns based on First Transit’s performance under the new ownership.

Firstgroup shares jumped following the announcement, closing up almost nine per cent yesterday afternoon.

The news came 10 days after new boss Graham Sutherland assumed office at the firm, which also operates the Croydon tramlink on behalf of Transport for London.

Sutherland, who was previously at the helm of telecoms company KCOM, succeeded Matthew Gregory as chief executive. Gregory stepped down last year due to pressures from activist shareholder Coast Capital Management.

Firstgroup’s is the latest takeover to focus on a major UK transport group.

In March, rival Stagecoach was snatched by German asset manager DWS, nixing a proposed merger with National Express.

Brokers at UBS said in a note on FirstGroup earlier this week that bus custom was around 83 per cent in the UK, “close to the threshold we estimate companies can operate on a break-even basis without the need for service reductions.”

The brokers did warn of the potential impact of rail strikes on Firstgroup’s train operations, with strikes likely over the course of this summer.

CENTURION CLUB, CL UB , LLONDON ONDON

POPPING UP The world’s first pop-up mini solar charging car park opens in Guildford THE WORLD’s first pop-up mini solar car park was unveiled yesterday in Guildford.

The pop-up was based on a recycled shipping container and supports 12 electric vehicle charging points.

TICKETS TICKE TS FROM FROM £5 £5

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Foxtons goes on £10.5m spree as it snaps up two London estate agents MILLIE TURNER FOXTONS has thrown £10.5m at two takeovers, it confirmed yesterday, in a bid to snap up an even larger share of London’s property market.

London’s largest letting agents has bought IMM Properties, which trades under the name Gordon & Co in South London, as well as

Stones Residential in North London.

The deals are expected to improve revenue “resilience” at Foxtons, which has continued to recover from its pre-pandemic profit loss of £8.8m, having secured £5.3m in pre-tax profit last year.

“Since 2019, we have acquired six lettings portfolios and grown our tenancies by 40 per cent, which demonstrates good progress against our strategy to generate attractive returns for our shareholders,” CEO Nic Budden said in statement.

Lettings were up over 20 per cent in the first quarter of this year.

The global e-commerce boom has caused an explosion in logistics real estate

Londonmetric reaps rewards of warehouse boom MILLIE TURNER LONDONMETRIC’s property portfolio value has grown by £1bn over the past year, it revealed yesterday, as the UK’s hot property market boosts the firm.

The FTSE 250 real estate investment trust’s profit rocketed by an eyewatering £477m in the year to 31 March, in comparison with the same period last year, to hit a total of £734m.

The trust also secured £130m in rental income over the past 12-months, up over £10m in comparison with a year prior, as it reaped the rewards of the exploding lettings market in the capital.

It comes as the firm poaches its latest board member Alistair Elliott from Knight Frank, who most recently served as a senior partner and chair of the executive board.

Londonmetric has doubled down on urban logistics spaces in recent months, having seen a surge in demand of businesses looking to bring their supply chains closer to home amid the pandemic and in the wake of Brexit.

The London firm’s portfolio, which hosts over £3bn in assets, is now heavily weighted towards logistics spaces, hav-

ing dished out almost £27m on six new sites in the capital just last month.

The firm also snapped up a raft of logistics assets from Savills Investment Management’s UK Income and Growth Fund in December for a little over £122m, where key occupiers include HSBC and Volkswagen.

The pivot appears well-timed, with the global e-commerce boom spurring the expansion of warehouse space by the equivalent of 200 football pitches, according to data by law firm RPC shared exclusively with City A.M. last week.

“Demand for warehousing remains both broad and deep, with online operations competing with businesses who are reacting to global trade disruptions by onshoring more of their operations and building up inventories to avoid being caught out by supply disruption,” chief executive Andrew Jones said in a statement. “Previously we have talked about globalisation and just in time.

Today it’s increasingly about localisation and just in case.”

Londonmetric’s share price jumped almost five per cent by close yesterday, adding to gains of 9.8 per cent over the past year.

Retiring lures many seniors into becoming landlords, says study MILLIE TURNER

OLIVIA COWAN

ANNE VAN VA AN DAM DAM

RETIRING is the most common reason for becoming a landlord, according to a new study.

The study, by Hargreaves Lansdown, found that most full-time landlords consider the role a long-term alternative to a pension.

“Being a landlord can be costly with stamp duty, legal fees and ongoing maintenance all stacking up over time,” Hargreaves Lansdown senior retirement

analyst Helen Morrissey explained.

It comes as the government’s English Private Landlord Survey, published yesterday, noted that, despite costs, becoming a private landlord remains increasingly attractive.

The survey found the number of privately rented homes soared by 45 per cent over the past 12 years.

Despite many using rent to fund retirement, the most common relief landlords offered tenants in need during the pandemic was to cut rents.

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Oligarch gets OK to sell Belgravia house for £35m LOUIS GOSS A HIGH Court judge has said fugitive Russian banker Georgy Bedzhamov should be allowed to sell his £35m Belgravia mansion to pay his lawyers £10m in legal fees.

The High Court gave Bedzhamov the OK to sell his mansion on London’s ultra-expensive Belgrave Square to pay £5m to Mishcon de Reya and a further £5m to Greenberg Traurig.

The green light comes after Russia’s Vneshprombank (VPB) obtained a worldwide freezing order (WFO) against the oligarch, over claims Bedzhamov stole billions from the bankrupt Russian firm, which blocked Bedzhamov from selling his central London house.

The order froze more than £1.3bn worth of the oligarch’s assets, whilst only allowing him access to “ordinary living expenses” of around £230,000 a month.

Bedzhamov first bought his vacant

Grade 1 listed mansion from the Grosvenor Estate on a short lease basis, lasting through to 2034.

The banker had initially planned to extend his lease for an extra 129 years, after completing renovation works.

However, the Grosvenor Estate, run by the Duke of Westminster – the UK’s 13 richest man – later refused to extend Bedzhamov’s lease, in the wake of Russia’s invasion of Ukraine.

After a deal to sell the property to Saudi Arabian buyer collapsed in May 2021, Bedzhamov is now seeking to sell his derelict mansion to a thirdparty property developer for £35m.

The proceeds will be used to pay a £5m debt to London law firm Mishcon de Reya, after the firm helped him increase the cap on his “ordinary living expenses” from £99,000 to £230,800 per month.

Another £5m will be paid to Greenberg Traurig, after seven senior lawyers absconded to the US firm from Mishcon last year.

EU outlines plan to boost asset seizing powers LOUIS GOSS

Britain’s attorney general Suella Braverman QC said ‘justice must and will be done’

‘British expertise’ will support Russia war crime investigations LOUIS GOSS THE GOVERNMENT’s top lawyer has said she is determined “British expertise” will help hold Putin’s regime accountable for its “barbarity” in Ukraine.

The comments come after the head of Ukraine’s prosecution service yesterday landed in Britain to meet with attorney general Suella

Braverman QC to discuss the UK’s support for Ukraine’s war crimes probes.

The attorney general said “justice must and will be done” as she prepared to host Ukrainian prosecutor general Iryna Venediktova.

Justice secretary Dominic Raab said “Russian commanders carrying out war crimes should know they cannot act with impunity.”

THE EUROPEAN Commission is set to bolster its powers to seize oligarchs’ assets, in a bid to overcome the troubles it has faced in confiscating property due to the safeguards embedded in member states’ laws.

The plans come as the EU’s “freeze and seize” strategy has faltered in recent months, with member states struggling to actually take control of the French Riviera villas and Mediterranean superyachts of the sanctioned super-rich.

Laws in member states, including France and Germany, have blocked the EU freeze and seize taskforce from confiscating assets, even after they have been frozen.

The situation means oligarchs are able to continue using their luxury superyachts, despite not being able to sell them or rent them out.

As of April, EU countries had frozen €30bn (£25.5bn) in assets, including villas, yachts, and art, owned by sanctioned individuals from Russia and Belarus.

Brussels’ plans would also make it a crime to circumvent sanctions in any EU member state, to ensure all “loopholes” are closed inside the EU.

Russian central bank slashes interest rates after rouble rebounds from lows JACK BARNETT A RECOVERY in the Russian rouble after it plunged to record depths as western countries launched a historic set of sanctions on Moscow in response to its invasion of Ukraine drove the country’s central bank to cut interest rates yesterday.

Russia’s central bank said capital controls and a series of rate hikes in

the immediate aftermath of the incursion has supported the rouble, meaning “inflation is falling faster than we expected”.

The monetary authority slashed borrowing costs to 11 per cent, citing the rouble’s strength as allowing them to do this “without creating new pro-inflationary risks”.

The rouble has rebounded sharply due to a combination of the Kremlin

imposing tough rules that stops domestic investors from ditching rouble-denominated assets and European countries continuing to purchase Russian energy.

Earlier this week, the US blocked off a key means for Moscow to pay foreign investors that hold Russian debt, casting doubt over whether Russia can avoid its first foreign default in more than a century.

Western sanctions drove Russia’s rouble to record depths in February

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Gocardless exec John Stoddart talks to Jack Mendel about the fintech unicorn’s future

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T THE start of this month, John Stoddart jumped ship to become the president of the newly-minted fintech unicorn Gocardless.

Stoddart, who describes himself as a “banker by trade”, spent years at Natwest, Barclays, and was most recently the chairman of Mastercard’s Vocalink.

In an exclusive interview with City A.M., Stoddart said that joining Gocardless was part of a “conscious decision to move out of the big corporate world and be more involved in establishing and growing businesses where you can see the impact more directly”.

The London-based payments firm, which launched in 2011, aims to fix the way businesses collect invoices and make recurring payments by building technology on top of the world’s existing banking systems.

portant for any business to consider.”

“It is now highly inefficient to try and service multiple markets from a single market base because of the regulatory regime.”

“I think the goal for me is that for us to be competing effectively locally, we have to show up locally.”

“We have to look like a domestic player and not like a foreign player trying to kind of scrape the cream off the top.”

“So in actual fact, we’ve made decisions to double down on our investment to make it successful.”

PEOPLE DO BUSINESS WITH PEOPLE

LOYALTY BENEFITS

Gocardless focuses on recurring and subscription payments, from gym memberships or magazine subscriptions to utility bills and school fees.

“Increasingly businesses, both digital and physical, are switching to a more loyalty type payment structure, because if you think about it, a one-off transaction, your relationship is over pretty quickly,” he said.

“With the ability to maintain engagement over a period of time, it improves your opportunities to upsell, cross sell, and all sorts of other things.”

Stoddart explained that Gocardless aimed to be “more of a partner” to the banks rather than a direct competitor.

“In an interest rate-rising environment, they’d be better off focusing on lending,” he said, rather than developing cardless technology.

Stoddart said that Britain’s exit from the European Union has not had a detrimental impact on the business, and instead has actually made the firm “double down” on its efforts to grow overseas.

Stoddart said that rather than trying to serve the European market from London, the firm has sought to boost its presence in a number of countries across the channel.

“We weren’t trying to establish relationships from scratch in a post-Brexit environment,” he explained.

“We’re not trying to service customers in France out of our UK office.

We are localised to the extent that we need to be, and that’s actually very im-

GOCARDLESS READY FOR GO GO GROWTH

The firm, like every other business, has also had to battle the challenges brought about by the pandemic.

Stoddart said that while some positives could be drawn from companies being forced to think more about how to communicate and collaborate more effectively with employees not being in the office, the lack of human interaction has obviously taken its toll on businesses.

“People do business with people,” he said, adding that if people can’t build relationships effectively it can be detrimental to a business.

His main concern coming out of the pandemic was a “bit of a lag” in new business, as they have not yet been able to properly capitalise on relationships established during the pandemic.

“You can’t shortcut that. You have to go through the process.”

He said, however, there was now a “level of excitement and enthusiasm from people as they're getting back into the office, spending time with their colleagues and coworkers.”

“I’m hoping that can be harnessed,” he said.

“If it wasn’t for the very distressing situation in Ukraine, the economy would be benefiting from a real boost in terms of enthusiasm, energy and engagement,” he added.

He concluded by saying Gocardless has no ties to Russia.

“We are not actively doing business [in Russia]” he said, adding that the firm would not want to be exposed to any potential money laundering risk.

“It’s not a market we’ve looked to expand into.” With Gocardless’ growth, it might soon be the only one.

Klarna pulls back from rapid growth to focus on profit, chief exec says CHARLIE CONCHIE

The Buy-Now Pay-Later pioneer looks set for a period of consolidation

BUY-NOW pay-later giant Klarna is moving away from rapid growth to focus on a fast-track route to profitability, boss Sebastian Siemiatkowski said yesterday.

The Swedish fintech firm has been on a major growth push in recent years but Siemiatkowski said the firm

was now tapering back growth amid a downturn in the tech industry that forced it to slash ten per cent of its workforce this week.

“We decided that we’re going to change the weight of our investments and focus more on short-term profitability over long-term new, potential investments,” Siemiatkowski told the Financial Times.

Klarna announced losses of $487m (£386m) in 2021 as it fuelled a major US expansion, its fastest growing market.

Siemiatkowski’s comments come after Klarna said on Monday that it would cut around 700 of its 7,000 staff, as the firm braced for a long term downturn in the market and more regulatory focus.

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CITY DASHBOARD LONDON REPORT

Tax raid takes the fuel out of energy firms as retailers boost FTSE

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ONDON-LISTED energy firms yesterday were whacked by Chancellor Rishi Sunak launching a tax raid on their windfall profits.

The capital’s premier FTSE 100 index jumped 0.56 per cent higher to 7,564.92 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, surged 1.58 per cent to finish over the 20,000 mark.

Chancellor Rishi Sunak yesterday topped up taxes on oil and gas firms’ profits due to them being abnormally boosted by Russia’s invasion of Ukraine sending energy prices soaring.

Sunak launched the measure to transfer excess profits booked by the sector from the highly volatile global oil and gas market to households that are struggling under the weight of the cost of living crunch.

Varying reports on the scope of the windfall tax have sent energy firms’ shares whipsawing throughout the week.

SSE swung from sharp losses at the start of the week to a strong gain on Wednesday. But, it shed nearly five per cent yesterday, dragging it to near the bottom of the FTSE 100.

Drax Group, the energy generator, which has also been on a wild ride this week, closed 4.53 per cent lower.

Despite the tax raid, oil giants BP and Shell were bright spots on the FTSE 100, each adding more than one per cent.

Retailers also got a bump from the Chancellor’s cost of living support package. Middle class favourite and online supermarket Ocado was the top performer, surging more than 11 per cent.

JD Sports, Next and B&M all climbed more than six per cent.

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Construction group Kier reported a robust set of results in line with trading expectations this week. Analysts at Liberum say the firm has built strong positions in most of its markets, with bosses doubling down on a model of disciplined growth. With “sustainable” margins of 3.5 per cent, they say the firm has strong prospects and rate it a ‘buy’ stock with a target price of 150p.

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minutes were hawkish but as expected with policymakers sounding optimistic and in control.

Having hiked its benchmark federal funds rate by half a percentage point this month, it looks like two further 50 basis point hikes in quick succession are likely.

VICTORIA SCHOLAR, INTERACTIVE INVESTOR

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Shares in DIY retailer Wickes jumped nearly 2.5 per cent yesterday after a strong set of results for the first 20 weeks of 2022. The retailer saw a 0.6 per cent dip in like-forlike sales against a bumper set of results last year amid a pandemic boom in DIY. Trade customer order books remain at record levels, while ‘do it for me’ sales rose 30.9 per cent. Brokers at Liberum have rated it a buy stock with a price of 425p.

CITY MOVES WHO’S SWITCHING JOBS LIGHTYEAR

Investment platform Lightyear, which launched in the UK last year, has poached the former boss of Robinhood UK as its new chief operating officer.

Having launched his career in the Netherlands at management consulting heavyweight McKinsey, Wander Rutgers previously led fellow investment platform Robinhood’s international expansion.

Rutgers, who has also held senior roles at Wise and Plum, first joined Lightyear as an investor in the first round, before joining the business full-time this month.

BOUND

Hedging platform Bound, which also launched last year, has bolstered its c-suite with its first chief financial officer (CFO), following a period of growth at the firm.

Marita Cavalcanti, previously CFO at property technology firm Proportunity, brings more than two decades of experience in banking and fintech sectors to the firm.

Cavalcanti, who has also held senior positions at

Oaknorth, Ebury and Nomura, will remain on the board of Proportunity as an adviser.

“Bringing in a leader of Marita’s stature as CFO is a huge win for Bound and I am delighted to welcome her aboard,” CEO Seth Phillips said.

“Her depth of experience, not to mention her stellar background in FX advisory roles, makes her a perfect fit for our ambitious business and our fast-growing team.”

WHITE & CASE

Law firm White & Case has expanded its global debt finance practice with a fresh partner, who focuses on acquisition and leveraged finance.

Monica Barton, who advises financial institutions, private equity firms and corporate clients on a range of cross-border financing transactions, was previously a partner at Winston & Strawn.

The incoming partner brings nearly 20 years of experience to the firm, and will work closely with the firm’s office in Paris.

“Monica is one of the few finance lawyers in the London market to have worked almost exclusively with leveraged and distressed debt funds for much of the past decade,” said Colin Harley, partner and regional section head of banking for Europe, the Middle East and Africa.

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FTSE 100 7564.92 42.17

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FTSE 250 20248.74 314.70

Price Chg High Low

GILTS Tsy 2.500 24 ................376.32 Tsy 5.000 25 ............... 109.36 Tsy 4.250 27 ................113.68 Tsy 6.000 28 ...............126.50 Tsy 4.125 30 ................ 375.56 Tsy 4.250 32.................120.72 Tsy 4.250 36 ................124.54 Tsy 4.750 38................135.00 Tsy 4.250 46 .................137.01

DIVERSIFIED INDUSTRIALS 1.03 -0.05 -0.22 -0.41 0.32 -0.55 -0.82 -1.06 -1.58

379.4 118.0 124.6 140.4 402.3 138.0 148.0 163.4 175.8

356.2 108.8 113.0 126.0 368.3 120.4 124.5 135.0 137.0

Smith (DS) ..................... 304.5 4.3 462.3 293.1 Smiths Gp..................... 1554.5 27.0 1635.0 1355.5 Smurfit Kappa Gp.......3195.0 75.0 4305.0 2920.0 Vesuvius.......................... 360.2 7.8 581.0 314.4

ELECTRICITY Contour Global...............252.5 -3.5 257.0 178.0 Drax Gp ...........................684.5 -32.5 831.5 393.8 SSE ..................................1781.5 -86.0 1920.0 1445.5

ELECTRONIC & ELECTRICAL EQUIPMENT

AEROSPACE & DEFENCE BAE Systems ..................771.0 Chemring Gp ...................357.5 Meggitt ............................776.0 QinetiQ ............................ 364.0 Rolls-Royce .......................86.4 Ultra Electronics ........ 3338.0

6.2 9.0 0.2 1.6 2.9 8.0

771.6 522.0 367.5 256.0 839.2 397.0 365.4 243.0 147.5 78.2 3370.0 2060.0

BANKS Barclays ............................167.7 3.8 217.1 HSBC Hldgs.....................525.3 4.0 567.2 Lloyds Banking ................45.3 1.0 55.1 NatWest Group..............223.5 4.4 253.5 Standard Chartered.....623.8 6.2 623.8 TBC Bank Group......... 1482.0 52.0 1656.0 Virgin Money UK ........... 153.2 1.9 218.1

Halma .............................2211.0 Morgan Advanced .........311.5 Oxford Instruments ..2245.0 Renishaw ......................3898.0 Spectris ........................2976.0 XP Power......................3290.0

30.0 3216.0 2080.0 5.0 412.5 273.5 75.0 2680.0 1760.0 90.0 5580.0 3704.0 95.0 4083.0 2458.0 0.0 5690.0 2990.0

EQUITY INVESTMENT INSTRUMENTS

AUTOMOBILES & PARTS Aston Martin..................673.4 59.4 2201.0 614.0 TI Fluid Systems ...........170.6 7.8 327.0 153.0 140.6 359.8 41.2 192.2 410.0 901.0 139.7

BEVERAGES Britvic.............................. 822.5 -12.5 1006.0 741.0 Coca-Cola HBC AG......1775.0 21.5 2784.0 1460.5 Diageo ...........................3638.5 5.5 4103.5 3343.0

CHEMICALS Croda International ..6752.0 62.010410.0 6524.0 Elementis..........................118.1 3.1 161.7 98.8 Johnson Matt..............2266.0 -85.0 3200.0 1721.0 Synthomer ...................... 327.0 8.0 564.0 252.4 Victrex ............................1717.0 10.0 2706.0 1641.0

CONSTRUCTION & MATERIALS Balfour Beatty ..............260.0 Barratt Devel ................506.6 Bellway .........................2355.0 CRH .................................3273.5 Genuit Group .................446.0 Grafton Group............... 942.8 Ibstock.............................189.5 Marshalls........................540.0 Morgan Sindall Gp.....2065.0 Persimmon ...................2242.0 Taylor Wimpey ...............131.2 Vistry Group.................. 883.0 Volution ...........................391.0

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Price Chg High Low

-0.2 319.0 215.6 12.4 774.0 459.1 57.0 3689.0 2232.0 51.5 4002.0 2910.5 10.5 801.0 401.0 22.8 1412.0 873.3 4.4 239.2 154.0 10.0 845.0 521.5 65.0 2685.0 1888.0 81.0 3238.0 2032.0 4.0 182.9 120.2 36.0 1346.5 760.5 11.0 560.0 157.0

3i Infrastructure...........351.5 Aberforth Smlr Cos ..1282.0 Alliance Trust................950.0 Allianz Tech ....................219.0 AVI Global Trust............190.0 Baillie Gifford Japan....725.0 Baillie Gifford US ..........158.8 Bankers InvTst ..............103.0 Bellevue Healthcare..... 149.8 BlackRock Smaller .....1454.0 BlackRock Wld Mining 713.0 BMO Global Smaller......147.0 BR Throgmorton ...........616.0 Caledonia Inv .............. 3725.0 Chrysalis Inv ...................131.0 City of London IT..........423.0 Edin Inv Trust ............... 634.0 Edin Wwide ....................172.8 European Opp ................718.0 F&C Investment ...........822.0 Fidelity China SPE ........233.0 Fidelity Emg .................. 630.0 Fidelity Eur .....................297.0 Fidelity Spec Val .......... 278.0 Finsbury G&I Tst...........783.0 GCP Infra Inv................. 110.8 Greencoat UK..................153.7 Harbourvest Glb.........2255.0 Henderson Sml Co .......888.0 Herald Inv Trust ..........1714.0 HICL Infr ......................... 175.2 Hipgnosis Songs Fund . 110.8 ICG Enterprise ............. 1110.0 IMPAX ENVIRO MKTS409.0 JPM American...............722.0 JPM Emerg Mkt ............102.0 JPM Euro Disc. ..............425.5

1.0 366.5 294.5 4.0 1612.0 1180.0 18.0 1078.0 901.0 8.0 370.0 207.0 2.2 222.0 172.0 -1.0 1106.0 709.0 10.0 358.0 146.0 1.8 125.0 98.5 2.8 208.0 142.8 38.0 2220.0 1378.0 8.0 792.0 502.0 -0.6 177.0 142.6 21.0 1042.0 543.0 90.0 4100.0 3030.0 7.4 277.0 121.0 2.5 425.0 377.0 8.0 657.0 580.0 5.8 361.5 165.8 12.0 891.0 650.0 8.0 946.0 779.0 8.0 422.5 218.5 13.0 947.0 615.0 4.0 345.0 267.5 5.5 315.0 256.5 3.0 930.0 756.0 1.4 118.6 95.5 5.0 159.9 126.6 65.0 2940.0 2070.0 17.0 1370.0 840.0 42.0 2630.0 1634.0 -2.2 183.0 161.0 0.0 129.2 102.6 -18.0 1314.0 1016.0 2.0 583.0 396.0 20.0 782.0 635.0 1.0 139.0 99.8 8.5 582.0 374.5

FTSE ALL SHARE 4176.59 29.51 Price JPM Japan IT ...............460.0 Jupiter Fund Mngt ........177.2 Law Debenture .............805.0 Mercantile IT .................198.0 Monks Inv Tst ...............956.0 Murray Inc Tst..............882.0 Murray Intl Tst ...........1290.0 Ninety One ......................221.8 Pantheon Intl Partn .... 295.0 Pershing Square.........2505.0 Personal Assets Tst....... 48500.0 Polar Cap Tech Tst ..... 1870.0 Renewables Infra Gp ...132.8 RIT Cap Partners.......2425.0 Schroder Asia ................ 511.0 Schroder Oriental .........263.5 Scot American Inv .......474.0 Scottish Mortgage .......745.8 Sequoia Econ Infra .........97.6 Smithson Inv...............1250.0 Syncona ...........................190.2 Temple Bar...................... 237.0 Templeton Em Mkts ..... 145.6 Vietnam Enterprise ......673.0 VinaCapital Vietna .......476.5 Witan Invest ..................212.5 Wwide Healthcare ....3085.0

Ã

Chg High Low 2.5 729.0 446.0 2.7 298.2 167.6 5.0 830.0 724.0 2.0 291.0 182.0 16.0 1472.0 928.0 17.0 952.0 770.0 16.0 1290.0 1076.0 0.8 277.4 216.2 3.0 351.0 257.5 20.0 3115.0 2420.0 100.0 50900.0 47150.0 54.0 2750.0 1816.0 1.0 139.4 123.2 50.0 2765.0 2330.0 5.0 629.0 498.0 2.0 282.5 254.5 1.5 543.0 446.5 38.6 1543.5 693.2 0.3 114.6 96.0 35.0 2025.0 1215.0 4.8 222.0 157.2 5.0 254.4 201.6 2.4 208.0 140.6 6.0 791.0 649.0 2.5 545.0 438.0 3.5 257.0 206.5 45.0 3910.0 2935.0

FIXED LINE TELECOMMUNICATIONS BT Gp ................................185.6 -4.3 205.6 135.2 Telecom Plus ................1678.0 8.0 1678.0 1010.0

FOOD & DRUG RETAILERS Greggs ...........................2232.0 58.0 3416.0 2094.0 Ocado Gp ........................ 858.4 88.8 2090.0 727.8 Sainsbury(J)...................232.3 3.0 340.0 227.9 SSP Group...................... 270.8 13.0 325.5 207.8 Tesco................................258.0 2.7 303.4 221.8

FOOD PRODUCERS Assoc British Foods....1723.5 Cranswick ................... 3040.0 Greencore Gp .................109.4 Hilton Food Gp .............1132.0 Premier Foods.................119.0 Tate & Lyle ......................764.0 Unilever.........................3488.0

73.0 2367.0 1548.5 46.0 4148.0 2980.0 1.9 146.6 105.2 -24.0 1250.0 1004.0 -1.2 126.8 98.3 -7.5 930.1 734.3 -5.0 4360.0 3328.0

FORESTRY & PAPER Mondi ............................1540.5 19.5 2068.0 1309.0

GENERAL FINANCIAL 3i Group .........................1263.0 Ashmore Gp................... 234.0 Brewin Dolphin ..............510.0 Bridgepoint Group.........313.6 Capital Gearing ..........5150.0 Close Brothers ............. 1110.0

27.0 1503.5 1138.5 5.6 410.8 216.0 0.0 517.0 266.0 14.0 569.0 255.4 20.0 5180.0 4860.0 27.0 1645.0 1007.0

Ã

RISERS

Ocado Gp ..................................... 858.40 Serco .............................................167.70 Aston Martin ...............................673.40 Price CMC Markets .................303.0 Coats Group......................70.0 Hargreaves Lans...........854.8 IG Gp.................................722.0 Integrafin Holdings.....284.2 Intermediate Cap .......1569.5 Intl Public Prtnshps ..... 165.4 Investec ...........................487.6 IP Group ............................84.8 JTC ....................................712.0 Liontrust.......................1068.0 London Stock Exch ....7390.0 Man Group ...................... 257.3 OSB Group ......................522.5 Paragon............................489.4 Petershill Partners ...... 230.0 Plus500 ........................ 1570.0 Provident Financial .....260.0 Quilter ..............................120.4 Rathbone Grp.............. 2015.0 Ruffer Investment....... 320.0 Schroders.....................2894.0 SDCL Energy ...................118.4 TP ICAP ...........................126.9

Chg High Low 3.0 505.0 219.5 0.3 81.4 58.2 28.4 1677.0 826.4 6.0 945.0 702.0 -65.2 602.0 284.2 111.0 2379.0 1338.5 1.0 174.8 156.0 5.8 536.8 270.5 3.6 155.2 77.2 6.0 936.0 611.0 30.0 2485.0 1028.0 64.0 8504.0 6370.0 8.4 257.3 177.7 6.5 599.0 418.8 9.2 617.5 427.2 6.0 350.7 194.8 10.0 1590.0 1255.5 4.4 381.6 210.6 1.7 197.1 118.7 5.0 2210.0 1518.0 6.0 323.0 230.0 38.0 3871.0 2752.0 1.4 124.0 97.8 4.9 215.0 110.7

GENERAL RETAILERS B&M..................................456.1 30.9 644.0 422.4 Currys.................................86.3 6.0 141.6 78.9 Dunelm Gp.......................897.0 47.0 1521.0 823.5 Frasers Group ................672.0 33.0 813.5 562.5 Howden Joinery Gp......673.2 10.6 975.6 649.8 Inchcape..........................732.5 13.5 933.0 647.0 JD Sports Fashion .........119.2 7.2 234.0 112.0 Kingfisher.........................267.9 6.5 376.0 237.0 Marks & Spencer .......... 149.6 10.9 256.9 131.6 Moonpig...........................272.2 10.2 488.4 190.6 Next ...............................6522.0 394.0 8426.0 5770.0 Pets at Home Gp ...........321.6 3.6 519.0 278.0 Vivo Energy ....................139.8 -2.8 149.0 96.4 Watches of Switz .........933.5 24.0 1518.0 786.0 WH Smith..................... 1595.0 75.0 1805.5 1311.0

HEALTH CARE EQUIPMENT & SERVICES Convatec..........................216.8 Mediclinic Intl ...............378.4 Smith & Neph..............1304.5 Spire Health .................. 222.0

2.6 5.2 8.5 3.5

262.6 166.8 386.6 275.8 1592.5 1179.0 254.5 92.8

HOUSEHOLD GOODS Berkeley Grp Hldgs ...4254.0 Countryside ....................241.4 Crest Nicholson .............251.0 Reckitt Benckiser .......6178.0 Redrow.............................532.0

75.0 4943.0 3670.0 11.4 571.5 225.8 5.4 463.8 233.0 -34.0 6624.0 5391.0 15.0 718.8 500.0

% 11.5 9.8 9.7

Ä

% FALLERS Integrafin Holdings ................... 284.20 -18.7 Centrica...........................................79.14 -7.2 United Utilities ..........................1039.00 -6.6

Price Chg High Low

INDUSTRIAL ENGINEERING Bodycote ......................... 657.5 Hill & Smith ..................1430.0 IMI ..................................1341.0 Melrose Ind ....................126.0 RHI Magnesita ...........2400.0 Rotork .............................. 267.0 Spirax-Sarco..............10340.0 Weir Gp......................... 1556.0

MOBILE TELECOMMUNICATIONS

16.5 984.5 593.0 40.0 1902.0 1214.0 30.0 1838.0 1246.0 6.0 190.8 107.6 -16.0 4628.0 2200.0 5.0 373.4 260.2 20.0 17135.010230.0 34.0 1988.0 1429.0

INDUSTRIAL METALS Evraz ...................................81.0 Ferrexpo ...........................174.6

0.0 658.6 53.1 1.0 495.2 116.0

INDUSTRIAL TRANSPORTATION Clarkson.........................3115.0 5.0 4180.0 2995.0 Redde Northgate .........368.0 2.0 443.0 345.0 Royal Mail ........................327.3 13.6 606.4 300.0

LEISURE GOODS Games Workshp .........7025.0 130.012220.0 6365.0

LIFE INSURANCE abrdn ................................ 195.9 6.0 299.0 Aviva .................................441.5 6.7 602.9 Just Group ........................82.9 1.6 110.0 Legal & General............ 258.5 5.7 307.8 Phoenix Gp..................... 652.8 6.0 752.0 Prudential .....................1007.0 19.8 1553.5 St James Place ........... 1255.0 21.0 1731.5

178.9 394.6 75.5 235.2 571.2 881.0 1180.0

MEDIA 4imprint........................2625.0 Ascential ........................308.6 Auto Trader Gp..............581.0 Euromny Inst Inv....... 1030.0 Future ............................ 1920.0 Informa............................552.2 ITV .......................................73.5 Moneysupermkt.com ...180.0 Pearson .............................757.6 RELX ..............................2269.0 Rightmove Group .........586.8 WPP .................................. 919.2

55.0 3170.0 2440.0 11.0 454.4 282.8 15.0 741.8 536.6 28.0 1108.0 829.0 77.0 3910.0 1831.0 9.8 624.0 464.4 1.4 132.5 67.1 7.5 276.8 167.0 0.2 869.4 571.8 -10.0 2449.0 1839.0 15.6 800.4 533.4 14.0 1224.0 875.6

MINING Anglo American ..........3757.0 Antofagasta .................1453.5 BHP Group ................... 2421.0 Centamin ...........................83.8 Endeavour Mining...... 1838.0 Fresnillo ...........................814.0 Glencore .......................... 519.2 Hochschild Mining .........112.8 Rio Tinto ....................... 5631.0

Price Chg High Low

52.5 4170.5 2470.5 -4.5 1781.5 1227.0 -14.5 3019.0 1835.2 -2.1 117.0 80.7 16.0 2100.0 1510.0 10.6 986.8 622.4 -1.6 535.6 296.2 1.9 201.0 99.2 -15.0 6305.0 4375.5

Vodafone Gp ....................131.4

1.2 139.5 106.9

NONLIFE INSURANCE Admiral Gp...................2218.0 25.0 3688.0 2147.0 Beazley.............................478.6 6.0 504.0 300.6 Direct Line Ins ...............256.1 3.2 316.4 231.4 Hiscox .............................. 944.2 8.4 990.2 784.2 Lancashire Hldgs...........403.0 11.2 675.5 346.6

OIL & GAS PRODUCERS BP ......................................435.2 7.4 435.2 278.4 Capricorn Energy.........200.4 -0.8 227.2 125.6 Energean .......................1355.0 -15.0 1391.0 620.0 Harbour Energy ............ 428.2 0.0 530.0 310.1 Shell ...............................2404.0 25.5 2404.0 1833.4 Tullow Oil............................ 57.1 2.5 64.9 40.3

OIL EQUIPMENT & SERVICES Wood Gp(J) ....................251.7

2.2 257.1 151.0

PERSONAL GOODS Burberry Gp..................1641.0 72.0 2264.0 1482.0 PZ Cussons......................199.0 -1.5 269.0 182.8

PHARMACEUTICALS & BIOTECHNOLOGY AstraZeneca ..............10546.0 Dechra Pharma...........3552.0 Genus.............................2722.0 GSK .................................1753.8 Hikma Pharma ............ 1704.0 Indivior ............................ 315.8 Oxford Biomedica ........505.0

-54.010930.0 7932.0 62.0 5405.0 3148.0 48.0 6070.0 2234.0 -21.2 1810.4 1337.8 27.5 2690.0 1676.5 8.6 336.8 144.7 16.5 1634.0 473.5

REAL ESTATE Assura ................................70.5 Big Yellow Gp ...............1333.0 British Land ....................525.6 Captl & Count Prop .......157.4 CLS Hldgs ........................227.0 Derwent London ........3002.0 Grainger...........................307.0 Grt Portland Est .............737.0 Hammerson .......................27.7 Land Securities..............769.2 LondonMetric Prop ..... 258.8 Primary Hlth Prop .........147.8 Safestore Hldgs ............1113.0 Savills .............................1109.0 SEGRO .............................1112.5 Shaftesbury...................590.0 TR Property IT ..............401.5 Tritax Big Box ...............204.6 Tritax Eurobox .................96.0 UK Commercial Prop .....89.2 Unite Group ................... 1117.0 Urban Logistics .............175.0 Workspace Gp ...............703.0

0.7 79.8 59.6 30.0 1724.0 1200.0 2.6 556.4 463.1 3.1 179.3 149.8 5.5 262.0 185.2 36.0 3802.0 2786.0 1.6 335.0 269.8 0.0 803.5 700.5 0.5 44.2 26.1 12.2 813.2 653.2 10.8 285.2 231.4 0.9 169.6 131.1 9.0 1418.0 939.5 22.0 1450.0 975.5 9.0 1436.5 1043.5 17.0 662.0 547.5 -3.0 510.0 397.5 2.2 249.0 196.3 0.2 124.0 91.3 1.9 93.4 72.5 38.0 1237.0 990.2 0.0 199.0 118.5 18.0 971.0 604.5

£

/€ 1.1732 /$ 1.2578 /¥ 160.05

Ä Ã Ã

0.0026 €/$ 1.0721 0.0044 €/£ 0.8524 0.4610

Price Chg High Low

SOFTWARE & COMPUTER SERVICES Auction Tech ...............1056.0 Avast.................................480.1 Aveva Gp.......................2221.0 Baltic Classifieds...........144.4 Computacenter...........2544.0 FDM Group......................975.0 Kainos Gp ......................1259.0 Micro Focus Intl ............378.5 NCC Grp ...........................221.0 Playtech ...........................562.5 Sage Group .....................661.0 Softcat ...........................1430.0 Trustpilot..........................101.4

81.0 1642.0 788.0 -2.9 645.4 464.0 59.0 4220.0 1924.0 11.0 255.0 99.8 30.0 3030.0 2390.0 11.0 1362.0 830.0 39.0 2084.0 1032.0 7.5 547.0 333.1 7.0 335.0 167.4 16.0 770.0 351.0 -5.0 853.8 637.6 11.0 2240.0 1266.0 2.7 460.0 98.7

SUPPORT SERVICES Ashtead Gp ..................4016.0 96.0 6450.0 3765.0 Babcock Intl Grp...........330.0 7.8 380.2 255.9 Biffa ................................. 309.0 3.0 416.0 283.0 Bunzl ..............................2843.0 2.0 3163.0 2258.0 DCC ............................... 5606.0 -104.0 6486.0 5500.0 Diploma.........................2540.0 20.0 3460.0 2400.0 discoverIE Gp.................730.0 -2.0 1262.0 677.0 Essentra............................317.5 4.5 357.0 251.0 Experian ...................... 2608.0 30.0 3667.0 2506.0 Ferguson .......................9490.0 82.013305.0 9110.0 Hays ..................................123.0 3.1 176.7 112.4 Homeserve ....................1166.0 5.0 1166.0 608.5 Intertek Gp..................4594.0 -88.0 5782.0 4594.0 IWG...................................244.1 4.0 380.0 222.1 MITIE GROUP..................55.0 2.4 77.3 46.5 Network Int....................215.8 5.0 403.0 171.8 Pagegroup........................457.4 18.6 680.5 432.2 Rentokil Initial...............498.7 2.7 636.2 444.5 RS Group ........................ 924.0 27.5 1255.0 868.0 Sanne Group..................899.0 0.0 946.0 750.0 Serco .................................167.7 14.9 167.7 121.2 Travis Perkins...............1218.5 49.0 1830.0 1127.5

TECHNOLOGY HARDWARE & EQUIPMENT Spirent Comms..............226.4

0.2 300.2 215.4

TOBACCO Br Am Tob ....................3564.5 -16.0 3580.5 2512.5 Imperial Brands ...........1787.5 -54.0 1857.0 1486.0

TRAVEL & LEISURE 888 Holdings.................202.0 Carnival........................... 965.6 Compass Gp..................1775.0 Dominos Pizza................334.2 easyJet ............................524.6 Entain ..............................1411.0 FirstGroup.......................129.8 Flutter Ent....................9370.0 Intercontl Htls ............4871.0 Intl Cons Airl..................128.8

MARKETS

6.6 478.0 180.2 81.2 1865.4 872.0 31.0 1820.5 1407.5 10.2 465.2 304.8 16.2 1010.5 439.5 32.0 2377.0 1234.0 10.4 129.8 73.6 122.015890.0 7922.0 136.0 5338.0 4399.0 3.2 209.4 116.2

€/¥ 136.44 Price Mitchells & Butlers ......207.6 National Express ...........272.6 Rank Gp ...........................105.0 TUI AG .............................184.6 Wetherspoon (JD) ........740.5 Whitbread....................2728.0 Wizz Air Holdings ......3034.0

à à Ã

13

0.0061 0.0019 0.7080

Chg High Low 9.9 315.0 197.2 10.6 302.4 192.6 2.6 202.5 97.4 -3.7 439.5 181.3 34.5 1351.0 694.0 89.0 3438.0 2436.0 -35.0 5398.0 2496.0

AIM 50 Abcam ............................1145.0 Advanced Medical ....... 292.5 Alliance Pharma.............111.8 ASOS.............................. 1485.0 Camellia ........................5950.0 Caretech Holdings ........710.0 Central Asia Metals ..... 247.0 CVS Group.................... 1750.0 Dart Group .................... 1169.5 Diversified Energy ........ 123.8 EMIS Group .................1306.0 FD Technologies .........2220.0 Fevertree Drinks ........1582.0 Frontier Devs................1196.0 Gamma Comms ...........1172.0 GB Group .........................551.0 Gooch & Housego ........854.0 Hurricane Energy...............8.9 Impax Asset Mgmt ......772.0 Iomart Group .................189.0 IQE....................................... 32.5 James Halstead ............ 222.0 Johnson Service Gp .....108.0 Keywords Studios .....2208.0 Learning Tech Gp ...........129.1 M&C Saatchi ..................196.2 M.P. Evans .......................976.0 Majestic Wine................345.2 Midwich Group .............558.0 Molten Ventures ...........532.5 Mortgage Advice B ......974.0 Next Fifteen Comm ...1092.0 Nichols............................1307.5 Numis Corporation .......239.0 Polar Capital Hdgs....... 570.0 Purplebricks Gp.................17.1 Renew Holdings.............703.0 RWS Holdings ............... 389.0 Secure Income REIT .. 469.0 Serica Energy.................271.5 Smart Metering Sys.... 852.0 Telford Homes................349.5 Thorpe (F.W.)..................423.0 Watkin Jones .................224.5 Young’s Brew NV..........800.0 Young’s Brew-A...........1304.0

23.0 1750.0 1049.0 4.5 341.0 256.5 -1.4 121.6 96.4 121.0 5198.0 1289.0 25.0 7125.0 5850.0 -3.0 747.0 530.0 7.0 284.5 200.5 39.0 2770.0 1559.0 49.5 1423.0 938.6 0.1 128.8 97.7 -2.0 1460.0 1128.0 45.0 2500.0 1378.0 9.0 2812.0 1460.0 -4.0 2840.0 1120.0 -2.0 2335.0 1112.0 2.5 952.5 499.4 4.0 1550.0 816.0 -0.1 11.7 1.1 9.0 1482.0 684.0 5.0 289.5 140.0 3.4 55.0 28.2 0.0 580.0 216.0 0.0 180.4 102.8 14.0 3302.0 1952.0 1.3 235.8 118.2 -10.3 216.0 125.0 10.0 1085.0 672.0 10.0 879.0 328.2 -2.0 700.0 494.0 9.5 1180.0 520.0 -36.0 1500.0 930.0 -32.0 1458.0 840.0 -27.5 1640.0 1105.0 0.5 383.0 230.0 23.0 915.0 504.0 -0.9 91.6 14.1 20.0 872.0 594.0 4.0 678.5 342.0 -7.5 476.5 372.5 -44.5 418.5 116.0 11.0 1030.0 688.0 0.0 349.5 349.5 2.5 520.0 397.0 1.0 276.5 208.0 0.0 982.0 648.0 -16.0 1660.0 1282.0

14

OPINION

FRIDAY 27 MAY 2022

CITYAM.COM

OPINION EDITED BY ELENA SINISCALCO

It’s time to recognise our businesses would benefit from devil’s advocates Josh Williams

A

S CORPORATE speeches go, it was eventful. Last week, Stuart Kirk, head of responsible investing at HSBC’s asset management division, delivered a provocative speech entitled “why investors need not worry about climate risk.”

One week and a media storm later, Mr Kirk is no longer a head of responsible investing. Instead, he has been suspended, facing an internal investigation by his employer.

Kirk’s crime was to question a string of sustainability shibboleths, and to do so in language more colourful than is usually heard at a corporate conference, let alone one focused on sustainability.

Delivering his speech in an exasperated tone, Kirk noted that throughout his career in finance “there was always some nut job telling me about the end of the world.” Climate change, in his telling, is simply the most recent suggested cause.

To understand Kirk, it should be noted that his dissent was limited in its scope. He did not question the science of climate change. Nor did he argue against a transition from dirty to clean fuel - in fact, he clearly stated that he supports a “just transition”.

Instead, Kirk argued that pessimism

Stuart Kirk is facing an internal investigation for his comments on climate risk about the financial impact of climate change is misguided, and that focusing excessively on the issue draws attention away from more pressing, immediate ones, like rising inflation, squeezed growth and falling equity prices.

One can reasonably disagree with Kirk’s opinion and many have. By suspending him, however, Kirk’s employer disagreed with something different: his right to have one.

That is dangerous because dissenters are important to a business and to society itself, not just because they offer up new ideas, but also because they force us to reconsider our own.

In a seminal study on the subject,

Charlan Nemeth, the foremost academic authority on dissent, analysed juries deliberating the outcome of a trial. In those where the dissent was liveliest, the decision taken, regardless of the verdict, was more deeply discussed and better informed.

The sociologist Brooke Harrington came to a similar conclusion when studying investment clubs in her book “Pop Finance”. The more dissent she saw amongst a group of investors, the better their performance, as each investment proposal was subjected to greater scrutiny.

The world of responsible investing, often referred to by the acronym ESG (environmental, social, governance),

could use a similar dose of challenge.

Money is flooding into the sector.

Bloomberg estimates that one third of all assets under management, some $53trn, will be invested under this moniker by 2025.

The sector's intellectual underpinning, however, is shaky. Greenwashing is so rife that the US securities regulator, the SEC, has declared that it will crack down on the claims of ESG funds. A recent analysis of German ESG funds, meanwhile, found that just 10 per cent were avoiding all controversial investments, with 40 per cent investing ESG funds in the arms industry.

Stuart Kirk is not the only dissenter

Seeing is believing: young girls need more female role models in business to look up to

E

NSURING that anyone with potential can get on in life makes good business sense. It means that women should have the same opportunities as men to start their own businesses and be represented at every level.

Despite female-founded SMEs contributing around £85bn of the UK’s economic output each year, there is still much more to do. The Alison Rose review found that the economic gains of women being adequately supported in their entrepreneurial journeys would be huge – an extra £250bn. An economy built on businesses driven by as many women as men would also mean that what they deliver would be more suited to the diverse communities we live in.

So where are we going wrong in addressing this? The answer is simple: we need to start at an early age. Girls need relatable role models. If girls are to see people who look like them and have access to those with shared values or aspirational achievements, they en-

Justine Greening

gage better with their learning and build wider networks. Educators should not only ensure equal representation of role models across every curriculum subject, something which is not currently done, but also engage in initiatives which connect students with local businesswomen and mentors in their local communities.

A recent survey from Young Enterprise found that, of all ages, 11 to 16 year olds felt the most prepared to start a business. That contrasts with a report by Vistaprint where more than two-thirds of female entrepreneurs found it hard to bounce back from failures, compared with 55 per cent of

men. Clearly, we need to capitalise on the time period where female confidence is highest, by offering girls realworld learning opportunities which encourage them to take risks in a safe environment. Championing inclusive cultural norms around what is accessible for girls can help address gender stereotyping from an early age.

I have been working with partners in The Purpose Coalition - from businesses to universities and local authorities - to ensure equality of opportunity. We work on fourteen goals, starting from early years, and across issues such as digital connectivity and wellbeing, to help organisations identify the barriers that prevent people from getting on.

Goal nine - Extending Enterprise - focuses on embedding a social norm of entrepreneurship for those groups, including women, who have found it difficult to get the right mentorship.

The government and the private sector also have key roles to play in tackling issues of gender-disparity in

business. The Investing in Women Code launched by the Treasury in 2019 to create transparency on funding decisions and increase investment into female founders has been signed by 134 organisations, with a combined investment power of nearly £1tn. The government has pledged to increase the number of female entrepreneurs by 50 per cent by 2030.

Post-pandemic, it is more vital than ever we get the economic blueprint for an inclusive future right. This means establishing genuine partnerships between government, educators and the private sector to deliver effective solutions for gender equality in business.

It is not only critical to economic growth, but will also reduce the gender wealth gap, create a society in which women are able to solve the problems faced by half the population of the globe and create entirely new industries. £ Justine Greening is a former Cabinet minister and Conservative MP

within the movement. Tariq Fancy, until 2019 the head of responsible investing at Blackrock, has recently become a high-profile critic, castigating the sector for over-promising and under-delivering.

Dissenters like these are the exception, not the rule, however. The rhetoric of responsible investing has become a consensus, albeit an ill-defined one.

Money ploughs into funds that wrap themselves in a comforting acronym with little transparency about what they are investing in and why they are doing so.

Dissenters force us to think more deeply, asking the difficult questions that consensus encourages us not to ask. As Kirk has discovered, the dissenter is rarely a comfortable position to assume. In Charlan Namath’s study, dissenting jurors were invariably ostracised by the wider group, even if their arguments were later accepted.

You don’t have to agree with Kirk to appreciate him presenting an argument against the flow of the mainstream consensus. Dissenters like him will force everyone to consider more deeply their own points of view.

For that reason, HSBC ought to return Kirk to their fold. Should they be seeking a new role, there is a precedent they might consider. In the sixteenth century, the Catholic Church created the role of “advocatus diaboli”, who would argue against the canonisation of a saint. The devil is invariably in the detail, and ESG has offered far too little of the stuff. It is time it got its own devil’s advocate. £ Josh Williams is a partner at the Draft, a speechwriting company

TOO GOOD AT GOODBYES The BBC director general Tim Davies had to say goodbye to BBC4 yesterday, announcing the channel will now move solely to the online world. This decision is part of a savings initiative - but people won’t be happy.

CBBC, the channel for kids, also had to go.

FRIDAY 27 MAY 2022

CITYAM.COM

WE WANT TO HEAR YOUR VIEWS

LETTERS TO THE EDITOR a SIM card to stay in touch with Comfort through with family and friends, school stationery sets and sensory games and storystories telling aides for therapeutic play.

Dear Editor, thousands of children have arrived in our communities over the last few months, separated from their loved ones and belongings.

They may not be able to attend school straight away, so they need support with their education. Language barriers may also leave them feeling isolated.

The Bookmark Reading Appeal is seeking to raise £1m to support Ukrainian children aged between five and nine who arrive in the UK. We want to offer Ukrainian children currently living here a ‘Bookmark Box for Ukraine’, which includes high quality books in Ukrainian and English, a tablet pre-loaded with multilingual eBooks, literacy and language apps, together

The Bookmark Box will give them tools and resources to help feel secure and begin the process of healing.

We want to give them a warm welcome and help them to start a new chapter in their life, offering comfort through stories. The boxes are being distributed through local authorities, the Association of Ukrainians in GB, and charities providing local support.

They’ve been designed with teachers and other literary experts, and we’ve also received support from publishers, authors, illustrators, technology, EdTech companies and other corporate partners. We would like to invite your readers to support Bookmark’s Ukraine Appeal to help these children start their new chapter in the UK. Sharon Pindar

St Magnus House, 3 Lower Thames Street, London, EC3R 6HD Tel: 020 3201 8900 Email: news@cityam.com

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on the table, but that’s what it’s all about. And the bigger the cat, the harder to look away.

This can be a successful political strategy, involving timing an important policy or story to divert attention from a negative one. But do you know who coined this term? Boris Johnson himself, according to speculation under the advice of Australian political strategist Lynton Crosby.

No wonder his government knows how to use it so well.

Certified Distribution from 4/4/2022 till 29/4/2022 is 81,713

Elena Siniscalco Comment and features deputy editor at City AM

Editorial Editor Andy Silvester | News Editor Ben Lucas Comment & Features Editor Sascha O’Sullivan Lifestyle Editor Steve Dinneen | Sports Editor Frank Dalleres Creative Director Billy Breton | Digital Editor Michiel Willems Commercial Sales Director Jeremy Slattery

EXPLAINER-IN-BRIEF: GUESS WHO’S BEHIND THE DEAD CAT STRATEGIC MASTERPIECE? Yesterday Chancellor Rishi Sunak announced the introduction of a windfall tax - or as he called it, a “temporary targeted energy profits levy” signalling a huge u-turn from his party’s previous stance on the policy. The announcement came the day after the Sue Gray report on Downing Street boozy parties, leading some to condemn Sunak’s move as a “dead cat”. Not everyone might like the graphic image of Boris Johnson slapping a dead kitten

To understand what London needs, we should look at the history of spatial poverty

At the time, Booth spotted how rich and poor were living side by side, but poor streets were usually in very localised clusters. This means that impoverished communities were living in a wealthy area, but excluded from it.

Council estates were built as minifortresses - something often true today.

Unlike other big European cities, London has never relegated its poor to the outskirts. Some of the most in vogue neighbourhoods, like Islington, have a very high number of council estates.

This is good policy, as it avoids ghettoisation. But it doesn’t change much if poorer households are still cut off from the rest of the area.

Yet, it’s not like one is not affected by the other. When house prices boom in an up-and-coming area, poorer neighbouring streets are affected and their residents risk being priced out. Regeneration projects - which on paper are a good thing - carry the same risks. So we have pockets of poverty and wealthy streets side by side, but the former are

Steven Gallagher is the first person in the world to receive a hand transplant for scleroderma, an immune disease that left him unable to perform even the most basic tasks with his hands. He now hopes to return to work. A reminder that in our somber reality, sometimes there’s space for good news too.

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› E: opinion@cityam.com COMMENT AT: cityam.com/opinion

N THE “Republic”, Plato wrote that “any city, however small, is in fact divided into two, one the city of the poor, the other of the rich”. This still rings painfully true today, especially if the city in question is London. The capital is a uniquely unequal place: it hosts some incredibly wealthy people, as well as a huge number of deprived households. With a cost of living crisis, the number of families in poverty is set to rise. Often,the rich are living cheek by jowl with the poor.

The first person to make spatial considerations about poverty in the capital was Charles Booth, considered by some to be the first true social reformer of our times. At the end of the nineteenth century, Booth set out on a mission to map the whole of London based on class. He wanted to understand the real causes of poverty, in an era where deprivation was still considered a sin of the morally corrupt, rather than a condition caused by lack of opportunity.

His maps can be easily accessed online today - and have withstood the test of time. South Kensington, today still a deeply divided borough, is a blend of red (“middle class, well-to-do”) and blue (“very poor, casual, chronic want'') with an occasional spray of black (“lowest class, vicious, semi-criminal”). The language is very different from what we’d use today, but the content is very relevant.

In Booth’s time, 33 per cent of Londoners were living in poverty. Today the number is 27 per cent, according to pre-pandemic data by Trust for London. The percentage is still insanely high. New maps show these pockets of poverty. The one provided by the Consumer Data Research Centre has used the index of multiple deprivation as its metric, colouring neighbourhoods from the most deprived decile (red) to the least deprived (blue). Pretty much anywhere surrounding Richmond Park is in shades of blue, while if we look at Tower Hamlets or Newham, the best you can get is a rare shade of yellow (5th deprived decile) - most of it is red.

Thinking about poverty in terms of space has very important implications for policy-making. Poverty is strongly linked to where people live. Highly deprived areas are often far from employment opportunities, have poor transport and lower wages. This means higher levels of market exclusion, and more poverty. It’s a vicious catch-22 that often gets downplayed.

A NEW LEASE OF LIFE First double hand transplant performed by NHS

OPINION

Building council houses in most neighbourhoods avoids ghettoisation often physically divided from the latter by side streets or railways. “Sometimes specific bits of planning and infrastructure can totally separate neighbourhoods. Within London, we’re talking about very extreme inequalities”, says Charlie McCurdy, of the Resolution Foundation.

Policy-makers should take a hard look at these poverty maps. For one, they show that poverty is not only located in specific boroughs, but also in clusters scattered all over the city.

Funding needs to be locally tailored, otherwise conglomerates of poverty located in rich areas risk being left behind. Secondly, they suggest that regeneration projects don’t do much good if they are not combined with good infrastructure and jobs. Better housing will simply price deprived households out if they’re not also provided with better wages and access, effectively ending spatial segregation.

Inequality is geographic in nature support must be too.

Our terms and conditions for external contributors can be viewed at cityam.com/terms-conditions Printed by Iliffe Print Cambridge Ltd., Winship Road, Milton, Cambridge, CB24 6PP

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LIFE&STYLE

FRIDAY 27 MAY 2022

CITYAM.COM

GOING OUT

THEATRE

EDITED BY STEVE DINNEEN @steve_dinneen

THIS STORY OF GANDHI’S KILLER IS THRILLING AND SMART THEATRE RECOMMENDED

FATHER AND ASSASSIN NATIONAL THEATRE

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BY LAUREN CRISP

t might have been more appropriate had the National’s latest offering, written by Indian playwright Anupama Chandrasekhar, been titled The Assassin and the Father – for this isn’t really the story of Mahatma Gandhi, the beloved ‘Father of the Nation’ of India, but that of his killer, Nathuram Godse.

It is Godse at the centre of this ‘whydunnit’. He’s a charming and conspiratorial narrator intent on inveigling his audience and justifying the events that led him to shoot Gandhi three times at point-blank range on 30 January 1948.

Chandrasekhar pieces together what little is known of Godse to tell his story. He had an unconventional childhood in which he was raised as a girl by superstitious parents who had lost three male babies; he was initially reverent of Gandhi and his peace-loving principle of ahisma (non-violence); he was indoctrinated into extreme nationalism and a belief that Gandhi had betrayed Hindus, leading him to the murder of Gandhi and his subsequent execution.

RECOMMENDED TWO PALESTINIANS GO DOGGING ROYAL COURT

BY ADAM BLOODWORTH

Let’s be clear on this from the get-go: finding comedy in the Israel-Palestine crisis is an incredibly brave thing to do. Not only that, it requires incredibly astute writing. Sami Ibrahim has achieved both of these things with two Palestinians go dogging, a personal and political new play littered with thrillingly perverse laughs.

If Ibrahim’s provocative title tempts you, dear reader, go forth and buy tickets – like a voyeur sitting in a car with the headlights turned on, you’ll get your fair share of dogging. But here, dogging’s not just about sex: it’s used by Ibrahim, a relative newcomer who is half-Palestinian, as a prop to bring out the humanity in the steeliness of war.

In the play, men and women from both sides risk their lives to meet for the thrill of dangerous sex. Some lose their lives when they’re caught and shot by Israeli soldiers. If Ibrahim’s suggestion seems to be that dogging is controversial, the point is that it’s the opposite: raunchy sex ends up feeling banal for Reed, played by Hala Omran, and her husband Sayeed, Miltos Yerolemou, the play’s central couple faced with the daily backdrop of lost lives and bombing. Rather, dogging is just a way to feel alive, a

Shubham Saraf more than earns his keep with an energetic performance as Godse, transitioning deftly from a light-hearted and playful child, to a young devotee, and ultimately, to a man fuelled by rage and extremism.

Godse’s personal history provides the means by which the playwright plots the story of Gandhi and that of the wider, tumultuous British colonial India during this period.

It touches upon the growth of the Indian independence movement, emerging nationalism, the bloody partition, and eventually, that formative moment in India’s history: the assassination of Gandhi. Spanning 30 years, the play packs a generous portion of India’s political past into its two-and-ahalf hours (albeit with a helping of dramatic licence), but is, thankfully for those with only a smattering of relevant historical knowledge, digestible and pacey thanks to its time-hopping plot and smart, engaging script.

This is solid theatre, foregoing tricks, fuss or fripperies. It’s assiduously plotted with a strong cast and slick direction. In the programme notes the playwright writes, “In the end, I did not want the play to be a history lesson”. It isn’t; rather, Chandrasekhar has written a wonderfully entertaining and illuminating drama that is delivered masterfully on stage.

“thrill” as characters call it, a way to escape.

Ibrahim’s piece has a vivid and diverse selection of Palestinians, young and old, split across more than twenty vignettes dealing with everything from mundane daily exchanges to killings. There’s even an Israeli too, Adam (Philipp Mogilnitskiy), who the audience reluctantly empathises with . “We lost a daughter, they lost a soldier,” Reem says during one fraught exchange with Adam, spelling out her perspective about loss and posing wider questions about the value of life of soldiers on both sides of the conflict.

There’s comedy throughout, often by way of the play’s most youthful and likeable character Jawad, who has also committed the play’s most heinous crime. Still, he’s forgiven by the audience immediately, the message being that desperation can lead us to take desperate actions. Luca Kamleh Chapman, making his stage debut, brilliantly embodies how confusing all this horror must be amid the throws of youth and testosterone.

It’s blistering stuff and it never loses track of its agenda to celebrate the lives of these men and women. In another scene, Jawad is slapped by an Israeli but then the scene turns into an incredibly moving poetic, choreographed dance.

It’s a microcosm of the whole show; brute violence is a daily part of life and, to quote Gen Z, ‘we move.’ We must dance – life goes on.

FRIDAY 27 MAY 2022

CITYAM.COM

LIFE&STYLE

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QUEEN DOCUMENTARY IS THE PRIMER FOR JUBILEE WEEKEND ELIZABETH: A PORTRAIT IN PARTS DIR. ROGER MICHELL

BY JAMES LUXFORD

As the bunting goes up and street parties creep closer, this documentary seeks to capitalise on the hype surrounding The Queen’s Platinum Jubilee, providing snapshot of the many facets of Her Majesty’s life.

Composed entirely of archive footage, A Portrait in Parts looks at Queen Elizabeth’s 70-year reign and all the cultural changes it has encompassed.

There’s a lot of time devoted to voice overs from giddy celebs who have curtsied before her, explaining what The Monarch means to them.

While largely a pleasant affair, there are some haunting reflections on Britain’s past, such as a TV interview talking about the “danger of interracial breeding” relating to the migration of people from the Caribbean during the 1950s, and a man being slapped outside of a television studio for suggesting that the Queen show more personality in front of the camera.

Mostly, however, it’s a crowd-pleasing mix tape of her achievements and duties, of which there are many.

Whatever your opinions on the monarchy, it’s quite something to see an interview with a younger Elizabeth recalling a conversation with Winston Churchill, reminding the viewer how much of modern history she has presided over.

There’s a liberal sprinkling of clips from Netflix’s The Crown, the famous James Bond segment from the 2012 Olympics Opening Ceremony, and numerous comedy sketches involving a lookalike, all of which serve little purpose other than to hammer home her influence on modern culture. It’s nothing you didn’t already know, but it’s a nice stroll down memory lane.

Elizabeth: A Portrait In Parts gets a bit too enthusiastic in its praise at times – she’s compared the Mona Lisa at one point – but as a primer for the long weekend of royal celebrations facing us all, it’s a well appointed tribute.

RECOMMENDED THE BOB’S BURGERS MOVIE DIR. LOREN BOUCHARD

BY JAMES LUXFORD

The Bob’s Burgers Movie has overcome many hurdles to get to our screens.

The quirky animated sitcom has survived the Disney takeover of 20th Century Fox and a global pandemic to be released in cinemas, at a time when most animated movies have gone to streaming.

Like The Simpsons Movie 15 years ago, it plays like a feature length version of the show. H Jon Benjamin voices Bob Belcher, a middle-aged, married father of three who has big dreams for his small burger restaurant.

Sadly they always seem to be hampered by the eccentricities of those around him. The movie sees Bob’s hopes for the summer jeopardised by a sinkhole appearing outside his eatery, leaving him and his wife Linda (John Roberts) in financial peril while his precocious kids investigate a mystery.

Anyone who’s watched an episode of

MOVIES

UNMISSABLE PSYCHO DIR. ALFRED HITCHCOCK

BY JAMES LUXFORD

Some movies leave a lasting influence long after the creators have gone. Alfred Hitchcock’s Psycho, a low budget movie shot in black and white with actors from his TV show, would go on to change not just the horror genre, but films in general. 62 years on from its release, it still feels as vital as ever.

You know the story – the stolen cash, the creepy motel, the shower, the shrieking violins. Marion’s death scene was a shock to the system for cinema in the 60s, with audiences unused to seeing a lead actress killed off half way through a movie. It still packs a punch today, despite over half a century of analysis and homages. Less talked about is the film’s second half, an agonising detective story where the audience is aware of the killer and knows what lurks behind every door.

Only 28 at the time of filming, Anthony Perkins struggled against typecasting for the rest of his life after finding fame as Bates. Ironically, prior to the role his studio Paramount presented him as a clean-cut romantic lead in the mould of James Stewart.

Psycho still works on the big screen, despite the behind-the-scenes trivia known to any entry level movie buff.

Its success lies in its ability to find horror in the mundane. Dracula and Frankenstein were abstract, but Bates is a normal looking monster. Despite the chilling final voice over claiming he “wouldn’t hurt a fly”, the true horror of Hitchcock’s masterpiece is that he could be anywhere, just waiting at that next rest stop.

the show will know exactly what to expect – big hearted comedy featuring a family of misfits that, in their own way, feel more authentic than most live action dramas. While it doesn’t top the show’s finest moments, it’s a showcase for why it has lasted for over a decade.

While the show’s many running jokes are there to reward fans (Bob talking to his burgers, Linda bursting into rambling show tunes), newbies won’t need long to get into the rhythm. Characters like skittish teen daughter Tina (David Mintz) or Bob’s dismissive landlord Mr Fischoeder (Kevin Kline) are polished parodies of real-life archetypes that will be instantly recognisable. Unlike many of its contemporaries, the show hasn’t hardened with age, still finding joy and laughter in relatively innocent misadventures.

Let’s face it: it’s unlikely that many will head into The Bob’s Burgers Movie having never seen the cartoon. This is a movie for the fans that delivers everything they could ask for, and a story that doesn’t lose anything through an extended running time.

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PROPERTY FRIDAY 27 MAY 2022

CITYAM.COM

LIVE THE PARTY DREAM IN THIS EAST LONDON WAREHOUSE

Shoreditch loft conversions are ten a penny but this space is a true one-off

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rom the plunge-pool in the bathroom to the infinity mirrors in the toilet, everything about this £1.5m Shoreditch warehouse conversion is designed to impress.

It will come as no surprise that the seller is himself an architect, with original features including a spiral staircase leading to the roof terrace and striking sloped windows that provide the 1,100 sq ft space with ample natural light.

Purpose built with entertaining in mind, the playful apartment features both open areas and break-out spaces, using colour to transition from room to room. The master bedroom shares the same sloped windows as the liv-

ing area, and friends can kip in the built-in bunk beds installed in the guest bedroom.

The private roof terrace is the perfect place to spend long summer evenings, with planters filled with bee-friendly grasses, and views over the City, the Shard and across London.

The brick-fronted building itself dates back to 1870, with heaps of period character, although the apartment itself has been completely reworked, and is full of clever space-saving elements, from the built-in storage units to the overhanging extractor-fan in the kitchen. £ Tabernacle Street, EC2 is for sale through themodernhouse.com for £1.46m

CITYAM.COM

FRIDAY 27 MAY 2022

SPORT

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LIV Golf Invitational and Aramco Team Series set to raise club’s profile, hears Frank Dalleres

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LMOST a decade after it opened its doors for the first time, Centurion Club is preparing for by far the biggest fortnight in its relatively brief history.

The eyes of the golfing world will be trained on the exclusive St Albans venue from 9 June when it stages the inaugural LIV Golf Invitational, the debut tournament of the new Greg Norman-fronted, Saudi-backed, bigmoney series aiming to shake up the professional game.

If that were not enough, just days later Centurion will host the London leg of the Aramco Team Series, the innovative and lucrative string of tournaments featuring some of the biggest names on the Ladies European Tour (LET).

“It’s a huge year for the club, having two events back to back,” Centurion’s general manager Michael Duffy tells City A.M. “The first of the LIV events, and the significance around that, and the second year of the Aramco Team Series and what that’s doing for LET golf. It’s a huge year for the club and really the next step in its evolution “I think it brings an element of kudos to the club. We believe the golf course is worthy of these type of events, and those events coming to the club validates that.

“It gives the members a sense of pride and it encourages other people to join, because people want to play where the professionals play.”

Staging elite competitions is not new for Centurion – it hosted men’s European Tour events in 2017 and 2018 and the Aramco Team Series last year – but next month is on another level.

The private club is in the thick of preparing to welcome thousands of spectators, swathes of media from around the globe and some of the game’s very best players.

“The build for both events is on a very large scale. Compared to last year’s Aramco Team Series, the LIV event is bringing another dynamic,” says Duffy.

“I’m sitting here looking at a huge media centre being

CENTURION CLUB’S MOMENT IN SUN

built. That gives you an idea of the interest that there is going to be.

“The hospitality structures that are being built around the site, and facilities being built out on the golf course as well – every green will have a television camera on it.”

Centurion Club opened in 2013 but has already seen significant change, mostly on the Simon Gidman-designed course, where 37,000 trees and shrubs have transformed the backdrop as they have grown.

“I would say the course is maturing very nicely since I came here in 2015,” says Duffy. “The rough is one of the biggest challenges, with the growth that you have come April, May, June. It gets thicker and there’s more of a premium on hitting the fairway be-

The Aramco Team Series returns next month

NEED TO KNOW: CENTURION FACTS History: Opened in 2013 and held its first elite tournament in 2017.

Has been part of the Aramco Team Series since its debut last year and now on the LIV Golf circuit.

Course: A varied selection of woodland-flanked and opencountry holes that have drawn comparisons with Woburn and The Grove.

Clubhouse: The modern clubhouse features a fine dining restaurant, a members-only bar and a whisky lounge.

Membership: Centurion Club offers five levels of membership, from ‘senate’, which comes with a share in the club, to business, for taking clients for a round.

cause if you get into the rough you could be in difficulty.”

It is in many ways a very modern golf club, with a deliberately more relaxed approach that stands in stark contrast to some more traditional but stuffier venues.

“Being a new club, we had an opportunity to do things slightly differently,” says Duffy. “People don’t necessarily want to be part of a golf club that has a lot of rules and committees.

“We decided to set up a club without any committees, captains or presidents, and we’ve been told people like the relaxed atmosphere. People respect the very few rules we have and everybody gets on very well.”

That willingness to embrace change makes Centurion a fitting partner for the LIV Golf Invitational and the Aramco Team Series, which both showcase innovative formats.

“You can choose to be part of something different and see what that brings,” says Duffy.

“These are an exciting few weeks in the world of golf and we have an opportunity to be part of that new experience. We’ll see where it goes.”

Centurion’s increasing prominence on the men’s and women’s calendars is already proving a major boost to the club’s ambitions of growing its profile – and membership – globally.

“Definitely we have seen an uplift in the number of enquiries from around the world of people interested in membership and we have had a number of people join recently,” says Duffy.

“Television coverage increases awareness of the club and gives people an opportunity to see it who wouldn’t necessarily see it.

“You do find you will have an increase in interest in the club which will ultimately translate into people joining.

“We want to have a club that the members are proud to belong to and like coming to, that they will remain members for a long time and bring friends and family as well.

“In terms of promoting the club, we are looking at doing this on an international scale. “[The ambition] is to build the reputation and image of Centurion, and one way of doing that is through events.”

Leinster should sneak tight European final

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T’S GOING to be tight – Champions Cup finals usually are – but I think Leinster will win their fifth title tomorrow in Marseille when they come up against La Rochelle.

They have the physicality, they have the depth, and they’re stacked with match winners. They’re favourites.

That said, it would be foolish to completely write off Ronan O’Gara’s La Rochelle because they’ve repeated their feat from last season and made another final.

Being an Atlantic community, Les Corsaires are no strangers to weathering a storm and that’s exactly what they’ll need to do against the sea of blue that is Leinster.

The Irish province have the European pedigree and that counts for some-

RUGBY COMMENT Ollie Phillips

thing in this competition – they know how to win it and are chasing their fifth title this weekend.

If they do lift the cup, they’ll have done it the hard way. Having qualified with a low seeding due to a controversial Covid-19 cancellation, they had to go through Connacht, Leicester and Toulouse to reach the finals.

It’s testament to their depth and

their approach to this competition.

And in this final there is of course the storyline of O’Gara playing his former enemy in Leinster.

Should the Munsterman continue to perform in his role on the French coast, I don’t see how he isn’t in the picture for a job with Ireland.

He’s clearly a smart coach and has been rewarded with a final in his first season flying solo.

If La Rochelle can weather the storm I mentioned, they could be in this final right to the end. But my gut says Leinster will come out victorious.

BRITS ABROAD

Finals weekend is just that, and tonight there’s an all-French affair in the Challenge Cup. Lyon take on

Toulon in the same stadium and I think the former Galacticos of Toulon will just sneak it.

I want this game to show off the best of the Top14 and combine sublime skill with raw power.

I loved my time with Stade Francais in that league, it really added something to my game, and I think more players should experience different leagues.

Joel Kpoku has been extraordinary for Lyon this year and the young Englishman has been embraced by the raucous crowd in France’s second city as a result.

I think it’s naive of rugby’s unions to ban players from international duty should they flee abroad for opportunity, experience, and simply money.

Zach Mercer is the name on everybody’s lips at the moment but Kpoku has been the kind of workhorse French teams adore.

His side will be up against it though, tonight, with Toulon slowly building back to the quality that saw them win three consecutive Champions Cups – albeit now with less international talent and more home-grown depth.

Toulon should sneak this one but wouldn’t it be great to see a promising English player thriving by winning a trophy across the Channel?

£ Former England Sevens captain Ollie Phillips is the founder of Optimist Performance, experts in leadership development and behavioural change.

Follow Ollie on Twitter and on LinkedIn.

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SPORT

CITYAM.COM

FRIDAY 27 MAY 2022

OLLIE PHILLIPS Leinster should sneak tight Champions Cup final PAGE 19

SPORT

SPORT DIGEST

DAN AND OUT Evans loses in Paris as multiple seeds crash out of French Open

PLAYERS FAVOUR FEWER BACK-TO-BACK GAMES

£ Fifpro, the player’s union for professional footballers, yesterday said almost nine in 10 players back a six-game limit on back-to-back matches. The union also stated that there should be a limit on players where they should play no more than 55 games a season. This comes as Liverpool prepare to play their 63rd match of the season tomorrow, when they take on Real Madrid in the Champions League final in Paris, while Mohamad Salah and Sadio Mane could play their 70th game , including pre-season. The data shows the pair have played over 60 per cent of those back-to-back.

VILLA SIGN DIEGO CARLOS WHILE LEEDS MAKE MOVES

£ Aston Villa yesterday confirmed that they’d agreed a deal with Sevilla central defender Diego Carlos for a fee believed to be £26m. This comes after the Premier League outfit began their transfer business for next year with agreed deals with Philippe Coutinho from Barcelona and Boubacar Kamara from Marseille.

Leeds have reached a deal for Salzburg midfielder Brenden Aaronson.

ECCLESTONE ARRESTED IN BRAZIL FOR HAVING GUN

Dan Evans became the latest Brit to crash out of the French Open as he lost 3-6 6-3 2-6 3-6 to Mikael Ymer in Paris. Evans joins British No1 Emma Raducanu in being eliminated in the second round at Roland Garros. Cameron Norrie, the last remaining British singles player, faces Karen Khachanov today. Elsewhere world No1 Iga Swiatek saw off Alison Riske in just over an hour with a dominant 6-0 6-2 victory. The Pole, who is favourite for this year’s tournament, is now on an unbeaten run of 30 games. Karolina Pliskova was on the wrong end of a second round upset as she lost 6-2 6-2 to world No227 Leolia Jeanjean, ending her hopes of a trophy at Roland Garros this year.

£ Former Formula 1 boss Bernie Ecclestone was arrested yesterday for illegally carrying a gun while boarding a private jet. The Billionaire, who was due to be on his way to Switzerland, was found to be carrying a gun in his luggage, a police statement said. Ecclestone acknowledged he owned the gun but said he didn’t realise it was in his luggage. The 91-year-old paid the bail and was free to continue his journey.

NEW DEAL FOR IRISH PROP

EXCLUSIVE Exiles’ Ollie Hoskins spoke to Matt Hardy about his new long-term deal

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USTRALIA prop Ollie Hoskins will today sign a new longterm contract with London Irish – and insists it was an easy decision to recommit to the Premiership rugby club.

“I’ve got a strong connection to the club. This is where I wanted to play and continue to develop my game,” Hoskins told City A.M. “I can’t speak for the other boys, I’m sure they’re in the same boat, but it was easy to commit to the club.”

The deal will take Hoskins, who received his first cap for the Wallabies against England last autumn, to a decade with London Irish.

“I assessed a few options, and going home definitely was one of them,” added the 29-year-old.

“But London Irish and London itself feels like home to me. I’ve been here

pretty much for my adult life.

“It’s obviously my place of work and a club that employs me but I have a real love for it.

“They took a chance on me back when I was a kid, when there were a few aspects of my game, especially setpiece wise, that weren’t up to Premiership standard and they still saw potential in me.

“They’ve progressed me and developed me into a player that’s manifested in me being able to play for Australia, which was a dream.”

The prop moved to England from Super Rugby in 2015 and has ridden the London Irish wave up and down between the Premiership and Championship.

Now in with a shot of the Champions Cup places – but without a game this weekend due to a final-round bye – Hoskins’ journey has been one of determination and a desire to grow.

“Kissy [Les Kiss, head coach] and Dec [Kidney, director of rugby] came in as we were getting relegated from the Premiership [in 2018],” Hoskins added.

“They instilled the way we wanted to play in that first Championship season. It’s taken a little bit of time to really understand that and have that

We’ve probably raised the blood pressure of our fans with the way we’ve played

consistency in our squad.

“The opportunity to play in the Champions Cup would be something that I would absolutely love to do and something I am very determined to do.

“If it doesn’t happen this year then next year we are going to be flying. I think the Champions Cup is the pinnacle of club footy in the world.

It’s where we want to be.”

But in choosing London Irish, Hoskins has harmed his chances of being picked for his national side. As of February, rules changed Down Under meaning just three overseas players can be picked in any given international squad.

For Hoskins, who admits that Australia having a game in London aided him in getting his first cap, it’s a tough one to take.

“Unfortunately, that’s the way it is. I understand that I got picked from over here but there was a bit of luck that

allowed me to do that,” he said.

“If the laws change again, I’ll definitely put my hand up for selection but at the moment my focus is on making sure that I am as successful as I can be for London Irish because this is the club I really care about.”

Perth-born Hoskins has given everything to the Exile nation across the last six seasons and now bleeds green.

“I love them,” he said of the fans. “I’m the longest serving player in the squad now but I still feel kind of young.

“There’s a core group of fans who have stuck with us through my two trips to the Championship, and from Reading to Brentford, and there’s a bunch of fans that have flocked since.

“We play a very exciting brand of rugby and have treated them, hopefully they get their money’s worth. I think we’ve probably raised their blood pressure because of the brand of rugby we play and the results we’ve had. But I am grateful for the fans and the way they interact with us and are loyal to the club.

“I’ve enjoyed my time here so much and I’ve set my life up. Sure I had a few chats [about going back to Australia] but at the end of the day it was a pretty easy decision for me to stay here.”