INSIDER tours a $7 million New York City dream apartment that has a zipline, spiral slide, climbing wall, monkey bars, and more. It’s a kid’s dream home in the middle of Manhattan! Aly Weisman goes to the SoHo loft to get a tour of the most unique apartment in the city.
Today we take you to Atlanta, Georgia to tour the sprawling Tyler Perry Studios. Home to productions like Marvel’s “Black Panther” and AMC Networks’ “The Walking Dead,” the self-made entertainment legend’s production compound is larger than Warner Bros. and Walt Disney’s Burbank studios combined.
12 newly-dedicated sound stages are joined by an entire backlot neighborhood called “Maxineville,” featuring a perfect replica of Madea’s house. Tyler Perry Studios is the centerpiece of Georgia’s burgeoning film industry and a testament to the vision, success, and generosity of its founder.
In less than one year, WeWork went from having a $47 billion valuation and being the darling of the venture capital world to needing an $8 billion infusion to avoid running out of money. This is the story of Adam Neumann, Softbank's risky investment, a failed IPO and how we got here.
(qlmbusinessnews.com via bbc.co.uk – – Thur, 7th Nov 2019) London, Uk – –
Airbnb says it will verify every single property on its platform after a news website found a series of scams.
In October, Vice News uncovered a pattern of false or misleading property listings posted on the rentals site.
Airbnb said it would review every property by December 2020, and also promised to refund customers if they were misled by inaccurate listings.
It is the first time Airbnb, which launched in 2008, has pledged to verify every home promoted on its platform.
During its investigation, Vice News spoke to several people who had booked accommodation on Airbnb and been scammed.
When the guests arrived for their holiday, they typically received a last-minute phone call from the landlord saying the property was no longer available, due to an emergency or double-booking.
They would then be moved to another property, often in a different area and without the amenities promised in the original booking.
In many cases the guests felt they had no option but to stay at least one night, after arriving late at night in a city far from home.
But they say Airbnb then refused to give them a full refund despite the misleading bookings.
In a series of tweets, Airbnb chief executive Brian Chesky said: “Airbnb is in the business of trust. We are making the most significant steps in designing trust on our platform since our original design in 2008.”
to review every home and host on Airbnb, aiming to verify every listing by December 2020
to refund guests the entire cost of their booking if the accommodation does not meet “accuracy standards”, and if the company cannot find another property “that is just as nice”
to launch a phone line so “anyone can call us any time, anywhere in the world and reach a real person”
Adam French, a consumer rights expert from Which?, told the BBC: “Holiday booking fraud is on the rise, with people losing millions every year to fraudsters tricking them out of their money with holiday lettings that do not actually exist.
“Steps from Airbnb to finally verify all of its listings are positive, but the industry must do more to ensure people are no longer being stripped of their money and having their holiday plans left in tatters.”
On 2 November, Airbnb said it would ban “party houses” after a mass shooting at a California home rented through the company left five people dead.
And in 2017, it changed its security policy, after a BBC investigation found criminals were hijacking accounts and burgling homes.
(qlmbusinessnews.com via theguardian.com – – Mon, 21st Oct 2019) London, Uk – –
Rightmove says sluggish market and Brexit uncertainty are putting potential sellers off
UK house prices have registered their lowest October rise since the 2008 financial crisis as Brexit uncertainty continues to take its toll, according to the property website Rightmove.
Its data also showed that some parts of London are continuing to see asking prices fall, in some cases by £15,000 or more in a month.
The price of property coming to market at this time of year usually experiences an “autumn bounce,” with an average rise of 1.6% recorded in the month of October over the last 10 years – but this year saw a “more sluggish” monthly rise of 0.6%, which was the lowest since October 2008.
The current state of the housing market combined with the ongoing political uncertainty from Brexit appears to be putting off many would-be sellers. Rightmove’s average number of new house sale listings per week has fallen to just over 24,000 – its lowest at this time of year since October 2009. This is down 13.5% on the same period a year ago.
By contrast, many buyers “seem undeterred”, with the number of sales being agreed virtually unchanged on a year ago, according to the site, whose latest data was based on the asking prices of more than 122,000 properties put on sale between 8 September and 12 October.
Miles Shipside, a Rightmove director, said: “With upwards pricing power now pretty flat, some sellers who are motivated by maximising their money seem to be holding back. They may be waiting for more certainty around both achieving their price aspirations, and also the Brexit outcome.”
Marc von Grundherr, at the estate agent Benham & Reeves, said that while the sector was more subdued than usual, “the UK property market is yet to disappear down the Brexit abyss”.
Rightmove’s detailed data paints a mixed picture for London, with some boroughs seeing sizeable price falls and others experiencing price growth.
The average price of a home in Kingston upon Thames, south-west London, has fallen by more than £17,000 in a month – from £605,000 in September to £587,000 in October. Wandsworth in south London recorded a typical £16,000 price fall. But in other boroughs, including Britain’s most expensive area, Kensington and Chelsea, average prices continued to climb.
Cheryl Eisen is the CEO of Interior Marketing Group, a New York City-based company that does interior design, staging, and marketing for luxury homes. Her past clients include Chrissy Teigen and John Legend, Ivanka Trump and Jared Kushner, Kim Kardashian West and Kanye West, Bethenny Frankel, and Swedish real-estate broker Fredrik Eklund. The homes she stages? They start at $5 million. She takes us through her 60,000-square-foot warehouse to pick out the pieces to stage a $14 million loft in Tribeca in NYC.
(qlmbusinessnews.com via theguardian.com – – Wed, 11th Sept 2019) London, Uk – –
Company improves offer to rival after its first approach was rejected in May
Bovis Homes has revived talks to buy Galliford Try’s housing businesses after improving its potential bid to almost £1.1bn and adding cash to the proposed deal.
The companies have agreed basic terms of a transaction that would more than double Bovis’s housebuilding and enlarge its affordable homes operation. Bovis, the smallest of Britain’s major housebuilders, would be building 10,000 homes a year, from a projected 4,000 this year, and would gain sites in new areas such as Yorkshire and Bristol. It plans to keep the Bovis and Galliford’s Linden Homes brands.
Bovis expects to pay Galliford £675m in shares based on its closing share price on Monday plus £300m in cash. It would also take on £100m of Galliford’s debt and its pension scheme, which has a small surplus. The two companies hope to seal a deal and get it approved by shareholders before Christmas.
The deal would leave Galliford as a construction and infrastructure business concentrating on bigger projects such as the Aberdeen bypass.
Galliford rejected an all-share approach from Bovis in May that valued the businesses at £1.05bn including debt. The revised proposal is £25m higher puts the value at £1.075and offers Galliford shareholders a large chunk of cash.
Bovis said it planned to raise the cash by selling shares worth 9.99% of its existing share capital as well as using existing funds and raising more debt. Bovis rejected a bid from Galliford in 2017 and hired its rival’s former boss Greg Fitzgerald as its chief executive after a damaging scandal over poorly built homes. The turnaround was declared complete when Bovis reported record profits in February.
Bovis would also gain an established affordable homes business with an order book of more than £1bn to expand its own division, which it launched this year and works in partnership with housing associations. It is a more stable business, while private housebuilding is reliant on the ups and downs of the economic cycle, and is more vulnerable to a no-deal Brexit.
The government announced a £3bn programme in March to fund the building of 30,000 affordable homes by providing Treasury backing to housing associations.
Analysts at Jefferies said: “We see the rationale for the deal as the opportunity to buy inexpensive assets well known by the current CEO, bringing Bovis larger market share, speeding up the development of Bovis’s partnership business as well as the potential for cost savings. However, we believe the market will question the timing of such a large deal at this stage in the cycle given all the political and economic uncertainties.”
Bovis shares dropped 4% to £10.16 by lunchtime, while Galliford Try shares initially jumped 20% to 737.5p and later traded 9% higher.
(qlmbusinessnews.com via uk.businessinsider.com – – Thur, 5th Sept 2018) London, Uk – –
Biggest UK housebuilder benefits from help to buy but warns of slow growth this year
Britain’s biggest housebuilder has shrugged off the tough housing market to report record annual profits of £910m, although it warned sales growth this year would be slower than expected.
Barratt reported an 8.9% rise in pre-tax profits to £909.8m for the year to 30 June, with sales surging to an 11-year high and margins improving. It announced a special dividend of 17.3p a share.
The company, the UK’s largest housebuilder by sales, sold 17,856 new homes last year, up from 17,579 the previous year. Sales in London were flat but rose outside the capital and in Scotland. The average selling price dropped to £274,400 from £288,900 as the company continued to shift away from central London to focus on the outer boroughs and areas such as Milton Keynes.Advertisement
Barratt has benefited from the government’s help-to-buy scheme, which accounted for 40% of sales. Its rival Persimmon, another major beneficiary of the taxpayer-funded programme, caused outrage in February when it made a profit of £1.09bn in 2018, the biggest ever made by a UK housebuilder, with nearly half of its sales coming from help to buy.
David Thomas, Barratt’s chief executive, said government schemes aimed at helping first-time buyers had been “enormously helpful to the market”. The first, Home Buy Direct, was launched by the Labour government in 2009, followed by FirstBuy in 2011 and help to buy in 2013, in which the government provides a guaranteed interest-free loan to homebuyers. Housebuilders have also benefited from affordable mortgages at a time of low interest rates.
Housebuilding collapsed during the financial crisis but has recovered, to 165,090 in England last year, although it is still far below the levels needed to solve Britain’s housing crisis.
The new-build housing market has been remarkably resilient, despite the increasing threat of a no-deal Brexit, and Thomas was sanguine about the outlook.
“If you look at the period over the last three years since the referendum, customer demand has been very strong, there is lots of eligibility, including help to buy,” he said. “So far we’ve not seen a reduction in consumer appetite.”
He welcomed the extension of the help-to-buy programme until 2023 and expressed confidence that lenders would fill the gap with affordable mortgages thereafter.
The housing market has been dragged down by Brexit uncertainty, which has deterred many from buying and selling and led to falling house prices in London and south-east England.
Barratt is forecasting that sales volumes will grow by 3% this year, the bottom end of its targeted 3% to 5% range. It has a forward order book of just below £3bn, down from £3.05bn this time last year. Shares in the company fell 5% initially, and later traded down 3.5% at 600p. City analysts are predicting pre-tax profits of about £880m this year, down from last year.
The company’s gross margin rose to 22.8% from 20.7% last year. The firm has reduced costs by cutting the number of house types it offers from more than 200 in 2016, to about 20 for Barratt, and 20 for its upmarket David Wilson brand. It has also changed the design, for example by reducing the pitch of its roofs to save money.
(qlmbusinessnews.com via bbc.co.uk – – Wed, 28th Aug 2019) London, Uk – –
British banks last month approved the most mortgages since February 2017, adding to signs that the housing market has picked up from its recent pre-Brexit slowdown, a survey showed on Tuesday.
Banks approved 43,342 mortgages in July, up from 42,775 in March and 10.6% higher than a year earlier, according to seasonally-adjusted figures from industry body UK Finance.
Net mortgage lending rose by 2.947 billion pounds last month, the biggest increase since March 2016 and up from an increase of 1.764 billion pounds in June.
Britain’s housing market slowed sharply in the run-up to the original March Brexit deadline but there have been signs that buyers and sellers are taking advantage of the delay to act ahead of the new Oct. 31 deadline.
Consumer spending has remained solid, sustaining the economy since the 2016 Brexit referendum while businesses have cut investment spending due to uncertainty.
UK Finance said consumer lending rose 4.3% year-on-year in July, the strongest increase since February 2018.
Lending figures from the Bank of England, which cover a broader section of Britain’s finance industry, are due on Friday.
(qlmbusinessnews.com via cityam.com – – Tue, 20th Aug 2019) London, Uk – –
Persimmon has reported a drop in profit for the first half of the year as it spent heavily on schemes to aimed to counter complaints over the quality and fire safety of its homes.
Britain’s second largest housebuilder reported a 1.4 per cent drop in pre-tax profit, which fell to £509.3m for the six months ending 30 June.
Persimmon said it had spent 40 per cent more on customer service than in the same period last year and that this would lead to an estimated £15m annual increase in customer care costs.
The average selling price of Persimmon’s homes rose to £216,942 – up from £215,813 a year ago.
Basic earnings per share dipped 4.15 per cent to 129.3p.
Persimmon’s shares were up 0.91 per cent in morning trading to 1,879p.
Why it’s interesting
Persimmon has faced criticism recently over the quality of its new-build homes, leading to the firm being branded a group of “crooks, cowboys, and con-artists” by an MP last month.
Robert Halfon also said he had met constituents living in Persimmon homes that were “shoddily built, with severe damp and crumbling walls”.
A recent investigation by Channel 4 found one of Persimmon’s Help to Buy homes had a total of 295 faults, including fire doors that did not close.
The housebuilder launched a review of its business practices in April, and had decided to push back the timing of handovers to allow homes to be checked more thoroughly.
Arlene Ewing, an investment manager at Brewin Dolphin, said that while investing in the quality of its homes and customer care “has taken a small bite out of profits, it appears to be the right trade off for the long term”.
Julie Palmer, a partner at Begbies Traynor, said Persimmon “faces a recovery operation that’s going to be more than just a quick fix”.
“The spectre of Brexit still looms,” she added, “and without a decision on terms of leaving and a damaged reputation, Persimmon may struggle to grow. Its priority must be to rebuild its reputation because in this highly competitive and uncertain market its needs to win back the hearts and minds of customers.”
What Persimmon said
In today’s results document, Persimmon said it would be introducing a “new independent team of construction quality inspectors” to help address concerns over the quality of its homes.
Chief executive Dave Jenkinson said the changes made in the first half “clearly shows that Persimmon is changing”.
“I am proud of the commitment and dedication our teams have shown in supporting the many initiatives we have introduced to deliver a step change in our customers’ experience,” Jenkinson added.
“I am confident that the progress we are making with our initiatives, our strong forward build, healthy forward sales and robust balance sheet place Persimmon in a strong position for the second half.”
(qlmbusinessnews.com via bbc.co.uk – – Mon, 19th Aug 2019) London, Uk – –
Chancellor Sajid Javid has said he has no plans to make house sellers rather than buyers pay stamp duty tax.
“I wouldn't support that,” the chancellor said in a tweet on Sunday.
His comments came after the Times reported on Saturday that Mr Javid was considering the idea, to save first-time buyers from paying the tax.
“I know from the Ministry of Housing, Communities and Local Government that we need bold measures on housing – but this isn't one of them,” Mr Javid said.
Stamp duty – a purchase tax paid in England and Northern Ireland on properties worth more than £125,000 – was abolished in 2017 for first-time buyers spending up to £300,000 on a house.
Forcing home sellers rather than buyers to pay the stamp duty tax would have made house purchases cheaper for those buying their first home or people trying to upgrade to larger homes, but could have made owners of larger homes reluctant to downsize.
The latest housing figures suggest that both house prices and sales are losing momentum amid Brexit uncertainty.
Key aspects of the housing market were “pretty much flatlining”, the Royal Institution of Chartered Surveyors (Rics) said earlier this month.
In the interview with the Times, Mr Javid refused to give details of his plans to reform the tax system, instead saying “wait and see for the Budget” which is due to take place in the autumn.
According to the newspaper Mr Javid said: “I'm a low-tax guy. I want to see simpler taxes.”
The report added: “he said that he was looking at various options when asked about stamp duty reforms including reversing liability from those buying property to those selling”.
Mr Javid also said he had not yet decided whether to hold the Budget before 31 October, the date the UK is expected to leave the EU.
What is Stamp Duty?
It's a tax that people who buy property or land must pay. In England and Northern Ireland buyers pay Stamp Duty Land Tax, in Scotland it is Land and Buildings Transaction Tax while in Wales buyers pay Land Transaction Tax.
In England and Northern Ireland the tax falls due on homes sold for £125,000 or more. However, first-time buyers pay no tax up to £300,000 and 5% on any portion between £300,000 and £500,000.
For people who have bought a home before, the rates are 2% on £125,001-£250,000, 5% on £250,001-£925,000, 10% on £925,001-£1.5m, and 12% on any value above £1.5m.
So if you are not a first-time buyer, and you buy a house for £275,000, the Stamp Duty you owe is calculated as follows:
•0% on the first £125,000 = £0
•2% on the next £125,000 = £2,500
•5% on the final £25,000 = £1,250
•Total Stamp Duty = £3,750
In Scotland, the rates on Land and Buildings Transaction Tax are 2% on £145,001-£250,000, 5% on £250,001-£325,000, 10% on £325,001-£750,000, and 12% on any value above £750,000.
In Wales, the rates on Land Transaction Tax are 3.5% on £180,001-£250,000, 5% on £250,001-£400,000, 7.5% on £400,001-£750,000, 10% on £750,001-£1.5m, and 12% on any value above £1.5m.
The Flintstone House is an eccentric house in Hillsborough, California. It was designed in 1976 by William Nicholson and most recently purchased by Florence Fang in 2017 for $2.8 million. Large dinosaur statues and other Flintstone-themed artwork cover the front and back yards. Town officials from Hillsborough sued Florence Fang, stating that her property doesn't comply with the community's code.
(qlmbusinessnews.com via bbc.co.uk – – Tue, 30th July 2019) London, Uk – –
An Airbnb host who rented out his central London council flat to tourists has been fined £100,000 and evicted.
Council tenant Toby Harman, 37, created the fake identity “Lara” on Airbnb to rent out his studio apartment.
The flat, in Victoria, had been advertised since 2013 and received more than 300 reviews, Westminster City Council said.
Anti-fraud software had found Harman's first name in reviews and connected the listing to him.
Harman's bank statements showed he had been receiving payments from Airbnb for a number of years.
He had been taken to court and, after a failed appeal, evicted and ordered to pay £100,974 in unlawful profits, the Times reported.
Airbnb told BBC News the council property listing had been removed from its website earlier this year.
“We regularly remind hosts to check and follow local rules – including on subsidised housing – and we take action on issues brought to our attention,” said a spokeswoman.
“Airbnb is the only platform that works with London to limit how often hosts can share their space and we support proposals from the mayor of London for a registration system to help local authorities regulate short-term lets and ensure rules are applied equally to hosts on all platforms in the capital.”
Westminster Council said it was currently investigating at least 1,500 properties in the borough for short-term letting.
“Social housing is there to provide much-needed homes for our residents, not to generate illicit profits for dishonest tenants,” the council's Andrew Smith said.
“It's illegal for council tenants to sublet their homes and we carry out tenancy checks, as well as monitoring short-term letting websites for any potential illegal sublets.
“Along with a six-figure unlawful profit order, by getting a possession order, we can now reallocate the property to someone in genuine need of a home.
“We're also pressing government to introduce a national registration scheme to make it far easier for us to take action against anyone who breaks the rules on short term letting.”
London's Airbnb market has quadrupled since 2015, from 20,000 to 80,000 listings.
One of the most popular areas for Airbnb listings in the country is Shoreditch, particularly the area around Brick Lane.
(qlmbusinessnews.com via theguardian.com – – Tue, 23rd July 2019) London, Uk – –
Property company makes deal as a result of European Medicines Agency’s move to Amsterdam
A US firm run by two billionaire entrepreneurs is being paid €62m (£55.7m) in “financial inducements” as part of the Brexit-enforced relocation of the European Medicines Agency from London to Amsterdam.
WeWork, a $47bn (£37.7bn) property company founded by Adam Neumann and Miguel McKelvey, secured the cash from British and European taxpayers as part of a deal in which it will sublet the agency’s former headquarters, EU documents reveal.
All UK-based EU agencies have had to be relocated to other member states as a result of the UK’s decision to leave the bloc. The Netherlands won the right to host the EMA while Paris secured the European Banking Authority. But before its move to the Netherlands, the EMA failed in its bid to break its 25-year lease with its landlord, the Canary Wharf Group.Advertisement
The EU agency had been facing £500m in costs, including an annual rent of €16m, on 26,000 sq metres (280,000 sq ft) of office space at 30 Churchill Place in Canary Wharf in London that it was unable to use.
The subletting deal with WeWork recoups an undisclosed amount of those costs but EU budget documents record that at least €62m has been paid to the US firm in an attempt to make the deal attractive. The sum covers the costs for 2019-20.
The EMA’s efforts to sublet the property had faced rising competition in London’s commercial subletting market as a result of businesses reducing their footprint in the capital in the light of the Brexit vote.
But the attraction of the Canary Wharf location was made clear by the company when it announced the lease agreement, describing it as a “desirable location for our member businesses who are rapidly scaling as well as the large enterprise companies who now represent 40% of our global membership”.
A spokesman for the Department for Exiting the European Union declined to comment on the costs to the Treasury from the relocation of the London-based agencies.
The EU’s budget documents for 2020 suggest that the payment to WeWork will add €6.5m to the forecasted outgoings to be met by the 28 member states.
Nine years after co-founding WeWork, Neumann, 40, its chief executive, and 45-year-old McKelvey, as chief culture officer, are reportedly worth $7bn between them. The company leases large office spaces, divides them up and rents them out out in smaller portions to businesses offering perks such as free coffee and beer.
Neumann once said the objective of his company was to “to elevate the world’s consciousness”.
WeWork, which operates in 27 countries and is preparing for a stock market flotation this year, is second only to the British government as an occupier of London offices, with more than 275,000 sq metres of space in the capital.
The EMA is currently in a temporary building in Amsterdam until completion of the construction of its new premises at the end of the year.
The agency’s latest management board meeting heard that that the EMA expected at least one in four of its staff to stop working for it by the time of the final move as a result of the relocation. Of the 776 members of staff, 312 are “teleworking” from London due to “personal circumstances”.
A spokesman for the EMA said of the payments: “This is standard practice in the London commercial property market and these inducements are typically used by the tenant to fit out the building to their specifications. EMA received similar financial inducements when we entered into the original lease. The financial inducements are being funded from the EU budget.”
(qlmbusinessnews.com via news.sky.com– Wed, 17th July 2019) London, Uk – –
The second half of the year may be a buyers' market for much of the UK as average price increases continue to slow sharply.
House prices in London fell in May at their fastest rate for almost a decade, according to official figures.
The Office for National Statistics (ONS) reported a 4.4% decline, on an annual basis, in residential property costs in the capital.
It marked the biggest fall since the 7% reduction recorded in August 2009 as the effects of the financial crisis took a hold on the sector.
The wider ONS figures showed a continuation of the slowdown across the UK as a whole – with prices increasing by 1.2% in the year to May, down from 1.5% in April.
The gradual decline – over the past three years – was first driven by London followed by the wider South East region.
However, house price growth in Wales – while sharply down from a 5.3% rate in April – remains positive at 3%.
The figure was 2.8% for Scotland.
The English region with the strongest rate of growth was the North West at 3.4%.
London saw a surge house price growth after the financial crash that saw prices almost double before cracks began to appear in late 2016.
They were a consequence of concerns about affordability after the boom and shaky sentiment since the Brexit vote.
The ONS said that while London house prices fell over the year, it remained the most expensive place to purchase a property at an average of £457,000.
That sum is 6.7% down on the 2017 peak.
The North East continued to have the lowest average house price, at £128,000, and remains the only English region yet to surpass its pre-economic downturn peak, the ONS said.
There are signs of worse news for prices ahead.
The official figures lag other industry surveys which have already reported on activity during June.
A report by Rightmove earlier this week suggested that the current political uncertainty – as the clock ticks down to the extended Brexit deadline of 31st October – was continuing to weigh on sentiment.
It said average prices had fallen in the UK for the first time in 2019.
Rightmove's director and housing market analyst, Miles Shipside, said: “With record employment, low interest rates and good mortgage availability, buyers have a lot in their favour apart from the lack of political certainty.
“Those who have postponed their purchase should note that estate agency branches have more sellers on their books than at any time for the past four years, so there should be more choice of properties to buy.”
(qlmbusinessnews.com via news.sky.com– Mon, 15th July 2019) London, Uk – –
The retailer's investors react nervously as the company delays its annual results citing several factors.
Shares in Mike Ashley's Sports Direct have dived more than 10% after the retailer said it had delayed the publication of its annual results.
The company, whose shares trade on the FTSE 250, blamed problems integrating its purchase of House of Fraser (HoF) stores last summer and increased scrutiny of its accounts.
It added that this could affect its financial forecasts.
Sports Direct had been due to publish results for the year to 28 April on Thursday but said it now expected to release them between 26 July and 23 August.
Its statement said: “The reasons for the delay are the complexities of the integration into the company of the House of Fraser business, and the current uncertainty as to the future trading performance of this business, together with the increased regulatory scrutiny of auditors and audits including the FRC (Financial Reporting Council) review of Grant Thornton's audit of the financial statements of Sports Direct for the period ended 29 April 2018.”
In December, Sports Direct had described trading as “unbelievably bad” with significant challenges for House of Fraser, which it had bought out of administration at the height of the high street crisis.
It has since lost a major stake in the collapse and rebirth of struggling Debenhams and it is currently in the process of taking full control of Game Digital.
Shares – down almost 40% this year – fell more than 12% in early deals on Monday.
Neil Wilson, chief market analyst at Markets.com, said of the announcement: “The big question was what impact House of Fraser and various other acquisitions of dubious value would have on Sports Direct results. A material impact, one can only assume. HoF must be losing money hand over fist.
“Looking to the earnings, top line growth is expected to rise but profits are seen weaker as the cost of acquisitions weighs.
“Since reporting a 27% decline in underlying profits in the first half we've not heard a peep from Sports Direct on performance.
“The delay in delivering the annual results does not sit well with investors, who must be nervous about what it means.
“It seems likely it's been a tough ride in the core Sports Direct retail division, whilst acquisitions have added nothing but increased costs,” he added.
Here's a day in the life of me and my wife Elena Cardone. A private plane from Miami to Houston, real estate shopping, then a trip to Las Vegas to speak at Thrive. How do you build an empire? You're either creating or destroying something every day! If you don't want to do something, but know you should, do it anyway. No matter how you feel. That's how you fast track your way to success .
Living in the most expensive of areas in a never ending mansion replete with all the amenities you can dream of; surrounded by a staff running to cater to each of our whim. Wake up, the bubble of your impeccable imagination just burst! Welcome back to the reality, that’s not your home but such a place, actually exists. Don’t believe us? Allow us to guide you towards a peep into Antilia, the mesmerizing abode of the richest man of India!
10. The only home 9. Distinct designing 8. Extra heights 7. Comfort traveling 6. Affluent Neighborhood 5. Luxury amenities 4. The extra step 3. Unbeatable hospitality 2. Energy efficiency 1. Best of both worlds