DATABANK INSIDE the CITY EMMA DUNKLEY the WEEK in the MARKETS the ECONOMY Consumer Prices Index Current Rate Prev
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10 The Sunday Times June 16, 2019 BUSINESS Liam Kelly LETTERS Regiment last year. Send your letters, including scale (but one that had a huge have had the same chatting staff and not one of I am appalled at your D-Day spirit in the Square Mile “When most people my full name and address, impact on my personal life), I experience as I did. At the them spoke or even noticed decision to reinstate Luke age are leaving their military to: The Sunday Times, can sympathise. M40 Beaconsfield services, us. Luckily, a Wetherspoons Johnson as a columnist in The property industry has over-50s insurer and cruise involvement, I’m actually 1 London Bridge Street, No matter the scale, if you which I visit fortnightly, I had is next door: great food, your Business section. got used to gloom — falling operator last week after coming into it,” Dorfman, London SE1 9GF. Or email have put your heart and soul several bad experiences at reasonable prices and keen, You should have waited until valuations, a meltdown in presiding over a mega profit 66, told the crowd at The [email protected] into an endeavour, when the their outlet. I describe the attentive staff. the outcome of the inquiries the retail market and warning, leaving the share Sunday Times Profit Track Letters may be edited proverbial hits the fan, if you worst (and last). We have sat there every into the collapse of Patisserie stagnant deal flow — but price — down more than 100 awards dinner last week. care, it will hurt. This country The service station was fortnight since, enjoying Valerie and his role in the there was a rare triumph in 60% this year —under water. His 91-year-old mother, Luke Johnson: blameless of “shopkeepers” owes a debt busy, but Patisserie Valerie lunch rather than afternoon administration of that the face of adversity on It’s a place Batchelor Anita, was excited to hear victim, or asleep on the job? to all those who are prepared had fewer customers than coffee and cake, watching the company. Wednesday night. knows well. For a year the news, and asked if he I would like to thank Luke to take a risk. staff on duty. We approached Patisserie Valerie Titanic slip Mervyn Bradlow, London SW7 Save the Children had during the Cold War, he would be called up if war Johnson for his honest and Hugo Cheston, Stow-on-the- the counter, where four or below the waves, a richly been due to hold its Summer served on HMS Conqueror, broke out. “I said, ‘Ma, if courageous article (“My very Wold, Gloucestershire five members of staff were merited failure. Shame on Welcome back. The best in the City fundraiser at a hunter-killer submarine. they’re depending on me, public disaster with Patisserie having a great time chatting Johnson. business writing. Mansion House, arranged by they’ve got a bigger problem Valerie”, last week), about Johnson says Patisserie to each other. John Bishop, Worcester Roger Ward, Old Coulsdon, Amanda Richards, wife of than that’,” he laughed. the effect that the collapse of Valerie’s collapse “happened We asked if we might Surrey former Hammerson boss Don’t panic, Patisserie Holdings had on so suddenly”, and its order. We were told to sit Johnson was executive John Richards. him and his family. downfall was “horribly rapid down; it was waiter service. I chairman of Patisserie Valerie Johnson shines a light on the As the 150 or so guests Colonel Dorfman Thames Water: I may not entirely share and unexpected”. and there is something dark side of arrived, an electrical fire Speaking of the military, Sir Johnson’s political and No, it wasn’t, Mr Johnson: distasteful about his being entrepreneurship. Any broke out in the Mansion Lloyd Dorfman could soon drought of order business philosophies, but to my local branch was often given the opportunity entrepreneur knows that House kitchens and the fire be donning his fatigues. Who knew utility companies be let down so badly by those deserted when the nearby publicly to blame others, whether you are in charge of brigade barred the doors. The Travelex founder was could be so generous? in whom you place your trust Pret A Manger and other implicitly and explicitly, for an already successful According to my man in made an honorary colonel in Thames Water has shelled must be very hard to cope outlets were packed, even on the debacle. So it is hard to company, or embarking on a the penguin suit, rotund the third battalion of the out up to £150,000 to host a with, and an experience that the busiest shopping day know what his future new venture, there are risks. Allsops auctioneer Duncan Princess of Wales’s Royal garden at next month’s no one of integrity deserves prior to Christmas. It couldn’t contributions to your paper Beyond the obvious Moir sprang into action. “He Royal Horticultural Society’s to have inflicted on them. possibly have been making a will be, but they will be a “no financial risks, leaders was like a beachmaster on Hampton Court Palace Also, having been through profit. I wrote and told him so read” for me. gamble with their reputations Normandy in 1944, ushering TWITTER POLL Festival, promoting plants one or two dark periods in an — no reply. Alan Kaye, Newton, and wellbeing. We tend to people into taxis,” he says. such as rosemary and otherwise happy life, I can Perhaps he might in future Carnforth, Lancashire overlook this, which is why The guests were directed to Yes No lavender, which don’t need empathise with the feelings take an occasional look at Johnson’s candid column last Plaisterers Hall, where the much water. Johnson describes — what is actually happening on Johnson appears to apportion week was so important. Lord Mayor pulled a few Thames, which sacked particularly his sense of the ground. all the blame to those around People who lead big strings to ensure a three- 74% 26% boss Steve Robertson last vulnerability and reluctance Peter Watts, Maidstone him who were engaged to companies are well aware of, course meal and a set from month after he failed to cut to venture into the outside support him in and often well-equipped to Pixie Lott. Nicely done. leakage rates, has been world. At such times, the I read Luke Johnson regularly his role and not to accept that deal with, the ups and downs keeping lots of gardens dry support of one’s family is of in your Business pages, his failure to govern the of business, but that’s not lately. Some 100,000 vital importance. growing to like him as the business properly ultimately always the case. Saga chief takes residents of southwest Dominic Ion, Wirral, voice of the rational and led to its demise. Developing the resilience London were left without Merseyside reasonable man in business. said we knew what we His stance is reminiscent of to overcome disasters is a dive again water last week after a pipe However, his lengthy wanted; please take the order that of the recently departed therefore a task major Lance Batchelor, the Saga chairman Patrick burst. A spinner sighs: What a pleasure to see Luke confession last week of and we will sit down and Theresa May, with her business leaders should take outgoing chief executive of O’Sullivan has blasted its “Shouldn’t every water Johnson back in the Business dismal failure was a wait. They refused and said dogged conviction that her on before the unravelling of Saga, has been holed below former private equity company promote less pages writing honestly about misguided attempt at they would come to us and failure to progress on Brexit their professional lives is even the waterline. The owners for “over-egging” water usage?” his trials and tribulations. self-exculpation. take the order. was due to the inadequacies on the horizon. defenestrated boss, 55, its potential. Are buyout liam.kelly@ Having recently Had he had the sense to try We sat down and waited. of her colleagues. Sam Gilpin, managing walked the plank from the firms bad for businesses? sunday-times.co.uk experienced a business being a customer of Patisserie And waited. After 10 minutes Fiona Hudson, Stocking director and head of Europe, disaster on a much smaller Valerie incognito, he might we left. We walked past the Pelham, Hertfordshire YSC Consulting, London DATABANK INSIDE THE CITY EMMA DUNKLEY THE WEEK IN THE MARKETS THE ECONOMY Consumer prices index current rate prev. month FTSE 100 FTSE 100 DOLLAR once the dust settles. Nabbing Further branch closures USD > GBP 2.1% 1.9% Scaled-up the Virgin brand is a huge could be on the cards to trim 8,000 CPI including housing current rate prev. month boost for CYBG’s drive to its 237-strong network. $1.26 2.0% 1.8% attract customers. The bank “Their record on ripping 7,600 V 0.02 challenger is planning on dropping its out costs is exemplary,” said 12-month high: $1.34 Retail prices index current rate prev. month low: $1.24 Clydesdale brand and Ian Gordon at Investec. 7,200 3.0% 2.4% EURO switching to Virgin for retail Integrating Virgin will not 7,345.78 Average weekly earnings on prev. month on last year sharpens EUR > GBP customers in the next few be easy, however. As TSB 13.84 H:7,793.5 6,800 years. Duffy is still demonstrated when it tried to 0.19% L:6,536.5 £532 U0.6% U3.1% its axe considering whether to roll switch data to parent bank 6,400 €1.12 Unemployment current rate prev.