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10 The Sunday Times May 17, 2020 BUSINESS Liam Kelly LETTERS £400m purchase of can use them. Debenhams’ Send your letters, including should be adopted as a model and, most importantly, to they were highly successful. Sharon’s fury at leaky John Lewis Hammerson’s retail parks, administrators have decided full name and address, to secure prime premises. create jobs. After the war, new death though only a cynic would to take out all the fixtures to: The Sunday Times, Luke Johnson has In London, hundreds of duties and the defence budget If you’re launching a leak cross, because we’ve had a suggest the two were in any and fittings. It leaves Next 1 London Bridge Street, demonised a whole class of small businesses faced with commitment were significant inquiry via a recorded video couple of leaks to the press of way connected. without functioning beauty London SE1 9GF. Or email: companies and people. Many 100%-300% rent rises in the economic factors. message, be prepared for really sensitive information.” Hammerson’s plan halls, meaning its deal with [email protected] are pension funds. Some, like past few years have banded Let us not forget also that that to leak, too. Take note, White, 53, was put out by seemed to catch Debenhams, Hammerson is probably Letters may be edited myself, are individuals. And, together under the East End while Germany was having its Dame Sharon White, a Press Association story which is in a “light touch” dead. That, in turn, leaves yes, others are commercial Trades Guild and Guardians industrial sector retooled at chairwoman of the John about the potential closure of administration, on the hop: Atkins with yet more yolk enterprises seeking to make of the Arches groups to Allied expense, Britain’s Lewis Partnership. some stores, which was the chain is still leaseholder dribbling over his specs. Not Landlords bad, tenants money. Some are closed to campaign for an overhaul of aircraft and motor industries In a video selfie recorded followed by a Sky News on all five stores. Chairman quite the beauty treatment good? It’s not that simple the idea of turnover rents, the commercial property were being decimated as the on her phone and sent to the report that former Mark Gifford was said to be Next had in mind. According to Luke Johnson, others are open — but market. We are calling for an defence budget declined. retail mutual’s partners, the Sainsbury’s executive James unamused, and an exchange we landlords are mean and Johnson’s narrative does little end to market-manipulation Nicky Samengo-Turner, former Ofcom boss comes Bailey would become the of legal letters ensued. unimaginative, but offer to encourage the partnership practices such as non- Gloucester across like an exasperated new boss of Waitrose. The upshot is that Finally, a little “goodies” (“Time to end the he claims to crave. disclosure agreements, teacher admonishing a class White has tasked chief Debenhams has decided to abuse of tenants”, May 10). David Fotheringham, by email land-banking and upward- US arrogance has helped of unruly children. information security officer keep two of the stores, at the win for Tinkler We are lazy, but out-negotiate only reviews, and a move to to shape China’s attitude “It takes a lot to make me Carole Drape with finding Bullring in Birmingham and A victory at last for Andrew our tenants. We are bullying. Many small business tenants turnover-based rents that In his always interesting cross,” White begins. “And in the mole — or moles. “If we Silverburn in Glasgow. The Tinkler, the colourful We are cynical. Yet it is will agree with Luke Johnson. recognise social and column, Irwin Stelzer told the last couple of days I have find the leaker of either of other three will shut for good former boss of the Stobart Johnson (and many retailers) The commercial property community value. how 70 years ago Arthur found myself getting really these stories, there will be — but that doesn’t mean Next mini-conglomerate. who see company voluntary market is very far from a fair As many of our members Vandenberg proclaimed that consequences,” says White. An employment tribunal arrangements as a procedure playing field: upward-only know to their cost, landlords politics stops at the water’s The question now is: will for constructive dismissal not to secure the interests of rent clauses, unscrupulous have a big, legally endorsed edge — a consensual approach JUST SAYING . White launch a leak inquiry FUNNY BUSINESS brought against him by his creditors in a balanced way, negotiating tactics and stick — and will use it. to foreign policy that broke into the leak of the video former Stobart Capital but to cut off certain aggressive behaviour curb Sarah Marks, chief executive, up two years later in a nasty It is a mega- announcing the leak inquiry? business partner, Ian landlords chosen at the our ability as business owners Buttonbag, and organiser, East debate about who was Soanes, has failed. tenant’s discretion and to to trade sustainably, innovate End Trades Guild, London responsible for the loss of recession. Much of the judgment hamstring others. After all, China to the communists It is a recession And for Atkins’s focuses on the relationship landlords deserve all they get Entrepreneurial families (“The coming clash with the between Tinkler, 56, and and other creditors should be TWITTER POLL were economic bedrock Chinese”, May 10). to end all Next trick . Soanes, 50, during a bid to protected. In saying that “the private What an insight that gives Has your local supermarket buy the Stobart airline from Retailers are victims, Yes No sector had not covered itself into the American psyche of recessions, run out of eggs? It’s probably the group and lead a wave of innocent and naive about the in glory in the 1930s”, David that time: to lose something, in terms of not down to stockpiling — it’ll consolidation in the regional leases they freely signed in Smith arguably overlooks a you must first consider that be hapless Hammerson boss airline sector. the open market. They have 23% 77% number of factors (“Wartime you own it. Did it not occur to its scale David Atkins breaking them They fell out over alleged no expertise and no lessons on deficits, debt and US politicians that the over his head repeatedly. conflicts of interest. professional advisers. the size of the state”, May 10). government of China was a Accident-prone Atkins, 54, Having failed to oust We landlords fail to do Post-Industrial Revolution matter for its own people? appeared to pull a rabbit out chairman Iain Ferguson and homework on tenant businesses in sectors from Perhaps China’s attitude to of a hat this month when the reinstate himself to the financials — so when a tenant banking, food and brewing to America today has been shopping centre landlord board in 2018, Tinkler gave fails to pay, it’s our fault for confectionery, steel, tobacco partly shaped by that announced a deal to re-let up on his campaign of not investigating the tenant’s and glass were the products arrogance. At least Donald Paul Johnson, director the beauty halls in five agitation and dumped his business. No new businesses of entrepreneurial families Trump has improved things, of the Institute for Fiscal Debenhams stores to Next. stake in January. Perhaps the should be offered a lease, and Tesco removed Ocado from such as Fry, Vestey, Cadbury, in that America is no longer Studies, warns of the The news came the day tide is turning for him. any that are struggling should its list of competitors used Henderson, Pilkington, Willis trying to rule the world — and effect of the coronavirus after private equity firm liam.kelly@ not be allowed to expand or to calculate comparative and Hanbury, the likes of no one much cares what it on the UK economy Orion walked away from a sunday-times.co.uk even move premises. returns, which boosted its which we have not seen thinks anyway. Patisserie Valerie’s accounts bosses’ pay. Was that right? since. They were private and David Thorpe, New Malden DATABANK INSIDE THE CITY JILL TREANOR THE WEEK IN THE MARKETS THE ECONOMY Consumer prices index current rate prev. month FTSE 100 DOLLAR 1.5% 1.7% — which would have cost and 50% of profits. Even so, FTSE 100 USD > GBP M&S lost £130m — and rule out a Credit Suisse assumes M&S is 8,000 CPI including housing current rate prev. month payout for the new financial making savings through $1.21 1.5% 1.7% year, saving £210m. Analysts furloughing, estimating most V 0.03 in the 7,000 12-month high: $1.33 Retail prices index current rate prev. month at UBS do not expect a of the 25,000 staff in clothing low: $1.15 dividend for 2022, either. and home store operations 2.6% 2.5% EURO Rowe has also promised an have been put on the job- 5,799.77 6,000 Average weekly earnings on prev. month on last year bargain EUR > GBP update on the “very retention programme. 136.21 H:7,686.6 £545 0.4% 2.8% significant measures” taken This saves £70m over three 2.29% L:4,898.8 V U basement to cut costs and protect months. A further 45,000 5,000 €1.12 Unemployment current rate prev. month FTSE 250 V 0.02 cashflow from the impact of staff are employed in the food 2019 2020 12-month high: €1.20 1.36m 4.0% 3.9% Marks & Spencer will unveil the virus.

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