Persimmon (PSN) is heading for a bitter showdown with families who claim the housebuilder mis-sold them homes on toxic leasehold deals. Hundreds of its customers bought leasehold houses and now claim they are trapped by ratcheting rent bills that have made it impossible to sell. But the company is playing hardball and has told desperate customers that it ‘does not accept’ their complaints. An inquiry by MPs earlier this year found that many leaseholders did not appear to have fully understood the deal. In a recent row with Cardiff council, Persimmon was accused of mis-selling leasehold homes. It offered residents the freeholds to their properties at no charge as part of an out-of-court settlement. Campaigners now argue all its leasehold customers across the country should receive similar compensation. But in a letter sent to customers and seen by the Mail, the company rejected claims householders were misled.
Defiant Barclays (BARC) bosses last night refused to back down as anger mounted over their ‘unjustifiable’ decision to ban customers from withdrawing money at local post offices. The bank insisted its plans would not restrict access to cash despite widespread condemnation of the move, with MPs yesterday joining the backlash. The chairmen of Parliament’s business and treasury select committees both called on the bank to change course, warning its move risked depriving elderly and rural customers of a vital lifeline.
British Airways’s boss has spoken about his frustration over recent strikes – and insisted a deal can be done with the pilots. Willie Walsh, chief executive of International Consolidated Airlines Group SA (CDI) (IAG), said: ‘There is an incentive on both parties to resolve this issue.’ The comments follow the first pilot strikes in BA’s history last month when 2,325 flights were cancelled – costing the airline more than £120million. As talks continued between pilots union Balpa and BA chief executive Alex Cruz, Walsh said it had been ‘frustrating for me at times’ to sit on the side lines.
OnTheMarket plc (OTMP) saw half-year losses widen as it warned that estate agents listing their properties on its website were holding back from signing long-term contracts amid continued Brexit uncertainty. The company, which is backed by thousands of estate agents, said that woes in the wider housing market had ‘undoubtedly’ slowed their business. However, it also said that the introduction of lower-cost, shorter contracts was proving more appealing to estate agents, which have been struggling as buyers and sellers stay put.
Dunelm Group (DNLM) shares slid on Thursday as the retailer flagged ‘mixed’ trading during September when ‘political uncertainty’ took its toll on the homewares market. In a trading update, the firm said sales grew by more than 6% in the past three months. However, that fell short of analyst expectations of a near 11% jump. Investors were also put out by Dunelm’s admission that its performance in September was mixed as the UK’s £13billion homewares market was knocked by the ongoing Brexit uncertainty and weak consumer confidence.
Hundreds of Thomas Cook Group (TCG) employees could still lose their jobs, despite a rescue deal from Hays Travel. Almost a tenth of the 555 former Thomas Cook shops, which were snapped up by Hays this week, are within 100m of the buyer’s existing estate. Hays had 190 outlets already, and 49 Thomas Cook stores are within 100m of one, according to analysis from the Local Data Company. And 76 of the rescued shops are within a kilometre of a Hays store – which could mean a slew of closures.
De La Rue (DLAR) former boss Martin Sutherland has been handed a £50,000 leaving package to help him find a new job. The payout to Sutherland, who was ousted from the banknote printer in May after he lost the contract to print Britain’s blue, post-Brexit passports to a French rival, is understood to have been negotiated with former chairman Philip Rogerson. It comes just weeks after De La Rue cut 170 jobs at its banknote plant in Gateshead. Another 100 of its passport printing jobs are also due to disappear this autumn following the loss of the UK passport contract.
enjoyed record quarterly revenues. The company made £3.9million in the third quarter of the year, most of which came from its timber trading division. It also exported a record amount of its own-produced sawn timber and veneer. Although some more expensive tree species have seen their price fall by around 10% in 2019, it said ‘global demand for African hardwood logs has remained consistent’.
Brown (N.) Group (BWNG) shares rose after a return to profit in the first half of the year. The group behind brands Simply Be, Jacamo and JD Williams saw shares leap to 107p as it posted pre-tax profits of £18.8million for the six months to August 31, against losses of £27.1million a year ago.
