CBRE in £20m central London buy January 7, 2013 CBRE Global Investors yesterday announced it has bought two central London properties for £20m, likely to benefit from improvements in the completion of the Crossrail link by 2018. The deal includes the £10.5m acquisition of 110-113 Tottenham Court Road, a 16,000 square feet office building let to Halifax and Adecco. The second £9.5m acquisition is [...]
Rapid responses January 3, 2013 Corporation tax [Re: Is Sir Martin Sorrell right that corporation tax payments are a “question of judgement”?, yesterday] While Steve Barclay is right that the UK tax system needs reforming, tax is still solely a matter of legal obligation, not a function of public relations. Starbucks’s recent move to pay an additional £20m set a [...]
WPP moves back to UK today January 1, 2013 FTSE 100 advertising giant WPP will become tax resident in the UK after more than four years in Ireland today, as it sets up a holding company in Jersey. The transfer, approved by shareholders last month, comes after changes to tax law ended the so-called “double taxation” on overseas profits. The move, which sees WPP [...]
WPP continues shopping spree December 20, 2012 ■ WPP has purchased a majority stake in Australian digital communications firm Bienalto for an undisclosed sum. The FTSE 100 ad giant’s acquisition is the latest in a shopping spree, which also includes Chinese communications agency ArtM and entertainment marketing agency Filmworks China. WPP boss Sir Martin Sorrell has set a target of 35-40 per [...]
WPP sells Madison Avenue office December 19, 2012 ■ After 86 years under one owner, ad giant WPP has sold 285 Madison Avenue building in New York for $189m (£116m). The property has housed WPP subsidiary Young & Rubicam (Y&R) since 1926. Y&R is one of the last advertising firms still on Madison Avenue, which typified the industry in the 20th century.
WPP continues China growth December 17, 2012 Advertising giant WPP has expanded its reach in China with the acquisition of entertainment marketing agency Filmworks China. The deal, for an undisclosed sum, follows the creation of a chief executive role for WPP China. The boss of the world’s largest advertising firm, Sir Martin Sorrell, expects China to overtake the UK as WPP’s second-largest market [...]
WPP outlines China expansion with new chief executive role December 13, 2012 SIR MARTIN Sorrell’s advertising company, WPP, yesterday signalled further expansion into the East, in appointing WPP veteran Bessie Lee to the new role of chief executive for its Chinese operations. The move follows an acquisition spree in the country, which is now WPP’s third-largest market after the UK and US. Sir Martin expects China to [...]
WPP vote seals homecoming after tax cuts December 11, 2012 ADVERTISING giant WPP will move its tax base back to the UK after shareholders overwhelmingly voted in favour of the relocation yesterday. Sir Martin Sorrell’s company moved its operations to Dublin in 2008, with the chief executive hitting out at the “double taxation” of overseas profits. However, new legislation led the boss of the world’s [...]
UK firms have had mixed fortunes in the United States December 5, 2012 CADBURY SCHWEPPES Bought Dr Pepper/Seven Up in 1995. Then in 2000 bought the Snapple Group. Combined the two, but had to demerge its US fizzy drinks business by May 2008, so spun off Dr Pepper Snapple Group in a listing on the New York Stock Exchange. MARKS & SPENCER Bought the 155-store male outfitter Brooks [...]
UK is facing a lost decade for growth December 3, 2012 CITY leaders yesterday raised new concerns about the pace of growth in the Western economies after experts warned countries were facing more than a decade of economic stagnation. The gloomy warnings will send a stark reminder to chancellor George Osborne ahead of tomorrow’s Autumn Statement of the growth challenges facing Britain and its debt pile. [...]