Remove my perfectly good UPVC windows and doors and make me pay for the privilege?

admin    Uncategorized     agents

Hi, I recently received a letter from my property management company. They informed me, as I was aware, that they want to replace the two balcony’s waterproofing of my 3rd floor flat, of which I’m happy to oblige.

The problem is the company that is doing the work has told them they need to remove my perfectly good 3-year-old windows

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EG Group revenues soar 57.7% in Q2

admin    Uncategorized     agents

The EG (Euro Garages) group, which recently announced completion of its £100m Leon acquisition, intending, it says, to open approximately 10 of the fast food restaurants in 2021, saw total revenues soar 57.7% year-on-year to $6.51bn

The Blackburn-based petrol forecourt retail giant that started with one petrol station in Bury, and also took over the Asda supermarket, according to RetailSector.co.uk also reported a 23.7% growth in group EBITDA, up from $307m (£224m) in Q2 FY20 to $380m (£277m) this year.

Run by the Issa brothers and backed by private equity firms, the now global company has continued to gain the majority of its gross profit from its fuel services, which increased 9.1% year-on-year to $478m (£349m) in the three months ended 30 June 2021.

However, RetailSector.co.uk says, as the group diversifies into grocery, it has extended its offerings during the period, with gross profits at its grocery and merchandise arm climbing 23.7% to $351m (£256m) and its food service businesses reaching 231.4% year-on-year to $153m (£112m).

Euro Garages was co founded by brothers Mohsin Issa and Zuber Issa in 2001, The proceeded to expanded the business from a single site which casot them a £150,000 investment in Bury, Greater Manchester to around 340 sites today in the UK.

The rapid growth of the business co-incided with the major oil companies deciding to sell off their consumer petrol station assets to focus on their core production and refining businesses.

In October 2015, the private equity firm TDR Capital acquired a stake in the company EG and in October 2016 the company acquired the Dutch headquartered European Forecourt Retail Group part of the Delek Group which operate over 1,100 retail sites in Benelux and France, before being acquired by TDR Capital.

TDR Capital now owns 50% of the EG group, with Zuber Issa owning 25% and Mohsin Issa the remaining 25%. Last year EG announced it was opening 150 American Bakery outlets under a partnership with Cinnabon by 2025.

Following the merger, EG have made further acquisitions in France, Italy, The Netherlands, Australia and the US. Today, EG Group has over 5,900 sites across Europe and the US. Its fuel retail brands (Esso, BP and Shell) are complemented by a leading non-fuel offering including brands such as Starbucks, Subway, Greggs, KFC, Burger King and Carrefour.

Zuber and Moshin Issa, co-founders and co-CEOs at the company, have said:

“The group’s latest performance is further validation of our successful global strategy.

“We continued to make good progress in the second quarter, with a particularly strong performance from our food service business, driven by growth in customer demand for takeaway and delivery services and the easing of Covid restrictions across many of our countries.”

They added:

“We are also pleased to have completed the acquisition of Leon Restaurants and look forward to expanding its offering with c.10 new restaurant openings planned this year, including the brand’s first ever drive-thru.

“The resilience of our business model has been demonstrated during the pandemic, and we have emerged as an even stronger business as we enter the second half of the year with confidence.”

Constant disruption in retail continues to present new opportunities, such as the move by EG into forecourt retailing, while challenging retailing norms faster than many companies can keep pace. The growth of online retail and the move to electric vehicles are the next big challenges in retail, including for EG forecourts.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – EG Group revenues soar 57.7% in Q2 | LandlordZONE.

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Thanks Rishi! Landlord property buying hits five-year high thanks to SDLT

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The number of landlords buying properties has its highest ratio since 2016 following the stamp duty holiday for purchases introduced in early July last year, new research shows.

The Chancellor’s flagship policy granted landlords the same stamp duty exemption for the first £500,000 of a purchase, although buy-to-let purchasers still had to pay the 3% second-homes surcharge.

Hamptons says the landlord share of all property purchases so far this year is 12%, the highest for five years.

Significant variations

But these figures mask significant regional variations. In the North East of England the share of homes bought by landlords this year has been 23%, up from 14% two years ago.

In the West Midlands it has increased from 13% to 16% by the same comparison, and from 12% to 16% in Yorkshire and The Humber.

The increases are not restricted to the north – in the South East the share has risen from 7% to 10% and in the South West from 10% to 13%.

Hamptons says the pandemic has changed landlord buying behaviour, with activity most concentrated in in towns and suburbs rather than city centres, with London particularly out of favour.

The data also reveals why Yorkshire and the NW and NE of England have proved so popular compared to other areas of the UK; all three feature the highest gross yields at 7.4%, 7.1% and 8.8% respectively.

London, which continues to struggle, features a gross yield of just 4.4%.

Despite these perky figures, Hamptons’ head of residential research Aneisha Beveridge (pictured) says that overall the PRS is shrinking and that landlords are increasingly chasing yield rather than capital growth.

Read how LandlordZONE predict this two months ago.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Thanks Rishi! Landlord property buying hits five-year high thanks to SDLT | LandlordZONE.

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Scotland appoints new ‘minister for tenants’ rights’ following power sharing deal

admin    Uncategorized     agents

England, Wales and Northern Ireland all have ministers who look after the private rental sector (PRS) but now Scotland is to get its first ever dedicated minister for tenants’ rights.

Landlords in Scotland have had the unwelcome news over the weekend that following the power sharing deal between the SNP and the Scottish Greens, Patrick Harvie is set to become zero carbon buildings, active travel and tenants’ rights.

The agreement was signed by the two parties late last week and ratified by SNP members over the Bank Holiday weekend.

But the 48-year-old is no friend of landlords, as his chosen portfolio in the corridors of Scottish power suggests.

He has described the country’s PRS as ‘overpriced and insecure’ for tenants and that it is ‘in need of change’ and has been a regular supporter of rent controls across Scotland in the media, along with ‘action against unfit landlords’.

Harvie also said he will always put tenants first a politician.

His appointment follows the Bute House Agreement between the two parties, which was launched by Harvie along with First Minister

Nicola Sturgeon and Scottish Greens co-founder Lorna Slater.

It says: “We will also implement an effective national system of rent controls, with an appropriate mechanism to allow local authorities to introduce local measures. We will consult on the options, deliver legislation and implement rent controls by the end of 2025.”

Harvie hand is also clear to see within the document elsewhere, including a commitment to bring in a new deal for tenants. Measures already announced include a new housing regulator, restrictions on evictions during the winter months and penalties for landlords who evict tenants illegally.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Scotland appoints new ‘minister for tenants’ rights’ following power sharing deal | LandlordZONE.

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