Greek Finance Minister resigns after Sunday’s referendum

Miranda Wadham
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Greek Finance Minister resigns after Sunday’s referendum
Yanis Varoufakis, the Greek Finance minister, has resigned after yesterday’s referendum. This comes just hours after he vowed that, should the Greek people vote no, he would remain in power and campaign for a better bail out deal for Greece. In a statement, Varoufakis said he believed that his resignation would help Greece come to a solution with their EU creditors. He has repeatedly clashed with many of the leading Eurozone Finance Ministers. Greece have officially voted to continue negotiations with Europe rather than accepting the current proposal, despite being warned that it may well lead to their exit from the euro. Greek banks remain on the brink of collapse as the ECB meet this week to discuss whether to send emergency funds.  

Rolls Royce sink 9% after third profit warning

UK Investor Magazine
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Rolls Royce sink 9% after third profit warning
Rolls Royce shares sank 9% after it announced its third profit warning and scrapped a £1 billion share buyback programme. In a release to the market this morning, 131 year old Rolls Royce lower its profit guidance to £148 million for this year, down from £155 million. The engineering firm saw weakness across most units with Civil Aerospace taking a £300m hit as demand for its Trent 700 product experienced slower sales. The Marine division also saw losses but to a lesser extent than Aerospace. The management have seen it appropriate to discontinue the remainder of a £1 billion share buy programme following the disappointing results. Rolls Royce have attributed their poor performance to oil price volatility and uncertainty at large customers such as Airbus. “Our immediate priority is to find the performance improvements needed to deliver these goals and ensure that this world-class business continues to meet the needs of its customers and shareholders alike,” said Warren East, Chief Executive of Rolls Royce. The fall has been met with a report from the FT who are speculating that the cheap shares may be too hard to resist for a predatory firm. Rolls Royce shares are down 19% over the last year.

Key Greek payment dates

UK Investor Magazine
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Key Greek payment dates
The Greek have voted to reject further austerity measures which is likely to prolong a possible aid package from the Troika. It is therefore important to note the upcoming payments Greece is facing as market pressures are likely to increase in the run up to these events if no deal is struck. These payments are in addition to the EUR 1.6 billion already owed to the IMF. 10th July EUR 2bn T-bill redemption 13th July EUR 500m IMF loan redemption 16th July Governing Council monetary policy meeting of the ECB in Frankfurt 17th July EUR 1bn T-bill redemption 20th July EUR 4bn ECB held government bond redemption 1st August EUR 200m IMF interest payment 7th August EUR 1bn T-bill redemption 20th August EUR 3.5bn ECB held government bond redemption (Source: Reuters, Bloomberg, ECB)

Stock markets set for significant losses after Greek vote

UK Investor Magazine
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Stock markets set for significant losses after Greek vote
The Greek people have given their verdict. They will not be bullied by the Germans and the rest of Europe and have voted ‘no’ in the referendum on whether to accept further austerity measures. Some have said a no vote is effectively a vote to leave the Euro as Greece loses protection from the European Central Bank. The Greek government believed that by confirming their mandate from the Greek people they will strengthen their negotiating position with creditors. “The government now has a strong mandate, a strong negotiating card, to bring a deal which will open new ways,” said Labour Minister Skourletis They may, however, be horribly mistaken. Mixed reports throughout the day have suggested that the Germans and French were not rushing back to talks tomorrow as Tsipras would have liked. Tsipras may have planned to jump back to the table and broker a fresh deal with creditors. He will be extremely disappointed to hear that one euro zone official has said to Reuters, they “would not know what to discuss.” The uncertainty created by the void may be enough to tip Greek banks over the edge as deposits continue to decrease and support from the ECB wanes. Major futures markets remain closed, but UK spread betting firms have given early indications of tomorrow’s opening prices. It’s not pretty. IG are quoting the following prices. IG Greece Markets plummet After many weeks of talk about a potential accident, we may now have it.

Finance Kitchen cooking up a storm in independent hospitality funding

UK Investor Magazine
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Finance Kitchen cooking up a storm in independent hospitality funding

Finance Kitchen’s mission is simple; to be London’s number one provider of funding to the independent food and drink market.

Founder Ian Woodley has been involved in financial services since leaving school, and after a number of years operating a successful business recovery company has turned his hand to supporting independent organisations in the hospitality sector.

Finance Kitchen has begun operating at a time when consumers are becoming savvier and changing their shopping habits.Supermarkets are being shunned for independents and pop-up outlets are the destination of choice for trendy Londoners.

Ian describes Finance Kitchen as a “one-stop shop” for businesses seeking financing opportunities in the hospitality sector. Whether an organisation is issuing equity or debt in return for capital, Finance Kitchen will act as an intermediary.

Finance Kitchen works with businesses ranging from pop-up casual food outlets to Michelin Starred chefs. The amount of capital required by businesses in partnership with Finance Kitchen ranges from £200,000 to £2,000,000.

One of their current investment opportunities is Tubby Isaacs, the iconic east end brand who are relaunching a chain of seafood based bars. Known for their Aldgate stall, Tubby Issacs is aiming to raise £950,000 to fund their first site in Shoreditch. Their plan is to roll out up to 5 seafood bars in London in the first couple of years.

“We are about Food, Finance and London” says Ian, this proposition ticks all three boxes.

Tubby Issacs is typical of the businesses Finance Kitchen raises funds for, those that warrant substantial investment but fall under the radar of private equity houses who focus on already established businesses.

The opportunities on offer are not limited to outlets and restaurants; Finance Kitchen is working with low calorie Champagne brand Skinny Fizz who need to raise £300,000 to fund expansion. Skinny Fizz is currently on sale in Selfridges and a couple of high end London restaurants but wants to go national.

Finance Kitchen fills a gap for the independent food sector left by private equity houses who tend to favour larger chains.

However, such businesses have found they are gaining more traction in the army of investors who seek opportunities on crowdfunding sites.

While Ian has strong links to crowdfunding channels, he has opted to utilise his existing network of investors to raise capital, occasionally a mix of the two is needed.

He points out that although there are many successful projects funded by crowdfunding websites, such channels may not have the long term benefits that can be achieved by working with a handful of focussed investors.

Ian is also busy deal-making with new networks of investors who can offer higher flexibility for businesses and keep their projects under wraps before they launch.

The investors that Finance Kitchen work with tend to be more sophisticated than those of the well-known crowdfunding websites, who will take as little as £500 from investors in order to fully fund a pitch. Finance Kitchen will take minimum investments of around £30,000-£50,000 and seeks to fund some opportunities from a single investor.

“The majority of investments qualify for SEIS or EIS so there are some very attractive tax treatments for individuals who support new and growing businesses, the food business is also a load of fun so you get a return on your investment with a smile on your face” says Ian.

Fund managers predicted Greece likely to default, but not exit

Miranda Wadham
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Fund managers predicted Greece likely to default, but not exit
A new survey by Bank of America Merril Lynch has found that nearly half of fund managers believed Greece could default, but do not think it likely that that a Grexit will occur. Of over 200 fund managers surveyed, only 15% believe that the Greek talks will end with Greece exiting Europe, compared to 42% who rightly predicted that Greece will default on their payments. Pictet Wealth Management economist Jean-Pierre Durante argues that default does not necessarily mean Grexit. He says: “It is not in anyone’s interests for Greece to leave the eurozone. For Greece, it would mean widespread bankruptcies. For the remaining eurozone members, the fact that a precedent of exit had been established would probably lead to a permanent upwards re-pricing of their sovereign debt. For both sides, it would be a very risky leap into the unknown.” In an interview with Fundweb, Rowan Dartington Signature’s Guy Stephens agrees with the fund managers that had a positive outlook for Europe for the near future, though thinks it is clear we might see a period of market uncertainty in the short term. “[If Greece defaults] that will cause a short period of uncertainty and nervousness, but it is likely to be an isolated situation from which the rest of Europe can move on from.” Greece defaulted on the 1.6 billion euro loan from the IMF on Tuesday, and now face a referendum to decide whether to accept Europe’s bailout proposal. Greek PM Alex Tsipras insists that voting no to the EU’s offer will not lead to a Grexit; however, European leaders have made it clear that, if the proposal is not accepted, it is very likely that Greece will be leaving the euro.

Tsipras urges Greeks to vote no

Miranda Wadham
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Tsipras urges Greeks to vote no
Greek PM Alexis Tsipras has urged the Greek people to reject “blackmail” and vote no in the referendum on Sunday. In a short TV interview, Tsipras reiterated that Greece will not leave the euro and accused the Eurogroup of “scaremongering”. However, EU leaders say that voters on Sunday will really be voting on whether or not to leave the Euro. Finance Minister Yanis Varoufakis has vowed to quit if the people vote Yes to the EU’s bailout proposal. A poll commissioned by Bloomberg News showed opinion is fairly evenly split ahead of the vote; 43 percent intend to vote “no” and 42.5 percent back a “yes” to accept the conditions. Both sides are attempting to quickly drum up support in the few days before the referendum takes place.

8 reasons to invest in Crystal Palace

Miranda Wadham
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8 reasons to invest in Crystal Palace

Crystal Palace, SE19, is situated in South-East London, surrounded by Norwood, Sydenham and Dulwich. Whilst it may seem far out on a map, there are plenty of reasons why Crystal Palace is worth looking at.

1 – Crystal Palace has excellent transport links. The overground links to Shoreditch in 28 minutes and Canary Wharf in 20. There are also direct trains to London Bridge and London Victoria, and in 15 mins you can be in Clapham, where you can change and go anywhere in the South. 2 – Crystal Palace triangle, made up of three roads at the top of the hill, boasts plenty of great restaurants, bars and pubs. Favourites include the Westow pub, which has an outdoor courtyard and BBQs in summer, the Market Place restaurant and the White Hart. If you’re a fan of beer, further down the hill towards Gipsy Hill there are two small breweries, the London Beer Factory and Gipsy Hill Brewing Company. Both of these breweries often hold open evenings, with £3 pints, DJs and live music. WestowHouse-85 3 – This area is one of the highest points in London, as noted by the large radio tower standing on the hill. It also means the views are great; from the residential roads surrounding Crystal Palace, there are panoramic views over the whole city. The City of London 4 – Crystal Palace is walking distance from sought after Dulwich Village. The high street has plenty of great independent shops, restaurants and good schools, including Alleyn’s, James Allen’s Girls’ School and Dulwich College. It is also home to Dulwich Art Gallery, the world’s first purpose built art gallery that houses an impressive collection of paintings, including works by Rembrandt and Constable. 100_3556 5 – On the site of the old Crystal Palace, a huge glass building that was destroyed by fire in 1932, there is a big open space including a small lake and a dinosaur trail. And if you’re a fan of football, the Crystal Palace stadium sits there too. crystal-palace-park 6 – If the bars and pubs around Crystal Palace aren’t enough, the area is a short 15 minute bus journey from lively Brixton. With a similar vibe to Shoreditch, there are clubs, high street shops and food markets. Pop Brixton has just opened, a bigger and better version of Shoreditch’s Box Park, boasting street food, DJs and indendent shops. The bus there also runs as a night bus, meaning getting home after a night out is no problem. Brixton-village-london1 7 – The area is becoming well known for its antiques shopping. The biggest shop is Crystal Palace Antiques, spreads over four floors and showcases items from many different dealers – ranging from classic Victorian to Arts & Crafts and Art Deco through 20th Century Modern. It’s located in a former Victorian warehouse building, crammed full of chandeliers, lighting, furniture, mirrors and art. antique 8 – The even better news is that Crystal Palace remains relatively cheap – £600,000 for a 4 bed house as opposed to upwards of £800,00 in neighbouring Dulwich. The area has plenty of pretty Victorian housing, both semi and detached.

palace_600_house_33195As people get priced out of more and more areas, places that have been overlooked in the past are regenerating themselves. Crystal Palace is well-situated, accessible, relatively cheap and has plenty of character – making it an ideal investment opportunity.

  Miranda Wadham      

Ubisense down 13%

Miranda Wadham
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Ubisense down 13%
Ubisense (LON:UBI) fell 13.12% this morning after a trading update announced that revenue for the first half of 2015 will be below that of 2014. The company cite the previously announced loss of two major contracts, and further delays in the completion of other contracts due to be signed this year. Ubisense is a market leader in enterprise location intelligence solutions, helping manufacturing, communications and utility companies improve operational efficiency and boost profitability.

Phorm Corp up 23% after showing strong growth

Miranda Wadham
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Phorm Corp up 23% after showing strong growth
Technology company Phorm Corp (AIM:PHRM) is one of the biggest movers on the AIM this morning after announcing an unaudited operational and financial update showing further strong growth in the group’s revenues and key performance indicators. The company was up 23.54% in early hours of trading. Their average daily unique users have risen over 50%, from 12.5m in 2014 to 35.5m this year. Similarly, their revenue has increased exponentially, from £2m in 2014 to £29m this year. Phorm is a global personalisation technology company that makes content and advertising more relevant to the consumer. Phorm’s innovative platform preserves user privacy and delivers a more interesting online experience.
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