GRAHAM HISCOTT

Offices ‘the way to beat crisis’

slapped on how much rates could fall in other places. According to industry experts Altus Group, Debenhams lost a potential £5m saving because its decreases were capped. Debenhams is to slash investment amid fears for its future. Britain’s biggest estate agent has issued its second profit warning this year after being hammered by the go-slow housing market.

Shares in Countrywide crashed 29% yesterday – wiping more than £50million off its stock market value – as it announced a bid to boost its finances.

The owner of scores of estate agency chains, including Gascoigne Pees, Hamptons and Bairstow Eves, said the property market “continued to be subdued”.

It’s also raising fresh funds to halve its debts, which stood at £192m at the end of December.

In March, Countrywide said it was going “back to basics” after what it described as three years of underperformance in its main sales and lettings business. Sainsbury’s is merging with Asda from a “position of weakness”, an analyst has warned.

Clive Black, of Shore Capital, claimed Sainsbury’s was “toughing it out in grocery, losing share and protecting a dwindling margin”.

His warning comes ahead of Sainsbury’s reporting quarterly results next week, with Shore predicting sales growth between 1.5% and 2%. The broker also warned Sainsbury’s Bank was having a “shocker” with profitability “haemorrhaging”. Sainsbury’s announced a proposed £12billion merger with Asda earlier this year.

Watchdogs should consider forcing Carillion’s hole in the former bosses to help plug a huge MPs. construction giant’s pension fund, say collapsed Field, chair of the Commons Work and Frank Regulator Pension Committee, said the Pensions responsible should “go after the directors it finds for everything they’ve got.” six main directors pocketed nearly Carillion’s yet the £17million in pay over the past decade pensions bill. firm’s demise has left an £800m