Tuesday press roundup: autos, Poundland, Burberry and rents

what happened

Sharecast’s roundup of the British press says Stellantis and Renault have backed including the UK car industry in proposed EU rules designed to protect the bloc’s manufacturers. Emanuele Cappellano, who heads Stellantis’s European brands, and Renault chief executive François Provost said the UK should effectively be treated as the EU’s 27th member for the purposes of the proposed “Made in Europe” legislation. They also urged the British government to consider restricting Chinese car imports, according to the Guardian.

Poundland could enter administration within days, putting 12,000 jobs at risk, the retail union Usdaw warned. The union, which represents 370,000 retail workers, said owners Gordon Brothers could decide the discount chain’s future as soon as Tuesday. The business is attracting several competing bids after Gordon Brothers chose to sell it, while Usdaw said it had “deep concerns” about a possible administration, the Telegraph reported.

Mike Ashley’s Frasers Group has raised its Burberry holding to 7.4%, from 6.3% two weeks ago, through financial derivatives. Converting those instruments into shares would make Frasers the luxury group’s largest investor, the Telegraph said. Separately, JLL data showed that 338 London homes with annual rents above £150,000 were let over the past 12 months, a record and 14% more than a year earlier. The Times reported that high-end tenants are increasingly renting rather than buying.

why it matters

The reports span UK industrial policy, retail employment risk, shareholder influence at Burberry and demand for prime London rentals. Together, they focus market attention on British consumer companies, the automotive sector and luxury property.

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