Latest news with #JamesFarrar
Time of India
6 days ago
- Business
- Time of India
Canada's City Office REIT to be taken private in near $1.1 billion deal
BENGALURU: City Office REIT said on Thursday it has agreed to be taken private by MCME Carell , an affiliate of hedge fund Elliott Investment , in an all-cash deal valued at nearly $1.1 billion, including the assumption of debt. MCME Carell will acquire all the outstanding shares of the real estate company it does not already own for $7.00 per share, representing a 26% premium to the stock's last close. Shares of City Office rose more than 24% to $6.92 in morning trading, their highest since March 2023. They have risen 25% since the start of the year. "In light of a challenging environment for the office sector, this transaction delivers immediate and significant value to our shareholders," CEO James Farrar said. Morning Calm Management, another affiliate of MCME Carell, said the deal underscored its continued belief in the recovery of the office sector and its interest in acquiring high-quality office assets in strong growth markets. The deal "provides a shorter timetable (for shareholders) to realizing $7/share of value, but obviously takes additional upside off the table," said Robert Stevenson, analyst at financial advisory firm Janney Montgomery Scott. Vancouver, Canada-based City Office owns and operates office properties mainly in Sun Belt markets. It owns about 54 office buildings in Dallas, Denver, Orlando and Phoenix among others. A post-pandemic switch to hybrid and remote work models by companies knocked down demand for office spaces significantly below pre-pandemic levels and vacancy rates to historic lows. At the same time, higher borrowing costs make it more expensive for builders to finance or re-finance their properties. The deal, expected to close in the fourth quarter, is subject to certain agreements including among other things, the sale of the company's Phoenix portfolio.
CTV News
7 days ago
- Business
- CTV News
City Office REIT to be taken private in near US$1.1 billion deal
A crane is seen at a condo development under construction as condo and office towers fill the downtown skyline in Vancouver on March 30, 2018. (Darryl Dyck / THE CANADIAN PRESS) City Office REIT said on Thursday it has agreed to be taken private by MCME Carell, an affiliate of hedge fund Elliott Investment, in an all-cash deal valued at nearly US$1.1 billion, including the assumption of debt. MCME Carell will acquire all the outstanding shares of the real estate company it does not already own for $7.00 per share, representing a 26 per cent premium to the stock's last close. Shares of City Office rose more than 24 per cent to $6.92 in morning trading, their highest since March 2023. They have risen 25 per cent since the start of the year. 'In light of a challenging environment for the office sector, this transaction delivers immediate and significant value to our shareholders,' CEO James Farrar said. Morning Calm Management, another affiliate of MCME Carell, said the deal underscored its continued belief in the recovery of the office sector and its interest in acquiring high-quality office assets in strong growth markets. The deal 'provides a shorter timetable (for shareholders) to realizing $7/share of value, but obviously takes additional upside off the table,' said Robert Stevenson, analyst at financial advisory firm Janney Montgomery Scott. Vancouver-based City Office owns and operates office properties mainly in Sun Belt markets. It owns about 54 office buildings in Dallas, Denver, Orlando and Phoenix among others. A post-pandemic switch to hybrid and remote work models by companies knocked down demand for office spaces significantly below pre-pandemic levels and vacancy rates to historic lows. At the same time, higher borrowing costs make it more expensive for builders to finance or re-finance their properties. The deal, expected to close in the fourth quarter, is subject to certain agreements including among other things, the sale of the company's Phoenix portfolio. (Reporting by Abhinav Parmar in Bengaluru; Editing by Shailesh Kuber)
The Irish Sun
23-06-2025
- Business
- The Irish Sun
Small boat migrants get illegal £1k-a-week delivery rider jobs within HOURS of landing in UK – as YOU fund their hotel
CHANNEL migrants are working as fast-food delivery riders within hours of arriving in the UK while being housed and fed at taxpayer expense. They rake in nearly £1,000 a week operating from Advertisement 7 A migrant brazenly rides off in a JustEat-branded jacket outside a hotel in London Credit: Simon Jones 7 A migrant hotel guest at a hotel in Peckham exited the building and cycled away to begin his shift with a bag strapped to his back Credit: Simon Jones 7 We witnessed one man leave the Chine Hotel, in Bournemouth, with a Just Eat bag Credit: BNPS Even those here longer are not allowed to legally work as delivery drivers. But at two packed hotels in London and one in Bournemouth — each one housing hundreds of asylum seekers — we snapped migrants in branded jackets for Deliveroo, JustEat and Uber Eats. Some rode £1,000 e-bikes while others used public-hire bicycles. Advertisement READ MORE ON MIGRANT CRISIS Last night Shadow Justice Secretary investigation reveals yet another appalling abuse of our immigration system. 'These delivery companies know exactly what they're doing. It's a disgrace and they need to be made to feel consequences.' We found Deliveroo and Just Eat accounts for rent on dozens of online forums — for as little as £40 a week. Migrants exploit a loophole allowing legitimate account holders to sub-let work, even though signing up for an account is free. Advertisement Most read in The Sun Gossip Exclusive One group has 20,000 members and sees dozens of posts a day advertising illicit accounts which require no documents. An undercover Sun reporter posing as a small-boat arrival from Afghanistan was offered an account ten minutes after signing up. Channel migrants queue for cash in hand jobs as secrets of UK's £260bn illegal economy revealed When asked if having no documents was a problem, one 'Deliveroo dealer' told him: 'You will not be caught, Inshallah (Allah willing).' Many illegal workers use the cash on top of their living allowance to pay off people smugglers. Others send cash home for relatives to save up to join them. Advertisement We know an example where Just Eat has paid 50 workers in a single bank account James Farrar, director of Worker Info Exchange And government sources say the speed at which migrants are processed on quiet days means they can now start earning on delivery apps within hours of arriving in Dover. James Farrar, director of Worker Info Exchange, said: 'We know an example where Just Eat has paid 50 workers in a single bank account.' Legal worker Marcio Silver, 52, said: 'They are taking a lot of jobs, stealing food off our family's table.' The Sun understands the Minister for Border Security and Asylum, next week, to help tackle illegal working in this sector. Advertisement 7 At the Thistle City Barbican Hotel in central London, a black screen had been erected to hide the illegal workers from public view Credit: Paul Edwards 7 A migrant staying in an asylum hotel was seen in Manchester with a JustEat bag Credit: Zenpix 7 Shadow Justice Secretary Robert Jenrick branded delivery companies a 'disgrace' Credit: Alamy Policing Minister Dame Diana Johnson said: 'The Sun investigation is right to highlight this illegal working racket, which undermines honest business and undercuts local wages. Advertisement 'The Government is taking action by increasing illegal working raids by 40 per cent since the election and introducing new tough laws to ensure every employer has to conduct full worker eligibility checks.' Our investigators found more than a dozen groups on social media dedicated to flogging delivery accounts to 'sub-contractors'. In almost all cases these turn out to be illegal migrants with no right to work in the UK Posing as a small boat arrival from Afghanistan, a Sun reporter using open Facebook groups was quickly flooded with offers from all over the country. Advertisement One so-called 'Deliveroo dealer' wanted £80-a-week or £200-a-month to rent an account in West London. After we raised fears of being deported if discovered, the dealer insisted: 'You won't be caught in any way bro.' We then asked if he had rented accounts to small boat migrants before. He replied: 'Yeah sure bro, many times. 'You don't need to verify any identity — you're just renting account, not creating account. Advertisement 'I will give you the login info, then you will make half payment of the weekly rent and you will login and start working. 'After you work for one week you will make the balance payment.' Asked how he would get round Deliveroo rules which require delivery workers to photograph themselves once a day, he added: 'Once it asks for selfie you will call or text me, then I will login and verify.' FROM BOAT TO BIKE IN HOURS 1. MIGRANTS climb on to dinghies in the waters off French beaches and begin the journey across the Channel. Once in UK waters, they are taken in by Border Force. 2. AT Dover, they arrive at a facility called Western Jet Foil where they are searched, given a set of dry clothes, shoes, food and water, and receive first aid if they were injured on the journey. They are then processed at a former military base at Manston. 3. CHECKS are done there in as little as three hours. Once complete, they are taken by coach to one of around 210 asylum hotels across the country. Migrants have no say in which hotel they are placed in. 4. ASYLUM seekers join one of dozens of social media groups offering accounts for rent. They pay as little as £40 a week to get login details for an account on Deliveroo or Just Eat. 5. MIGRANTS work 15-hour shifts using their hotels as a base for their bikes, bags and uniforms. They can rake in hundreds of pounds a week as handlers guarantee they will not be caught. 7 Channel migrants are working as fast-food delivery riders within hours of arriving in the UK Credit: Getty Advertisement We found another seller offering Just Eat accounts who said a migrant could make as much as £250-a-week just by working for a few hours a day. Online payment services could be used to get round not having a UK bank account. He stressed: 'You won't be caught, Inshallah (Allah willing). 'I will get everything prepared for you in an organised way.' Advertisement Many of the 210 asylum hotels across Britain have become hubs for the scandal, which sees Channel migrants able to find illegal work within hours of coming ashore. Deliveroo and Just Eat riders can be seen entering and leaving the property at all hours. At the Thistle City Barbican Hotel in central London, a black screen had been erected to hide the illegal workers from public view. 'Horrible and aggressive' At least 100 bicycles and top-of-the-range electric bikes have been stored outside, with migrants brazenly riding off in Deliveroo, JustEat and Uber Eats branded jackets with matching food bags. Advertisement Signs have been put up in the makeshift storage yard in English, Arabic, Persian, Pashto, Kurdish, Spanish and the African language of Tigrinya. One tracksuited asylum seeker in his 20s travelled two miles to King's Cross. He delivered an order from fried chicken shop Coqfighter to an unsuspecting customer. At the Best Western hotel in Peckham, South London, the entire courtyard was filled with bikes and bags — surrounding a replica of the Only Fools and Horses three-wheeler. As we watched, one migrant hotel guest exited the building and cycled away to begin his shift with a bag strapped to his back. Advertisement In Bournemouth, three hotels are contracted to put up migrants. We witnessed one man leave the Chine Hotel, in Boscombe, with a Just Eat bag. 200K DELIVER GRUB TO BRITS By Thomas Godfrey THE food delivery industry is worth £15billion in the UK and uses more than 200,000 self-employed riders. Experts say the restaurant-to-door market is growing 12 per cent a year, with firms like Deliveroo and Just Eat ballooning from start-ups to giant firms in a decade. UK firm Deliveroo, which has 50,000 riders, processed £7.4billion of orders in 2024, turning a profit for the first time. US rival DoorDash is to buy the app for £2.9billion. US investment firm Prosus bought Danish-founded Just Eat for £3.4billion this year. It previously offered some riders sick pay but returned to a gig model in 2023 amid mounting losses. Both firms have vowed to back employment checks covering firms hiring gig economy and zero-hours workers. The Sun also watched as four men were seen cycling from The Britannia hotel in East Cliff with delivery goxes. Campaigners told The Sun that illegal work was making it almost impossible for legal delivery riders to cope. One, 52-year-old Marcio Silver, said: 'Sometimes one guy will work in the morning, and then another will take over and do it at night. Advertisement 'Some are horrible and aggressive. They fight with customers and eat their food. It's bad for business. This is the Wild West, and there are no rules.' Consumer rights expert James Farrar, director of Worker Info Exchange, said: 'It's not surprising people actually having to pay for their own accommodation can't make ends meet.' Sources told The Sun that on quieter days, small boat arrivals can be processed in as little as three hours and sent to a taxpayer-funded hotel. The Sun investigation is right to highlight this illegal working racket, which undermines honest business and undercuts local wages. Policing Minister Dame Diana Johnson One added: 'Those coming here know that as soon as they reach UK waters, they are guaranteed a spot in a hotel which they don't have to pay for.' Advertisement Lsst night Just Eat said: 'We are continuously strengthening our approach to ensure anyone who delivers through Just Eat's platform has the right-to-work in the UK. 'Last year, we introduced a new mechanism requiring couriers to inform us that they are using substitutes and for these substitutes to complete right-to-work checks. 'We have now rolled out the next phase. Couriers are randomly prompted to complete a facial recognition test, which must match documentation held on our system.' Deliveroo said: 'We have a dedicated team in place who ensure Deliveroo does not work with riders who don't have the right to work in the UK. Advertisement 'We are consistently strengthening our controls against misuse of our platform, with further measures in development. 'All riders, including substitutes, must complete right-to-work checks which we are robust in monitoring with daily identity verification and, most recently, additional checks when a rider logs in using a new device.' Uber Eats has more stringent checks than its rivals and far fewer sellers. A spokesman said: 'All couriers who use the Uber Eats app must undergo checks to ensure they have a legal right to work in the UK. 'Uber Eats has launched new detection tools to crack down on anyone attempting to work illegally on our platform. Advertisement 'As a result, we are removing fraudulent accounts and we are constantly reviewing and improving our processes.'
Scottish Sun
23-06-2025
- Scottish Sun
Small boat migrants get illegal £1k-a-week delivery rider jobs within HOURS of landing in UK – as YOU fund their hotel
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) CHANNEL migrants are working as fast-food delivery riders within hours of arriving in the UK while being housed and fed at taxpayer expense. They rake in nearly £1,000 a week operating from asylum accommodation, used as hubs for black-market work on apps like Deliveroo and JustEat. Sign up for Scottish Sun newsletter Sign up 7 A migrant brazenly rides off in a JustEat-branded jacket outside a hotel in London Credit: Simon Jones 7 A migrant hotel guest at a hotel in Peckham exited the building and cycled away to begin his shift with a bag strapped to his back Credit: Simon Jones 7 We witnessed one man leave the Chine Hotel, in Bournemouth, with a Just Eat bag Credit: BNPS Migrants in hotels are banned from working in any circumstances if they have been in Britain for less than 12 months. Even those here longer are not allowed to legally work as delivery drivers. But at two packed hotels in London and one in Bournemouth — each one housing hundreds of asylum seekers — we snapped migrants in branded jackets for Deliveroo, JustEat and Uber Eats. Some rode £1,000 e-bikes while others used public-hire bicycles. READ MORE ON MIGRANT CRISIS BOUND FOR BRITAIN Speaking French & German… migrants booted out of EU heading to Britain Last night Shadow Justice Secretary Robert Jenrick said: 'This crucial Sun investigation reveals yet another appalling abuse of our immigration system. 'These delivery companies know exactly what they're doing. It's a disgrace and they need to be made to feel consequences.' We found Deliveroo and Just Eat accounts for rent on dozens of online forums — for as little as £40 a week. Migrants exploit a loophole allowing legitimate account holders to sub-let work, even though signing up for an account is free. One group has 20,000 members and sees dozens of posts a day advertising illicit accounts which require no documents. An undercover Sun reporter posing as a small-boat arrival from Afghanistan was offered an account ten minutes after signing up. Channel migrants queue for cash in hand jobs as secrets of UK's £260bn illegal economy revealed When asked if having no documents was a problem, one 'Deliveroo dealer' told him: 'You will not be caught, Inshallah (Allah willing).' Many illegal workers use the cash on top of their living allowance to pay off people smugglers. Others send cash home for relatives to save up to join them. We know an example where Just Eat has paid 50 workers in a single bank account James Farrar, director of Worker Info Exchange And government sources say the speed at which migrants are processed on quiet days means they can now start earning on delivery apps within hours of arriving in Dover. James Farrar, director of Worker Info Exchange, said: 'We know an example where Just Eat has paid 50 workers in a single bank account.' Legal worker Marcio Silver, 52, said: 'They are taking a lot of jobs, stealing food off our family's table.' The Sun understands the Minister for Border Security and Asylum, Angela Eagle, is meeting deliver companies next week, to help tackle illegal working in this sector. 7 At the Thistle City Barbican Hotel in central London, a black screen had been erected to hide the illegal workers from public view Credit: Paul Edwards 7 A migrant staying in an asylum hotel was seen in Manchester with a JustEat bag Credit: Zenpix 7 Shadow Justice Secretary Robert Jenrick branded delivery companies a 'disgrace' Credit: Alamy Policing Minister Dame Diana Johnson said: 'The Sun investigation is right to highlight this illegal working racket, which undermines honest business and undercuts local wages. 'The Government is taking action by increasing illegal working raids by 40 per cent since the election and introducing new tough laws to ensure every employer has to conduct full worker eligibility checks.' Our investigators found more than a dozen groups on social media dedicated to flogging delivery accounts to 'sub-contractors'. In almost all cases these turn out to be illegal migrants with no right to work in the UK Posing as a small boat arrival from Afghanistan, a Sun reporter using open Facebook groups was quickly flooded with offers from all over the country. One so-called 'Deliveroo dealer' wanted £80-a-week or £200-a-month to rent an account in West London. After we raised fears of being deported if discovered, the dealer insisted: 'You won't be caught in any way bro.' We then asked if he had rented accounts to small boat migrants before. He replied: 'Yeah sure bro, many times. 'You don't need to verify any identity — you're just renting account, not creating account. 'I will give you the login info, then you will make half payment of the weekly rent and you will login and start working. 'After you work for one week you will make the balance payment.' Asked how he would get round Deliveroo rules which require delivery workers to photograph themselves once a day, he added: 'Once it asks for selfie you will call or text me, then I will login and verify.' FROM BOAT TO BIKE IN HOURS 1. MIGRANTS climb on to dinghies in the waters off French beaches and begin the journey across the Channel. Once in UK waters, they are taken in by Border Force. 2. AT Dover, they arrive at a facility called Western Jet Foil where they are searched, given a set of dry clothes, shoes, food and water, and receive first aid if they were injured on the journey. They are then processed at a former military base at Manston. 3. CHECKS are done there in as little as three hours. Once complete, they are taken by coach to one of around 210 asylum hotels across the country. Migrants have no say in which hotel they are placed in. 4. ASYLUM seekers join one of dozens of social media groups offering accounts for rent. They pay as little as £40 a week to get login details for an account on Deliveroo or Just Eat. 5. MIGRANTS work 15-hour shifts using their hotels as a base for their bikes, bags and uniforms. They can rake in hundreds of pounds a week as handlers guarantee they will not be caught. 7 Channel migrants are working as fast-food delivery riders within hours of arriving in the UK Credit: Getty We found another seller offering Just Eat accounts who said a migrant could make as much as £250-a-week just by working for a few hours a day. Online payment services could be used to get round not having a UK bank account. He stressed: 'You won't be caught, Inshallah (Allah willing). 'I will get everything prepared for you in an organised way.' Many of the 210 asylum hotels across Britain have become hubs for the scandal, which sees Channel migrants able to find illegal work within hours of coming ashore. Deliveroo and Just Eat riders can be seen entering and leaving the property at all hours. At the Thistle City Barbican Hotel in central London, a black screen had been erected to hide the illegal workers from public view. 'Horrible and aggressive' At least 100 bicycles and top-of-the-range electric bikes have been stored outside, with migrants brazenly riding off in Deliveroo, JustEat and Uber Eats branded jackets with matching food bags. Signs have been put up in the makeshift storage yard in English, Arabic, Persian, Pashto, Kurdish, Spanish and the African language of Tigrinya. One tracksuited asylum seeker in his 20s travelled two miles to King's Cross. He delivered an order from fried chicken shop Coqfighter to an unsuspecting customer. At the Best Western hotel in Peckham, South London, the entire courtyard was filled with bikes and bags — surrounding a replica of the Only Fools and Horses three-wheeler. As we watched, one migrant hotel guest exited the building and cycled away to begin his shift with a bag strapped to his back. In Bournemouth, three hotels are contracted to put up migrants. We witnessed one man leave the Chine Hotel, in Boscombe, with a Just Eat bag. 200K DELIVER GRUB TO BRITS By Thomas Godfrey THE food delivery industry is worth £15billion in the UK and uses more than 200,000 self-employed riders. Experts say the restaurant-to-door market is growing 12 per cent a year, with firms like Deliveroo and Just Eat ballooning from start-ups to giant firms in a decade. UK firm Deliveroo, which has 50,000 riders, processed £7.4billion of orders in 2024, turning a profit for the first time. US rival DoorDash is to buy the app for £2.9billion. US investment firm Prosus bought Danish-founded Just Eat for £3.4billion this year. It previously offered some riders sick pay but returned to a gig model in 2023 amid mounting losses. Both firms have vowed to back employment checks covering firms hiring gig economy and zero-hours workers. The Sun also watched as four men were seen cycling from The Britannia hotel in East Cliff with delivery goxes. Campaigners told The Sun that illegal work was making it almost impossible for legal delivery riders to cope. One, 52-year-old Marcio Silver, said: 'Sometimes one guy will work in the morning, and then another will take over and do it at night. 'Some are horrible and aggressive. They fight with customers and eat their food. It's bad for business. This is the Wild West, and there are no rules.' Consumer rights expert James Farrar, director of Worker Info Exchange, said: 'It's not surprising people actually having to pay for their own accommodation can't make ends meet.' Sources told The Sun that on quieter days, small boat arrivals can be processed in as little as three hours and sent to a taxpayer-funded hotel. The Sun investigation is right to highlight this illegal working racket, which undermines honest business and undercuts local wages. Policing Minister Dame Diana Johnson One added: 'Those coming here know that as soon as they reach UK waters, they are guaranteed a spot in a hotel which they don't have to pay for.' Lsst night Just Eat said: 'We are continuously strengthening our approach to ensure anyone who delivers through Just Eat's platform has the right-to-work in the UK. 'Last year, we introduced a new mechanism requiring couriers to inform us that they are using substitutes and for these substitutes to complete right-to-work checks. 'We have now rolled out the next phase. Couriers are randomly prompted to complete a facial recognition test, which must match documentation held on our system.' Deliveroo said: 'We have a dedicated team in place who ensure Deliveroo does not work with riders who don't have the right to work in the UK. 'We are consistently strengthening our controls against misuse of our platform, with further measures in development. 'All riders, including substitutes, must complete right-to-work checks which we are robust in monitoring with daily identity verification and, most recently, additional checks when a rider logs in using a new device.' Uber Eats has more stringent checks than its rivals and far fewer sellers. A spokesman said: 'All couriers who use the Uber Eats app must undergo checks to ensure they have a legal right to work in the UK. 'Uber Eats has launched new detection tools to crack down on anyone attempting to work illegally on our platform. 'As a result, we are removing fraudulent accounts and we are constantly reviewing and improving our processes.'
Yahoo
20-06-2025
- Business
- Yahoo
On this day in 2024: pledge of support after Woodsmith Project cuts
On this day in 2024, the York Press reported that York and North Yorkshire local government representatives had pledged to help staff made redundant by cuts to a planned £7bn fertiliser mine. The move followed Anglo American's announcement of its intention to "slow the development" of the Woodsmith Project mine, which had been due to open near Sneaton, south of Whitby, in 2027. As reported at the time, more than 2000 people, including contractors, had been working on the scheme, but the number was expected to be cut to 900, including contractors, within the ensuing 12 months. James Farrar, interim head of paid services at York and North Yorkshire Combined Authority, said at the time: "The announcement surrounding the future of Anglo American's Woodsmith Project is understandably of concern to the many staff, and associated businesses, which depend on the long-term viability of the site. "The mine is a major regional employer, drawing its workforce from Scarborough, Whitby, and other nearby rural and urban areas. "While York and North Yorkshire Combined Authority is disappointed to learn of Anglo American's decision to slow development at the Woodsmith Project, we consider the mine integral to our economic ambitions as a region. "The Combined Authority and the York and North Yorkshire Mayor have, therefore, committed to ensuring every affected employee at the Woodsmith Project is connected to opportunities for reemployment, skills training, and small-business support. "I'd like to reassure those affected workers that we are listening to you and that, through a multi-agency approach, we will ensure you have access to the full range of available support services. "Meanwhile we will continue to work closely with Anglo American in navigating this challenging period and supporting the company's long-term commitment to polyhalite fertiliser extraction in our region."
