Pramod Thomas is a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
BRITISH new car sales fell nearly 30 per cent last year in their biggest annual drop since 1943 as lockdown measures to curb the spread of the coronavirus hit the sector, a trade industry body said on Wednesday(6).
Demand stood at 1.63 million cars in 2020, preliminary data from the Society of Motor Manufacturers and Traders (SMMT) showed. It was particularly hard hit by a 97 per cent fall in April, the first full month of a national lockdown.
Dealerships gradually reopened in June across the UK's four nations.
"We lost nearly three quarters of a million units over three or four months, which we never got back," said SMMT chief executive Mike Hawes.
Showrooms in England were closed again during a second lockdown in November but many were better prepared with "click and collect" options, allowing more purchases, but still leading to a 27 per cent year-on-year slump.
The performance leaves new car sales at their lowest level since 1992, and suffering the biggest drop since 1943.
Then, Britain was fighting World War Two and industry was repurposed for the effort.
Last year, the sector was also awaiting a trade deal with its biggest export market, the European Union. An agreement was reached on Dec. 24, meaning immediate tariffs and disruption were avoided, but the sector warned on Wednesday of additional costs.
Diesel cars accounted for around one in five sales while battery electric and plug-in hybrid electric vehicles stood at a tenth.
In common with other non-essential retail, the car sector faces the challenge of new national lockdowns announced in England and Scotland this week.
The SMMT expects sales to be below 2m this year, with the sector nervously looking ahead to March, one of the top two selling months of the year due to the change in the licence plate series.
"Where the industry is focussed at the moment, is what do we need to do to try to sustain sales..., sustain manufacturing over the next two to three months, especially with March being such a critical month for the industry and that will undoubtedly be affected," said Hawes.
Mago Capital acquires the 145,000 square foot Notting Hill Gate Estate for £180million.
Prideview Group plays key role, completing £200million in London deals this year
Eastway Estates to back Mago Capital’s future property investments.
Prideview powers Mago’s expansion
Mago Capital has purchased the 145,000 square – foot Notting Hill Gate Estate in London for £180 million from Frogmore and Morgan Stanley. The purchase is part of its push to expand its £500 million Central London portfolio, through Prideview Group deal. The company has been actively buying premium properties across Central London.
For Prideview Group, this is another important achievement. The firm has completed over £200 million in Central London deals so far this year, becoming a significant player in the premium property market.
"We've always believed in the long-term value of prime London real estate, and this deal reinforces that," said Jesal Patel, Principal at Prideview Group. "We were able to move quickly with Mago Capital to secure an exceptional property in one of London's most iconic locations."
Ed de Stefano from Tydus Real Estate, told BE news, "The Notting Hill Estate provided a fantastic opportunity to acquire a 100 per cent prime, recently redeveloped, mixed-use estate, in one of central London's most affluent submarkets."
The deal involved several specialists including Tydus Real Estate, Freedman + Hilmi, and Brotherton, showing how complex such large property purchases can be. Prideview Group's investment arm, Eastway Estates, sits on Mago Capital's board and will support their future property acquisitions.
Looking forward, Prideview Group wants to manage £1 billion worth of property within the next 12 to 24 months. The firm is looking to work with investment funds, property agents, brokers, and other property companies to buy more assets.
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