WHEN most people hear the name IKEA, they probably think of flat-pack furniture rather than food.

But the Swedish retailer has now dipped its foot further into the hospitality sector with the opening of its first standalone restaurant in the UK.

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The 300-square-metre site on busy King Street in Hammersmith, London, was teeming with life when I visited this week, despite opening just last month.

More than 30 staff now work in the restaurant, with enough seating for 75 people across two storeys, which are fronted with floor-to-ceiling glass panels.

Riccardo Minino, commercial manager for IKEA London City, said the west London site was chosen because of its proximity to the high street and local community.

This follows other moves by IKEA in recent years to open more compact “XS Stores” located on high streets rather than its traditional larger sites on the outskirts of towns and cities.

“We have families and elderly people from different backgrounds coming in,” Riccardo said.

“It’s a mixed social space where people can integrate together.”

The restaurant lends itself to being a space that’s suitable for all demographics in practice.

There’s free Wi-Fi available to customers, it’s based right next to a packed shopping centre and there’s self-serve coffee machines where you can pick up a cup for just 50p (if you’re an IKEA Family member).

There is also wheelchair access across the whole restaurant, and one tucked away corner with a microwave where parents can heat up their kids’ food, if they don’t fancy anything on the menu.

The restaurant feels like a fast food spot, but without the noise and hustle and bustle associated with a McDonald’s or Burger King.

The first sight that greets you as you step inside the restaurant is three self-service screens where you order your food.

After ordering, you receive a number which is called out by staff members at counters ahead of you for you to collect.

There is also a chilled section on the right hand side offering customers everything from soft drinks to cold desserts.

Those after a coffee can serve themselves from the machines on the left of the restaurant next to a set of stairs.

What’s on the menu?

Foodies can choose from a host of cold dishes including cured salmon with a mustard, lemon and dill sauce for £3.50.

There’s also a shrimp and egg open sandwich for the same price that I had a chance to try.

All the ingredients tasted super fresh and the soft doughy bread was a highlight.

One gripe would be that the mayonnaise on top was a touch gloopy, but for £3.50 I couldn’t really complain.

You can also get a marinated salmon wrap and Indian summer salad for £2.95 from the chilled section.

The children’s menu consists of meatballs with mash and peas, as well as four vegetarian plantballs with mash and peas for £1.95.

But those on a bit more of a budget can get a tomato sauce and pasta sauce for just 95p.

Adults can also get the classic meatball dish, which comes with peas, cream sauce and lingonberry jam for £5.50.

I also got to try this, with the salty meatballs pairing nicely with the sweet jam, creamy mash and sauce.

Or there is salmon fillet with bean mix, mashed potatoes and a lemon and dill sauce for £6.95.

If you’re after a quick bite, you can snap up a hot dog for 85p or vegetable hot dog for just 60p.

Served until 11am, there is also a breakfast menu to pick from, including a small or large cooked breakfast which comes with bacon, sausage, hash brown, omelette, baked beans and tomato.

Those looking for a quick caffeine fix can get a cup of coffee for 50p, if signed up to IKEA Family, or £1.25 if you’re not signed up to the loyalty scheme.

There is also soft serve ice cream on the menu for 75p.

Is it worth it?

The Hammersmith restaurant is definitely worth a trip if you live nearby, or happen to be shopping in the area and fancy a bite or drink.

It takes just minutes to order and be served your food as well, so is an ideal spot if you’re looking to get something quickly.

The prices are pretty competitive too – where else are you going to find a cup of coffee for 50p in and around central London?

The microwave in the corner on the bottom floor is perfect for parents too, and a nice touch.

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Trump Crypto Surge Pushes Bitcoin Beyond $90,000 Amid Market Shake-Up

In a historic rally, Bitcoin has broken through the $90,000 mark following Donald Trump’s recent election victory, a monumental leap driven by the former president’s crypto-friendly stance. The cryptocurrency, which stood at $36,000 a year ago, has surged on Trump’s campaign promises to make the U.S. the “crypto capital of the planet” and accumulate a national Bitcoin reserve. As expectations build around regulatory relaxations, Bitcoin is now eyeing the $100,000 milestone, potentially reaching it before Trump takes office.

Yesterday saw Bitcoin’s price rise from $88,000 to over $93,000. Meanwhile, the broader markets reacted cautiously to the latest U.S. inflation report, which held steady at 2.6%. New York indices made small gains in early trading, while London’s FTSE 100 ended with a slight increase of 0.06%, closing at 8,030.33. At one point, it dipped below 8,000 for the first time since August, and the FTSE 250 dropped 0.34%, ending the day at 20,359.21.

Shifts in Traditional Markets Amid Bitcoin Buzz

While Bitcoin captured the financial world’s attention, traditional markets showed mixed reactions. New York’s major indices saw modest growth, whereas London’s markets struggled with more subdued gains. Dowlais, a key player in the automotive industry, led the FTSE 250 gainers board after reporting stable trading performance. Despite a decline in its electric powertrain division, the company’s shares jumped 6.7% to 51.3p, as underlying revenue for the year fell by 6.1% to £4.2 billion. Dowlais, spun off from the GKN empire in 2023, has faced challenges in its primary market but received positive investor support, particularly outside China where joint venture revenue stayed flat.

Smiths Group, a FTSE 100 company, was among the day’s biggest winners, climbing 10.5% to 1681p. The medical and airport scanners firm raised its full-year revenue growth outlook to between 5% and 7% after posting 16% organic revenue growth for the first quarter. On the other hand, private equity firm Intermediate Capital took a hit, falling 7.2% to 2078p as its half-year pre-tax profits dropped from £241.9 million to £198.4 million, despite a rise in net asset value. Similarly, Experian saw a 2.5% decline as interest rate movements contributed to a 5.9% drop in first-half pre-tax profit.

Automotive and Energy Sector Developments

In the automotive sector, Dowlais’ Driveline division outperformed other global light vehicle production markets, with the exception of China, providing some optimism to investors after a challenging period since its spin-off from Melrose Industries in 2023.

Scottish energy giant SSE saw a modest dip of 0.6% after announcing the upcoming retirement of CEO Alistair Phillips-Davies, who has served at the company’s helm for 11 years. Nevertheless, SSE reported a 38% rise in half-year pre-tax profit and boosted its interim dividend by 6%, signaling continued strong performance despite executive turnover.

Bitcoin’s Future and Market Uncertainty

Bitcoin’s unprecedented rally has fueled hope for continued growth in the cryptocurrency market under a Trump administration that has vowed to embrace digital assets. Traditional markets, however, remain cautious as they navigate the latest inflation figures and other economic challenges. While Bitcoin’s record-breaking surge has brought renewed enthusiasm to the digital asset sector, the broader financial landscape continues to grapple with sector-specific issues and the potential effects of economic policies under new leadership.

With Trump’s support energizing the cryptocurrency sector, the question remains whether this momentum can sustain Bitcoin’s upward trajectory. As the U.S. economy and global markets adapt to changing conditions, both traditional and digital assets will be closely watched to see if this surge heralds a new era for Bitcoin and crypto investments.

Good morning and welcome to your Morning Briefing for Thursday 14 November 2024. To get this in your inbox every morning click here.

Aviva wealth net flows rise to £7.7bn as adviser platform grows

Aviva has reported that wealth net flows rose to £7.7bn in the third quarter of the year as demand for its adviser platform grows.

Platform net flows were up 76% to £3.1bn, reflecting strong growth in its financial adviser platform business including Succession Wealth and Direct Wealth.

Aviva said in a trading update today (14 Nov) that it has achieved another quarter of “strong delivery and profitable growth” across all areas the business.

UK adults’ retirement confidence drops since 2023

The confidence in UK adults’ ability to have enough capital during retirement has dropped since last year.

This is according to Nucleus UK Retirement Confidence Index which found that overall confidence is 4.6 in 2024 down from 6.9 in 2023.

Nucleus technical services director Andrew Tully said last year the figure was higher than the company expected it to be.

Out of the different age groups, it was the 35-44 and 45-54-year-olds with lowest retirement confidence, 3.7 and 3.8 respectively.

Get over the obsession with intergenerational planning

The narrative that advisers must secure the next generation to maintain assets under management seems shortsighted, writes Alistair Cunningham, financial planning director at Wingate Financial Planning.

Much has been made of the so-called Great Wealth Transfer, with predictions of trillions of pounds moving from the Babyboomer generation to their children in the coming years.

Many advisers are being urged to build relationships with the next generation in anticipation of this shift. But I think this is a distraction from where our efforts should be focused: looking after our current clients.

Quote Of The Day

Conflating a government goal of driving investment in the UK and people’s retirement outcomes brings a danger because the risks are all taken with members’ money. If it goes well, everyone can celebrate. But it’s clearly possible that it will go the other way, so there needs to be some caution in this push to use other people’s money to drive economic growth.

-Tom Selby, director of public policy at AJ Bell, comments on proposed pension ‘megafunds’ reforms set to be announced by the chancellor Rachel Reeves in maiden Mansion House speech tonight.

In Other News

Isio has completed a £20m buy-in in with Utmost Life and Pensions. In collaboration with the scheme’s Trustee, and legal advisors DLA Piper, Isio led on brokering the deal and advising on the covenant of the scheme’s insurer.

The transaction supports the scheme’s de-risking objectives as well as marking a significant addition to the bulk purchase annuity (BPA) market, particularly at the smaller end where choice has often been limited.

Thomas Ridley, senior manager at Isio, said: “We’re thrilled to have played a part in this successful buy-in with Utmost, supporting the trustee in achieving a secure and stable outcome for the scheme. The team’s expertise in brokering and covenant advice helped the trustee make informed decisions and ensured an efficient process from start to finish.”

Gary Needham, head of BPA business development at Utmost Life and Pensions, added: “We are delighted to have had the opportunity to work with the Trustee and their advisers to successfully complete this buy-in and secure a positive outcome for their members. The speed with which the transaction was completed is testament to the collaborative and pragmatic partnership between all parties involved.”

Ian Aylward has joined AJ Bell as head of investment partnerships, bolstering its award-winning investments team.

Aylward’s role will see him focus on AJ Bell’s bespoke MPS for advised clients. Under the bespoke MPS proposition the AJ Bell Investments team build and manage portfolios tailored to individual specifications for adviser firms and their clients.

Prior to joining AJ Bell, he was head of manager selection and responsible investing at Barclays Private Bank and Wealth Management, having also previously held roles at Aviva and Skandia over more than 25 years in the industry.

Reeves to force UK council pensions to consolidate into 8 ‘megafunds’ (Financial Times)

Crypto market capitalisation hits record $3.2 trillion, CoinGecko says (Reuters)

Leading British actors call on chancellor to boost green investment in pensions (The Guardian)

Did You See?

Around this time last year, I wrote a column on how life has never been so tough for advisers. Unfortunately, this is still the case, argues Clive Waller, managing director at CWC Research.

In consideration of this, it might help to look at the wise words of that well-known business guru, Donald Rumsfeld:

“As we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns – the ones we don’t know we don’t know.”

Let’s consider some of the main issues today under those wise headings.

Read the full article here.

Oasis Fans Hit by Costly Ticket Scams Amid Tour Frenzy, Bank Warns

Loyal Oasis fans, eager to secure tickets for the band’s highly anticipated reunion tour, have become prime targets for scammers, with victims losing an average of £346, according to new findings from Lloyds Bank. The bank’s analysis reveals that people aged 35 to 44 are most at risk, making up nearly a third (31%) of reported cases. In some cases, fans lost as much as £1,000 as scammers exploited the surge in ticket demand.

Lloyds’ data, gathered from reports made by customers across Lloyds Bank, Halifax, and Bank of Scotland between August 27 and September 25, paints a clear picture: fake advertisements and posts on social media accounted for over 90% of the ticket scam cases, with around 70% involving Oasis fans. Scammers typically use social media to post fake listings, offering discounted or “exclusive” tickets to sold-out events. After victims make an upfront payment, the scammers disappear, leaving fans with no tickets and a financial loss.

“Fraudsters Wasting No Time Targeting Oasis Fans”

Liz Ziegler, fraud prevention director at Lloyds, said, “Predictably, fraudsters wasted no time in targeting loyal Oasis fans as they scrambled to pick up tickets for next year’s must-see reunion tour.” She emphasized the importance of purchasing tickets directly from reliable sources: “Buying directly from reputable, authorised retailers is the only way to guarantee you’re paying for a genuine ticket.”

Ziegler also warned against using bank transfers to pay unknown sellers, especially on social media platforms, saying, “If you’re asked to pay via bank transfer, particularly by a seller you’ve found on social media, that should immediately set alarm bells ringing.”

New Fraud Reimbursement Rules Aim to Protect Consumers

The rise in scams comes as new mandatory reimbursement rules for authorised push payment (APP) fraud took effect last month. Overseen by the Payment Systems Regulator (PSR), the rules require banks to reimburse victims of fraud unless there is evidence of gross negligence by the customer. A reimbursement cap of £85,000 has been set, although banks may choose to refund higher amounts. The new protections apply to transactions made from October 7 onwards, offering an extra layer of security for victims.

Previously, a voluntary reimbursement code provided some relief for fraud victims, along with bank-specific refund guarantees. However, these new, more stringent rules mark a step forward in protecting consumers against payment fraud, helping to ensure that those tricked into transferring money to fraudsters have a better chance of recovery.

Tips for Avoiding Ticket Scams

With ticket scams spiking during high-demand events, Lloyds offers practical advice to help fans avoid falling victim:

1. Purchase from Trusted Sources: Only buy tickets from official retailers or authorized resellers, avoiding unknown sellers on social media.
2. Avoid Bank Transfers to Unknown Sellers: If a seller insists on a bank transfer, it’s a major red flag. Scammers prefer bank transfers because they’re hard to trace.
3. Stay Alert as Event Dates Approach: Scammers often strike twice—first when tickets go on sale, and again as the event nears. Increased vigilance during these times can prevent potential losses.

The Oasis ticket scam surge is a reminder of the importance of secure purchasing and highlights the ongoing threat of fraud in high-demand markets. With new rules in place, fans who fall victim may now have better protection, but the best safeguard remains buying from trusted sources and staying alert to red flags in the digital marketplace.