Posts tagged with "King Charles III"

King Charles’ Crown Estate is coming after Elon Musk’s Twitter over unpaid rent on London offices

January 25, 2023

Britain’s Crown Estate—an independent commercial business that manages the property portfolio belonging to the British monarch—has filed a case against Twitter over alleged unpaid rent at its London offices, reports Fortune Magazine.

Court lists showed the case against Twitter was filed at the High Court in London last week.

 

The Crown Estate, which is owned by King Charles III and administers thousands of acres of Crown-owned land across the United Kingdom, confirmed the action related to “rental arrears” over its premises at 20 Air Street, London. 

 

The 260-year-old company is one of the U.K.’s largest landowners—including 10 million square feet of property in London’s West End alone. Profits from the collection of land and buildings are collected by the British government, with $3 billion generated for public spending in the last 10 years. 

Since taking over Twitter last year, Elon Musk has been slashing costs, including cutting at least $1 billion in IT spending, auctioning surplus office furniture, and laying off more than half the workforce. 

 

Reports suggest that the tech giant’s London office near Piccadilly Circus has been deserted for some months, with Twitter signage and logos removed.

 

The British court case comes alongside similar trouble in the United States, where Twitter failed to pay almost $6.8 million rent on its San Francisco headquarters in December and January, according to a lawsuit filed by the landlord.

 

Sri Nine Market Square drew $3.6 million from Twitter’s security deposit to satisfy the payment missed in December, but Twitter still owes $3.1 million in unpaid rent for January.

 

Twitter leases over 460,000 square feet of space across eight floors in the San Francisco building, according to the complaint. 

 

The landlord is also seeking to increase Twitter’s letter of credit to $10 million, based on a clause in its lease triggered by the transfer of control of the company—but said Twitter has refused to do so.

 

Meanwhile, earlier this month another San Francisco landlord accused Elon Musk’s company of not paying rent. The owner of 650 California St.—Columbia REIT, an affiliate of Columbia Property Trust—accused the tech giant of dodging $136,260 in rent payments for use of the 30th floor, according to the lawsuit. 

 

Nonpayment has been reported as part of Musk’s overall business strategy to keep costs down. So far the approach has gone from skipping rent to refusing to pay for jet flights taken.

 

Research contact: @FortuneMagazine

Britain’s Queen Consort Camilla joins children for a very special Paddington Bear tea party

November 25, 2022

Britain’s Queen Consort Camilla joined children at a kindergarten in east London on Thursday, November 24—also known as Thanksgiving Day in America—to pass on some special Paddington Bear love, reports People magazine.

She helped distribute some of the hundreds of Paddington Bears and other cuddly toys left near royal residences by mourners in the wake of Queen Elizabeth‘s death in September. After being gathered up among the flowers and other tributes, they were washed and given to Barnardo’s children’s charity, and she went to one of their nurseries to see the handover.

Joining the party were the stars of the movie, Hugh Bonneville and Madeleine Harris (Mr. Brown and Judy Brown, respectively) and Karen Jankel, the daughter of Paddington author Michael Bond, for whom the original stories were written. Bonneville read the story Paddington Takes a Bathto the children.

The teddy bears became a touching symbol for Queen Elizabeth following her death, which came just a few months after she appeared in a comedy sketch alngside the animated bear during her Platinum Jubilee in June.

The bears were delivered to the venue in Bow, east London, in a fleet of electric taxi cabs, led by Camilla. They were carried in by the boxful.

As Camilla left the party, she pronounced to waiting reporters that the bears were “all gone.”

It came after a busy few days for Camilla, who helped host the President Cyril Ramaphosa of South Africa for her and King Charles III‘s first state visit of the new reign. The first day ended with a dazzling state banquet at Buckingham Palace.

Ahead of the event, the palace released a set of charming images of the bears having the run of the palace and Clarence House, where Camilla lives with King Charles III. The teddies were shown sliding down the grand staircase banister and lounging on the velvet-covered chairs.

Research contact: @people