City slickers check out Waterloo’s new Spoons, a hedge fund tycoon closes in on The Spectator and a farewell to City Spy: catch up on the latest City gossip in this week’s edition of The Capitalist
The Spoons Express
Plenty of us still love a spenny lunch when we can get our hands on one, but there’s nothing quite like Wetherspoons for a pint. That’s certainly the perspective of the suited groups who were having makeshift meetings at the new Waterloo Station Wetherspoons – quite early in the morning – on opening day this week. To be fair to the Square Mile’s ‘spoons fans there is at least an express office-to-bar (and back) service in the form of the Waterloo and City line.
The Capitalist popped in for a burger earlier this week and can report that some commuters were queuing at 7am on the pub’s opening day, even though they don’t pour pints until a more respectable 8am. The new boozer is the latest addition to ‘The Sidings’, which claims to be an “experience-led, lifestyle destination” at Waterloo Station (built where the Eurostar used to leave from) presumably hoping to capitalise off the transport hub’s prime asset – stranded railway passengers. Marketing moguls have been desperately trying to big up the development since its underwhelming opening in 2022, with The Capitalist previously invited to enjoy the complex’s “al fresco” dining. Unfortunately, the view isn’t much more than a Topshop billboard on a condemned, about-to-be-torn-down tower block. Still, who goes to ‘spoons for the vista?
Battle for the Tory Bible
Sir Paul Marshall, GB News investor, Unherd founder and hedge fund tycoon, is closing in on his acquisition of The Spectator. Oh to be a fly on the wall of those conversations. Spectator chairman Andrew Neil had a spectacular bust up with GB News, quitting after launching the channel, while the mag’s highly regarded editor, Fraser Nelson, has never been entirely comfortable with Unherd, Marshall’s right-wing online publication, since it moved into a grand property (and members’ club) just a few doors down from the Spectator’s HQ. The Spectator top brass fought a successful battle to stop the centuries-old Tory bible falling into the hands of the Abu Dhabi-backed Redbird IMI. Will there be sighs of relief now that Marshall is on the scene? Probably not.
Don’t mince your words
Michael Hewson became one of the Square Mile’s most well known market commentators, offering insights and analysis from his perch at CMC Markets for 16 years. He may have retired from that role but his commentary is no less pithy. When a Labour minister claimed recently that there could have been a run on the pound if the government hadn’t moved to cut winter fuel payments to pensioners, Hewson posed a simple question on X: “Are you on crack?” Shore Capital’s Clive Black expressed a similar sentiment, if less colourfully: “Lucy Powell does not instill confidence.”
Bye bye, City Spy
The Capitalist would like to offer our respects to the legendary City Spy column at the Standard, which was always the first page we turned to when picking up our end-of-the-day rival. Shakeups at the Standard mean the Spy’s hanging up his hat and coat, but we’ll do our best to carry the torch.