Ann Summers boss Jacqueline Gold dies aged 62 Ann Summers Jacqueline Gold the boss of lingerie brand Ann Summers has died aged 62, her family has said. Heartfelt tributes have been paid to the businesswoman who passed away on Thursday evening following a seven-year battle with cancer. She was heralded as a “brilliant retailer and champion of champion of women in business”, as her family [...]
Ann Summers warns landlords over potential CVA Lingerie chain Ann Summers has warned landlords that it will launch a restructuring process if the retailer is unable to reach an agreement on rents. The high street retailer said it is mulling a company voluntary arrangement (CVA) to switch to turnover-based rents due to changing consumer behaviour during the coronavirus pandemic. The firm benefitted [...]
Tit for tat: Ann Summers launches CVA following rent dispute during pandemic Ann Summers has launched a Company Voluntary Arrangement (CVA) following a dispute over the lingerie brand’s rents during the pandemic. The CVA follows extensive discussions with the company’s landlords over plans to switch to turnover-based rents due to changing consumer behaviour during the coronavirus crisis. Ann Summers said it wants to ensure “the company’s property [...]
Commercial landlords call for insolvency rules overhaul amid ‘abuse’ of CVAs January 5, 2021 The British Property Federation (BPF) – the industry group representing landlords – has called for an overhaul of UK insolvency rules, claiming the Covid-19 pandemic has prompted “abuse” of restructuring proceedings. In a letter to corporate responsibility minister Lord Callanan, the BPF said the flexibility of the UK’s insolvency framework had led to the abuse [...]
Aspinal of London prepares to close stores due to low city centre footfall September 17, 2020 Luxury brand Aspinal of London is the latest retailer to launch a restructuring process as it seeks to close stores due to a sharp drop in city centre footfall during the coronavirus pandemic. The firm, which has 10 stores as well as concessions in Harrods and Selfridges, has unveiled a company voluntary arrangement (CVA) proposal [...]
Westfield London owner posts €7.6bn loss after rent squeeze as UK tenants go bankrupt February 10, 2021 The shopping centre landlord that owns Westfield London, Stratford City and a swathe of similar mega-malls across Europe and the US has seen its like-for-like rental income drop 24 per cent.
Caffe Nero seeks rescue deal due to second coronavirus lockdown November 13, 2020 Caffe Nero has launched a restructuring plan to reduce costs due to the impact of the coronavirus pandemic on the coffee chain’s branches in city centre and transport hub locations. The high street cafe chain has appointed KPMG to advise on a Company Voluntary Arrangement following the introduction of a second coronavirus lockdown. City A.M. [...]
Landlords vs retailers: What the New Look legal case means for future of CVAs May 10, 2021 New Look today defeated a legal challenge to its restructuring plan by a group of its landlords in a landmark case that experts say will clear the way for other retailers to use Company Voluntary Arrangements to combat the impact of the pandemic. The ruling is likely to deepen tensions between tenants and landlords, as [...]
Debenhams to give councils ultimatum on business rates February 26, 2020 Debenhams is set to give councils an ultimatum in a bid to secure business rate cuts as it works out which of its stores are next for the chop. The beleaguered department store chain will tell councils that a failure to cut its rates bills could cause them to shut the Debenhams in the area, [...]
Rescue this: Last-minute Valentine’s Day gifts you can buy in the City February 14, 2020 You’ve left it late, but there’s still time. Here’s where to find everything you need for Valentine’s Day this year without leaving the Square Mile. Windsor Flowers 25 Old Broad Street; windsorflowerslondon.co.uk Nothing says Valentine’s Day quite as succinctly and warmly as a good bunch of flowers. Not your wilting supermarket affair that looks like [...]