Entrepreneur loans Patisserie Valerie £20m as cake shop issues shares to cover financial black hole October 12, 2018 Patisserie Valerie today confirmed it needs an immediate cash injection of £20m to continue trading as it revealed that historical trading updates were incorrect. The news comes hours after a criminal investigation was launched into potential fraudulent activity at the beleaguered bakery. Read more: Patisserie Valerie finance director arrested as fraud probe launched The cake shop is proposing [...]
High street horror: Supercuts owner Regis UK asks landlords to slash rent in CVA proposal October 12, 2018 Hairdressing chain Regis UK is teetering on the verge of administration, it told landlords this week, as it urged them to slash rents for its Supercuts and Regis brands. If landlords don’t approve its plans the firm will likely fall into administration, it said. Regis has set out a company voluntary arrangement (CVA) asking for rent [...]
Boots revenue falls as beauty faces ‘a challenging year’ October 12, 2018 The parent company of Boots has blamed a drop in UK pharmacy funding for its lacklustre final quarterly results, after sales at the health and beauty specialist dropped amid retail's difficult trading environment. Walgreens Boots Alliance said fourth quarter sales in its international retail pharmacy division, which houses Boots UK, fell 1.9 per cent from [...]
Government is set to slash hybrid car subsidies as it focuses on pure electric power October 12, 2018 The Department for Transport (DfT) is cutting subsidies available for customers purchasing plug-in hybrid vehicles, as the government looks to shift consumer focus towards pure electric models instead. From next month, buyers of cars that emit less than 50 grams per kilometre of CO2 and have a zero-emission range of at least 70 miles will see [...]
Patisserie Valerie finance director arrested and released on bail as fraud probe launched October 12, 2018 Suspended Patisserie Valerie company finance director Chris Marsh has been arrested and released on bail, the company announced this morning, as the Serious Fraud Office (SFO) opened a criminal investigation into potential fraud at the company. Marsh was suspended on Wednesday after the high street cake shop revealed it had been notified of "significant and [...]
Game Digital appoints former House of Fraser director as new finance chief October 12, 2018 Video game retailer Game Digital today confirmed former House of Fraser finance director Ray Kavanagh as the firm's new chief financial officer (CFO), while the business heads for a strategic turnaround. He was previously the director of finance at troubled department store chain House of Fraser for eight years, as well as a company board member [...]
Mike Ashley snaps up freehold to House of Fraser’s historic Glasgow store for £95m October 12, 2018 House of Fraser today paid £95m for the freehold to its iconic Glasgow building, promising to turn it into the “Harrods of the north”. Owner Sports Direct bought the Frasers building from Glasgow City Council, promising to turn it into a destination for luxury shopping, with brands like Hermes, Christian Louboutin, Prada and Gucci already [...]
Karen Millen buys Coast after collapse but 300 jobs still at risk October 11, 2018 Fashion retailer Coast has collapsed into administration, putting an estimated 300 jobs at risk. Retail rival Karen Millen has bought the brand’s website and UK department store concessions, it announced this evening, however all 24 stand alone Coast outlets and European concessions will close. Read more: Retail sales growth slumps after bumper summe A total of [...]
Patisserie Valerie facing closure without immediate cash injection October 11, 2018 Patisserie Valerie is facing closure without an immediate cash injection, the firm said today. The high street cake shop halted trading in its shares yesterday as it announced that it had been notified of "significant and potentially fraudulent" accounting irregularities, and suspended chief financial officer Chris Marsh. Sky News reported that the black hole in the company's [...]
WH Smith’s share price slides over 10 per cent as retailer promises to restructure stores October 11, 2018 Shares in retailer WH Smith slumped more than 13 per cent in trading today, after its preliminary annual results revealed plans to restructure its high street business amid a challenging trading environment. Its share price fell to a low of 1,748p this morning, crashing down from its opening price of 1,963p. Read more: WH Smith to [...]