London shopper numbers jumped 50 per cent last weekend despite UK coronavirus lockdown April 7, 2020 Retail footfall in the capital leapt on Sunday as the warm weather tempted Londoners to defy the UK coronavirus lockdown. Footfall soared 51.4 per cent on Sunday compared to the previous weekend, prompting concerns that sunny weather over the upcoming Easter weekend could encourage people to break lockdown rules. Across the UK footfall was up [...]
Cineworld shares soar as chain outlines coronavirus battle plan April 7, 2020 Shares in Cineworld have soared more than 40 per cent this morning after the cinema chain outlined its plans to survive the coronavirus outbreak. The group’s entire estate of 787 cinemas across 10 countries have been closed due to the coronavirus pandemic. This morning the company announced its executive directors have postponed salary payments to [...]
Coronavirus: WH Smith raises £165.9m through share placing April 7, 2020 WH Smith has raised around £165.9m through a share placing to shore up its balance sheet amid the coronavirus crisis. The retailer was forced to tap investors for a cash injection after the outbreak forced it to close its travel business and the majority of high street stores. WH Smith can now access a £120m [...]
Debenhams administration could provide blueprint for ‘freezing’ companies during coronavirus crisis April 6, 2020 Debenhams today gave notice to appoint administrators for what it said would be a “light touch” administration with the management remaining on board. This approach accords with ideas being floated by City insolvency lawyers who have proposed using the administration regime to mothball companies during the crisis and reviving them when economic conditions improve. Luke [...]
Debenhams calls in administrators to avoid legal claims April 6, 2020 Debenhams has filed a notice of intention to appoint administrators in a bid to avoid legal action from creditors amid the coronavirus pandemic. The embattled department store chain said it has hired FRP Advisory as it prepares to enter a “light touch” administration, which will be the second time it has appointed administrators in less [...]
Coronavirus: Angling Direct secures new credit facility to cope with outbreak April 6, 2020 Fishing supplies retailer Angling Direct announced this morning it has secured a new credit facility to help it cope with the impact of coronavirus. The company has agreed a £2.5m credit facility with Natwest after it was forced to furlough staff and close all of its stores after the UK entered a coronavirus lockdown. Angling [...]
Coronavirus: The Restaurant Group boss to take 40 per cent pay cut April 6, 2020 The boss of Wagamama owner The Restaurant Group will take a 40 per cent pay cut as the casual dining company battles the financial impact of coronavirus. Chief executive officer Andy Hornby, who joined the company in August last year, will also forego his bonus of £98,000. The Restaurant Group finance chief Kirk Davis has [...]
WH Smith to tap investors for up to £150m due to coronavirus outbreak April 6, 2020 WH Smith has confirmed it is planning to tap investors for a cash injection of up to £150m to shore up its balance sheet due to the impact of coronavirus. The company said this morning that it has secured new lending facilities of £120m to strengthen its balance sheet, working capital and liquidity position, however [...]
Ladbrokes owner GVC scraps dividend but halves coronavirus profit hit April 6, 2020 Betting giant GVC has cancelled its interim dividend over coronavirus concerns, but has also halved the hit it expects to take from the global pandemic. The UK coronavirus outbreak “significantly reduced” GVC’s revenues from mid-March, the company warned today as it scrapped its second interim dividend. Instead it will conserve cash, after retail like-for-like net [...]
Ladbrokes and Coral withhold rent payments to landlords April 3, 2020 Ladbrokes and Coral have refused to pay rent on more than 3,000 shops, dealing a fresh blow to high street landlords who have been hit hard by the coronavirus lockdown. The two bookmakers, which are owned by GVC Holdings, withheld rent payments last week, according to Sky News. The firm insisted it would make up [...]