UK insolvencies spike as construction firms struggle February 10, 2020 The number of UK firms falling into administration jumped last year, driven by companies in the building and construction industry. In total, 1,403 firms entered administration last year compared to 1,341 in 2018 – a rise of just under five per cent. Building and construction firms were the hardest hit by challenging trading conditions last [...]
Link REIT set to back Intu’s £1bn emergency cash call February 9, 2020 Hong Kong’s Link Real Estate Investment Trust is reportedly in talks with retail landlord Intu to back its £1bn emergency cash call. The property giant is nearing a deal with the Trafford Centre owner about becoming a “cornerstone” investor in the fundraise later this month, The Times reported. Peel Group, which owns a 27.3 per [...]
WH Smith calls on landlords to overhaul rent payment February 9, 2020 WH Smith is said to be urging its landlords to push back rent payment deadlines as the retailer looks to cash in on high street troubles. The stationery chain is set to push landlords to switch from receiving payment in advance to receiving it in arrears, the Sunday Times reported. The move, which would come [...]
William Hill ‘nears media deal’ with CBS Sports amid US expansion plan February 9, 2020 Betting giant William Hill is said to be close to signing a media deal with a US partner as it looks to tap into the American market. The bookmaker has struck up talks with media firm CBS Sports and is in the final stage of negotiations, the Sunday Times reported, adding that an announcement was [...]
Podcaster Audioboom eyes possible merger or sale February 8, 2020 The AIM-listed podcasting group, Audioboom, has asked bankers to help it explore the possibility of a merger or sale. The group, which is backed by property tycoon Nick Candy, has asked New York-based bank Raine to undertake a strategic review that could see the company taken over by a rival, according to Sky News. Raine’s [...]
Apple fined for slowing down old iPhones February 8, 2020 Apple has been fined 25m euros (£21m) for deliberating slowing down its older iPhone models and not making customers aware. The fine, which was imposed by France’s competition and fraud watchdog DGCCRF, was for failing to make this clear to consumers. Apple admitted in 2017 that it slowed down some of its iPhones but only [...]
Burberry says coronavirus has had ‘more significant impact on sales than Hong Kong protests’ February 7, 2020 Burberry has said that the coronavirus outbreak in China has had a more significant impact on its sales than the last year’s Hong Kong protests. The luxury fashion group has had to close around 24 of its 64 stores in China, while the rest were operating on reduced hours. The Chinese market accounts for around [...]
Pets at Home appoints new chairman February 7, 2020 Pets at Home has appointed current Studio Retail Group chair Ian Burke as its new chairman. Burke will takeover the role from the outgoing non-executive chairman Tony DeNunzio following a hand over process. The pet product and veterinary company announced that DeNunzio would be stepping down in its interim results last November. In a statement, [...]
High street toasts strong start to 2020 as sales jump to six-year high February 7, 2020 Retailers hailed the best in-store sales figures for six years last month, as the end of the Brexit deadlock sparked a surge in consumer confidence. Like-for-like sales at physical stores increased 5.7 per cent in January from a base of minus 0.2 in 2019, following the “worst year on record” for retailers. Bricks and mortar [...]
Experts slam business rates appeals system February 6, 2020 Property experts today said the business rate appeals system is a “time bomb” as the backlog of claims and challenges spiked. Businesses could be waiting years for their challenges to be addressed due to the backlog of appeals, experts said. Data from HM Revenue and Customs’ Valuation Office Agency (VOA) showed that in the 33 [...]