Thomas Cook teeters on brink as eleventh hour talks look likely to end in failure September 22, 2019 Thomas Cook was close to collapsing into administration tonight as eleventh hour talks with its lenders looked set to end in failure. The company’s creditors and the government were tonight anticipating that the world’s oldest travel operator would announce it was ceasing trading tomorrow, Sky News reported. Big Four accountancy firm KPMG was tonight being [...]
M&S finance boss heads for the exit September 22, 2019 Marks & Spencer has confirmed it is parting ways with its finance chief less than two years after he took on the role. The retail giant’s group chief financial officer Humphrey Singer is leaving the business in the latest high-profile departure to rock the company. Read more: UK retail sales unexpectedly fall in August Coming [...]
Feeling the heat: Carluccio’s waiters rise up in row over tips September 22, 2019 Waiters at Carluccio’s are hitting back at the restaurant chain after a change in tipping policy that has allegedly left them hundreds of pounds worse off per month. Employees at the Italian eatery have joined the Unite union in a bid to scrap a new policy that siphons off a great proportion of tips to [...]
Zac Goldsmith shared in £16m payout before All Star Lanes went bust September 22, 2019 Investors including Tory MP Zac Goldsmith, diamond mogul Anthony Oppenheimer and fund manager Jim Mellon are said to have shared in a £16m payout from a chain of bowling alleys just months before it went bust. All Star Lanes, which owns four bowling alleys in London, was sold to Risk Capital Partners last week as [...]
Thomas Cook on the brink of collapse: What happens now? September 20, 2019 Thomas Cook could collapse as early as Sunday if it cannot find another £200m to seal a rescue deal. The historic British company said it is in talks to find the extra cash with stakeholders like top shareholder Fosun and lenders. Read more: Thomas Cook’s share price crashes as investors demand another £200m But even [...]
Eve Sleep cancels Simba merger talks as it warns of revenue hit September 20, 2019 Eve Sleep has called off a potential merger with rival Simba Sleep as it said “now is not the right time” to make an acquisition. Eve, which overhauled its management team in March, has decided to focus on its own business recovery instead of the talks, which it confirmed were underway last month. Read more: [...]
Debenhams scores victory over landlords in High Court battle September 19, 2019 Debenhams has won a High Court battle with landlords to push through its CVA proposal that will lead to store closures. Sports Direct owner Mike Ashley had funded the landlords’ case after his significant shareholding was wiped out when Debenhams went private in a rescue deal. Read more: Sports Direct ‘trying to drive Debenhams into [...]
UK retail sales unexpectedly fall in August September 19, 2019 UK retail sales fell in August as British shoppers bought fewer goods than in July, defying expectations of zero growth in a worrying sign for the UK economy. Read more: Cheaper computer games drag down UK inflation to three-year low The quantity of goods bought in August fell by 0.2 per cent month on month [...]
City Pub Group to scale back acquisitions amid Brexit worries September 19, 2019 One of the UK’s listed pub chains signalled it would scale back on buying new establishments as the company waits for the Brexit storm to blow over. City Pub Group said this morning it will “take a much more prudent and even more selective” approach to acquisitions. Read more: High spirits: City Pub Group cheers [...]
Tate & Lyle agrees £930m ‘de-risking’ pension deal with Legal & General September 19, 2019 Food and drink ingredient supplier Tate & Lyle has agreed a £930m annuity insurance “buy-in” with Legal and General. Tate & Lyle has transferred its pension scheme so it is underwritten by the financial services giant, which it said would provide “certainty and security” for its affected members. Read more: Tate & Lyle reports flat [...]