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: Housebuilder MJ Gleeson temporarily lays off 76 per cent of staff April 6, 2020 Housebuilder MJ Gleeson has temporarily laid off 76 per cent of its workforce after it was forced to close building sites and sales offices due to the outbreak of coronavirus. In total 456 employees will be furloughed in line with the government’s Job Retention Scheme, and will receive between 80 per cent to 95 per [...]
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 [...]
Oil prices slip on delayed talks but stocks rise as coronavirus cases slow April 6, 2020 Oil prices dipped on Monday after talks between Saudi Arabia and Russia to cut output were postponed, while a slowdown in coronavirus deaths and cases saw stocks jump. Brent crude fell as much as $4 overnight after Saudi Arabia and Russia delayed the negotiations, which were expected to go ahead today, to Thursday. Brent crude [...]
UK retail sales: Coronavirus triggers worst month on record April 3, 2020 UK retail sales plummeted to the worst levels on record in March as footfall plunged and non-essential stores were forced to close amid the coronavirus pandemic. Like-for-like UK retail sales at physical stores fell by a record 34.1 per cent and total like-for-like sales, both in-store and online combined, fell 17.9 per cent. Lifestyle and [...]
Intu warns tenants over unpaid rent amid coronavirus pandemic April 2, 2020 Embattled retail landlord Intu has threatened to issue statutory demands to tenants that have refused to pay rent during the coronavirus crisis. The shopping centre owner, which revealed last week that it had collected just 29 per cent of the quarterly rent due, said it had “neither the desire or financial capacity” to waive rents [...]
Coronavirus: Brits approve of government for first time in almost a decade April 2, 2020 The British public approves of the government for the first time in almost a decade, according to the latest research. A survey found that amid the coronavirus crisis 52 per cent of Brits said they approve of Boris Johnson’s government’s record, compared to 26 per cent who disapprove. Net approval is now 26 per cent, [...]
Morrisons hikes staff bonus amid coronavirus crisis April 2, 2020 Morrisons has pledged to reward frontline employees working throughout the coronavirus crisis by increasing annual bonuses three-fold. The supermarket announced today that frontline staff will receive a six per cent bonus on their earnings for the next 12 months, rather than just the next eight to 12 weeks. Morrisons said the changes mean a full-time [...]
