Number of UK firms in ‘significant financial distress’ hits record high January 27, 2020 The number of UK businesses in significant financial distress has risen to almost 500,000, hitting the highest level since records began 16 years ago. The latest research showed that the number of firms facing significant difficulties has soared 81 per cent since 2016, reaching 494,000 in the fourth quarter of last year. Recently formed companies [...]
Almost 10,000 retail jobs lost in first three weeks of 2020 January 27, 2020 Almost 10,000 retail jobs have already been lost in the first three weeks of 2020, following a string of store closures and restructurings. New research published today showed that 9,940 jobs have been cut following store closures at high street chains. Supermarkets including Sainsbury’s and Morrisons have also announced plans to axe back office and [...]
Medium-sized businesses beat FTSE 350 in overseas sales race January 27, 2020 Medium-sized UK businesses have outpaced both large and small firms in the race for overseas revenues, according to the latest research. Mid-sized, private equity backed and Aim-listed businesses have grown overseas revenue by 69 per cent to £167bn over the last five years, a jump of 11 per cent in the last year. The international [...]
UK consumer confidence lifts at end of 2019 January 27, 2020 UK consumer confidence rose at the end of last year, signalling a more optimistic start to the new year. Consumer confidence in the fourth quarter rose 0.5 per cent to minus 8.7 per cent compared to the previous quarter and 2018. Sentiment on the overall state of the economy jumped 27 percentage points on the [...]
Festive cheer for Reiss ahead of potential sales process January 27, 2020 Fashion brand Reiss has bucked the UK high street trend to report strong sales figures over the Christmas period, as the firm’s private equity owner mulls a potential sale of the business. The retailer, which has 82 standalone stores, said total like-for-like sales increased 18 per cent in the seven weeks to 18 January, while [...]
Jobs at risk as Iceland launches review of management structure January 26, 2020 Frozen food retailer Iceland has launched a review of its management structure, in a move that could see some roles axed. The supermarket said it will review the structure to ensure it is running the “business as efficiently and economically as possible”. The review is ongoing and no final decisions have been made, although no [...]
Mike Ashley in talks to sell Newcastle United for £340m January 26, 2020 Retail tycoon Mike Ashley is in talks to sell Newcastle United football club to a consortium including Saudi Arabia’s sovereign wealth fund for £340m. The billionaire owner of Sports Direct – recently renamed Frasers Group – bought Newcastle United in 2007 but is now in talks with a group led by British financier Amanda Staveley [...]
Government urged to delay US extradition of Autonomy founder Mike Lynch January 23, 2020 Former Brexit secretary David Davis has urged the home secretary to block the extradition of Autonomy founder Mike Lynch to the US until after the verdict of a UK civil trial is announced. The US is seeking to extradite Lynch to stand trial on charges of securities fraud, wire fraud and conspiracy related to the [...]
Quintain secures £150m to build more Wembley homes January 23, 2020 Property developer Quintain is planning to build almost 400 new homes in Wembley after completing a £150m financing deal with Goldman Sachs. The funding will allow Quintain to construct 398 rental homes across three new buildings in Wembley Park, next to the Boxpark site. The development – due to be completed by May 2022 – [...]
New London hotel drives revenue up for Park Plaza owner PPHE January 23, 2020 Park Plaza hotel operator PPHE reported a jump in revenue following the opening of a new London venue. Like-for-like group room revenue for the year grew 6.3 per cent to £249m, from £234m the previous year, while reported room revenue was up 5.9 per cent to £250m. The FTSE 250 real estate group said revenue [...]
