Commercial landlords call for insolvency rules overhaul amid ‘abuse’ of CVAs January 5, 2021 The British Property Federation (BPF) – the industry group representing landlords – has called for an overhaul of UK insolvency rules, claiming the Covid-19 pandemic has prompted “abuse” of restructuring proceedings. In a letter to corporate responsibility minister Lord Callanan, the BPF said the flexibility of the UK’s insolvency framework had led to the abuse [...]
Coronavirus lockdown: Government announces £4bn in grants for closed retail and hospitality firms January 5, 2021 Retail, hospitality and leisure businesses are set to receive a one-off grant of up to £9,000 per property to help them survive the latest coronavirus lockdown, the government announced this morning. The new funding comes after the Prime Minister announced last night that the sectors would be forced to remain closed until at least mid-February [...]
Paperchase on the brink of collapse as Covid-19 lockdowns hit sales January 5, 2021 Paperchase is on the brink of becoming the first major retail collapse of 2021 after the stationary chain was forced to close stores over Christmas. The retailer has filed a notice of intention to appoint administrators, with PwC lined up to handle proceedings, following the announcement of a third nationwide lockdown. The card retailer, which [...]
Next confirms consortium bid for Topshop-owner Arcadia January 5, 2021 Next has confirmed that it is part of a consortium bidding for Arcadia brands, but said it was not seeking majority ownership of Sir Philip Green’s collapsed business empire. It was reported last month that the high street retailer was holding detailed discussions with Davidson Kempner about a combined offer for Arcadia, the owner of [...]
UK supermarket sales soar to record-breaking £11.7bn in December January 5, 2021 UK supermarkets recorded their busiest ever month in December as grocery sales soared to £11.7bn amid bar and restaurant closures during the festive period. Morrisons was the strongest performer of the Big Four UK supermarkets, with sales jumping 13.1 per cent, followed by Tesco, which toasted a 11.1 per cent rise in sales. Sainsbury’s recorded [...]
Government urged to increase support for retail firms after EU State Aid rule changes December 18, 2020 The government has been urged to increase the financial support available to retail and hospitality businesses after the European Commission confirmed that the UK is able to apply a revised state aid framework. The EU said earlier this week that the UK can implement the revised Covid-19 State Aid Temporary Framework, which increased the limit [...]
Landlords approve Leon’s rescue plan to save 670 jobs December 18, 2020 Healthy fast food chain Leon has secured backing from its landlords to implement a rescue plan which will save 670 jobs. The company announced this evening that 90 per cent of creditors approved the company voluntary arrangement proposals, which will allow Leon to switch to turnover-rents during the coronavirus pandemic. Leon’s branches, which are predominantly [...]
Lost the plot: City A.M’s pick of the best books of 2020 December 18, 2020 Whether it was a period of furlough, a cancelled trip or endless weekends with no pubs, restaurants, museums or cinemas open: there has definitely been more time for most of us to get stuck into a good book this year. As we turn the last page of 2020, whether you’re looking for a page-turner during [...]
Next mulls bid for Sir Philip Green’s collapsed retail empire Arcadia December 18, 2020 Next is reportedly weighing up a bid for Sir Philip Green’s collapsed retail empire Arcadia with US investment firm Davidson Kempner Capital Management. The high street retailer is holding detailed discussions with Davidson Kempner about a combined offer for Arcadia, the owner of Topshop, Dorothy Perkins and Miss Selfridge, after it fell into administration last [...]
Tesco completes £8bn Malaysia and Thailand business sale prompting £5bn shareholder windfall December 18, 2020 Tesco has completed the £8bn sale of its Thailand and Malaysia businesses and is gearing up to pay a £5bn special dividend to shareholders. The supermarket announced this morning that the division’s have been acquired by C.P. Retail Development Company, which is backed by Charoen Pokphand Group, CP All Public Company and Charoen Pokphand Foods. [...]
