Punch lenders reject a £2.3bn restructure plan January 27, 2014 PUNCH Taverns has hit another stumbling block in its efforts to resolve its £2.3bn debt-pile after creditors said yesterday that they would not support its revised restructuring plans. The pub group, which has over 4,000 pubs in the UK, warned on 15 January that it could be unable to continue trading unless a deal can [...]
Crime’s downward path: A promising trend with no room for complacency January 23, 2014 IT’S BEEN called the riddle of peacefulness. Many think crime is a growing problem: a 2013 Ipsos Mori study found that 58 per cent didn’t believe it was falling, while 51 per cent thought violent crime was getting worse. Yet Britain, in common with much of the developed world, has enjoyed nearly 20 years of [...]
How telematics is changing the car insurance world forever January 21, 2014 I have two siblings, a younger sister and an even younger brother. My sister is a self-confessed terrible driver who once managed to write off a car in a 20mph collision outside the Post Office in our local market town. My brother, an engineer, works at Jaguar Landrover. So whose insurance quote is higher? You [...]
Gulf Finance House to sell 75 per cent of its stake in Leeds United January 20, 2014 BAHRAIN-BASED investment firm Gulf Finance House (GFH) said yesterday it was offloading 75 per cent of English football club Leeds United to a consortium of British investors and would retain a 10 per cent stake following the sale. GFH, which bought the second-tier club in 2012, said last week that it had agreed a partial [...]
Punch Taverns risks defaulting if debt plan fails January 15, 2014 STRUGGLING pub chain Punch Taverns yesterday unveiled a plan to restructure its £2.3bn debt pile with lenders, with executives warning the plan was the only alternative to defaulting. The Association of British Insurers (ABI) hit out at the company’s actions, claiming that they had not seen the restructuring plans and only had limited interaction with [...]
Bottom Line: The pub group’s grim warnings failed to land a knockout blow January 15, 2014 THAT’S not the way to do it. Punch Taverns was well aware of the problem some of its lenders had with its restructuring plan as set out in December last year. Yesterday, it tried to bludgeon the opposition, announcing proposals it called final, the result of 14 months of engagement. Setting out certain concessions, it [...]
Insurance could cost less in 2015 January 9, 2014 A NEW online system of DVLA records could see insurance premiums fall by around £15 per year, the industry is predicting. By mid-2015 all driving records will be held online and anyone will be able to access them. Currently motorists must submit their paper counter-part licence which holds details of speeding points and motoring offences. The [...]
£53,000,000,000: how much the City paid in tax last year December 10, 2013 THE City paid a staggering £53.4bn in tax last year – more than a tenth of total government tax receipts. The report carried out by PwC for the Corporation of London shows tax paid by the UK’s financial services industry is ahead of any other sector. Business leaders and industry figures lauded the City for [...]
Inside Track: It’s about time the City’s watchdog got its act together December 4, 2013 WERE British banks engaged in a corrupt pact to bankrupt struggling business customers? The evidence from dossiers compiled by the businessmen Lawrence Tomlinson and Neil Mitchell is superficially shocking, although as yet inconclusive. Anecdotal evidence that Royal Bank of Scotland’s global restructuring group has nudged clients into administration when alternative outcomes were achievable have circulated [...]
Insurers’ £25bn growth pledge December 3, 2013 SIX CITY insurers have today announced a major investment into UK infrastructure projects, committing £25bn over the next five years. The money, which does not include finance for existing schemes, signals a commitment to new large-scale projects, following the successful negotiation of changes to EU insurance regulation that had been holding back investment. Changes to [...]