Aviation one of five sectors set to suffer in 2013 January 16, 2013 FIVE struggling sectors of the economy could face more woe in 2013, says a report released yesterday. Aviation, care homes, farming, local authorities and NHS trusts are the five most likely sectors to come in for financial distress over the coming year, according to forecasts from Begbies Traynor, due to funding and demand squeezes. Airlines face a [...]
Our struggling retailers face years of creative destruction January 10, 2013 WE are now reaching a tipping point for British retailers. A combination of historically weak growth in consumer spending and a new phase in the digital revolution is on the verge of destroying many business models. As online sales continue to boom, and those from stores start to slide, rather than merely grow more slowly, [...]
After clothing sales slumped at M&S, can the traditional high street retailer survive? January 10, 2013 YES Neil Saunders Retail can be seen as a game of two halves. Last year, spending through physical outlets grew by 0.2 per cent, whereas online retail spending grew by 13 per cent. But while the growth of online has put pressure on physical retailing, the situation is not all doom and gloom. Firstly, the [...]
Jessops latest firm to call in administrators January 9, 2013 JESSOPS the specialist camera chain yesterday became the first major retailer of 2013 to collapse into administration, as analysts warned 140 retailers were at risk of following in its footsteps. PwC, which was appointed administrator, said it was now in eleventh hour talks to save the 192-store business but warned closures were inevitable, putting more [...]
Zombie firms taking a bite out of earnings at Begbies Traynor December 12, 2012 AN ARMY of “zombie companies” being kept afloat by record low interest rates have hit business recovery group Begbies Traynor’s earnings in the last six months. The firm’s revenues fell 11 per cent to £26.1m in the half-year to the end of October, while pre-tax profits dropped from £3.4m a year ago to £2m. A [...]
UK employment figures likely to show a rise in claimants last month December 9, 2012 UK employment figures are this week predicted to remain steady, in line with the weak economic background. “We forecast the October unemployment rate unchanged at 7.8 per cent and the November claimant count to increase by 6,400,” said Blerina Uruci from Barclays. Investors will this week be looking to America, where the Federal Reserve is [...]
Credit Insurance Explained November 1, 2012 JULIE PALMER BEGBIES TRAYNOR The Christmas trading period is a “Russian Roulette” quarter for retailers, Julie Palmer, a partner at law firm Begbies Traynor explains. “The retailer has to decide to what level they are going to stock their stores, which places heavy demand on their cash flows to fully stock if the suppliers won’t [...]
Pre-pack for United Carpets October 4, 2012 UNITED Carpets yesterday became the latest company to fall victim to tough high street conditions, after it collapsed into administration and warned of store closures where rent reductions could not be agreed. Administrator Begbies Traynor yesterday sold the flooring and beds firm and its 72 stores, through a pre-pack administration to a wholly owned subsidiary [...]
Begbies says fewer firms failing October 1, 2012 A drop in companies going bust has left business recovery group Begbies Traynor facing a quiet summer, the firm said in a trading update yesterday. Begbies said insolvencies fell 12 per cent in the second quarter of the year, with 5,065 companies going under. The firm has spent £1m on its own restructuring since May, [...]
Begbies falls to a full-year loss July 5, 2012 Business rescue group Begbies Traynor swung to a loss in the year to April as its own restructuring expenses ate into its earnings. Revenues at the firm fell just under five per cent to £57.7m and a £5.5m pre-tax profit was more than wiped out by costs from the disposal of its overseas and tax [...]