Industry reacts as Boris Johnson lays out ‘New Deal’ recovery plan June 30, 2020 Boris Johnson has today laid out his vision for rebuilding the UK after the coronavirus pandemic, pledging to “build build build” to get Britain back on its feet. Citing US president Franklin D Roosevelt’s “New Deal” as a model for the plan, the prime minister unveiled £5bn in infrastructure investment and promised to “scythe through [...]
Burger chain Byron heads for administration with 1,200 jobs on the line June 29, 2020 Burger chain Byron is scrambling to find a buyer who can stave off impending financial collapse, save 1,200 jobs, and reopen its 52 restaurants in the UK by mid-next month. The company has filed a notice of intention to appoint administrators, in an attempt to protect it from creditors during talks with potential buyers. Sources [...]
CMA chair Tyrie was ‘forced to step down’ after row with directors June 28, 2020 The chairman of the UK’s competition watchdog was forced to step down three years early after a stand-off with the firm’s chief executive, according to reports. Lord Tyrie, who last week announced he would stand down as chairman of the Competition and Markets authority (CMA) in September three years earlier than planned, had fallen out [...]
Germany to shake up accounting industry following Wirecard collapse June 28, 2020 Germany is set to overhaul its accounting industry as part of measures to soften the fallout from the collapse of payments fintech Wirecard last week. Wirecard, which premiered on Germany’s main Dax index with a €24bn (£21.8bn) valuation just two years ago, filed for insolvency last week after auditors found a €1.9bn black hole in [...]
Intu falls into administration after lender talks fall through June 26, 2020 Retail landlord Intu has fallen into administration after lenders failed to agree to last-minute relief on the company’s debt obligations today. Intu’s failure to raise new capital means KPMG will now step in to handle its administration. Adminstrators James Tucker, Michael Pink and David PIke will lead the process. Intu’s shares have now been suspended [...]
Softbank plans to sue EY over its role in Wirecard scandal June 26, 2020 Softbank is looking to sue EY over its role in the Wirecard scandal after investing in the embattled German firm last year. The Japanese company is looking to file a complaint against the accounting firm after Wirecard collapsed on Thursday owing creditors nearly $4bn, according to German newspaper Der Spiegel. Wirecard’s longtime auditor EY blamed [...]
Intu ready to call in the administrators as funding talks fail June 26, 2020 Intu said it is set to call in administrators today after cliff-edge negotiations with lenders failed to secure its future. The retail landlord said “unfortunately, insufficient alignment and agreement has been achieved” with key creditors on a standstill on loan repayments, ahead of its debt waiver period expiring at midnight tonight. Intu was already suffering [...]
Retailers pay less than 15 per cent of rent for June quarter as property crisis deepens June 25, 2020 Britain’s retailers paid just 13.8 per cent of their rent for the last quarter, in a sign of how hard the coronavirus pandemic has hit the sector. Rent receipts on 24 June, the day commercial tenants’ payments were due for the quarter, were even lower than those three months ago, according to commercial property management [...]
Wirecard files for insolvency after disclosing €1.9bn financial hole June 25, 2020 Wirecard has filed for insolvency after disclosing a €1.9bn financial hole in its accounts. Shares in the firm were suspended by the Frankfurt Stock Exchange before the announcement. Last week shares in the firm fell by 90 per cent after auditor EY refused to sign off Wirecard’s 2019 accounts. In a statement today, the embattled [...]
Rent day: Landlords braced for as little as one-sixth of quarterly payments June 24, 2020 Commercial property owners are braced to receive as little as 15 per cent of the rent they are owed today, with quarterly payments due by the end of today. Experts have warned of an impending crisis on both the landlord and tenant side without further government support, with businesses across the spectrum unable to pay [...]