TfL urged to be ‘open’ with Londoners about Northern Line extension delay February 5, 2019 Transport for London (TfL) has been told to be "open" with Londoners about the reasons behind the Northern Line extension delay after boss Mike Brown said a revised opening date would have "no material impact" on its revenues. The extension, which will lengthen the Northern Line to Battersea and create 25,000 new jobs and 20,000 new homes, was scheduled to open next [...]
Sunrise Records rescues HMV from administration, hoping vinyl sales will rejuvenate high street music titan February 5, 2019 Canadian music magnate Doug Putman was confirmed as the successful bidder for HMV today, saving the iconic high street brand from collapse. Putman’s Sunrise Records will snap up 100 HMV stores while 1,487 store and head office staff will transfer over. Read more: Canadian vinyl mogul emerges as late bidder for HMV The chain will continue to [...]
January discounts give retailers a boost but high street caution remains February 5, 2019 Retail sales rose last month thanks to a boost from January discounting, but retailers remain cautious as uncertainty on the high street continues. Total sales were up 2.2 per cent in January compared to the month before, an improvement from the 1.4 per cent increase seen in the same period last year and the highest [...]
Patisserie Valerie reveals which London cafes are set to close as timeline charts cafe chain’s collapse February 4, 2019 Administrators have closed 71 stores owned by Patisserie Holdings after the firm collapsed in late January, resulting in 920 redundancies. A total of nine Patisserie Valerie branches have been shut down in London, with a further three Debenhams concessions closed. Read more: Patisserie Valerie shareholders consider legal action after company collapses The firm’s two Glasgow stores [...]
Patisserie Valerie administrators confirm a flurry of potential bids February 4, 2019 The administrators of Patisserie Valerie have today said they have received a number of bids for the failed cafe chain, as it tries to dig its way out of a financial accounting scandal. Patisserie Valerie collapsed last month after it found a £40m hole in its accounts. The company’s books showed it had almost £30m in cash on [...]
BDO completes its merger with Moore Stephens February 4, 2019 BDO has completed its merger with Moore Stephens, forming a new fifth-largest UK audit firm. The announcement arrives alongside new audit contract figures for the Alternative Investment Market (Aim) clients, which show the accountancy firm has expanded its junior market dominance. The new firm – which will operate under the BDO moniker as part of [...]
Administrator blocks rescue bid for collapsed Patisserie Valerie February 3, 2019 The administrators of collapsed cafe chain Patisserie Valerie have blocked an attempted rescue deal by a restaurateur, it has been reported as evidence emerges of more fraud at the company. David Scott, who sold Druckers to Patisserie Valerie’s then-owner Luke Johnson in 2007, had said he wants save at least half of the cake shops. Read [...]
Canadian vinyl record shop boss Doug Putman joins bidding war for HMV February 3, 2019 Canadian vinyl record tycoon Doug Putman has made a dramatic late bid to snap up collapsed music store HMV in a move that could hamper Mike Ashley's takeover plans. Douglas Putman, who owns Canadian chain Sunrise Records, has entered the auction and is now the front-runner ahead of the Sports Direct tycoon, according to media reports. [...]
Debenhams lending talks pay off as it closes in on store closure plan February 3, 2019 Debenhams will this week reveal it has bagged a cash injection from lenders as the struggling department store closes in on a radical restructuring plan. The embattled chain has been in discussions with lenders over recent weeks as it looks to refinance banking facilities over the next 12 months in a bid to stay afloat. [...]
ScS Group ends talks to buy Sofa.com leaving Mike Ashley in the driving seat February 1, 2019 Home furnishings retailer ScS Group said today it had ended talks with furniture retailer Sofa.com, leaving the way clear for Mike Ashley who is reportedly putting together a multi-million pound bid. ScS said today it is “no longer in discussions regarding a potential acquisition of the business and assets of Sofa.com”. Sky News reported that Ashley, [...]