Sports Direct trying to ‘drive Debenhams into administration’ September 2, 2019 Mike Ashley’s Sports Direct is backing a legal challenge against Debenhams’ restructuring plan to “drive it into administration so that it can pick up its assets on the cheap”, a court was told today. The sports retailer is backing a challenge brought by Combined Property Control Group (CPC), which represents the landlords of six Debenhams [...]
Eurotunnel reveals new customs system as it says it’s ‘ready for Brexit’ September 2, 2019 Eurotunnel is ready for Brexit, it told investors today, as it aimed to quell fears that there could be disruption to the key trade route. Around 5,000 trucks use the Channel Tunnel every day and the Paris-listed company has introduced a two-lane system for trucks post-Brexit. Read more: Grayling admits cabinet overruled him on Eurotunnel [...]
Debenhams lines up Deloitte as retailer takes on legal challenge to restructuring plan September 1, 2019 Debenhams has lined up advisers from professional services giant Deloitte as it prepares to fight a legal challenge to its restructuring plan. Deloitte is on standby in case Debenhams loses the case and fails to secure an appeal, an event that could tip the embattled department store into administration. Read more: Debenhams appoints restructuring expect [...]
City Moves for 30 August – Who’s switching jobs at KPMG, Queensberry and Fieldfisher? August 30, 2019 Today’s City Moves includes KPMG, Queensberry and Fieldfisher. KPMG KPMG has hired two new Partners to further strengthen its legal services offering. Kate Eades was previously a corporate partner at Greenberg Traurig and Usman Wahid was previously a commercial and technology partner at Bryan Cave Leighton Paisner. Both partners will start in September and will [...]
On the block: Goals goes up for sale in wake of £12m fraud accusations August 29, 2019 Embattled five-a-side football operator Goals has put itself up for sale this morning, following a torrid six months that has been clouded by accusations of tax fraud. Goals Soccer Centres, which is part owned by retail magnate Mike Ashley, has said today that it is inviting offers for both the business and the assets belonging [...]
Franco Manca owner serves up revenue boost August 28, 2019 Franco Manca owner The Fulham Shore reported growing revenues as it continues to expand the pizza chain outside London. The restaurant chain has opened Franco Manca branches in Birmingham, Exeter, Leeds and Edinburgh in first half of the financial year as the group eyes opportunities outside of the capital. It also opened another London branch [...]
Loungers enjoys ‘strong momentum’ as it narrows losses post-IPO August 28, 2019 Cafe and bar operator Loungers has narrowed its losses to £4.9m as revenues rocketed in its maiden set of results since becoming a public company. Read more: London’s junior stock market Aim sees fewest IPOs in 10 years The figures Loungers booked a £4.9m pre-tax loss for the year ending in April, it revealed today. [...]
City Moves for 28 August – Who’s switching jobs at Oaknorth, King & Wood Mallesons and Baker McKenzie? August 28, 2019 Today’s City Moves includes Oaknorth, King & Wood Mallesons and Baker McKenzie. Oaknorth OakNorth, the next-generation credit platform, has appointed Tiffany Teng as chief of staff, and Bloomberg veteran Jeremy Payne as director of data product. Tiffany was previously at JP Morgan, where she worked on the launch of several products, including Chase Pay and [...]
Ex-WH Smith boss Kate Swann appointed as Moonpig chair August 27, 2019 Former WH Smith boss Kate Swann, who transformed the stationary retailer during her ten-year stint as chief executive, is preparing to join greeting cards firm Moonpig. Swann, who stepped down as chief executive of catering firm SSP in May this year, has been appointed as chairman of the online company, which is owned by buyout [...]
Time to scrap our archaic and misguided Sunday trading laws August 27, 2019 The Sunday Trading Act 1994 came into force 25 years ago yesterday, allowing shops to open on Sundays, but restricting opening times of stores over 3,000 square feet to six consecutive hours between 10am and 6pm. This compromise followed the defeat of the Shops Bill 1986 – Margaret Thatcher’s only defeat in the House of [...]