Flybe gearing up for take off as collapsed carrier applies for new licence December 3, 2020 The resurrection of collapsed regional airline Flybe has moved a step nearer after it was revealed that the carrier’s new owner had applied for a UK operating licence. The Telegraph reported that Thyme Opco, a holding company said up by hedge fund Cyrus Capital in October, had applied to the Civil Aviation Authority for the [...]
Tesco CEO: Movement of product is the biggest Brexit issue December 3, 2020 The movement of products across borders is the biggest issue facing supermarkets because of Brexit, not food price inflation, the chief executive of Tesco has said. Speaking on Sky News today, CEO Ken Murphy said: “The biggest challenge we face really is the movement of product between borders, the movement of product between Great Britain [...]
Aldi becomes fourth supermarket to return business rate relief December 3, 2020 Aldi has become the forth supermarket to return the full value of the business rate relief it has received during the pandemic. Aldi will pay back more than £100m to the government and devolved administrations. The decision follows pledges from Tesco, Morrisons and Sainsbury’s to do the same, which will pay back £585m, £230m and [...]
Sir Philip Green’s wife brings forward £50m payment to Arcadia’s pension pot December 2, 2020 Tina Green, the ultimate owner of collapsed retail chain Arcadia, has announced she will bring forward a £50m payment owed to the company’s pension scheme. Last year Monaco-based Tina Green, who is married to Topshop tycoon Sir Philip Green, agreed to pay £100m into the company’s pension pot as part of a restructuring plan agreed [...]
Leon launches restructuring plan due to steep drop in sales during pandemic December 2, 2020 Healthy fast food chain Leon has launched a restructuring plan to reduce rents following a sharp drop in sales during the pandemic. The company has appointed business advisory firm Quantuma to launch a company voluntary arrangement (CVA) after its stores, which are in city centre and transport hub store locations, suffered a sharp drop in [...]
NHS and Armed Forces join up to roll out vaccine this weekend December 2, 2020 The NHS has joined with the Armed Forces to begin urgent preparations to roll out the Pfizer/Biontech vaccine by the weekend, with the drug set to hit London in the next few weeks. Wide-scale vaccination will start in the next few days as the UK this morning became the first country in the world to [...]
Ed Miliband calls on Philip Green to plug Arcadia pensions gap December 2, 2020 Shadow Business Secretary Ed Miliband has called on Sir Philip Green to plug the pension deficit at his failed retail firm Arcadia, saying staff “shouldn’t pay the price for his greed.” Speaking to Kay Burley on Sky News this morning, the former Labour leader said that Green “owes a moral responsibility to 12,000 workers who [...]
Pfizer/BioNTech vaccine approved for use in the UK December 2, 2020 The Pfizer/BioNTech vaccine has been approved for use in the UK, with roll out planned for early next week, becoming the first Western country to approve a vaccine. The UK’s independent health regulator has approved the vaccine, which offers up to 95% protection against Covid-19. The UK has ordered 40 million doses of the vaccine [...]
Prime Minister’s brother tapped to launch new City advisory firm December 1, 2020 Prime Minister Boris Johnson’s half-brother has reportedly been tapped to help launch the London branch of a global financial advisory firm. Max Johnson has been made a partner at ABG International, where he will advise corporate clients, Sky News reported. The venture is being launched as a new London offshoot of ABG Advisory, a global [...]
Landlords approve Caffe Nero rescue deal December 1, 2020 Landlords have approved Caffe Nero’s rescue deal, allowing the coffee shop chain to renegotiate rental agreements for its 800 UK stores. The company said this afternoon that more than 90 per cent of creditors, including landlords, had given the green light to the company voluntary arrangement (CVA) proposals. It will allow Caffe Nero to move [...]