Debenhams boss insists retailer is not on a cliff edge September 4, 2020 The chairman of Debenhams has insisted that the struggling department store chain is not facing a cliff edge. Chairman Max Gifford said the business, which recently entered administration for the second time in a year, has been doing better than expected. Fears have been mounting about the retailer’s future following reports that Administrator FRP Advisory [...]
HSBC’s looming pensions crisis: will the bank win the battle but lose the war? September 4, 2020 A business of any reasonable size should have members of its team scanning the horizon for potential problems, like Frederick Fleet in the crow’s nest of RMS Titanic. The most dangerous crises, though, are those which fall on a company from an apparently cloudless sky: those which hit unprepared, and leave a business scrabbling for [...]
Former PM Tony Blair warns quarantine restrictions ‘killing’ international travel September 3, 2020 Former Prime Minister Tony Blair has warned that quarantine restrictions are “killing” international travel, arguing that the policy wouldn’t be necessary with a better testing regime. Blair, who believes we could be living with coronavirus restrictions for a further two years, said he opposed the blanket quarantine measures currently in place. The former Labour Prime [...]
Government accused of ‘overseeing demise’ of UK aviation September 3, 2020 Ministers have been accused of overseeing the demise of UK aviation as the sector braces for thousands of job losses and further travel restrictions. Derek Provan, chief executive of AGS Airports, which runs Southampton, Aberdeen and Glasgow, said the sector was suffering more job losses than the demise of the coal industry in the 1980s. [...]
Virgin Atlantic £1.2bn rescue package gets court approval September 2, 2020 Virgin Atlantic’s £1.2bn bailout deal was approved in the High Court this morning, all but sealing the struggling carrier’s survival after months of turbulence caused by coronavirus. The bailout deal was given the backing of an overwhelming majority of Virgin’s creditors last week, with a court sanction needed for the deal to go ahead. Judge [...]
Ryanair passenger numbers down 50 per cent amid quarantine chaos September 2, 2020 Budget carrier Ryanair flew 7m passengers last month, nearly half the number it carried in August last year, as demand for air travel continued to grow despite the UK’s quarantine regime. Operating 60 per cent of its normal schedule for the month, the airline said the number of passengers was 53 per cent below last [...]
Prices fall as retailers ramp up discounting to entice shoppers September 2, 2020 Shop prices fell in August as retailers continued to offer discounts in a bid to entice shoppers back onto high streets. Prices fell 1.6 per cent last month, compared to a drop of 1.3 per cent in July, driven by a decline in non-food prices which were down 3.4 per cent. Retailers have slashed prices [...]
Ann Summers warns landlords over potential CVA September 1, 2020 Lingerie chain Ann Summers has warned landlords that it will launch a restructuring process if the retailer is unable to reach an agreement on rents. The high street retailer said it is mulling a company voluntary arrangement (CVA) to switch to turnover-based rents due to changing consumer behaviour during the coronavirus pandemic. The firm benefitted [...]
AA given takeover talks extension as rivals mull joint bid September 1, 2020 Motoring association the AA has been given an extra four weeks to continue negotiations with potential buyers, it was announced today. The new deadline for its suitors to make an offer for the firm is now 29 September, but there are growing fears that a hotly anticipated bidding war for the company’s stock may be [...]
Debenhams sets bidding deadline for potential buyers September 1, 2020 Struggling department store chain Debenhams has set a deadline for potential buyers to make offers for the company today as it seeks to avoid further closures and job losses. Investment bank Lazard, which is overseeing the sales process, has set a deadline of 5pm this afternoon, Sky News reported. Debenhams recently entered administration for the [...]