Debenhams share price tumbles as firm mulls over rescue plan September 10, 2018 Shares in high street retailer Debenhams crashed 17 per cent this morning after it emerged the firm had brought in KPMG to advise on a number of options to save the struggling company. Debenhams has had a gruelling year, announcing three profit warnings so far alongside a raft of job cuts, causing its share price to tank [...]
Retail footfall figures dropped in August due to heatwave and inflation September 10, 2018 The summer heatwave and food price inflation halted three months of retail footfall growth on the high street in August. Overall retail footfall dropped by 1.6 per cent on the previous year, with the sharper decline due to rising food inflation, which left shoppers with less money for non-essential items, the British Retail Consortium (BRC) revealed [...]
Debenhams calls in top auditors to weigh up potential insolvency September 9, 2018 Embattled department store chain Debenhams has called in Big Four accountancy firm KPMG to help carry out desperate restructuring measures which could include a controversial insolvency process. Among the contingency options currently being weighed up by KPMG is a company voluntary arrangement (CVA), which is an insolvency option that can be used to close stores [...]
Supplier joins growing calls for investigation into House of Fraser collapse September 9, 2018 Mike Ashley’s calls for an insolvency investigation into House of Fraser’s former directors were backed by one of the department store’s major suppliers today. Tea Terrace boss Ehab Shouly told the Sunday Times that House of Fraser’s erstwhile bosses withheld vital information about the company prior to its collapse last month. One source close to [...]
Sports Direct offers loans to help stricken House of Fraser suppliers September 6, 2018 Sports Direct has offered loans to some of House of Fraser's stricken suppliers, it has emerged. Mike Ashley and his team will lend money to companies struggling after the retailer collapsed owing £70m to its suppliers, according to Drapers. Read more: Philip Day's Edinburgh Woollen Mill ends business with House of Fraser This comes just a [...]
Philip Day’s Edinburgh Woollen Mill Group ends business with House of Fraser September 5, 2018 The Edinburgh Woollen Mill Group has ended business with House of Fraser due to lack of confidence in the business's future. The company, owned by retail tycoon Philip Day, said it had not been able to agree future trading terms with new owners Sports direct. Concessions for EWM's brands including Jaeger and Jacques Vert closed [...]
Influential advisory group slams Sports Direct and Webuyanycar.com owner ahead of investor meetings September 3, 2018 Shareholder advisory group Pirc has published reports recommending investors vote against key proposals at the annual general meetings (AGM) of retailers Sports Direct and Webuyanycar.com owner BCA Marketplace. Pirc came out strongly against Sports Direct chief executive and 61 per cent shareholder Mike Ashley, recommending that investors vote against his re-appointment. Read more: Sports Direct [...]
House of Fraser administrator faces complaint over Sports Direct sale September 3, 2018 House of Fraser's administrator is facing a complaint over its handling of the department store's collapse and sale to Sports Direct. In a letter seen by City A.M., businessman Paul Mckie claimed he was told by Ernst & Young on the morning of the administration that the firm had not been appointed. The official complaint, [...]
Pullman Liverpool: A warm welcome to Merseyside September 3, 2018 Pullman knows a hotel is far more than somewhere to eat and sleep. It’s an opportunity to feel welcome in a new location, a place guests can be at their very best, for work and play. Pullman Hotels & Resorts offer a chance to recharge and explore. Focus and socialise. Because we know life [...]
Aiming high: Junior stock market to hit £1bn of dividends by the end of the year September 3, 2018 Dividends paid out on London’s junior stock market are set to smash the £1bn mark for the first time ever later this year. Companies listed on the Alternative Investment Market (Aim) are projected to deliver investors £1.16bn by the end of 2018, growing nearly 20 per cent this year and expected to soar another 14 [...]