BHS administration: Sir Philip Green could face MP grilling over £571m pension deficit April 26, 2016 MPs are to decide tomorrow whether former BHS boss Sir Philip Green should be called in for questioning over the demise of the iconic high street name and its towering £571m pension deficit. BHS entered administration yesterday with debts of £1.3bn. The pension liabilities have been passed onto the Pension Protection Fund (PPF) – which is [...]
BHS administration “more significant than Woolworth’s” as cost to taxpayer stacks up April 26, 2016 The collapse of BHS could be "more significant than Woolworths" – and the business is unlikely to survive in any meaningful form, experts have told City A.M. Parent company Retail Acquisitions called in administrators Duff & Phelps yesterday afternoon, a year after buying the debt-laden business from Sir Philip Green for £1. Managing directors Phil [...]
Now BHS is in administration, the bidders are circling – but wouldn’t it be wiser to let it die with dignity? April 26, 2016 After the sale of BHS by Sir Philip Green to the previously unheard-of Retail Acquisitions last year, it was only a matter of time before we reached this point. Bought for £1 because of the heavy debt and pensions liabilities, too much work was needed for the 88-year-old retailer to find its footing again. Even [...]
BHS is in administration: Here’s what analysts say was to blame (and what the future holds) April 25, 2016 BHS is in administration having notched up £1.3bn in debt, it has been confirmed this afternoon. Duff & Phelps has been appointed to handle the iconic retailer's administration, with managing directors Phil Duffy and Benjamin Wiles sounding confident about finding a new buyer. City A.M. understands more than 30 enquiries have already been made, and now [...]
BHS appoints Duff & Phelps administrators, putting 10,000 jobs at risk – but more than 30 bid enquiries have already been made April 25, 2016 More than 30 enquiries to buy BHS out of administration have been made since reports first surfaced that the business was teetering on the brink, City A.M. understands. Managing directors Philip Duffy and Benjamin Wiles were appointed joint administrators of BHS this morning, putting around 10,000 jobs at risk. In a statement Duff & Phelps [...]
What next for high street giant BHS as administration speculation mounts? April 24, 2016 The future of retailer BHS hangs in the balance today as speculation mounts that it is facing the prospect of full administration or a pre-pack deal. A stalwart of the British high street for decades, BHS was owned by Sir Philip Green for 15 years before he sold it to Retail Acquisitions last year for [...]
Sunday Times Rich List 2016: Retail king Mike Ashley’s wealth declines by £1bn… and the fortunes of Britain’s fashion and retail billionaires April 24, 2016 Mike Ashley is the biggest loser in the retail billionaires club. The Sports Direct boss and Newcastle United owner's fortune shrank by more than one billion pounds last year to £2.43bn, according to the latest figures from the Sunday Times Rich List. Arcadia boss Sir Philip Green, owner of Tophsop among several fashion stores and the man who [...]
BHS administration filing could happen as early as Monday, just weeks after the struggling retailer secured a Company Voluntary Arrangement April 24, 2016 Struggling retailer BHS could be due to file for administration as early as Monday, the BBC has reported today. Such a move could potentially lead to the closure of its 164 department stores and put 11,000 jobs at risk. BHS used to be owned by retail tycoon Sir Philip Green and formed part of his [...]
Why 2017 will be the year you run the London Marathon – and how technology can help you run faster, longer and fitter April 22, 2016 New technologies announced with each marathon are redefining the sport, opening it up to people that wouldn’t have dreamed of running 26 miles a few years ago. The London Marathon proves that runners just can’t get enough of data: wearables, smart devices and smart clothing are likely to be out in force. On paper, running is probably the [...]
Nearly 60,000 companies hit by National Living Wage already in “significant financial distress”, insolvency firm warns April 20, 2016 The National Living Wage (NLW) risks tipping thousands of vulnerable companies over the edge as they struggle to absorb higher staff costs, one of the UK’s leading insolvency firms has warned. More than 1.8m workers were given a pay rise on 1 April after a new minimum wage came into force, requiring employers to pay at least £7.20 per [...]