MPs kick off probe into BHS fiasco May 8, 2016 MPs will turn up the heat on Monday on past and present owners of BHS, including Sir Philip Green, when they begin in-depth inquiries into the collapse of the high street retailer. The initial focus of the investigations by two powerful select committees will be on the firm's worrying pensions situation. The defined benefit pension at [...]
Sports Direct in surprise Austin Reed bid May 8, 2016 Sports Direct’s Mike Ashley is thought to have thrown his hat in the ring for menswear retailer Austin Reed. It is understood that Ashley has tabled a surprise £30m bid for Austin Reed which went into administration at the end of last month. Administrators Alix Partners are thought to have received around 50 expressions of [...]
Classic cars and super-yachts at Mallorca’s most luxurious rally event, the Oris Rally Clásico at Puerto Portals May 6, 2016 Thanks to its clubbing capital Magaluf, Mallorca has developed an unfair reputation as a place full of barely-clothed, sunburnt Brits, all clambering over each other to contract the latest, greatest sexually transmitted disease. There are a few locations actively attempting to repair that perception, though, by attracting lovers of sport and culture to the island, [...]
Arsenal are just a franchise, Manchester United prioritise profit, Chelsea’s structure is skewed but Manchester City may be on the up – a management expert discusses Premier League clubs May 6, 2016 Build a strong team, win games, lift silverware: the external barometers for a football club are long established, but a new report suggests there is much more to look at when analysing how well a club is run. A new index from Organizational Maturity Services LLP (OMS LLP) judges Premier League clubs on their management [...]
BHS was “crashed into a cliff” says top Labour MP and BIS committee chair May 2, 2016 BHS was "crashed into a cliff" by its owners, the chairman of the Business, Innovation and Skills (BIS) Committee, Iain Wright told the BBC this morning. Wright said the troubled retailer, which was placed into administration a week ago, was sold to "tried and untested people", referring to Retail Acquisitions, the consortium which bought BHS for £1 from [...]
Sports Direct owner Mike Ashley says he could save BHS, preserving thousands of jobs May 1, 2016 Sports Direct owner Mike Ashley has confirmed his plans to buy BHS are still alive. The billionaire's plans would save the chain, as well as thousands of jobs. Ashley told The Telegraph: "Any continuing interest that we have in BHS would be on the basis that we would anticipate that there would not be any job losses, [...]
The death of Aim: Can equity crowdfunding eclipse the LSE’s junior market? April 28, 2016 The alternative finance market enjoyed near triple-digit growth last year, with the value of its loans, investments and donations hitting £3.2bn. Within this, the main sub-sectors of peer-to-peer lending and equity crowdfunding significantly increased awareness of the concept of lending directly to individuals – excluding those entities like the banks which have for too long dominated markets [...]
Blue chip bosses are a bunch of bean counters, number crunchers, and spreadsheet gurus April 27, 2016 What's the best gift you can get your boss? New research released today would suggest a calculator or an "I heart spreadsheets" mug. A study by specialist recruiter Robert Half found that nearly a quarter (23 per cent) of chief executives at FTSE 100 firms are chartered accountants, while more than half (55 per cent) have a background [...]
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 [...]