Intu deep? Shares plunge after Link pulls out of landlord’s £1bn emergency cash call February 11, 2020 Intu shares lost almost a third of their value on Tuesday after Link Real Estate Investment Trust said it would no longer participate in the troubled retail landlord’s £1bn emergency cash call. It emerged yesterday that Link was in talks with Intu, which owns the Trafford Centre, over potentially becoming a “cornerstone” investor in the [...]
UK insolvencies spike as construction firms struggle February 10, 2020 The number of UK firms falling into administration jumped last year, driven by companies in the building and construction industry. In total, 1,403 firms entered administration last year compared to 1,341 in 2018 – a rise of just under five per cent. Building and construction firms were the hardest hit by challenging trading conditions last [...]
Link REIT set to back Intu’s £1bn emergency cash call February 9, 2020 Hong Kong’s Link Real Estate Investment Trust is reportedly in talks with retail landlord Intu to back its £1bn emergency cash call. The property giant is nearing a deal with the Trafford Centre owner about becoming a “cornerstone” investor in the fundraise later this month, The Times reported. Peel Group, which owns a 27.3 per [...]
EY hit with €95m claim over tax scandal advice February 4, 2020 Big Four accountancy firm EY has been targeted with a €95m (£80.5m) lawsuit for advice it gave to a collapsed bank that allegedly defrauded the German state. The administrator to Maple Bank filed the lawsuit against EY in Stuttgart. The claim relates to the so-called cum-ex scandal which led to the closure of Maple Bank [...]
Forging closer ties with India is crucial, but let’s not lose sight of our neighbours February 3, 2020 Now that the UK has formally left the EU, our trading ties with partners across the world will be more in focus than ever before. This includes our relationship with India, a country I visited last week to promote ties in financial and professional services. The UK-India partnership is now worth some £20bn, with nearly [...]
British Steel rescue under threat as French government opposes Jingye deal January 31, 2020 The Chinese takeover of embattled British Steel is hanging in the balance after the French government said it would oppose the deal. According to Sky News, French finance minister Bruno Le Maire last week told his counterpart Sajid Javid that it would veto Jingye’s £50m takeover of the UK’s second largest steel manufacturer. A source [...]
British Steel: Unions endorse Jingye takeover but 500 jobs could be at risk January 24, 2020 Unions have backed Chinese firm Jingye’s rescue deal to save British Steel after extensive discussions but up to 500 jobs could be cut under new ownership. The Steel Committee met with Jingye representatives to discuss their business plan and in particular their proposals relating to employment, including pay and terms and conditions. Any new owner [...]
More than 280 jobs lost as Handmade Burger Co. collapses January 23, 2020 Casual dining chain Handmade Burger Co. collapsed into administration for the second time today, making more than 280 workers redundant. Leonard Curtis was appointed as administrator of The Burger Chain Limited this morning, after attempts to secure a sale of the business were unsuccessful. All 18 restaurants have closed, with the loss of 283 jobs, [...]
British Steel: Jingye brings in PwC and McKinsey to close £50m deal January 19, 2020 Prospective British Steel buyer Jingye has called in PwC and McKinsey to help finalise the company’s plans to close the deal. The Chinese dealmaker needs to finalise its £50m takeover of the insolvent British Steel by the end of next month. Consultants from PwC and McKinsey have now been brought in to ease concerns about [...]
Retail landlord Intu to seek £1bn of emergency cash January 19, 2020 Shopping centre landlord Intu is preparing to launch an attempt to raise £1bn in emergency funding following a torrid year for the UK retail industry. The property firm, which owns Manchester’s Trafford Centre, has been hurt by the challenges facing the retail industry, as brands such as Topshop, Debenhams and House of Fraser have closed [...]