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 [...]
FSCS says it is ‘too early to predict’ London Capital & Finance compensation levels January 16, 2020 The financial services lifeboat said today it was “too early to predict” how much it would have to pay out in compensation to investors in collapsed mini-bond firm London Capital & Finance (LCF). Last week, the Financial Services Compensation Scheme (FSCS) said it would protect 159 LCF bondholders who switched from stocks and shares ISAs [...]
Aviva Investors buys Docklands hotel site for £106m January 15, 2020 Aviva Investors’ Lime Property Fund has bought a £106m hotel development site near Canary Wharf. The asset management arm of Aviva has acquired the freehold interest in the site next to Westferry DLR station, where developer Rockwell will build a 30-storey Premier Inn Hotel. Read more: London luxury hotel market booms Whitbread, the owner of [...]
Flybe ‘near collapse’: What do we know so far? January 13, 2020 Flybe, the biggest regional airline in Europe, is said to be on the brink of collapse. Sky News reports the carrier is engaged in a frantic bid for emergency funding, and the government is also said to be involved in the talks – which come just four months after Thomas Cook went bust in late [...]
UK SMEs chasing £50bn in late payments January 9, 2020 Small and medium sized businesses (SMEs) across the UK are chasing a combined £50bn in late payments. New research from digital banking platform Tide reveals that the average UK SME is chasing five outstanding invoices at once, wasting an hour and a half every day. Read more: HMRC collects £4.4bn from SMEs through investigation of [...]
Chilango CVA: Creditors back rescue plan for struggling burrito chain January 6, 2020 Chilango’s creditors and shareholders have backed a rescue package to keep the struggling Mexican restaurant chain afloat, paving the way for the company to slash rents and exit some leases. Chilango launched a company voluntary arrangement (CVA) in early December, which was first reported by City A.M., in a bid to avoid administration. Read more: [...]